Exhibit (c)(2)

 E3EQUBO  Valuation Report for Cementos Pacasmayo S.A.A.  Determination of the minimum price to be taken into account in the subsequent public tender offer for the common shares issued by Cementos Pacasmayo S.A.A., as a result of the indirect control acquisition by Holcim Ltd.  Prepared by MSRA S.A.C.  October 14, 2026 
 
 16  Appendices:  Background of the Transaction  Financial Analysis of CPAC  Considerations for determination of the minimum price  Liquidation value  Valuation of securities based on the weighted average price  Valuation as a going concern  Valuation by multiples and comparable transactions  Value of remuneration  Price adjustment over time 
 
 16.0  Appendices:  Background of the Transaction  Financial Analysis of CPAC  Considerations for determination of the minimum price  Liquidation value  Valuation of securities based on the weighted average price  Valuation as a going concern  Valuation by multiples and comparable transactions  Value of remuneration  Price adjustment over time 
 
 16.0. Background of the Transaction  16.0.1. Letter Regarding a Material Event (12/16/2025) – Execution of a Purchase and Sale Agreement (1/3)  [logo:] Pacasmayo  Lima, December 16, 2025  Attn.:  SUPERINTENDENCY OF THE SECURITIES MARKET – SMV  Avenida Santa Cruz 315 Miraflores.  Subject: Material Event Dear Sirs,  In accordance with Article 30 of the Consolidated Text of the Securities Market Law, approved by Supreme Decree No. 020-2023-EF (the “Law”), and the Regulation on Material Events and Confidential Information, approved by SMV Resolution No. 005-2014-SMV/01 (the “Regulation”), we hereby disclose, as a Material Event, the fact that, based on information provided to us, the majority shareholders of Inversiones ASPI S.A. and Holcim Ltd. have entered into a share purchase agreement, subject to certain conditions precedent, for the sale of 99.99% of the shares of Inversiones ASPI S.A., the holding company of the Hochschild Group and the owner of 50.01% of the share capital of Cementos Pacasmayo S.A.A. (the “Company”), to the Swiss corporation Holcim Ltd. (the “Holcim Group”), under the terms and conditions set forth in said agreement (the “Transaction”).  According to the press release prepared by the Company, which will be published shortly, the valuation of S/5,100 million was determined using a multiple of nine times the EBITDA, based on the twelve-month period ending in September 2025, a period that marked an all-time high for the Company. This transaction means a very high return for shareholders, as it represents a very significant premium on the Company’s current market capitalization value.  The execution and closing of the Transaction are subject to obtaining the corresponding regulatory approvals, which we estimate will be obtained during the first half of 2026, as well as the fulfillment of certain conditions precedent established in the share purchase agreement,  Calle la Colonia Nro. 150 Santiago de Surco Lima Phone 3176000  Digitally signed by: DIEGO RODA LYNCH  Date: 12/16/2025 12:41:07 a.m.  E3  4 
 
 16.0. Background of the Transaction  16.0.1. Letter Regarding a Material Event (12/16/2025) – Execution of a Purchase and Sale Agreement (1/3)  [logo:] Pacasmayo  including prior authorization from the National Institute for the Defense of Competition and the Protection of Intellectual Property (Instituto Nacional de Defensa de la Competencia y de la Protección de la Propiedad Intelectual, INDECOPI), in accordance with the provisions of Law No. 31,112 and its regulations.  In this regard, we wish to clarify that, as of the date of this communication, no transfer of ownership of the shares representing the share capital of Inversiones ASPI S.A. to Grupo Holcim or any of its affiliates has taken place; such a transfer, should it occur, will be duly disclosed to the market in accordance with applicable law and regulations.  Finally, we inform you that Cementos Pacasmayo S.A.A. will continue to report to the market, in a timely manner, all information that qualifies as a Material Event, in accordance with the applicable regulations.  Sincerely,  Cementos Pacasmayo S.A.A. Diego Roda Lynch  Alternate Stock Market Representative  Calle la Colonia Nro. 150 Santiago de Surco Lima Phone 3176000  E3  4 
 
 16.0. Background of the Transaction  16.0.1. Letter Regarding a Material Event (03/30/2026) – Closing of Transaction (2/3)  E3  4  [logo:] Pacasmayo  Calle La Colonia No. 150  Urb. El Vivero - Santiago de Surco Tel.: 317-6000  Lima, March 30, 2026 Attn.:  SUPERINTENDENCY OF THE SECURITIES MARKET – SMV  Avenida Santa Cruz 315 Miraflores.-  Subject: Material Event Dear Sirs,  We refer to the material event disclosed on December 16, 2025, through which we informed the market of the execution of a share purchase agreement for the acquisition, by Holcim Ltd., of 99.99% of the shares representing the share capital of Inversiones ASPI S.A. (which holds 50.01% of the share capital of Cementos Pacasmayo S.A.A.), an acquisition that was subject to certain conditions precedent (the “Transaction”).  In this regard, in accordance with the provisions of Article 30 of the Single Ordered Text of the Securities Market Law, approved by Supreme Decree No. 020-2023-EF (the “Law”) and the Regulations of Material Events and Confidential Information, approved by SMV Resolution No. 005-2014-SMV/01 (the “Regulation”), we hereby report, as a material event, that, as we have been informed by our shareholder, Inversiones ASPI S.A., and following the fulfillment of all conditions precedent to the closing of the aforementioned transaction, Holcim Ltd., a limited company incorporated under Swiss law, has today acquired 99.99% of the shares of Inversiones ASPI S.A., which in turn holds 50.01% of the share capital of Cementos Pacasmayo S.A.A.  We also attach to this communication a press release published today in relation to the aforementioned Transaction. Sincerely,  CEMENTOS PACASMAYO S.A.A.  Stock Market Representative Diego Roda Lynch  Digitally signed by: DIEGO RODA LYNCH  Date: 03/30/2026 03:41:31 p.m. 
 
 16.0. Background of the Transaction  16.0.1. Letter Regarding a Material Event (05/14/2026) – Triggering of a Mandatory Tender Offer (MTO) Obligation and Request for Selection of a Valuation Firm (3/3)  E3  4  [logo:] Pacasmayo  Calle La Colonia No. 150  Urb. El Vivero - Santiago de Surco Tel.: 317-6000  Lima, May 14, 2026 Attn.:  Securities Market Superintendency – SMV  Lima.-  Reference: Communication of Material Event  In accordance with the provisions of Article 30 of the Consolidated Text of the Securities Market Law and the Regulation on Material Events and Confidential Information, approved by SMV Resolution No. 005-2014-SMV/01, and as requested by the Superintendency of the Securities Market (“SMV”) via Official Letter No. 2152-2026-SMV/11.1 dated May 11, 2026 (notified to our company on May 12, 2026), we hereby report the following:  1.  In accordance with information previously disclosed in material event filings by Cementos Pacasmayo S.A.A. (“Pacasmayo”) (including those dated December 16, 2025, and March 30, 2025), we reiterate that, as a result of Holcim Ltd.’s indirect acquisition of a significant 50.01% stake in Pacasmayo (effected through the acquisition of shares issued by Inversiones ASPI S.A.), an obligation has arisen for Holcim Ltd. to launch a subsequent public tender offer (“PTO”) for the common shares representing the share capital of Pacasmayo.  In line with the above, on April 10, 2026, Holcim Ltd. has requested that the SMV begin the process of selecting the valuation firm that will determine the minimum price of Pacasmayo’s common shares that will be taken into account for the formulation of the aforementioned subsequent PTO.  2.  With nothing further, we remain at your disposal.  Sincerely,  CEMENTOS PACASMAYO S.A.A.  Diego Roda Lynch  Stock Market Representative  Digitally signed by: DIEGO RODA LYNCH  Date: 05/14/2026 02:39:13 p.m. 
 
 16.0. Background of the Transaction  16.0.2. Stock Purchase Agreement (SPA) Summary  Contract Fact Sheet:  From Enterprise Value to Final Purchase Price  Parties  Sellers: majority shareholders of Inversiones ASPI S.A. (including Farragut Holdings Inc.). Buyer: Holcim Ltd. CPAC is not a party to or participant in the contract.  Enterprise value  100% of CPAC common shares  Objective  99.99% of the shares representing the share capital of ASPI, a company holding 50.01% of the share capital of CPAC.    (-) debt and debt-like items (+) cash and cash-like items  Subscription and Closing  Signing 12/16/2025; closing 03/30/2026, upon satisfaction of the conditions precedent.  Equity value  100% of the common shares of CPAC  Conditions Precedent  Regulatory approvals —INDECOPI authorized the transaction on 03/21/2026 — and other conditions agreed in the contract.    X 50.01% — ASPI share in CPAC  Price Mechanism  Escrow  Locked box: the value of the company was fixed as of 07/31/2025, subject to reductions in limited circumstances.  At closing the buyer pays the sellers the Final Purchase Price minus the Escrow Amount, deposited as security for their indemnity obligations.  Purchase Price — S/ 1,850,370,000  Consideration agreed for 50.01% indirectly acquired  Conducting the Business  Obligations assumed by sellers between signing and closing; CPAC assumed no obligation under the SPA.    (-) S/ 169,709,810 Company Financial Indebtedness Payoff (credit from BCP to ASPI) (-) S/ 40,332,966 Excess Transaction Expenses = S/ 210,042,776  Valuation Report  Commissioned by Farragut for tax purposes, after price fixing; it was not used to determine it.  Final Purchase Price — S/ 1,640,327,224  Net amount paid to sellers, reported in the material event of 05/22/2026  Considerations  The economic value attributed to 50.01% of CPAC is the Purchase Price of S/ 1,850,370,000: Holcim confirmed on 08/24/2026 that the deductions correspond to items unrelated to that amount.  The locked box fixes the value of the company as of 07/31/2025, eight months before closing, and the Escrow Amount is part of the agreed price, not an additional payment.  The Enterprise Value figure in soles is for reference only; it is not explicitly included in the SPA.  E3  8 
 
 16.0. Background of the Transaction  16.0.3. Sequence of Material Events Reported by CPAC  Sequence of Material Events Reported by CPAC  Where the SPA text is located  09/09/2025  Confidential event: Holcim’s interest in evaluating the transaction; due diligence and negotiation.  Schedule 13D — SEC (04/06/2026)  Holcim published the full text of the SPA, without its annexes. On 06/17/2026, it submitted an amendment to Schedule 13D.  Material Events — SMV  Response to Official Letter 3113-2026-SMV/11.1 (07/15/2026) Response to Official Letter 3910-2026-SMV/11.1 (08/24/2026)  12/16/2025  SPA signing.  03/21/2026  INDECOPI authorizes the transaction.  03/30/2026  Closing: Holcim acquires 99.99% of ASPI and announces mandatory PTO.  04/06/2026  Holcim files Schedule 13D with the SEC, with the text of the SPA, without its annexes.  05/22/2026  The Final Purchase Price of S/ 1,640,327,224 is reported.  06/17/2026  Amendment of Schedule 13D and request for exceptions to the PTO Regulations.  07/15/2026  Response to Official Letters 3113 and 3171: scope of the SPA, escrow and section 6.01.  08/24/2026  Response to Official Letter 3910: breakdown of the adjustments between Purchase and Final Purchase Price.  E3  8 
 
 16.1  Appendices:  Background of the Transaction  Financial Analysis of CPAC  Considerations for determination of the minimum price  Liquidation value  Valuation of securities based on the weighted average price  Valuation as a going concern  Valuation by multiples and comparable transactions  Value of remuneration  Price adjustment over time 
 
 16.1. Financial Analysis of CPAC  E3  12  16.1.1. Subsidiary Summary Financial Statements (1/2)  Financial situation of subsidiaries - assets and liabilities  Subsidiary (Thousands of S/)  Total assets  Total liabilities  2022  2023  2024  2025  Mar. 26  2022  2023  2024  2025  Mar. 26  Distribuidora Norte Pacasmayo S.R.L. (DINO) (1)  319,801  328,525  415,530  496,823  503,039  103,873  67,362  144,750  260,119  264,109  Cementos Selva S.A.C. and subsidiaries (2)  272,863  299,682  224,553  212,355  210,493  35,127  35,100  49,324  43,193  35,947  Empresa de Transmisión Guadalupe S.A.C.  47,422  49,872  51,434  53,387  53,137  5,777  5,928  5,925  6,434  6,342  Soluciones Crealo 150 S.A.C. (3)  -  -  11,115  9,270  8,418  -  -  1,651  3,925  4,395  Salmueras Sudamericanas S.A.  2,092  3,003  2,342  1,571  795  351  724  748  819  307  Corporación Materiales Piura S.A.C. (4)  -  887  759  984  718  -  159  266  491  286  Soluciones Takay S.A.C.  30  63  59  43  11  79  -  1  34  50  (1) Since 2024, DINO and subsidiary. (2) Includes Dinoselva Iquitos S.A.C. and Acuícola Los Paiches S.A.C. (3) Incorporated on June 21, 2024. (4) Acquired January 4, 2023. Vanguardia Constructora del Perú S.A.C. and 150Krea Inc. are not presented, which are not disaggregated in the source due to their smaller size. Unaudited figures from March 2026. 
 
 16.1. Financial Analysis of CPAC  E3  12  16.1.1. Subsidiary Summary Financial Statements (2/2)  Financial situation and results of subsidiaries - equity and net profit  Subsidiary (Thousands of S/)  Net equity  Net profit (loss)  2022  2023  2024  2025  Mar. 26  2022  2023  2024  2025  Q1 2025  Q1 2026  Distribuidora Norte Pacasmayo S.R.L. (DINO) (1)  215,928  261,163  270,780  236,704  238,930  45,797  45,235  9,617  (34,076)  (4,996)  2,226  Cementos Selva S.A.C. and subsidiaries (2)  237,736  264,582  175,229  169,162  174,546  33,001  33,000  52,141  60,814  13,652  15,439  Empresa de Transmisión Guadalupe S.A.C.  41,645  43,944  45,509  46,953  46,795  1,511  2,295  1,565  1,448  153  (160)  Soluciones Crealo 150 S.A.C. (3)  -  -  9,464  5,345  4,023  -  -  (1,971)  (7,618)  (1,209)  (1,322)  Salmueras Sudamericanas S.A.  1,741  2,279  1,594  752  488  (744)  (662)  (685)  (843)  (254)  (264)  Corporación Materiales Piura S.A.C. (4)  -  728  493  493  432  -  (91)  (236)  (400)  (73)  (61)  Soluciones Takay S.A.C.  (49)  63  58  9  (39)  (1,048)  (35)  (5)  (48)  (6)  (49)  (1) Since 2024, DINO and subsidiary. (2) Includes Dinoselva Iquitos S.A.C. and Acuícola Los Paiches S.A.C. (3) Incorporated on June 21, 2024. (4) Acquired January 4, 2023. Vanguardia Constructora del Perú S.A.C. and 150Krea Inc. are not presented, which are not disaggregated in the source due to their smaller size. Unaudited figures from March 2026. 
 
 16.1. Financial Analysis of CPAC  E3  12  16.1.2. Non-recurring items and adjusted results  Other operating expenses and reconciliation of adjusted EBITDA and net profit (Thousands of S/)  Account  2022  2023  2024  2025  Q1 2025  Q1 2026  Expenses associated with Holcim acquisition  -  -  -  (77,625)  -  -  Impairment of coal concessions  -  (11,393)  -  -  -  -  Other income (expense), net  (3,899)  (2,417)  (2,700)  2,183  4,978  5,053  Other operating expenses, net  (3,899)  (13,810)  (2,700)  (75,442)  4,978  5,053  Impairment of vertical kilns (PPE)  -  (36,551)  -  -  -  -  Reported EBITDA  493,857  481,750  549,279  506,582  134,625  177,928  (+) Non-recurring items  -  47,944  -  77,625  -  -  Adjusted EBITDA  493,857  529,694  549,279  584,207  134,625  177,928  Reported / adjusted EBITDA margin  23.3% / 23.3%  24.7% / 27.2%  27.8% / 27.8%  23.9% / 27.6%  27.0% / 27.0%  32.0% / 32.0%  Reported Net Profit  176,828  168,900  198,875  154,205  52,673  81,946  Adjusted Net Profit (2025 without Holcim)  176,828  168,900  198,875  231,830  52,673  81,946  Note: the impairment of vertical kilns (2023) was recorded under the line item “Impairment of property, plant and equipment,” and the impairment of coal concessions under “Other operating expenses”; both are included in operating profit. The 2025 net profit is adjusted without tax effect, as these are non-deductible expenses (see annex 16.1.3). The 2023 net profit is not adjusted because it does not have the tax effect of the impairments.  Non-recurring items are concentrated in 2023, due to deteriorations in vertical kilns and coal concessions (S/48.0 million), and in 2025, due to acquisition expenses for Holcim (S/77.6 million). Excluding them, the EBITDA margin remains between 27.2% and 27.8% in 2023–2025, which demonstrates stable recurring operating profitability.  In 2025, adjusted net profit reaches S/231.8 million, with a net margin of 11.0%, up from 10.1% in 2024, contrasting with the 22.5% decline shown in the reported profit. 
 
 16.1. Financial Analysis of CPAC  E3  12  16.1.3. Reconciliation of the effective income tax rate  Reconciliation between legal rate and effective income tax rate (Thousands of S/)  Account  2022  2023  2024  2025  Profit before income tax  262,420  245,708  296,187  267,975  Income tax at the legal rate (29.5%)  (77,414)  (72,484)  (87,375)  (79,053)  Non-deductible expenses, net  (7,415)  (2,369)  (3,114)  (29,824)  Unrecognized carryover tax loss  (763)  (1,955)  (6,823)  (4,893)  Total income tax  (85,592)  (76,808)  (97,312)  (113,770)  Effective Rate  32.6%  31.3%  32.9%  42.5%  Effect of non-deductible expenses (% of profit before taxes)  2.8%  1.0%  1.1%  11.1%  Note: the legal income tax rate in Peru is 29.5%. Permanent differences, according to the income tax note in the financial statements. In Q1 2025 and Q1 2026, the effective rate was 28.8% and 30.6%, respectively (tax / profit before taxes)  Between 2022 and 2024, the effective rate remained between 31.3% and 32.9%, slightly above the legal rate, for non-deductible expenses and unrecognized carryover tax losses.  In 2025, the effective rate rose to 42.5% because nondeductible expenses reached an effect of S/29.8 million (11.1% of profit before taxes), compared to S/3.1 million in 2024. This increase coincides with expenses related to the acquisition by Holcim (S/77.6 million), which would not have generated a tax shield. In Q1 2026, the effective rate returned to 30.6%. 
 
 16.2  Appendices:  Background of the Transaction  Financial Analysis of CPAC  Considerations for determination of the minimum price  Liquidation value  Valuation of securities based on the weighted average price  Valuation as a going concern  Valuation by multiples and comparable transactions  Value of remuneration  Price adjustment over time 
 
 16.2. Considerations for determination of the minimum price  E3  16  Common Stock and Investment Stock  Investment shares have their origins in labor shares, which were created during the 1970s as a mechanism for worker participation in company capital. Under Law No. 27028 (1998), these were converted into investment shares, granting them a strictly economic and proprietary nature, without voting rights.  The main difference between common shares and investment shares lies in the fact that the former grant both voting and economic rights, whereas investment shares provide only economic rights and do not allow for voting at shareholders' meetings:  Voting rights  Common shares: have voting rights. Each share equals one vote to elect the board.  Investment shares: do not have voting rights.  Economic rights (profits)  Common Shares: receive dividends after preferred obligations are paid, proportionate to their share.  Investment Shares: have a concurrent interest in profit sharing and equity if the company is liquidated.  Origin and exchange  Common Shares: Represent the actual and original share capital contributed by founding partners or new corporate investors.  Investment Shares: historically originated in countries such as Peru (formerly called “employment shares”). These seek to attract capital without losing control of the company.  Liquidity and price  Common Shares: they tend to have a higher price due to the value of the vote.  Investment Shares: typically trade at a price discount relative to common shares because they do not carry voting rights.  This results in an adjustment to the value of investment shares, in terms of their price or the premium paid for voting rights. 
 
 16.2. Considerations for determination of the minimum price  E3  16  16.2.2. Characteristics and Rights of CPAC Investment Shares  According to the information disclosed by CPAC in the 2025 Annual Report and the Financial Statements as of March 31, 2026, investment shares:  Are not entitled to vote or participate in the shareholders’ meetings.  Do not grant the right to the appointment of directors.  Grant their holders the right to participate in dividends distributed according to their par value, in the same way as common shares.  Also grant their holders:  Investment stock rights  Maintain the current proportion of investment shares in the event that capital is increased by new contributions;  Increase the number of investment shares upon capitalization of accrued income, excess revaluation or other reserves that do not represent cash contributions;  Participate in the distribution of assets resulting from the liquidation of the Company in the same manner as common shares; and  Redeem the investment shares in the event of a merger and/or change of business activity of the Company.  Source: CPAC - 2025 Annual Report and Financial Statements as of March 31, 2026 
 
 16.2. Considerations for determination of the minimum price  E3  16  16.2.3. Analysis and justification of the voting rights premium and the distribution of assets  A. Voting rights discount: methodologies  Analysis  The main political right that investment stockholders do not have, unlike common stock, is the right to vote.  The estimation of the value of voting rights has been carried out mainly for developed countries, whose stock markets have high levels of liquidity and in which cases of different classes of shares are more common.  In particular, there are three methods developed for such quantification: dual-class shares, options, and control premium.  Dual-class shares  Through this method, the premium or discount is determined based on the pricing difference between voting and non-voting share  classes (Levy, 1983; Lease, McConnell and Mikkelson 1983; Zingales 1994; Nenova, 2000).  Options  Using this methodology, the value of voting rights is estimated using option prices (Gurun and Karakaş, 2022). The key idea is that the option price reflects the cash flows of the underlying shares, but not the control rights. This method allows for the estimation of the voting premium for a large sample of widely held companies and is, therefore, less subject to selection bias.  However, given its early stage of development, this methodology is discarded for CPAC analysis.  Purchase of a controller block  This method seeks to estimate the value of voting rights based on the control premium paid when acquiring a controlling stake in a company (Barclay and Holderness, 1989; Dyck and Zingales, 2004).  This premium is the difference between the price paid to acquire control and the market price of a share prior to the announcement of the transaction.  This methodology is the one that will be applied to determine the value premium of common shares with respect to investment shares, in terms of voting rights.  To this end, use is primarily made of information provided by BVR, a firm specializing in valuations that publishes the annual “Mergerstat/BVR Control Premium Study”, a document that analyzes control premiums for transactions involving more than 50% of the share capital in the U.S. and other markets.  Prepared by: EQUBO 
 
 16.2. Considerations for determination of the minimum price  E3  16  16.2.3. Analysis and justification of the voting rights premium and the distribution of assets  B. Voting rights discount: estimate  Report  No.  Period Analyzed  Median Control Premium (CP)  1  Control Premium & Discount for Lack of Marketability Study - Issue 2 - April 2024  April 1, 2023 - March 31, 2024  20.0%  2  Control Premium & Discount for Lack of Marketability Study - Issue 2 - April 2025  April 1, 2024 - March 31, 2025  23.3%  3  Control Premium & Discount for Lack of Marketability Study - Issue 2 - April 2026  April 1, 2025 - March 31, 2026  26.8%  Consolidated median of Moore HK sample April 1, 2023 - March 31, 2026 23.70%  Moore HK Information  The sample of comparable transactions from Moore HK presents a median Control Premium (CP) of 23.70%, calculated on the transactions included in the 3-year period between April 2023 and March 2026, which are shown in Annex 16.2.4, being within the observed range of 11.0% (minimum) to 39.0% (maximum), which supports the application of a control premium for shares in companies with low liquidity.  The references used are the reports from Moore HK.  Source: Moore Hong Kong - Control Premium & Discount for Lack of Marketability Study  Valuation Reports for SMV  Reports submitted since 2010 have been analyzed, and in the majority of them, a value premium for shares with voting rights has been identified.  For its determination, the “equivalent actions” determination model is usually applied, which is also used in this report.  The median found in such reports is 23.9% as a control premium estimate.  Prepared by: EQUBO 
 
 16.2. Considerations for determination of the minimum price  E3  16  16.2.4. Control premiums (CP) for low liquidity shares (1/4)  Publish Date  Listed Entity  Valuation Subject(s)  Location  Transaction Type  Equity Stake (%)  Connected Transaction  CP  03-Apr-23  Moody Technology Holdings Limited  Leader Elastic Limited  China  Very Substantial Acquisition  81.00%  No  28.20%  26-Apr-23  China Resources Medical Holdings Company Limited  Liaoning CR Healthcare  China  Major Transaction  76.10%  Yes  28.70%  26-Apr-23  China Resources Medical Holdings Company Limited  Shenzhen CR  China  Major Transaction  100.00%  Yes  28.70%  26-Apr-23  China Resources Medical Holdings Company Limited  Healthcare JE Subjects  China  Major Transaction  80.00%  Yes  28.70%  08-May-23  Cash Financial Services Group Limited  Cash Algo Finance Group International Limited and its subsidiaries  China  Major Transaction  51.00%  Yes  24.40%  25-May-23  New Huo Technology Holdings Limited  Pantene Group  Hong Kong  Major Transaction  100.00%  No  26.00%  28-Jun-23  Hengxin Technology Ltd  Zhejiang Zhongguang New Energy Technology Co., Ltd  China  Major Transaction  44.50%  Yes  22.60%  31-Aug-23  Kong Sun Holdings Limited  Dingbian Wanheshun New Energy Power Generation Limited  China  Very Substantial Disposal  100.00%  No  20.00%  31-Aug-23  Kong Sun Holdings Limited  Wangshi Wangyuan Photovoltaic Power Development Limited  China  Very Substantial Disposal  100.00%  No  20.00%  31-Aug-23  Kong Sun Holdings Limited  Yulin Zhengxin Electricity Limited  China  Very Substantial Disposal  100.00%  No  20.00%  31-Aug-23  Kong Sun Holdings Limited  Shengzhou Yihui Photovoltaic Power Generation Limited  China  Very Substantial Disposal  100.00%  No  20.00%  31-Aug-23  Kong Sun Holdings Limited  Dingbian Jingyang Electric Co., Ltd.  China  Very Substantial Disposal  100.00%  No  20.00%  31-Aug-23  Kong Sun Holdings Limited  Dingbian County Zhixinda New Energy Limited  China  Very Substantial Disposal  100.00%  No  20.00%  11-Sept-23  China Brilliant Global Limited  Shenzhen China Brilliant Property Services  China, Kazakhstan  Major Transaction  100.00%  Yes  22.60%  11-Sept-23  China Brilliant Global Limited  Brillink Holdings Limited  China, Kazakhstan  Major Transaction  18.90%  Yes  23.30%  24-Oct-23  Anchorstone Holdings Limited  Pacific Mining Industry Limited and PMG (China) Limited and Xiamen Yatai Hongkang Marble Limited  China  Very Substantial Acquisition  100.00%  Yes  11.00%  Source: Moore Hong Kong Prepared by: EQUBO 
 
 16.2. Considerations for determination of the minimum price  E3  16  16.2.4. Control premiums (CP) for low liquidity shares (2/4)  Publish Date  Listed Entity  Valuation Subject(s)  Location  Transaction Type  Equity Stake (%)  Connected Transactio n  CP  14-Nov-23  GCL New Energy Holdings Limited  36 Solar Power Plants  China  Very Substantial Disposal  100.00%  Yes  26.10%  28-Nov-23  China Aircraft Leasing Group Holdings Limited  China Aviation Aftermarket Holdings Limited  US, Europe, HK and PRC  Major Transaction  100.00%  Yes  17.80%  28-Nov-23  Minshang Creative Technology Holdings Limited  Prosperity One Limited  Hong Kong  Major Transaction  100.00%  No  28.00%  30-Nov-23  China Youzan Limited  Youzan Technology Inc.  China  Major Transaction  48.10%  Yes  17.80%  30-Nov-23  Guangdong-Hong Kong Greater Bay Area Holdings Limited  Shenzhen Jingzhen Industrial Company Limited  China  Major Transaction  100.00%  No  23.90%  26-Dec-23  IPE Group Limited  Yutai Hydraulic Technology  China  Major Transaction  75.00%  No  17.80%  26-Dec-23  IPE Group Limited  Wuhu Inno Hydraulic Technology  China  Major Transaction  22.50%  No  17.80%  15-Jan-24  E-House (China) Enterprise Holdings Limited  CRIC Holdings Limited  China  Special Deal  100.00%  No  25.00%  16-Jan-24  China HK Power Smart Energy Group Limited  Oasetech Limited  China  Major Acquisition  100.00%  No  34.20%  20-Mar-24  Kong Sun Holdings Limited  Shaanxi Yirun New Energy Technology Co., Ltd.  China  Major Disposal  60.00%  No  20.00%  24-Jun-24  Hengxin Technology Ltd.  Nanjing Zhangyu Info Tech  China  Very Substantial Acquisition  49.00%  Yes  29.90%  24-Jun-24  Hengxin Technology Ltd.  Shanghai Zhangyu Info Tech  China  Very Substantial Acquisition  49.00%  Yes  29.90%  06-Aug-24  First Pacific Company Limited  PT Jasamarga Transjawa Tol  Indonesia  Major Acquisition  24.50%  No  23.30%  04-Sept-24  China Qidian Guofeng Holdings Limited  Shengshang Entrepreneurial Services Company Limited  China  Major Acquisition  100.00%  Yes  23.70%  12-Sept-24  Beijing Energy International Holding Co., Ltd.  Beijing Jingneng Clean Energy (Australia) Holding Pty Ltd  Australia  Major Acquisition  40.00%  Yes  11.10%  12-Dec-24  Unity Enterprise Holdings Limited  Suntec Construction & Engineering Limited  Hong Kong  Major Acquisition  100.00%  No  15.60%  Source: Moore Hong Kong Prepared by: EQUBO 
 
 16.2. Considerations for determination of the minimum price  E3  16  16.2.4. Control premiums (CP) for low liquidity shares (3/4)  Publish Date  Listed Entity  Valuation Subject(s)  Location  Transaction Type  Equity Stake (%)  Connected Transaction  CP  20-Jan-25  EC Healthcare  New Medical Center Holding Limited  Hong Kong  Very Substantial Disposal  51.00%  Yes  36.00%  24-Jan-25  GCL New Energy Holdings Limited  Harmonic Century Global Limited  China  Major Acquisition  100.00%  Yes  30.90%  05-Mar-25  BetterLife Holding Limited  Beijing Jiguang Xinghui Automobile Sales and Service Co., Ltd.  China  Very Substantial Acquisition  100.00%  No  22.50%  16-Mar-25  Sinohope Technology Holdings Limited  Avenir Asset Holding Limited  Japan  Very Substantial Acquisition  100.00%  Yes  13.60%  16-Mar-25  Sinohope Technology Holdings Limited  Avenir Asset Holding Limited  Japan  Very Substantial Acquisition  100.00%  Yes  30.20%  30-May-25  Shanghai Qingpu Fire-Fighting Equipment Co., Ltd.  Qingda Oriental Fire-Fighting Technology Group Co., Ltd  China  Very Substantial Acquisition  100.00%  Yes  26.80%  30-Jun-25  Well Link Securities Holdings Limited  Sea and Alpine Company Limited  Hong Kong and China  Major Acquisition  100.00%  Yes  34.60%  30-Jun-25  Worldgate Global Logistics Ltd  V Sing Global Limited  Hong Kong  Major Acquisition  100.00%  No  32.60%  19-Sept-25  Green Economy Development Limited  Prosper Ace Investments Limited  Hong Kong  Major Disposal  100.00%  Yes  30.60%  25-Sept-25  C[h]inese International Group Holdings Limited  BVTEHC Inc. together with its subsidiary, Tour East Holidays (Canada) Inc.  Canada  Major Disposal  100.00%  No  23.70%  29-Sept-25  Unity Enterprise Holdings Limited  Newco Construction Engineering Limited  Hong Kong  Major Acquisition  100.00%  No  15.60%  23-Oct-25  XJ International Holdings Co., Ltd  Shanghai Pumeng Zhichuan Education Technology Co., Ltd.  China  Major Disposal  100.00%  No  11.50%  23-Oct-25  XJ International Holdings Co., Ltd  Weixian Giant Education Technology Co., Ltd.  China  Major Disposal  100.00%  No  11.50%  10-Nov-25  Royale Home Holdings Limited  Science City (Guangzhou) Finance and Leasing Co., Ltd.  China  Very Substantial Disposal  18.10%  Yes  17.20%  17-Nov-25  Beauty Farm Medical and Health Industry Inc.  Shanghai Siyanli Industrial Co., Ltd.  China  Major Acquisition  100.00%  No  13.00%  25-Nov-25  MicroPort CardioFlow Medtech Corporation  MicroPort Cardiac Rhythm Management Limited  Cayman Islands  Very Substantial Acquisition  100.00%  Yes  31.50%  Source: Moore Hong Kong Prepared by: EQUBO 
 
 16.2. Considerations for determination of the minimum price  E3  16  16.2.4. Control premiums (CP) for low liquidity shares (4/4)  Publish Date  Listed Entity  Valuation Subject(s)  Location  Transaction Type  Equity Stake (%)  Connected Transaction  CP  04-Dec-25  Genor Biopharma Holdings Limited  Edding Group Company Limited  China  Very Substantial Acquisition  100.00%  Yes  26.80  %  12-Dec-25  Frontage Holdings Corporation  Teddy Clinical Research Laboratory (Shanghai) Ltd  China  Major Acquisition  100.00%  Yes  14.00  %  12-Dec-25  Yip's Chemical Holdings Limited  北京信諾海博石化科技發展有限公司  Hong Kong  Major Acquisition  60.00%  No  29.60  %  30-Jan-26  Diwang Ind H  浙江深藍新材料科技有限公司  PRC  Major Disposal  24.00%  Yes  36.40  %  27-Feb-26  Te Healthcare  Top Eminent II Limited and its subsidiaries  PRC and Hong Kong  Major Acquisition  100.00%  Yes  39.00  %  11-Mar-26  Gilston Group  KEE (Hubei) Zippers Manufacturing Company Limited  PRC  Major Transaction  100.00%  Yes  31.40  %  Source: Moore Hong Kong Prepared by: EQUBO 
 
 16.2. Considerations for determination of the minimum price  E3  16  16.2.5. Comparison table of valuations before the SMV with premiums for voting shares  No.  Company  Report Name  Year  Valuation firm  Premium for voting shares  1  Ticino del Perú S.A.  Valuation Study of a company importing and marketing electrical items for Ticino del Peru S.A.  2010  Consulting Support  20%  2  ABB S.A.  Valuation Report for the investment shares of ABB S.A.  2010  Deloitte  20.90%  3  Cía. Industrial Nuevo Mundo S.A.  Valuation Report for the Redemption of Investment Shares of Cía.  Industrial Nuevo Mundo S.A.  2010  Advisory Focus  15%  4  Metalúrgica Peruana S.A. (MEPSA)  Metalúrgica Peruana S.A. - Public Offer for redemption of investment shares  2018  PwC  28.20%  5  Cía. Goodyear del Perú S.A.  Valuation Report – Determination of the minimum price to be taken into account for the Public Tender Offer for Delisting (PTO) regarding the investment shares issued by Compañía Goodyear del Perú S.A.  2019  Kallpa Securities  25%  6  Industrias del Envase S.A.  Valuation Report for Industrias del Envase S.A.  2021  Kallpa Securities  25%  7  Corporación Lindley S.A.  Valuation Report for Corporación Lindley S.A.  2022  Kallpa Securities  25%  8  Grupo BVL S.A.A.  Valuation Report for Grupo BVL S.A.A. – Determination of the minimum exchange ratio for Class A and Class B shares  2024  EQUBO / MSRA S.A.C.  18.50%  9  PERUBAR S.A.  Valuation Report for PERUBAR S.A.  2026  EQUBO / MSRA S.A.C.  23.90%  Source: Superintendency of the Securities Market (SMV) Prepared by: EQUBO 
 
 Considerations for determination of the minimum price  Comparison of quotes: common stock (CPACASC1) vs. investment stock (CPACASI1)  Analysis of the control premium based on a comparison of historical trading of common stock versus investment stock  Based on the information from the 3 years preceding March 30, 2026, regarding the stock exchange (BVL) trading of the common share CPACASC1 and the investment share CPACASI1.  This period encompasses 748 trading sessions. CPACASC1 has a trading frequency (trading dates/total dates) of 99.7%, while CPACASI1 has a frequency of 32.5%.  As a reference, consider that, for the calculation of the weighted average price from the stock transactions carried out in the six months prior to the date that gives rise to the need to carry out an PTO, the SMV requires a minimum trading frequency of 60% to consider the stock to be liquid.  With the above criteria, the common stock is considered liquid, but the investment stock is not.  The median control premium for the 3-year calculation is 7.6%, with a minimum level of -6.5% and a maximum of 55.7%.  However, these results are discarded due to the lack of liquidity of the investment stock, which invalidates the comparison.  Estimated 3-year premiums (CPACASC1 vs. CPACASI1)  CPACASI1: Stock market trading frequency by time  Weighted Average Price Premium*  Simple average premium**  Median premium**  (6.5%) -  Minimum premium**  Maximum premium**  Prepared by: EQUBO / * Includes all trading dates / **Includes only the dates on which both stocks were traded  6-month frequency  1-year frequency  2-year frequency  3-year frequency  4-year frequency  5-year frequency  6-year frequency  Prepared by: EQUBO  E3  16 
 
 16.3  Appendices:  Background of the Transaction  Financial Analysis of CPAC  Considerations for determination of the minimum price  Liquidation value  Valuation of securities based on the weighted average price  Valuation as a going concern  Valuation by multiples and comparable transactions  Value of remuneration  Price adjustment over time 
 
 16.3. Liquidation value  E3  35  16.3.1. Estimation of CPAC’s liquidation value (1/2)  Account  Book value  Recognition factor  Support  Liquidatio n value  Assets  Current assets  Cash and cash equivalents  50,421  100%  Freely accessible deposits; no penalty applies.  50,421  Trade and other accounts receivable, net  201,796  86%  Factors ranging from 80% to 100% are applied, depending on whether the transactions involve related parties or third parties (including loans to employees and taxes). No group liquidation or compensation is assumed. Low uncollectibility.  172,920  Inventories  604,818  56%  Factors ranging from 10% to 70% are applied, depending on the nature of the items (finished goods, work-in-progress, raw materials, packaging and wrapping materials, fuel, spare parts and supplies, and incoming inventory).  339,938  Income tax prepayments  17,999  80%  The liquidation accelerates the refund application process with SUNAT, subject to its own specific timeframes and verification procedures.  14,399  Prepaid expenses  27,562  20%  Services that are difficult to transfer or recover in cash.  5,512  Total current assets  902,596  65%  583,190  Non-current assets  Miscellaneous accounts receivable, net  23,831  84%  Deferred-collection items; an additional charge is applied to account for the time value of money. Includes a contingent tax asset that has been earned and partially collected.  20,017  Financial investment at fair value w/changes in OCI  71  100%  Non-material amount. Already registered under IFRS 9.  71  Investments in subsidiaries  460,783  90%  100% interest in 5 operating subsidiaries in the cement sector, all with positive equity. They are not valued or appraised. A discount for illiquidity is applied to the sale of unlisted shares within a compressed timeframe.  414,705  Property, plant and equipment, net  1,649,161  68%  Rates apply between 0% and 90% for all assets, except land, depending on their nature (buildings, machinery, equipment, tools, concessions, furniture, etc.). Only the land is appraised; this is office work with no physical inspection (though there are exceptions).  1,121,579  Land  211,225  110%  Two groups: (i) appraised land: a realization factor of 67% is applied to the commercial value estimated via appraisal; the net effect of this process is an increase of approximately 10% over the book value; (ii) non-appraised land: the same net effect (+10% over the book value) is applied.  232,368  All other plant and equipment properties, net  1,437,936  62%  Factors apply according to the nature of the asset  889,211  Intangible assets, net  27,748  39%  Software licenses that are typically non-transferable, and exploration expenditures that represent a sunk cost.  10,736  Right-of-use assets, net  7,466  0%  It is not transferable; upon liquidation, the contract is terminated, and the assets and liabilities are derecognized.  -  Total non-current assets  2,169,060  72%  1,567,108  Total assets  3,071,656  70%  2,150,298 
 
 16.3. Liquidation value  E3  35  16.3.1. Estimation of CPAC’s liquidation value (2/2)  Account  Book value  Recognition factor  Substantiation  Liquidatio n value  Liabilities and equity  Current liabilities  Commercial and Miscellaneous Accounts Payable  217,021  95%  Factors ranging from 90% to 100% are applied, depending on the nature of the item (transactions with third parties or related parties, taxes, dividends, etc.). As these represent legally enforceable obligations, no penalty applies (they do not benefit from an illiquidity discount). No group liquidation or compensation is assumed.  206,306  Financial obligations  585,346  100%  Senior debt via a club deal maturing in 2028, and two corporate bonds maturing in 2029 and 2032.  Liquidation could trigger additional costs, but a floor value is taken into account.  585,346  Leasing liabilities  1,854  0%  Upon liquidation, the contract is terminated, and the assets and liabilities are derecognized.  -  Provisions  9,985  100%  Employee participation is a statutory labor obligation (10% of profit); it is not penalized.  9,985  Total current liabilities  814,206  98%  801,637  Non-current liabilities  Financial obligations  841,046  100%  Senior debt via a club deal maturing in 2028, and two corporate bonds maturing in 2029 and 2032. Liquidation could trigger additional costs, but a floor value is taken into account.  841,046  Leasing liabilities  5,518  0%  Upon liquidation, the contract is terminated, and the assets and liabilities are derecognized.  -  Provisions  29,365  0%  Provisions for retirement compensation plans, quarry closure, and contingencies. Costs that would be incurred, such as those for the closure of quarries and the liquidation of personnel, are already being recorded under “Total adjustments.”  -  Deferred income tax liability  108,275  0%  Deregistered upon liquidation. The liquidation value of the fixed asset (S/ 1,122 million) is lower than its tax base; therefore, its sale results in a tax loss, and there is no income tax payable.  -  Total non-current liabilities  984,204  85%  841,046  Total liabilities  1,798,410  91%  1,642,683  Total adjustments  Liquidation of personnel, closure of quarries, expenses and legal procedures.  (149,939)  Total equity  357,676 
 
 16.3. Liquidation value  E3  35  16.3.2. CPAC Property Appraisals (1/6)  Valuation reports table  CODE  Name of the Property  Department  Province  District  Area (Hectare s)  Commercial Value (S/)  Realization Value (S/)  31204  Buffer Zone / La Primavera Property – Jequetepeque Valley – U.C. 19502 - La Primavera Property  LA LIBERTAD – PACASMAYO PLANT  Pacasmayo  Pacasmayo  18.75  179,578.73  125,705.11  31205  Rural land owned by the Santísima Trinidad rural community, comprising 444 hectares; located in the Yonán District, Contumazá Province, Cajamarca Region, at km 50 of the PE-08 national highway near Tembladera (updated 2025) – Tembladera Quarry  CAJAMARCA  Contumaza  Yonan  444.00  1,006,492.8  7  603,895.72  31206  Cerro Chamán, San Gregorio District, San Miguel Province – 0.8508% of shares and rights in 35,257.63 hectares (total land area) – Cerro Chamán  CAJAMARCA  San Miguel  San Gregorio  299.97  738,720.00  443,232.00  31207  Rural property with natural pastures known as Tambochayoc, in Pampa Galeras, Lucanas district and province  AYACUCHO  Lucanas  Lucanas  232.00  683,817.68  410,290.61  31208  Block A Lot CP1 - Cement Plant  LA LIBERTAD – PACASMAYO PLANT  Pacasmayo  Pacasmayo  132.83  83,851,679.  12  54,503,591.4  3  31209  Cerro Horcon Quarry, Valle Jequetepeque Chepen - LOT No. 2-B OF BLOCK No. 2 - Talambo Sector, Pacanga District, Chepen Province, La Libertad - PE No. 040045044 (PR FILE 4503 Chepen Registry Office - Talambo Sector  LA LIBERTAD  Chepen  Pacanga  116.00  295,879.69  177,527.82  31210  Property VD 1 III, plot 1-III, El Milagro, Huanchaco District (95% occupied by squatters)  LA LIBERTAD  Trujillo  Huanchaco  92.50  1,906,123.3  2  1,143,673.99  31211  Front of cement plant – transport and plantations; heavy machinery and vehicle maintenance area. Lot 1 – Transport.  LA LIBERTAD – PACASMAYO PLANT  Pacasmayo  Pacasmayo  53.01  42,423,843.  15  27,575,498.0  5  31212  Buffer zone - rear of the plant - Lot 3, industrial zone  LA LIBERTAD – PACASMAYO PLANT  Pacasmayo  Pacasmayo  28.19  4,292,872.5  8  2,575,723.55  31213  Quarry – Cerro Pinturas (clay) 28 hectares – Cerro Pinturas  LA LIBERTAD  Pacasmayo  Jequetepequ e  28.00  365,324.40  219,194.64  31214  Piura 1 (consolidation of the Santa Martha property and the Los Luchos property) – Santa Martha property and Los Luchos property  PIURA - PIURA PLANT  Piura  Veintiseis de octubre  25.17  25,826,816.  74  18,078,771.7  2  31215  Buffer zone - rear of the plant - Lot 2, industrial zone  LA LIBERTAD – PACASMAYO PLANT  Pacasmayo  Pacasmayo  18.47  2,778,884.0  6  1,667,330.44  31216  El Faro sector, 15 hectares. 2,337,725 M2 - El Faro sector  LA LIBERTAD  Pacasmayo  Pacasmayo  15.23  2,735,228.7  9  1,641,137.27  31217  Buffer zone – rear of plant / rural property: Granja Royal, Jequetepeque Valley; Royal property, Pacasmayo sector, block PACAS-0001, parcel. - Royal property  LA LIBERTAD – PACASMAYO PLANT  Pacasmayo  Pacasmayo  15.09  1,548,234.0  0  928,940.40 
 
 16.3. Liquidation value  E3  35  16.3.2. CPAC Property Appraisals (2/6)  Valuation reports table  CODE  Name of the Property  Department  Province  District  Area (Hectare s)  Commercial Value (S/)  Realization Value (S/)  31218  Buffer zone - rear of the plant - Lot 1, industrial zone  LA LIBERTAD – PACASMAYO PLANT  Pacasmayo  Pacasmayo  13.00  1,884,967.2  0  1,130,980.32  31219  Quarry – Cerro Pinturas (clay) 12 hectares – Cerro Pinturas  LA LIBERTAD  Pacasmayo  Jequetepequ e  12.00  165,965.76  99,579.46  31221  Los Cahuana property, formerly part of the Coscomba estate (Sector 2), located on the left side of the Piura-Paita highway at the 3.5 km mark, in the district, province, and department of Piura - Los Cahuana property  PIURA - PIURA PLANT  Piura  Veintiseis de octubre  11.00  12,873,974.  40  9,011,782.08  31222  AMP property c_e:529723/c_n:9429608 mid-Piura valley / Coscomba sector plot unnamed property UC 124307 district of Catacaos, province and department of Piura - Coscomba property  PIURA  Piura  Catacaos  11.00  5,454,900.0  0  3,818,430.00  31223  AMP property C_e 531152 / c_n 9429144 rural location lower Piura valley / Coscomba sector c.p./ parcel  unnamed property UC 138013 - Coscomba Property  PIURA  Piura  Catacaos  11.00  4,636,665.0  0  3,245,665.50  31224  Dino Piura Plant - Piura 2.1 Property (Dino Piura plant) – Located within CPSAA  PIURA - DINO PLANT  Piura  Veintiseis de octubre  10.08  6,550,178.9  4  4,585,125.26  31225  Buffer zone - rear of the plant - Lot 4, industrial zone  LA LIBERTAD – PACASMAYO PLANT  Pacasmayo  Pacasmayo  9.23  1,515,656.4  5  909,393.87  31226  Block A - Lot CP2 - Buffer zone - behind the cement plant / rural location, Jequetepeque Valley - María Guadalupe agricultural property - Jequetepeque Valley, María Guadalupe 2 sector - Primavera, plot 01 (CP/parc. 01) and Primavera property (UC 17084)  LA LIBERTAD – PACASMAYO PLANT  Pacasmayo  Pacasmayo  8.70  773,604.00  464,162.40  31227  Rural property c_e:532396/c_n:9429173 located in the rural area of the Piura Middle Valley / Coscomba sector / “Coscomba” parcel/plot UC 124216 in the Veintiséis de Octubre District, in the province and department of Piura — Coscomba Property — new access to the Piura plant — Luz Torres Property  PIURA - PIURA PLANT  Piura  Veintiseis de octubre  8.63  4,279,864.9  5  2,995,905.47  31228  Buffer zone - rear of the plant / Lot 1 - Industrial Avenue - Lot 1 / Joselito Leon property  LA LIBERTAD – PACASMAYO PLANT  Pacasmayo  Pacasmayo  8.03  849,199.68  509,519.81  31229  Lot B2-B, Block “S”, Industrial Zone II, District and Province of Paita, Department of Piura – DINO Warehouse – Cemento Pacasmayo  PIURA  Paita  Paita  7.54  9,028,133.1  0  6,319,693.17  31230  AMP property c_e:530655/c_n:9429252 lower Piura valley / Coscomba sector plot/parcel - unnamed property UC 138014 district of Catacaos, province and department of Piura - Coscomba property  PIURA  Piura  Catacaos  7.40  3,696,715.6  2  2,587,700.93  31231  Piura 2 Property (consolidation of the Seminario, Luo, and Huancas properties) – Seminario, Luo, and Huancas properties  PIURA - PIURA PLANT  Piura  Veintiseis de octubre  7.03  7,693,413.1  2  5,385,389.18 
 
 16.3. Liquidation value  E3  35  16.3.2. CPAC Property Appraisals (3/6)  Valuation reports table  CODE  Name of the Property  Department  Province  District  Area (Hectare s)  Commercial Value (S/)  Realization Value (S/)  31232  AMP Property R.C. 18574, Coscomba parcel/plot 18574 – Coscomba Property – PEÑARRIETA PROPERTY  PIURA  Piura  Catacaos  7.00  2,154,600.0  0  1,508,220.00  31233  Rural property in the Coscomba sector, Lower Piura Valley Parcel 7  _5309425_078506, Coscomba sector – Coscomba Property – New access to Piura plant, Valencia Property.  PIURA  Piura  Veintiseis de octubre  6.84  816,778.08  490,066.85  31234  Property VD 2 - III, plot 2-III, El Milagro, Huanchaco District (100% occupied by squatters)  LA LIBERTAD  Trujillo  Huanchaco  6.32  213,982.56  128,389.54  31235  Front of cement plant – transport – heavy machinery and vehicle maintenance area. Lot 1a – Transport.  LA LIBERTAD – PACASMAYO PLANT  Pacasmayo  Pacasmayo  6.24  4,348,752.3  0  3,044,126.61  31236  Buffer zone - rear of the plant / Lot 2, industrial avenue - Lot 2  LA LIBERTAD – PACASMAYO PLANT  Pacasmayo  Pacasmayo  5.80  654,655.72  392,793.43  31237  Property c_e: 532182 / c_n: 9429168, mid-valley, Piura / Coscomba sector, parcel/plot unnamed property, UC 124212, Veintiséis de Octubre District, Piura Province and Department - Coscomba Property - New access to the Piura plant - María Torres Property  PIURA - PIURA PLANT  Piura  Veintiseis de octubre  5.39  2,414,827.8  0  1,690,379.46  31238  Martín III Concession - La Pampa del Loreto property / Pampa Loreto sector, Usquil District, Otuzco Province, La Libertad Region. La Pampa de Loreto UC No. 087004  - Martin III Concession  LA LIBERTAD  Otuzco  Usquil  5.26  245,612.43  171,928.70  31239  Martín VII 50 Concession / Usquil District, Otuzco Province, La Libertad - La Laguna UC No. 20368 – La Laguna  LA LIBERTAD  Otuzco  Usquil  5.00  117,199.98  82,039.99  31240  Rustic land, located in the “La Litera” sector, Paramonga - La Litera sector, within the jurisdiction of Paramonga  LIMA  Barranca  Pativilca  5.00  513,000.00  359,100.00  31241  San Marcos Concession RQ / El Milagro sector, Huaranchal District, Otuzco Province, La Libertad - Pampilas UC 080750 - Pampilas  LA LIBERTAD  Otuzco  Huaranchal  3.78  89,744.12  62,820.88  31242  San Marcos RQ Concession / El Milagro sector, Huaranchal District, Otuzco Province, La Libertad – Pampilas UC 080828, UC 080740, UC 080749, and SN UC 80762 – Pampilas  LA LIBERTAD  Otuzco  Huaranchal  3.72  123,541.38  86,478.96  31243  Martín III Concession – La Chira property / Pampa Hermosa Baja sector, Usquil District, Otuzco Province, La Libertad; La Chira U.C. No. 081963 – Martín III Concession  LA LIBERTAD  Otuzco  Usquil  3.32  79,026.08  55,318.25  31244  Martín III Concession – La Ladera del Puente property / Pampa del Puente sector, Usquil District, Otuzco Province, La Libertad Region. La Ladera del Puente UC No. 034605 - Martin III Concession  LA LIBERTAD  Otuzco  Usquil  3.16  151,361.23  105,952.86  31246  Martín III Concession – Pampa el Puente property / Pampa el Puente sector, Usquil District, Otuzco Province, La Libertad Region. Los Paltos UC No. 034606 - Martin III Concession  LA LIBERTAD  Otuzco  Usquil  2.90  97,287.24  68,101.06 
 
 16.3. Liquidation value  E3  35  16.3.2. CPAC Property Appraisals (4/6)  Valuation reports table  CODE  Name of the Property  Department  Province  District  Area (Hectare s)  Commercial Value (S/)  Realization Value (S/)  31247  San Marcos RQ Concession / El Milagro sector, Huaranchal District, Otuzco Province, La Libertad – Pampilas UC 080828 – UC 080740 – UC 080749 – Pampilas  LA LIBERTAD  Otuzco  Huaranchal  2.72  91,728.74  64,210.12  31248  San Marcos RQ Concession / El Milagro sector, Huaranchal District, Otuzco Province, La Libertad – El Chacur UC 080839 – El Chacur  LA LIBERTAD  Otuzco  Huaranchal  2.41  58,554.95  40,988.46  31249  Rural property in the Coscomba sector, Lower Piura Valley Parcel 7  _5309425_078506, Coscomba sector – Coscomba Property – New access to Piura plant, Valencia Property.  PIURA  Piura  Veintiseis de octubre  2.22  481,900.23  289,140.14  31250  Buffer zone - rear of the plant - Lot 5, industrial zone  LA LIBERTAD – PACASMAYO PLANT  Pacasmayo  Pacasmayo  2.18  387,353.30  232,411.98  31251  Martín III concession - Pampa Hermosa Baja property / Pampa Hermosa Baja sector, District of Usquil, Province of Otuzco, La Libertad. Pampa Hermosa Baja UC No. 081994 and La Chira UC No. 081998 - Martin III Concession  LA LIBERTAD  Otuzco  Usquil  2.08  50,695.28  35,486.69  31252  San Marcos RQ Concession / El Milagro sector, Huaranchal District, Otuzco Province, La Libertad - Unnamed UC 080742 - Unnamed  LA LIBERTAD  Otuzco  Huaranchal  2.00  48,701.86  34,091.30  31253  Martín III Concession – El Mango property / Pampa El Puente sector, Usquil District, Otuzco Province, La Libertad. El Mango UC No. 034624 - Martin III Concession  LA LIBERTAD  Otuzco  Usquil  1.95  47,583.96  33,308.78  31254  Rural property in the Coscomba sector, Lower Piura Valley parcel 7, ID: 5309425_078506, Coscomba sector – Coscomba property – new access to the Piura plant, Valencia property.  PIURA  Piura  Veintiseis de octubre  1.84  48,190.02  28,914.01  31255  Martín III Concession – unnamed property / Pampa el Puente sector, Usquil District, Otuzco Province, La Libertad. Unnamed U.C. No. 079931 - Martin III Concession  LA LIBERTAD  Otuzco  Usquil  1.84  45,232.78  31,662.95  31256  Martín VII 50 Concession / El Milagro Sector, Huaranchal District, Otuzco Province, La Libertad – Unnamed UC No. 80751 – Unnamed  LA LIBERTAD  Otuzco  Huaranchal  1.41  35,146.28  24,602.40  31257  Martín III Concession – Pampa El Chirimoyo property / Pampa Hermosa Baja sector, Usquil District, Otuzco Province, La Libertad Region. Pampa el chirimoyo UC No. 081971 - Martin III Concession  LA LIBERTAD  Otuzco  Usquil  1.28  31,870.02  22,309.02  31258  Lot 1, Sector 4, Sub-sector 4-V – Pacasmayo urban area – Lot 1 – Moncada property  LA LIBERTAD  Pacasmayo  Pacasmayo  1.28  3,139,897.35  2,197,928.14  31259  Lots 1 and 2 of the single block - a consolidated property located facing Calle La Colonia, near Av. La República and Jr. Santorín, in the El Vivero development, Santiago de Surco – Administrative Offices, Lima  LIMA  Lima  Surco  1.22  63,369,951.55  44,358,966.0  9  31260  Martín III Concession – El Naranjo property / Pampa Hermosa Baja sector, Usquil District, Otuzco Province, La Libertad. El Naranjo U.C. No. 081969 - Martin III Concession  LA LIBERTAD  Otuzco  Usquil  0.97  11,679.13  8,175.39 
 
 16.3. Liquidation value  E3  35  16.3.2. CPAC Property Appraisals (5/6)  Valuation reports table  CODE  Name of the Property  Department  Province  District  Area (Hectare s)  Commercial Value (S/)  Realization Value (S/)  31261  DINO COMMERCIAL DEPOT – Property of Pacasmayo CPSAA – Former Cordasa/DINO Depot site – Block A-2, Lots 05 [and] 06, La Esperanza Industrial Park – Cordasa DINO Depot  LA LIBERTAD  Trujillo  La Esperanza  0.53  3,224,609.8  6  2,257,226.90  31262  Buffer Zone / La Primavera Property – Jequetepeque Valley – U.C. 17079 - La Primavera property  LA LIBERTAD – PACASMAYO PLANT  Pacasmayo  Pacasmayo  0.52  63,612.00  38,167.20  31263  Real estate located at Jirón Miraflores No. 557, Block 79, Lot 01. This property is from 1980. Amount: 65,000.00 soles oro / City of Tembladera, Province of Contumazá, Department of Cajamarca; 1,273.5 m² – Tembladera – SUPERINTENDENT’S RESIDENCE  CAJAMARCA  Contumaza  Tembladera  0.13  248,256.09  186,192.07  31264  Lot 1-B, Sector 4, Sub-sector 4-V – Pacasmayo urban area – Lot 1B – Moncada property  LA LIBERTAD  Pacasmayo  Pacasmayo  0.06  295,064.47  206,545.13  31265  Lot 2, Sector 4, Sub-sector 4-V – Pacasmayo urban area – Lot 2 – Moncada property  LA LIBERTAD  Pacasmayo  Pacasmayo  0.04  142,614.00  99,829.80  31266  Rural property in the Coscomba sector, Lower Piura Valley parcel 7, ID: 5309425_078506, Coscomba sector – Coscomba Property – New access to the Piura plant, Ancajima Property  PIURA  Piura  Veintiseis de octubre  0.70  56,917.35  34,150.41  31267  Martín III Concession – agricultural plot in Pampa El Chirmoyo, a small parcel known as “Cola de Caballo” / Pampa Hermosa Baja sector, Usquil District, Otuzco Province, La Libertad. Cola de caballo UC No. 081997 - Martin III Concession  LA LIBERTAD  Otuzco  Usquil  0.69  23,689.11  16,582.38  31268  San Marcos RQ Concession / El Milagro Sector, Huaranchal District, Otuzco Province, La Libertad – Pampilas UC 080753 El Milagro Sector, Huaranchal District, Otuzco Province, La Libertad – Pampilas  LA LIBERTAD  Otuzco  Huaranchal  0.28  7,546.09  5,282.27  31269  Martín III concession - Pampa Hermosa Baja property / Pampa Hermosa Baja sector, District of Usquil, Province of Otuzco, La Libertad. Pampa Hermosa UC 081966 - Martin III Concession  LA LIBERTAD  Otuzco  Usquil  0.15  4,063.23  2,844.26  31270  Martín III Concession - Pampa Hermosa Baja sector / Pampa Hermosa Baja sector, Usquil District, Otuzco Province, La Libertad. La Chira UC No. 081965 - Martin III Concession  LA LIBERTAD  Otuzco  Usquil  0.12  3,378.07  2,364.65 
 
 16.3. Liquidation value  16.3.2. CPAC Property Appraisals (6/6)  Summary Table of Valuation Reports  Coverage  AF codes no.  Net book value (S/)  Commercial Value (S/)  Realization Value (S/)  Results  The net book value of land is S/ 211.2 million, distributed across 72 fixed asset codes (FAC): 68 are included in Annex 10 of the Bidding Documents (S/ 210.6 million), and 4 are not included (S/ 0.6 million).  There are 65 valuations, one for each plot of land (item). Plots and codes do not have a one-to-one relationship: a single plot can encompass multiple codes, and a single code can be associated with multiple plots.  Covered by valuations: 66 FACs with a book value of S/ 190.6 million (90.2% of the total). The commercial value (valuation) is S/ 209.7 million, which is then adjusted to find the realization value.  For items not covered (S/ 20.6 million, 9.8% of the total) across 6 FAC units, the book value is used to determine an approximate market value by applying the market-to-book ratio derived from the appraised items; these are then processed in the same manner as the appraised items, with subsequent adjustments applied to arrive at the realizable value.  Covered  57  66,404,193  216,232,909  147,913,794  Included in Annex 10  55  65,808,334  215,253,211  147,325,976  Not included in Annex 10  2  595,859  979,697  587,818  Partially covered  9  124,174,217  95,742,429  61,741,143  Included in Annex 10  9  124,174,217  95,742,429  61,741,143  Not included in Annex 10  0  -  -  -  Subtotal covered by valuations  66  190,578,410  311,975,338  209,654,937  Included in Annex 10  64  189,982,551  310,995,641  209,067,119  Not included in Annex 10  2  595,859  979,697  587,818  Not covered  6  20,648,182  N/A  N/A  Included in Annex 10  4  20,648,182  N/A  N/A  Not included in Annex 10  2  -  N/A  N/A  Total  72  211,226,592  311,975,338  209,654,937  E3  35 
 
 16.3. Liquidation value   16.3.3. CPAC Property Valuation Reports   The following pages contain the summary sheets for all land valuation reports prepared by the specialized firm Braschi Tasaciones S.A.C.  Mr. Ricardo Alejandro Braschi Beunza, General Manager of Braschi Tasaciones S.A.C., a company where Mr. José Alfredo Silva Muñoz (who signed the technical proposal submitted by EQUBO) serves as a technical reviewer of appraisals, is the signatory of the Declaration of Responsibility and of all the reports herein.  E3  35 
 
 BT  BRASCHI TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION No. PROP 31204 -26 ITEM - DPM  LOCATION PLAN  Applicant  MSRA S.A.C.  Code CP-PAC-PRED-066  Client  Owner(s) Inspection Date  MSRA S.A.C.  CEMENTOS PACASMAYO S.A.A.  -  Location according to the Electronic Property Record  Location according to the Urban Property Record Location Based on Visual Inspection  RURAL PROPERTY “PRIMAVERA”, JEQUETEPEQUE VALLEY, PRIMAVERA SECTOR, AREA IN HECTARES: 1.8753 UC 19502  PRIMAVERA PROPERTY - UC 19502  RURAL PRIMAVERA PROPERTY, VALLE JEQUETEPEQUE U.C. 19502  District  PACASMAYO  Province  PACASMAYO  Department  LA LIBERTAD  Property Type  Land  Occupant  Owner(s)  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  PR  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  18,753.00  m2  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  52,508.40  52,508.40  S/  179,578.73  179,578.73  US$  36,755.88  36,755.88  S/  125,705.11  125,705.11  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  52,508.40  52,508.40  S/  179,578.73  179,578.73  US$  36,755.88  36,755.88  S/  125,705.11  125,705.11  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C  REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza 6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  36 
 
 BT  BRASCHI TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31205 -26 ITEM - DPM  LOCATION PLAN  Applicant  MSRA S.A.C.  Code CP-PIU-PRED-001  Client  Owner(s) Inspection Date  MSRA S.A.C.  CEMENTOS PACASMAYO S.A.A.  -  Location according to the Electronic Property Record  Location according to the Urban Property Record Location Based on Visual Inspection  RURAL LOCATION PROPERTY LOCATED IN THE TEMBLADERA SECTOR  DOCUMENTATION NOT AVAILABLE  UNNAMED PROPERTY IN THE TEMBLADERA SECTOR  District  YONAN  Province  CONTUMAZA  Department  CAJAMARCA  Property Type  Land  Occupant  Unknown  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  OU  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  444.0000  Hectares  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  294,296.16  294,296.16  S/  1,006,492.87  1,006,492.87  US$  176,577.70  176,577.70  S/  603,895.72  603,895.72  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  294,296.16  294,296.16  S/  1,006,492.87  1,006,492.87  US$  176,577.70  176,577.70  S/  603,895.72  603,895.72  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations          This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  Given that the property is being used as a quarry (based on satellite imagery), it is considered appropriate to value the asset as uncultivated land. Therefore, Art. 100.1 of Chapter VI of Title 2 of the R.N.T. applies.  According to OSINERGMIN information, a 60 kV electric transmission line is located on part of the property. In accordance with applicable safety regulations, this voltage level requires a minimum easement width of 16.00 m (8.00 m on each side of the line’s centerline), within which there are restrictions on the construction of buildings. Given the limitations on the use and enjoyment of the area affected by the easement, this portion has been excluded for the purpose of determining the property's market value.  Precautions  None  Location Substantiation  The location is verified using the BGR platform and the location map provided by the client.  YES  NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C  REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza 6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  36 
 
 BT  BRASCHI TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31206 -26 ITEM - DPM  LOCATION PLAN  Applicant  MSRA S.A.C.  Code CP-CAJ-PRED-003  Client  Owner(s) Inspection Date  MSRA S.A.C.  CEMENTOS PACASMAYO S.A.A.  -  Location according to the Electronic Property Record  Location according to the Urban Property Record Location Based on Visual Inspection  RURAL LOCATION SAN MIGUEL / MIRAFLORES / SAN GREGORIO AREA Hec. 35247.793558 Hec.  DOCUMENTATION NOT AVAILABLE  RURAL LOCATION SAN MIGUEL / MIRAFLORES / SAN GREGORIO AREA Hec. 35247.793558 Hec.  District  SAN MIGUEL  Province  SAN MIGUEL  Department  CAJAMARCA  Property Type  Land  Occupant  Unknown  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  PR  Construction materials  Year of construction  -  State of conservation of the property  Land Area  300.0000  Hectares  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  216,000.00  216,000.00  S/  738,720.00  738,720.00  US$  129,600.00  129,600.00  S/  443,232.00  443,232.00  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  216,000.00  216,000.00  S/  738,720.00  738,720.00  US$  129,600.00  129,600.00  S/  443,232.00  443,232.00  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations        This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  Given that there is no apparent use, and the property is located in an undeveloped area (based on satellite imagery), it is considered appropriate to value the asset as vacant land. Therefore, Art. 100.1 of Chapter VI of Title 2 of the  R.N.T. applies.  Precautions  None  Location Substantiation  The location is substantiated by the location plan provided by the client.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C  REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza 6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  36 
 
 BT  BRASCHI TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31207 -26 ITEM - DPM  LOCATION PLAN  Applicant Client  MSRA S.A.C.  Code  CP-AYC-PRED-093  MSRA S.A.C.  LUCILA VICENTA FLORES LLALLICO, MARIANO CLEMENTE FLORES LLALLICO, MELQUIADES FLORES LLALLICO, SANTOS IGNACIO FLORES LLALLICO, WILFREDO DEMETRIO FLORES LLALLICO, YENY AIDA FLORES LLALLICO AND CLINIO REGULO POMA LLALLICO.  Owner(s)  Inspection Date  -  Location according to the Electronic Property Record  Location according to the Urban Property Record Location Based on Visual Inspection  TAMBOCHAYOCC RURAL  DOCUMENTATION NOT AVAILABLE  TAMBOCHAYOCC RURAL  District  LUCANAS  Province  LUCANAS  Department  AYACUCHO  Property Type  Land  Occupant  Unknown  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  PR  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  332.69  Hectares  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  199,946.69  199,946.69  S/  683,817.68  683,817.68  US$  119,968.01  119,968.01  S/  410,290.61  410,290.61  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  199,946.69  199,946.69  S/  683,817.68  683,817.68  US$  119,968.01  119,968.01  S/  410,290.61  410,290.61  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations        This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  Due to the limited legibility of the vertex coordinates provided in the public deed, it was only possible to georeference the points corresponding to vertices No. 10 and No. 11 in Google Earth. Consequently, for the purposes of this valuation, the location and boundaries of the property are considered indicative, based on said points and the available documentary information. It is recommended to update and/or supplement the technical and georeferenced information for the property, in order to determine with certainty its location, boundaries, and perimeter limits.  Precautions  None  Location Substantiation  The location is substantiated by the location plan provided by the client.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C  REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza 6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  36 
 
 BT  BRASCHI TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31208 -26 ITEM - DPM  LOCATION PLAN  Applicant  MSRA S.A.C.  Code CP-PAC-PRED-055  Client  Owner(s) Inspection Date  MSRA S.A.C.  CEMENTOS PACASMAYO S.A.A.  -  Location according to the Electronic Property Record  Location according to the Urban Property Record Location Based on Visual Inspection  BLOCK A, LOT: CEMENTOS PACASMAYO 1  NORTH PAN-AMERICAN HIGHWAY KM 673 (FORMERLY KM 666)  BLOCK A, LOT: CEMENTOS PACASMAYO 1  District  PACASMAYO  Province  PACASMAYO  Department  LA LIBERTAD  Property Type  Land  Occupant  Owner(s)  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  13  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  1,328,290.52  m2  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  24,518,034.83  24,518,034.83  S/  83,851,679.12  83,851,679.12  US$  15,936,722.64  15,936,722.64  S/  54,503,591.43  54,503,591.43  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  24,518,034.83  24,518,034.83  S/  83,851,679.12  83,851,679.12  US$  15,936,722.64  15,936,722.64  S/  54,503,591.43  54,503,591.43  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  Entry D0001: A legal easement for an electrical utility line, specifically for 60 kV electric transmission lines, has been established over a portion of the property, in accordance with the plans contained in the filed title document that served as the basis for this registration. This condition generates restrictions on use and enjoyment of the area affected by the easement. This impact is considered in the analysis of the commercial value of the property.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C  REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza 6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  36 
 
 BT  BRASCHI TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31209 -26 ITEM - DPM  LOCATION PLAN  Applicant  MSRA S.A.C.  Code CP-CHEP-PRED-004  Client  Owner(s) Inspection Date  MSRA S.A.C.  NOT REGISTERED  -  Location according to the Electronic Property Record  Location according to the Urban Property Record Location Based on Visual Inspection  PROPERTY BLOCK NO. 2 AREA HEC. 8,206.73 VALLE JEQUETEPEQUE (MASTER ENTRY)  DOCUMENTATION NOT AVAILABLE  116.5964 HECTARES OF LAND  District  CHEPEN  Province  CHEPEN  Department  LA LIBERTAD  Property Type  Land  Occupant  Unknown  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  PR  Construction materials  Year of construction  -  State of conservation of the property  Land Area  116.5964  Hectares  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  86,514.53  86,514.53  S/  295,879.69  295,879.69  US$  51,908.72  51,908.72  S/  177,527.82  177,527.82  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  86,514.53  86,514.53  S/  295,879.69  295,879.69  US$  51,908.72  51,908.72  S/  177,527.82  177,527.82  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  Given that there is no apparent use, and the property is located in an undeveloped area (based on satellite imagery), it is considered appropriate to value the asset as vacant land. Therefore, Art. 100.1 of Chapter VI of Title 2 of the R.N.T. applies.  Precautions  None  Location Substantiation  The location is substantiated by the location plan provided by the client.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C  REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza 6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  36 
 
 BT  BRASCHI TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31210 -26 ITEM - DPM  LOCATION PLAN  Applicant  MSRA S.A.C.  Code CP-HCO-PRED-050  Client  Owner(s) Inspection Date  MSRA S.A.C.  CEMENTOS PACASMAYO S.A.A.  -  Location according to the Electronic Property Record  Location according to the Urban Property Record Location Based on Visual Inspection  RURAL LOCATION CHICAMA VALLEY PROPERTY III BLOCK VD PARCEL 1-III LOT/PARCEL 1 - III  P.S. CAMINO CARROZABLE VD- 1-III  RURAL LOCATION CHICAMA VALLEY PROPERTY III BLOCK VD PARCEL 1-III  District  HUANCHACO  Province  TRUJILLO  Department  LA LIBERTAD  Property Type  Land  Occupant  Third Parties  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  ZRE  Construction materials  Year of construction  -  State of conservation of the property  Land Area  928,910.00  m2  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  557,346.00  557,346.00  S/  1,906,123.32  1,906,123.32  US$  334,407.60  334,407.60  S/  1,143,673.99  1,143,673.99  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  557,346.00  557,346.00  S/  1,906,123.32  1,906,123.32  US$  334,407.60  334,407.60  S/  1,143,673.99  1,143,673.99  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  Based on database (Excel) information and a review of satellite imagery, approximately 95% of the property is occupied by third parties (squatters). Given that this condition limits the availability and unrestricted use of the property, a downward adjustment factor is applied to its market value. The only potential parties interested in the land are considered to be the authorities (local or provincial) or the very residents currently occupying the property, with the aim of formalizing their tenure.  Precautions  None  Location Substantiation  The location is supported by information from the attached plan and the BGR platform.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C  REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza 6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  36 
 
 BT  BRASCHI TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31211 -26 ITEM - DPM  LOCATION PLAN  Applicant  MSRA S.A.C.  Code CP-PAC-PRED-068  Client  Owner(s) Inspection Date  MSRA S.A.C.  CEMENTOS PACASMAYO S.A.A.  -  Location according to the Electronic Property Record  Location according to the Urban Property Record Location Based on Visual Inspection  SECTOR KM 655 PAN-AMERICAN NORTH JEQUETEPEQUE VALLEY LOT 1  LOT 1  SECTOR KM 655 PAN-AMERICAN NORTH JEQUETEPEQUE VALLEY LOT 1  District  PACASMAYO  Province  PACASMAYO  Department  LA LIBERTAD  Property Type  Land  Occupant  Owner(s)  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  12  Construction materials  Year of construction  -  State of conservation of the property  Land Area  530,112.50  m2  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  12,404,632.50  12,404,632.50  S/  42,423,843.15  42,423,843.15  US$  8,063,011.13  8,063,011.13  S/  27,575,498.05  27,575,498.05  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  12,404,632.50  12,404,632.50  S/  42,423,843.15  42,423,843.15  US$  8,063,011.13  8,063,011.13  S/  27,575,498.05  27,575,498.05  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C  REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza 6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  36 
 
 BT  BRASCHI TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31212 -26 ITEM - DPM  LOCATION PLAN  Applicant  MSRA S.A.C.  Code CP-PAC-PRED-062  Client  Owner(s) Inspection Date  MSRA S.A.C.  CEMENTOS PACASMAYO S.A.A.  -  Location according to the Electronic Property Record  Location according to the Urban Property Record Location Based on Visual Inspection  LOT 03 INDUSTRIAL ZONE  LOT 03 INDUSTRIAL ZONE  LOT 03 INDUSTRIAL ZONE  District  PACASMAYO  Province  PACASMAYO  Department  LA LIBERTAD  Property Type  Land  Occupant  Owner(s)  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  13  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  291,913.00  m2  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  1,255,225.90  1,255,225.90  S/  4,292,872.58  4,292,872.58  US$  753,135.54  753,135.54  S/  2,575,723.55  2,575,723.55  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  1,255,225.90  1,255,225.90  S/  4,292,872.58  4,292,872.58  US$  753,135.54  753,135.54  S/  2,575,723.55  2,575,723.55  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  According to the registry information and the revised zoning plan, the property has industrial zoning and urban use. However, according to the municipal information provided, the property retains its status as rural land; furthermore, an examination of satellite imagery shows it to be an apparently vacant plot, lacking urban development and exhibiting the physical characteristics typical of rural land. These conditions have been taken into account in the analysis and determination of the property’s market value.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza 6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  36 
 
 BT  BRASCHI TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31213 -26 ITEM - DPM  LOCATION PLAN  Applicant  MSRA S.A.C.  Code CP-JQT-PRED-073  Client  Owner(s) Inspection Date  MSRA S.A.C.  CEMENTOS PACASMAYO S.A.A.  -  Location according to the Electronic Property Record  Location according to the Urban Property Record Location Based on Visual Inspection  AREA: 28.00 HECTARES CERRO PITURAS SECTOR, SUB-LOT 01, INDUSTRIAL ZONE  DOCUMENTATION NOT AVAILABLE  PAN-AMERICAN HIGHWAY UNNUMBERED  District  PACASMAYO  Province  PACASMAYO  Department  LA LIBERTAD  Property Type  Land  Occupant  Owner(s)  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  OU  Construction materials  Year of construction  -  State of conservation of the property  Land Area  28.0000  Hectares  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  106,820.00  106,820.00  S/  365,324.40  365,324.40  US$  64,092.00  64,092.00  S/  219,194.64  219,194.64  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  106,820.00  106,820.00  S/  365,324.40  365,324.40  US$  64,092.00  64,092.00  S/  219,194.64  219,194.64  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  In accordance with Registration Record No. 11004221, a procedure for the partial closure of the record due to duplication was initiated, following the identification of an overlap with earlier-dated records. However, pursuant to Resolution No. 145-2024-SUNARP/ZRV/UREG, dated February 26, 2024, the aforementioned procedure was declared concluded, as an objection had been raised against the initiation of the closure; consequently, the proposed partial closure did not take effect. It is recommended to conduct the appropriate legal and registry review regarding the identified duplication and overlap, given that this situation could create contingencies for the property and affect its commercial value.  Given that there is no apparent use of the property and it is located in an area with a low level of development and activity, it is considered vacant. Therefore, Art. 100.1 of Chapter VI of Title 2 of the R.N.T. applies.  Precautions  None  Location Substantiation  The location is supported by information from the attached plan and the BGR platform.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C  REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza 6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  36 
 
 BT  BRASCHI TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31214 -26 ITEM - DPM  LOCATION PLAN  Applicant  MSRA S.A.C.  Code CP-PIU-PRED-079  Client  Owner(s) Inspection Date  MSRA S.A.C.  CEMENTOS PACASMAYO S.A.A.  -  Location according to the Electronic Property Record  Location according to the Urban Property Record Location Based on Visual Inspection  PIURA 1 PROPERTY, SANTA MARTHA - LOS LUCHOS AREA IN HECTARES: 25.17  PIURA - PAITA HIGHWAY UNNUMBERED BLOCK SUB-LOT  LAND FACING PIURA - PAITA HIGHWAY  District  PIURA  Province  PIURA  Department  PIURA  Property Type  Land  Occupant  Owner(s)  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  14  Construction materials  Year of construction  -  State of conservation of the property  Land Area  251,723.36  m2  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  7,551,700.80  7,551,700.80  S/  25,826,816.74  25,826,816.74  US$  5,286,190.56  5,286,190.56  S/  18,078,771.72  18,078,771.72  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  7,551,700.80  7,551,700.80  S/  25,826,816.74  25,826,816.74  US$  5,286,190.56  5,286,190.56  S/  18,078,771.72  18,078,771.72  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza 6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  36 
 
 BT  BRASCHI TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31215 -26 ITEM - DPM  LOCATION PLAN  Applicant  MSRA S.A.C.  Code CP-PAC-PRED-061  Client  Owner(s) Inspection Date  MSRA S.A.C.  CEMENTOS PACASMAYO S.A.A. - TRUST (LA FIDUCIARIA S.A.)  -  Location according to the Electronic Property Record  Location according to the Urban Property Record Location Based on Visual Inspection  LOT 02 INDUSTRIAL ZONE  LOT 02 INDUSTRIAL ZONE  LOT 02 INDUSTRIAL ZONE  District  PACASMAYO  Province  PACASMAYO  Department  LA LIBERTAD  Property Type  Land  Occupant  Owner(s)  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  13  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  184,668.00  m2  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  812,539.20  812,539.20  S/  2,778,884.06  2,778,884.06  US$  487,523.52  487,523.52  S/  1,667,330.44  1,667,330.44  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  812,539.20  812,539.20  S/  2,778,884.06  2,778,884.06  US$  487,523.52  487,523.52  S/  1,667,330.44  1,667,330.44  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations        This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  According to the registry information and the revised zoning plan, the property has industrial zoning and urban use. However, according to the municipal information provided, the property retains its status as rural land; furthermore, an examination of satellite imagery shows it to be an apparently vacant plot, lacking urban development and exhibiting the physical characteristics typical of rural land. These conditions have been taken into account in the analysis and determination of the property’s market value.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza 6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  36 
 
 BT  BRASCHI TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31216 -26 ITEM - DPM  LOCATION PLAN  Applicant  MSRA S.A.C.  Code CP-PAC-PRED-075  Client  Owner(s) Inspection Date  MSRA S.A.C.  CEMENTOS PACASMAYO S.A.A.  -  Location according to the Electronic Property Record  Location according to the Urban Property Record Location Based on Visual Inspection  HEC AREA. 15.2338 URBAN EXPANSION ZONE LOT 1  LOT 1  HEC AREA. 15.2338 URBAN EXPANSION ZONE LOT 1  District  PACASMAYO  Province  PACASMAYO  Department  LA LIBERTAD  Property Type  Land  Occupant  Owner(s)  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  11  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  152,338.00  m2  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  799,774.50  799,774.50  S/  2,735,228.79  2,735,228.79  US$  479,864.70  479,864.70  S/  1,641,137.27  1,641,137.27  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  799,774.50  799,774.50  S/  2,735,228.79  2,735,228.79  US$  479,864.70  479,864.70  S/  1,641,137.27  1,641,137.27  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client. No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  According to the recorded boundaries, the property adjoins third-party parcels, with no direct frontage or access to a main thoroughfare established in the public records. Although a review of satellite imagery suggests a possible exit onto said road, this has not been corroborated through documentation or visual inspection. Consequently, for the purposes of this valuation, the property is considered an interior lot, and a downward adjustment factor is applied due to its access conditions.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza 6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  36 
 
 BT  BRASCHI TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31217 -26 ITEM - DPM  LOCATION PLAN  Applicant Client Owner(s) Inspection Date  MSRA S.A.C.  Code  CP-PAC-PRED-065  MSRA S.A.C.  CEMENTOS PACASMAYO S.A.A.  -  Location according to the Electronic Property Record  Location according to the Urban Property Record Location Based on Visual Inspection  RURAL LOCATION JEQUETEPEQUE VALLEY, ROYAL PROPERTY, PACASMAYO SECTOR, BLOCK PACAS-0001 LOT/PARCEL HEC AREA. 15.09 C.U.  ROYAL PROPERTY (RURAL ISLAND)  ROYAL PROPERTY (RURAL ISLAND)  District  PACASMAYO  Province  PACASMAYO  Department  LA LIBERTAD  Property Type  Land  Occupant  Owner(s)  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  13  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  150,900.00  m2  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  452,700.00  452,700.00  S/  1,548,234.00  1,548,234.00  US$  271,620.00  271,620.00  S/  928,940.40  928,940.40  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  452,700.00  452,700.00  S/  1,548,234.00  1,548,234.00  US$  271,620.00  271,620.00  S/  928,940.40  928,940.40  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  According to the revised zoning plan, the property has industrial zoning. However, according to the municipal information provided, the property retains its status as rural land; furthermore, an examination of satellite imagery shows it to be an apparently vacant plot, lacking urban development and exhibiting the physical characteristics typical of rural land. These conditions have been taken into account in the analysis and determination of the property’s market value.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C  REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza 6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  36 
 
 BRASCHI  BT TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP  31218  -26  ITEM  -  DPM  LOCATION PLAN  Applicant Client Owner(s) Inspection Date  MSRA S.A.C.  Code  CP-PAC-PRED-060  MSRA S.A.C.  CEMENTOS PACASMAYO S.A.A. - TRUST (LA FIDUCIARIA S.A.)  -  Location according to the Electronic Property Record  Location according to the Urban Property Record Location Based on Visual Inspection  LOT 01 INDUSTRIAL ZONE  LOT 01 INDUSTRIAL ZONE  LOT 01 INDUSTRIAL ZONE  District  PACASMAYO  Province  PACASMAYO  Department  LA LIBERTAD  Property Type  Land  Occupant  Owner(s)  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  13  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  130,000.00  m2  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  X  NO  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  551,160.00  551,160.00  S/  1,884,967.20  1,884,967.20  US$  330,696.00  330,696.00  S/  1,130,980.32  1,130,980.32  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  551,160.00  551,160.00  S/  1,884,967.20  1,884,967.20  US$  330,696.00  330,696.00  S/  1,130,980.32  1,130,980.32  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations          This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  According to the registry information and the revised zoning plan, the property has industrial zoning and urban use. However, according to the municipal information provided, the property retains its status as rural land; furthermore, an examination of satellite imagery shows it to be an apparently vacant plot, lacking urban development and exhibiting the physical characteristics typical of rural land. These conditions have been taken into account in the analysis and determination of the property’s market value.  Entry D0001 – According to the property registration record, a portion of the property is subject to a statutory right-of-way easement for a 60 kV electric power transmission line, which can be viewed in the attachments on the OSINERGMIN platform. This impact is considered in the analysis of the commercial value of the property.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C  REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza 6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  36 
 
 BRASCHI  BT TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION  Item  PROP  31219  -26  ITEM  -  DPM  LOCATION PLAN  Applicant  MSRA S.A.C.  Code CP-JQT-PRED-074  Client  Owner(s) Inspection Date  MSRA S.A.C.  CEMENTOS PACASMAYO S.A.A.  -  Location according to the Electronic Property Record  Location according to the Urban Property Record Location Based on Visual Inspection  AREA: 12.00 HEC. CERRO PITURAS SECTOR, SUB-LOT 02 INDUSTRIAL ZONE  DOCUMENTATION NOT AVAILABLE  PAN-AMERICAN HIGHWAY UNNUMBERED  District  PACASMAYO  Province  PACASMAYO  Department  LA LIBERTAD  Property Type  Land  Occupant  Owner(s)  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  ZRE  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  12.0000  Hectares  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  48,528.00  48,528.00  S/  165,965.76  165,965.76  US$  29,116.80  29,116.80  S/  99,579.46  99,579.46  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  48,528.00  48,528.00  S/  165,965.76  165,965.76  US$  29,116.80  29,116.80  S/  99,579.46  99,579.46  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations          This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  In accordance with Registration Record No. 11004221, a procedure for the partial closure of the record due to duplication was initiated, following the identification of an overlap with earlier-dated records. However, pursuant to Resolution No. 145-2024-SUNARP/ZRV/UREG, dated February 26, 2024, the aforementioned procedure was declared concluded, as an objection had been raised against the initiation of the closure; consequently, the proposed partial closure did not take effect. It is recommended to conduct the appropriate legal and registry review regarding the identified duplication and overlap, given that this situation could create contingencies for the property and affect its commercial value.  Given that there is no apparent use of the property and it is located in an area with a low level of development and activity, it is considered vacant. Therefore, Art. 100.1 of Chapter VI of Title 2 of the R.N.T. applies.  Precautions  None  Location Substantiation  The location is supported by information from the attached plan and the BGR platform.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C  REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza 6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  36 
 
 BRASCHI  BT TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION  Item  PROP  31221  -26  ITEM  -  DPM  LOCATION PLAN  Applicant  MSRA S.A.C.  Code CP-PIU-PRED-080  Client  Owner(s) Inspection Date  MSRA S.A.C.  CEMENTOS PACASMAYO S.A.A.  -  Location according to the Electronic Property Record  Location according to the Urban Property Record Location Based on Visual Inspection  CE 531567 / CN 9429465 RURAL LOCATION MIDDLE PIURA VALLEY / COSCOMBA SECTOR PARCEL/LOT UNNAMED PROPERTY, AREA IN HEC. 11.7635 U.C. 124219  PIURA - PAITA HIGHWAY UNNUMBERED BLOCK SUB-LOT  LAND FACING PIURA - PAITA HIGHWAY  District  VEINTISEIS DE OCTUBRE  Province  PIURA  Department  PIURA  Property Type  Land  Occupant  Owner(s)  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  14  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  117,635.00  m2  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  3,764,320.00  3,764,320.00  S/  12,873,974.40  12,873,974.40  US$  2,635,024.00  2,635,024.00  S/  9,011,782.08  9,011,782.08  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  3,764,320.00  3,764,320.00  S/  12,873,974.40  12,873,974.40  US$  2,635,024.00  2,635,024.00  S/  9,011,782.08  9,011,782.08  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations    This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  According to the property registration record, there is a provisional entry regarding a Zoning and Thoroughfares Certificate, which indicates that an area of 1,861.9096 m² of the property is affected by planned thoroughfares. However, as the validity period of said certificate has expired, it is unknown whether this designation remains in effect as of the date of this valuation.  In this regard, it is recommended to request an updated Zoning and Roadways Certificate to determine the existence, location, and extent of any potential road-related encumbrances on the property, given that such a condition could limit the use of the property and affect its commercial value.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C  REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza 6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  36 
 
 BRASCHI  BT TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION  Item  PROP  31222  -26  ITEM  -  DPM  LOCATION PLAN  Applicant  MSRA S.A.C.  Code CP-PIU-PRED-088  Client  Owner(s) Inspection Date  MSRA S.A.C.  CEMENTOS PACASMAYO S.A.A.  -  Location according to the Electronic Property Record  Location according to the Urban Property Record Location Based on Visual Inspection  C_E 530859 / C_N 9429231 RURAL LOCATION BAJO PIURA VALLEY / COSCOMBA SECTOR LOT/PARCEL UNNAMED PROPERTY, AREA IN HEC. 11.0000 U.C. 138012  CATACAOS - UNNAMED, BAJO PIURA, COSCOMBA SECTOR  CATACAOS LAND - UNNAMED, BAJO PIURA, COSCOMBA SECTOR  District  CATACAOS  Province  PIURA  Department  PIURA  Property Type  Land  Occupant  Owner(s)  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  13  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  110,000.00  m2  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  1,595,000.00  1,595,000.00  S/  5,454,900.00  5,454,900.00  US$  1,116,500.00  1,116,500.00  S/  3,818,430.00  3,818,430.00  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  1,595,000.00  1,595,000.00  S/  5,454,900.00  5,454,900.00  US$  1,116,500.00  1,116,500.00  S/  3,818,430.00  3,818,430.00  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C  REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza 6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  36 
 
 BRASCHI  BT TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION  Item  PROP  31223  -26  ITEM  -  DPM  LOCATION PLAN  Applicant  MSRA S.A.C.  Code CP-PIU-PRED-091  Client  Owner(s) Inspection Date  MSRA S.A.C.  CEMENTOS PACASMAYO S.A.A.  -  Location according to the Electronic Property Record  Location according to the Urban Property Record Location Based on Visual Inspection  C_E 531152 / C_N 9429144 RURAL LOCATION BAJO PIURA VALLEY / COSCOMBA SECTOR LOT/PARCEL UNNAMED PROPERTY, AREA IN HEC. 11.0000 U.C. 138013  CATACAOS - UNNAMED, BAJO PIURA, COSCOMBA SECTOR  CATACAOS LAND - UNNAMED, BAJO PIURA, COSCOMBA SECTOR  District  CATACAOS  Province  PIURA  Department  PIURA  Property Type  Land  Occupant  Owner(s)  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  13  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  110,000.00  m2  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  1,355,750.00  1,355,750.00  S/  4,636,665.00  4,636,665.00  US$  949,025.00  949,025.00  S/  3,245,665.50  3,245,665.50  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  1,355,750.00  1,355,750.00  S/  4,636,665.00  4,636,665.00  US$  949,025.00  949,025.00  S/  3,245,665.50  3,245,665.50  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  Precautions  A review by the National Urban Observatory (Observatorio Urbano Nacional, OUN) of the Ministry of Housing, Construction, and Sanitation indicates that the property contains areas designated as PRA (Public Recreation Area), as well as strips without a specific mapped zoning designation which, based on their configuration and continuity, may correspond to areas associated with the planned road network. However, in the absence of the corresponding Zoning and Thoroughfare Certificate, it is not possible to determine with precision the nature, extent, and impact of such areas on the property.  Therefore, it is recommended to verify the Zoning and Roadways Certificate in order to confirm the applicable zoning, any potential encumbrances and/or road reservations, and their impact on the usable area of the property. Given the existing uncertainty regarding these urban planning conditions and their potential impact on the development potential of the property, a discount factor has been applied to the estimated market value for the purposes of this appraisal.  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza 6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  36 
 
 BRASCHI  BT TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION  Item  PROP  31224  -26  ITEM  -  DPM  LOCATION PLAN  Applicant  MSRA S.A.C.  Code CP-PIU-PRED-078  Client  Owner(s) Inspection Date  MSRA S.A.C.  CEMENTOS PACASMAYO S.A.A.  -  Location according to the Electronic Property Record  Location according to the Urban Property Record Location Based on Visual Inspection  PIURA 2 PROPERTY (SEMINARIO - LUO - HUANCAS) RURAL LOCATION X FUNDO COSCOMBA AREA HEC. 10.0803  PIURA - PAITA HIGHWAY UNNUMBERED BLOCK SUB-LOT  LAND FRONTING GRAU EXTENSION  District  PIURA  Province  PIURA  Department  PIURA  Property Type  Land  Occupant  Owner(s)  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  14  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  100,803.00  m2  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  1,915,257.00  1,915,257.00  S/  6,550,178.94  6,550,178.94  US$  1,340,679.90  1,340,679.90  S/  4,585,125.26  4,585,125.26  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  1,915,257.00  1,915,257.00  S/  6,550,178.94  6,550,178.94  US$  1,340,679.90  1,340,679.90  S/  4,585,125.26  4,585,125.26  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations    This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  According to information from SUNARP’s Graphic Registry Database (BGR), there appears to be a potential partial graphic overlap between the property being appraised and the area corresponding to Registry Entry No. 11133458. It is recommended to conduct the appropriate registry and legal review to confirm the existence, nature, and extent of such an overlap, given that this condition could affect legal certainty and, consequently, the commercial value of the property.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza 6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  36 
 
 BRASCHI  BT TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION  Item  PROP  31225  -26  ITEM  -  DPM  LOCATION PLAN  Applicant Client Owner(s) Inspection Date  MSRA S.A.C.  Code  CP-PAC-PRED-063  MSRA S.A.C.  CEMENTOS PACASMAYO S.A.A.  -  Location according to the Electronic Property Record  Location according to the Urban Property Record Location Based on Visual Inspection  LOT 04 INDUSTRIAL ZONE  LOT 04 INDUSTRIAL ZONE  LOT 04 INDUSTRIAL ZONE  District  PACASMAYO  Province  PACASMAYO  Department  LA LIBERTAD  Property Type  Land  Occupant  Owner(s)  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  13  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  92,328.00  m2  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  443,174.40  443,174.40  S/  1,515,656.45  1,515,656.45  US$  265,904.64  265,904.64  S/  909,393.87  909,393.87  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  443,174.40  443,174.40  S/  1,515,656.45  1,515,656.45  US$  265,904.64  265,904.64  S/  909,393.87  909,393.87  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations        This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  According to the registry information and the revised zoning plan, the property has industrial zoning and urban use. However, according to the municipal information provided, the property retains its status as rural land; furthermore, an examination of satellite imagery shows it to be an apparently vacant plot, lacking urban development and exhibiting the physical characteristics typical of rural land. These conditions have been taken into account in the analysis and determination of the property’s market value.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C  REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza 6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  36 
 
 BRASCHI  BT TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31226  -26  ITEM  - DPM  LOCATION PLAN  Applicant Client Owner(s) Inspection Date  MSRA S.A.C.  Code  CP-PAC-PRED-054  MSRA S.A.C.  CEMENTOS PACASMAYO S.A.A.  -  Location according to the Electronic Property Record  Location according to the Urban Property Record Location Based on Visual Inspection  RURAL LOCATION BLOCK A, CONSOLIDATED LOT, CEMENTOS PACASMAYO, AREA IN HECTARES 8.700  DOCUMENTATION NOT AVAILABLE  RURAL LOCATION BLOCK A, CONSOLIDATED LOT, CEMENTOS PACASMAYO 2, AREA IN HECTARES 8.700  District  PACASMAYO  Province  PACASMAYO  Department  LA LIBERTAD  Property Type  Land  Occupant  Owner(s)  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  Year of construction Land Area  Construction Declaration  RDM\PR  Construction materials State of conservation of the property  Built Area Declaration Type  -  -  -  87,000.00  m2  m2  X  TOTAL  PARTIAL  YES NO  YES NO  Burdens  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  COMMERCIAL VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  226,200.00  226,200.00  S/  773,604.00  773,604.00  US$  135,720.00  135,720.00  S/  464,162.40  464,162.40  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  226,200.00  226,200.00  S/  773,604.00  773,604.00  US$  135,720.00  135,720.00  S/  464,162.40  464,162.40  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  •  •  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client. No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza  6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  36 
 
 BRASCHI  BT TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION  Item  PROP  31237  -26  ITEM  - DPM  LOCATION PLAN  Applicant  MSRA S.A.C.  Code CP-PAC-PRED-083  Client  Owner(s) Inspection Date  MSRA S.A.C.  CEMENTOS PACASMAYO S.A.A.  -  Location according to the Electronic Property Record  Location according to the Urban Property Record  Location Based on Visual Inspection  C_E 532396/C_N 9429173 RURAL LOCATION MIDDLE PIURA VALLEY / COSCOMBA SECTOR PARCEL/LOT COSCOMBA PROPERTY HEC. AREA 8.6305 U.C. 124216  MEDIO PIURA STREET / SECTOR 2-DVO, PROPERTY NO. COSCOMBA - TORRES JARAMILLO  COSCOMBA SECTOR LOT/PARCEL COSCOMBA PROPERTY HEC. AREA 8.6305 U.C. 124216  District  VEINTISEIS DE OCTUBRE  Province  PIURA  Department  PIURA  Property Type  Land  Occupant  Owner(s)  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  14  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  86,305.00  m2  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  1,251,422.50  1,251,422,50  5/  4,279,864,95  4,279,864.95  US$  875,995.75  875,995.75  S/  2,995,905,47  2,995,905,47  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  5/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  1,251,422.50  1.251,422.50  5/  4,279,864.95  4,279,864.95  US$  875,995.75  875,995.75  S/  2,995,905.47  2,995,905,47  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US  $  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  •  •  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client. No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza  6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  36 
 
 BT  BRASCHI TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31228 -26 ITEM - DPM  LOCATION PLAN  Applicant Client Owner(s) Inspection Date  MSRA S.A.C.  Code  CP-PAC-PRED-058  MSRA S.A.C.  DISTRICT MUNICIPALITY OF PACASMAYO  -  Location according to the Electronic Property Record  Location according to the Urban Property Record Location Based on Visual Inspection  HEC AREA. 8.0315 INDUSTRIAL AREA LOT 001  LOT: JOSELITO 1 AND 2  HEC AREA. 8.0315 INDUSTRIAL AREA LOT 001  District  PACASMAYO  Province  PACASMAYO  Department  LA LIBERTAD  Property Type  Land  Occupant  Owner(s)  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  12  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  80,315.00  m2  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  COMMERCIAL VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  248,304.00  248,304.00  S/  849,199.68  849,199.68  US$  148,982.40  148,982.40  S/  509,519.81  509,519.81  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  248,304.00  248,304.00  S/  849,199.68  849,199.68  US$  148,982.40  148,982.40  S/  509,519.81  509,519.81  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  According to the revised zoning plan information, the property has industrial zoning. However, according to the municipal information provided, the property retains its status as rural land; furthermore, an examination of satellite imagery shows it to be an apparently vacant plot, lacking urban development and exhibiting the physical characteristics typical of rural land. These conditions have been taken into account in the analysis and determination of the  property’s market value.  Entry D0001 – According to the property registration record, a portion of the real estate is subject to a statutory right-of-way easement in favor of EMPRESA DE TRANSMISIÓN GUADALUPE S.A. (an electric company). This impact is considered in the analysis of the commercial value of the property.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C  REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza  6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  36 
 
 BRASCHI  BT TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION  Item  PROP  31229  -26  ITEM  - DPM  LOCATION PLAN  Applicant  MSRA S.A.C.  Code CP-PAC-PRED-092  Client  Owner(s) Inspection Date  MSRA S.A.C.  CEMENTOS PACASMAYO S.A.A.  -  Location according to the Electronic Property Record  Location according to the Urban Property Record  Location Based on Visual Inspection  BLOCK S, SUB-LOT B2-B, INDUSTRIAL ZONE II  DOCUMENTATION NOT AVAILABLE  BLOCK S, SUB-LOT B2-B, INDUSTRIAL ZONE II  District  PAITA  Province  PIURA  Department  PIURA  Property Type  Land  Occupant  Owner(s)  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  12  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  75,423.00  m2  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  COMMERCIAL VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  2,639,805,00  2,639,805,00  S/  9,028,133.10  9,028,133.10  US$  1,847,863,50  1,847,863,50  S/  6,319,693.17  6,319,693.17  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  2,639,805,00  2,639,805,00  S/  9,028,133.10  9,028,133.10  US$  1,847,863,50  1,847,863,50  S/  6,319,693.17  6,319,693.17  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES  NO  X  Property in risk zone  The property is not in a risk zone.  Date  October 2, 2026  [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C REPEV S.B.S N°7001-2012  Mr. Ricardo Braschi Beunza  6413-16  EXPERT REPEV  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  60 
 
 BRASCHI  BT TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31230  -26  ITEM  - DPM  LOCATION PLAN  Applicant Client Owner(s) Inspection Date  MSRA S.A.C.  Code  CP-PAC-PRED-089  MSRA S.A.C.  CEMENTOS PACASMAYO S.A.A.  -  Location according to the Electronic Property Record  Location according to the Urban Property Record Location Based on Visual Inspection  C_E 530655 / C_N 9429252 RURAL LOCATION BAJO PIURA VALLEY / COSCOMBA SECTOR LOT/PARCEL UNNAMED PROPERTY, AREA IN HEC.  7.4035 U.C. 138014  CATACAOS - COSCOMBA BAJO KM 08 LA LEGUA BAJO PIURA, COSCOMBA SECTOR  CATACAOS LAND - UNNAMED, BAJO PIURA, COSCOMBA SECTOR  District  CATACAOS  Province  PIURA  Department  PIURA  Property Type  Land  Occupant  Owner(s)  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  Year of construction Land Area  Construction Declaration  13  Construction materials State of conservation of the property  Built Area Declaration Type  -  -  -  74,035.00  m2  m2  X  TOTAL  PARTIAL  YES NO  YES NO  Burdens  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  COMMERCIAL VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  1,080,911.00  1,080,911.00  S/  3,696,715.62  3,696,715.62  US$  756,637.70  756,637.70  S/  2,587,700.93  2,587,700.93  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  1,080,911.00  1,080,911.00  S/  3,696,715.62  3,696,715.62  US$  756,637.70  756,637.70  S/  2,587,700.93  2,587,700.93  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES  NO  X  Property in risk zone  The property is not in a risk zone.  Date  October 2, 2026  [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C  REPEV S.B.S N°7001-2012  Mr. Ricardo Braschi Beunza  6413-16  EXPERT REPEV  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  61 
 
 BRASCHI  BT TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION  Item  PROP  31231  -26  ITEM  - DPM  LOCATION PLAN  Applicant  MSRA S.A.C.  Code CP-PAC-PRED-081  Client  Owner(s) Inspection Date  MSRA S.A.C.  CEMENTOS PACASMAYO S.A.A.  -  Location according to the Electronic Property Record  Location according to the Urban Property Record  Location Based on Visual Inspection  Property Type  PIURA 2 PROPERTY (SEMINARIO - LUO - HUANCAS) RURAL LOCATION EX FUNDO COSCOMBA AREA HEC. 7.0298 U.C. 80800,  U.C. 80801, U.C.19809  PIURA - PAITA HIGHWAY UNNUMBERED BLOCK SUB-LOT  LAND FACING PIURA - PAITA HIGHWAY  District  PIURA  Province  PIURA  Department  PIURA  Land  Occupant Owner(s)  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  14  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  70,298.00  m2  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  2,249,536.00  2,249,536.00  5/  7,580,936.32  7,580,936.32  US$  1,574,675.20  1,574,675.20  S/  5,306,655.42  5,306,655.42  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  5/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  2,249,536.00  2,249,536.00  5/  7,580,936.32  7,580,936.32  US$  1,574,675.20  1,574,675.20  S/  5,306,655.42  5,306,655.42  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US  $  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.370  Soles / Dollar  Observations  •  •  •  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client. No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  According to information from SUNARP’s Graphic Registry Database (BGR), there appears to be a potential partial graphic overlap between the property being appraised and the area  corresponding to Registry Entry No. 11133458. It is recommended to conduct the appropriate registry and legal review to confirm the existence, nature, and extent of such an overlap, given that this condition could affect legal certainty and, consequently, the commercial value of the property.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES  NO  X  Property in risk zone  The property is not in a risk zone.  Date  October 2, 2026  [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C REPEV S.B.S N°7001-2012  Mr. Ricardo Braschi Beunza  6413-16  EXPERT REPEV  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  62 
 
 BT  BRASCHI TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31232 -26 ITEM - DPM  LOCATION PLAN  Applicant  MSRA S.A.C.  Code CP-PAC-PRED-090  Client  Owner(s) Inspection Date  MSRA S.A.C.  CEMENTOS PACASMAYO S.A.A.  -  Location according to the Electronic Property Record  Location according to the Urban Property Record  Location Based on Visual Inspection  Property Type  RURAL LOCATION PROPERTY R.C. 18574 COSCOMBA LOT/PARCEL PROPERTY 18574 U.C. 18574  DOCUMENTATION NOT AVAILABLE  RURAL LOCATION R.C. PROPERTY 18574 COSCOMBA  District  PIURA  Province  PIURA  Department  PIURA  Land  Occupant Owner(s)  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  13  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  70,000.00  m2  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  COMMERCIAL VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  630,000.00  630,000.00  S/  2,154,600.00  2,154,600.00  US$  441,000.00  441,000.00  S/  1,508,220.00  1,508,220.00  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  630,000.00  630,000.00  S/  2,154,600.00  2,154,600.00  US$  441,000.00  441,000.00  S/  1,508,220.00  1,508,220.00  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  From the review of the National Urban Observatory (OUN) of the Ministry of Housing, Construction and Sanitation, it can be seen that the property has sectors identified with PRA – Public Recreation Area – zoning, as well as strips without specific zoning plotted that, due to their configuration and continuity, could correspond to areas linked to the projected road system. However, in the absence of the corresponding Zoning and Thoroughfare Certificate, it is not possible to determine with precision the nature, extent, and impact of such areas on the property.  Therefore, it is recommended to verify the Zoning and Roadways Certificate in order to confirm the applicable zoning, any potential encumbrances and/or road reservations, and their impact on the usable  area of the property. Given the existing uncertainty regarding these urban planning conditions and their potential impact on the development potential of the property, a discount factor has been applied to the estimated market value for the purposes of this appraisal.  Precautions  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES  NO  X  Property in risk zone  The property is not in a risk zone.  Date  October 2, 2026  [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C  REPEV S.B.S N°7001-2012  Mr. Ricardo Braschi Beunza  6413-16  EXPERT REPEV  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  63 
 
 BRASCHI  BT TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31232  -26  ITEM  - DPM  LOCATION PLAN  Applicant Client Owner(s) Inspection Date  MSRA S.A.C.  Code  CP-PAC-PRED-086  MSRA S.A.C.  CEMENTOS PACASMAYO S.A.A.  -  Location according to the Electronic Property Record  Location according to the Urban Property Record Location Based on Visual Inspection  CENTROID_E:532660, CENTROID_N: 9429045 RURAL LOCATION COSCOMBA VALLEY PROPERTY, BAJO PIURA LOT/PARCEL 7_5309425_078506 AREA HEC. 6.8400 COSCOMBA SECTOR  CASERIO COSCOMBA  RURAL LOCATION COSCOMBA PROPERTY IN THE BAJO PIURA VALLEY LOT/PARCEL 7_5309425_078506 AREA HEC. 6.8400 COSCOMBA SECTOR  District  PIURA  Province  PIURA  Department  PIURA  Property Type  Land  Occupant  Owner(s)  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  Year of construction Land Area  Construction Declaration  13-14-MS  Construction materials State of conservation of the property  Built Area Declaration Type  -  -  -  68,400.00  m2  m2  X  TOTAL  PARTIAL  YES NO  YES NO  Burdens  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  COMMERCIAL VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  238,824.00  238,824.00  S/  816,778.08  816,778.08  US$  143,294.40  143,294.40  S/  490,066.85  490,066.85  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  238,824.00  238,824.00  S/  816,778.08  816,778.08  US$  143,294.40  143,294.40  S/  490,066.85  490,066.85  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  •  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  According to Zoning and Roadway Certificate No. 022-2025, issued by the Provincial Municipality of Piura on February 3, 2025, and valid until February 3, 2028, the property is zoned as  I3 (Light Industry), I4 (Heavy Industry), and MS (Marginal Strip).  However, subsequent to the issuance of said certificate, the Metropolitan Development Plan for Piura 2020–2040 was approved via Municipal Ordinance No. 0437-00-CMPP, dated March 16, 2026. A review of the cartography associated with the current MDP (Municipal Development Plan) reveals that the area where the property is located includes sections currently designated as PRA (Public Recreation Area) and EPA (Environmental Protection Area), which differs from the urban planning conditions specified in the aforementioned Zoning and Thoroughfare Certificate.  In this regard, it is recommended to initiate a request with the Provincial Municipality of Piura for the update and/or ratification of the Zoning and Roadways Certificate, in order to officially determine the  impact of the current MDP on the property, as well as the urban planning conditions currently in effect.  However, for the purposes of this valuation, the conditions set forth in Zoning and Road Certificate No. 022-2025 are adopted, as this is the specific municipal document issued for the property under analysis and it remains within its stated period of validity. Consequently, for valuation purposes, the property area is divided into sectors in accordance with the I3, I4, and MS classifications set forth in said document.  Regarding the sector identified as the Marginal Strip (MS), and taking into account its status as an area subject to restrictions on use and development, a minimum commercial value is assigned for the  purposes of this appraisal; the areas corresponding to the I3 and I4 zoning designations are valued separately.  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  64 
 
 BRASCHI  BT TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31234  -26  ITEM  - DPM  LOCATION PLAN  Applicant Client Owner(s) Inspection Date  MSRA S.A.C.  Code  CP-PAC-PRED-051  MSRA S.A.C.  CEMENTOS PACASMAYO S.A.A.  -  Location according to the Electronic Property Record  Location according to the Urban Property Record Location Based on Visual Inspection  LAND OF 6.32 HEC. CADASTRAL UNIT 2-III  EL MILAGRO | 0369 PS. CAMINO CARROZABLE VD.2-III  EL MILAGRO I 0369 P5. CAMINO CARROZABLE VD.2-III  District  HUANCHACO  Province  TRUJILLO  Department  LA LIBERTAD  Property Type  Land  Occupant  Owner(s)  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  Year of construction Land Area  Construction Declaration  11/12  Construction materials State of conservation of the property  Built Area Declaration Type  -  -  -  63,200.00  m2  m2  X  TOTAL  PARTIAL  YES NO  YES NO  Burdens  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  62,568.00  62,568.00  5/  213,982.56  213,982.56  US$  37,540.80  37,540.80  S/  128,389.54  128,389.54  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  5/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  62,568.00  62,568.00  5/  213,982.56  213,982.56  US$  37,540.80  37,540.80  S/  128,389.54  128,389.54  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US  $  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  •  •  •  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client. No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  Based on database (Excel) information and a review of satellite imagery, the property is occupied by third parties (squatters). Given that this condition limits the availability and  unrestricted use of the property, a downward adjustment factor is applied to its market value.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES  NO  X  Property in risk zone  The property is not in a risk zone.  Date  October 2, 2026  [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C REPEV S.B.S N°7001-2012  Mr. Ricardo Braschi Beunza  6413-16  EXPERT REPEV  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  65 
 
 BRASCHI  BT TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31235  -26  ITEM  - DPM  LOCATION PLAN  Applicant Client Owner(s) Inspection Date  MSRA S.A.C.  Code  CP-PAC-PRED-069  MSRA S.A.C.  CEMENTOS PACASMAYO S.A.A.  -  Location according to the Electronic Property Record  Location according to the Urban Property Record Location Based on Visual Inspection  SECTOR KM 655 PANAMERICANA NORTH JEQUETEPEQUE VALLEY LOT 1A  LOT 1A  SECTOR KM 655 PANAMERICANA NORTH JEQUETEPEQUE VALLEY LOT 1A  District  PACASMAYO  Province  PACASMAYO  Department  LA LIBERTAD  Property Type  Land  Occupant  Owner(s)  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  Year of construction Land Area  Construction Declaration  OU  Construction materials  -  -  State of conservation of the property  -  62,437.50  m2  m2  Built Area Declaration Type  X  TOTAL  PARTIAL  YES NO  YES NO  Burdens  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  COMMERCIAL VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  1,271,565.00  1,271,565.00  S/  4,348,752.30  4,348,752.30  US$  890,095.50  890,095.50  S/  3,044,126.61  3,044,126.61  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  1,271,565.00  1,271,565.00  S/  4,348,752.30  4,348,752.30  US$  890,095.50  890,095.50  S/  3,044,126.61  3,044,126.61  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  The plot has considerable depth relative to its single frontage; therefore, Article 19 of Chapter III, Title 2 of the current National Valuation Regulations applies.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES  NO  X  Property in risk zone  The property is not in a risk zone.  Date  October 2, 2026  [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C REPEV S.B.S N°7001-2012  Mr. Ricardo Braschi Beunza  6413-16  EXPERT REPEV  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  67 
 
 BRASCHI  BT TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31236  -26  ITEM  - DPM  LOCATION PLAN  Applicant Client Owner(s) Inspection Date  MSRA S.A.C.  Code  CP-PAC-PRED-059  MSRA S.A.C.  DISTRICT MUNICIPALITY OF PACASMAYO  -  Location according to the Electronic Property Record  Location according to the Urban Property Record Location Based on Visual Inspection  AREA IN HEC. 5.8006 INDUSTRIAL AREA LOT 002  DOCUMENTATION NOT AVAILABLE  AREA IN HEC. 5.8006 INDUSTRIAL AREA LOT 002  District  PACASMAYO  Province  PACASMAYO  Department  LA LIBERTAD  Land  Occupant Owner(s)  Property Type  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  Year of construction Land Area  Construction Declaration  12  Construction materials  -  -  State of conservation of the property  -  58,006,00  m2  m2  Built Area Declaration Type  X  TOTAL  PARTIAL  YES NO  YES NO  Burdens  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  191,419.80  191,419.80  5/  654,655.72  654,655.72  US$  114,851.88  114,851.88  S/  392,793.43  392,793.43  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  5/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  191,419.80  191,419.80  5/  654,655.72  654,655.72  US$  114,851.88  114,851.88  S/  392,793.43  392,793.43  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US  $  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.370  Soles / Dollar  Observations  •  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  According to the revised zoning plan information, the property has industrial zoning. However, according to the municipal information provided, the property retains its status as rural land; furthermore, an examination of satellite imagery shows it to be an apparently vacant plot, lacking urban development and exhibiting the physical characteristics typical of rural land. These conditions have been taken into account in the analysis and determination of the property’s market value.  Entry D0001 – According to the property registration record, a portion of the real estate is subject to a statutory right-of-way easement in favor of EMPRESA DE TRANSMISIÓN GUADALUPE S.A. (an electric company). This impact originates from the main line; however, according to current information from the OSINERGMIN website, there are no power lines affecting the property. Therefore, it is recommended that this burden be updated.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES  NO  X  Property in risk zone  The property is not in a risk zone.  Date  October 2, 2026  [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C REPEV S.B.S N°7001-2012  Mr. Ricardo Braschi Beunza  6413-16  EXPERT REPEV  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  67 
 
 BRASCHI  BT TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31237  -26  ITEM  - DPM  LOCATION PLAN  Applicant Client Owner(s) Inspection Date  MSRA S.A.C.  Code  CP-PAC-PRED-082  MSRA S.A.C.  CEMENTOS PACASMAYO S.A.A.  -  Location according to the Electronic Property Record  Location according to the Urban Property Record Location Based on Visual Inspection  C_E 532182 /C_N 9429168 RURAL LOCATION MID PIURA VALLEY / COSCOMBA SECTOR LOT/PARCEL COSCOMBA PROPERTY HEC. AREA 5.3900 U.C. 124212  PIURA - PAITA HIGHWAY UNNUMBERED SUBLOT  LAND FRONTING GRAU EXTENSION, COSCOMBA SECTOR, LOT/PARCEL COSCOMBA PROPERTY HEC. AREA 5.3900  U.C. 124212  District  VEINTISEIS DE OCTUBRE  Province  PIURA  Department  PIURA  Land  Occupant Owner(s)  Property Type  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  Year of construction Land Area  Construction Declaration  14  Construction materials  -  -  State of conservation of the property  -  53,900.00  m2  m2  Built Area Declaration Type  X  TOTAL  PARTIAL  YES NO  YES NO  Burdens  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  COMMERCIAL VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  706,090.00  706,090.00  S/  2,414,827.80  2,414,827.80  US$  494,263.00  494,263.00  S/  1,690,379,46  1,690,379.46  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  706,090.00  706,090.00  S/  2,414,827.80  2,414,827.80  US$  494,263.00  494,263.00  S/  1,690,379,46  1,690,379.46  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES  NO  X  Property in risk zone  The property is not in a risk zone.  Date  October 2, 2026  [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C REPEV S.B.S N°7001-2012  Mr. Ricardo Braschi Beunza  6413-16  EXPERT REPEV  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  68 
 
 BRASCHI  BT TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31238  -26  ITEM  - DPM  LOCATION PLAN  Applicant Client Owner(s) Inspection Date  MSRA S.A.C.  Code  CP-PAC-PRED-018  MSRA S.A.C.  MARIA AZUCENA ALFARO ABANTO, MARINA LIDIA ULLOA BANTO, NERI ULLOA ABANTO, UBER AQUILINO ULLOA BANTO  -  Location according to the Electronic Property Record  Location according to the Urban Property Record Location Based on Visual Inspection  RURAL LOCATION LA PAMPA DEL LORETO PROPERTY, AREA IN HEC. 5.2582 U.C. 87004  DOCUMENTATION NOT AVAILABLE  RURAL LOCATION LA PAMPA DEL LORETO PROPERTY, AREA IN HEC. 5.2582 U.C. 87004  District  USQUIL  Province  OTUZCO  Department  LA LIBERTAD  Land  Occupant Owner(s)  Property Type  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  PR  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  5.2582  Hectares  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  COMMERCIAL VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  71,816.50  71,816.50  S/  245,612.43  245,612.43  US$  50,271.55  50,271.55  S/  171,928.70  171,928.70  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  71,816.50  71,816.50  S/  245,612.43  245,612.43  US$  50,271.55  50,271.55  S/  171,928.70  171,928.70  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C  REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza  6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  69 
 
 BRASCHI  BT TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION  Item  PROP  31240  -26  ITEM  - DPM  LOCATION PLAN  Applicant  MSRA S.A.C.  Code CP-USQ-PRED-031  Client  Owner(s) Inspection Date  MSRA S.A.C.  NOT REGISTERED  -  Location according to the Electronic Property Record  Location according to the Urban Property Record  Location Based on Visual Inspection  NOT REGISTERED  DOCUMENTATION NOT AVAILABLE  RURAL LOCATION PROPERTY U.C. 20368 - LA LAGUNA PROPERTY  District  USQUIL  Province  OTUZCO  Department  LA LIBERTAD  Property Type  Land  Occupant  Owner(s)  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  PR  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  5,0000  Hectares  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  COMMERCIAL VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  34,269.00  34,269,00  S/  117,199.98  117,199.98  US$  23,988.30  23,988.30  S/  82,039.99  82,039.99  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  34,269.00  34,269,00  S/  117,199.98  117,199.98  US$  23,988.30  23,988.30  S/  82,039.99  82,039.99  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  According to the information provided by the client, the property does not have a registered title entry with SUNARP. For the purposes of this valuation, a downward adjustment factor is applied to the commercial value of the property. It is recommended to carry out the necessary regularization and corresponding registration.  It should be noted that, for the purposes of this valuation, the documentation provided by the client regarding U.C. No. 20368 is taken into account. However, when georeferencing the centroid indicated on the plan, using the coordinates provided in the PSAD56 system, it falls within an area corresponding to U.C. No. 27398, which differs from the one specified in the provided documentation.  Consequently, this valuation is carried out based on the information and documentation provided by the client. It is recommended to verify and/or regularize the correspondence between the georeferenced location of the property and the recorded Cadastral Unit, by contacting the competent authority.  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  69 
 
 BRASCHI  BT TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION  Item  PROP  31240  -26  ITEM  - DPM  LOCATION PLAN  Applicant  MSRA S.A.C.  Code -  Client  Owner(s) Inspection Date  MSRA S.A.C.  PROPERTY NOT REGISTERED  -  Location according to the Electronic Property Record  Location according to the Urban Property Record  Location Based on Visual Inspection  NOT REGISTERED  KM. 214.5 VALLE FORTALEZA PROPERTY CODE 90010068  KM. 214.5 VALLE FORTALEZA  District  PARAMONGA  Province  BARRANCA  Department  LIMA  Property Type  Land  Occupant  Owner(s)  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  Year of construction Land Area  Construction Declaration  ZRE  Construction materials  -  -  State of conservation of the property  -  50,000.00  m2  m2  Built Area Declaration Type  X  TOTAL  PARTIAL  YES NO  YES NO  Burdens  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  COMMERCIAL VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  150,000.00  150,000.00  S/  513,000.00  513,000.00  US$  105,000.00  105,000.00  S/  359,100.00  359,100.00  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  150,000.00  150,000.00  S/  513,000.00  513,000.00  US$  105,000.00  105,000.00  S/  359,100.00  359,100.00  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza  6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  69 
 
 BRASCHI  BT TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION  Item  PROP  31241  -26  ITEM  - DPM  NOT REGISTERED  DOCUMENTATION NOT AVAILABLE  RURAL LOCATION PROPERTY U.C.080750 LAND, LAS PAMPILAS  District  HUARANCHAL  Province  OTUZCO  Department  LA LIBERTAD  Land  Occupant Owner(s)  TYPE OF USE (*)  Unknown  %  100%  LOCATION PLAN  Applicant  MSRA S.A.C.  Code  CP-HUR-PRED-044  Client  Owner(s) Inspection Date  MSRA S.A.C.  NOT REGISTERED  -  Location according to the Electronic Property Record  Location according to the Urban Property Record  Location Based on Visual Inspection  Property Type  Description  TYPE OF USE (*)  %  Zoning  PR  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  3.7833  Hectares  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type TOTAL  PARTIAL  Burdens  YES  NO  X  Liens YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  COMMERCIAL VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  26,240.97  26,240.97  S/  89,744.12  89,744.12  US$  18,368.68  18,368.68  S/  62,820.88  62,820.88  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  26,240.97  26,240.97  S/  89,744.12  89,744.12  US$  18,368.68  18,368.68  S/  62,820.88  62,820.88  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  -  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  - • According to the information provided by the client, the property does not have a registered title entry with SUNARP. For the purposes of this valuation, a downward adjustment factor is applied to the commercial value of the property. It is recommended to carry out the necessary regularization and corresponding registration.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C  REPEV S.B.S N°7001-2012  EXPERT  Mr. Ricardo Braschi Beunza  REPEV  6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  72 
 
 BRASCHI  BT TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION  Item  PROP  31242  -26  ITEM  - DPM  LOCATION PLAN  Applicant  MSRA S.A.C.  Code CP-HUR-PRED-045  Client  Owner(s) Inspection Date  MSRA S.A.C.  NOT REGISTERED  -  Location according to the Electronic Property Record  Location according to the Urban Property Record  Location Based on Visual Inspection  NOT REGISTERED  DOCUMENTATION NOT AVAILABLE  RURAL LOCATION PAMPILAS PROPERTY, AREA 3.72  District  HUARANCHAL  Province  OTUZCO  Department  LA LIBERTAD  Property Type  Land  Occupant  Owner(s)  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  PR  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  3.7200  Hectares  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  COMMERCIAL VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  36.123.21  36,123.21  S/  123,541.38  123,541.38  US$  25,286.25  25,286.25  S/  86,478.96  86,478.96  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  36.123.21  36,123.21  S/  123,541.38  123,541.38  US$  25,286.25  25,286.25  S/  86,478.96  86,478.96  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  -  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  • According to the information provided by the client, the property does not have a registered title entry with SUNARP. For the purposes of this valuation, a downward adjustment factor is applied to the commercial value of the property. It is recommended to carry out the necessary regularization and corresponding registration.  It should be noted that, for the purposes of this valuation, the documentation provided by the client, which contains reference information regarding the location of the property, has been  taken into account. It is recommended to subsequently verify with the competent authority that the Cadastral Unit corresponds to the indicated location, in order to determine its correct identification and cadastral designation.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES  NO  X  Property in risk zone  The property is not in a risk zone.  Date  October 2, 2026  [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C REPEV S.B.S N°7001-2012  Mr. Ricardo Braschi Beunza  6413-16  EXPERT REPEV  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  73 
 
 BRASCHI  BT TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION  Item  PROP  31243  -26  ITEM  - DPM  LOCATION PLAN  Applicant  MSRA S.A.C.  Code CP-HUR-PRED-012  Client  Owner(s) Inspection Date  MSRA S.A.C.  NOT REGISTERED  -  Location according to the Electronic Property Record  Location according to the Urban Property Record  Location Based on Visual Inspection  NOT REGISTERED  DOCUMENTATION NOT AVAILABLE  RURAL LOCATION PROPERTY U.C. 081963 - LA CHIRA PROPERTY  District  USQUIL  Province  OTUZCO  Department  LA LIBERTAD  Property Type  Land  Occupant  Owner(s)  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  PR  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  3.3195  Hectares  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  COMMERCIAL VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  23,107.04  23,107.04  S/  79,026.08  79,026.08  US$  16,174.93  16,174.93  S/  55,318.25  55,318.25  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  23,107.04  23,107.04  S/  79,026.08  79,026.08  US$  16,174.93  16,174.93  S/  55,318.25  55,318.25  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  -  -  -  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client. No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  According to the information provided by the client, the property does not have a registered title entry with SUNARP. For the purposes of this valuation, a downward adjustment factor is  applied to the commercial value of the property. It is recommended to carry out the necessary regularization and corresponding registration.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES  NO  X  Property in risk zone  The property is not in a risk zone.  Date  October 2, 2026  [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C REPEV S.B.S N°7001-2012  Mr. Ricardo Braschi Beunza  6413-16  EXPERT REPEV  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  74 
 
 BRASCHI  BT TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31244  -26  ITEM  - DPM  LOCATION PLAN  Applicant Client Owner(s) Inspection Date  MSRA S.A.C.  Code  CP-HUR-PRED-015  MSRA S.A.C.  UBER AQUILINO ULLOA BANTO, MARINA LIDIA ULLOA BANTO, NERI ULLOA ABANTO.  -  Location according to the Electronic Property Record  Location according to the Urban Property Record Location Based on Visual Inspection  CENTROID_E:782339 CENTROID_N: 9146859 PAMPA DEL PUENTE SECTOR, LA LADERA DEL PUENTE PROPERTY, AREA IN HEC. 3.1642 U.C. 34605  DOCUMENTATION NOT AVAILABLE  RURAL LOCATION PROPERTY U.C.034605 - LA LADERA DEL PUENTE PROPERTY  District  USQUIL  Province  OTUZCO  Department  LA LIBERTAD  Property Type  Land  Occupant  Owner(s)  %  100%  Description  TYPE OF USE (*  Unknown  )  TYPE OF USE (*) %  Zoning  PR  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  3.1642  Hectares  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  COMMERCIAL VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  44,257.67  44,257.67  S/  151,361.23  151,361.23  US$  30,980.37  30,980.37  S/  105,952.86  105,952.86  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  44,257.67  44,257.67  S/  151,361.23  151,361.23  US$  30,980.37  30,980.37  S/  105,952.86  105,952.86  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES  NO  X  Property in risk zone  The property is not in a risk zone.  Date  October 2, 2026  [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C REPEV S.B.S N°7001-2012  Mr. Ricardo Braschi Beunza  6413-16  EXPERT REPEV  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  75 
 
 BRASCHI  BT TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31246  -26  ITEM  - DPM  LOCATION PLAN  Applicant Client Owner(s) Inspection Date  MSRA S.A.C.  Code  CP-HUR-PRED-026  MSRA S.A.C.  NOT REGISTERED.  -  Location according to the Electronic Property Record  Location according to the Urban Property Record Location Based on Visual Inspection  NOT REGISTERED  DOCUMENTATION NOT AVAILABLE  RURAL LOCATION PROPERTY U.C.034606 - LA PAMPA EL PUENTE PROPERTY  District  USQUIL  Province  OTUZCO  Department  LA LIBERTAD  Land  Occupant Owner(s)  Property Type  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  Year of construction Land Area  Construction Declaration  PR  Construction materials  -  -  State of conservation of the property  -  2.8951  Hectares  m2  Built Area Declaration Type  X  TOTAL  PARTIAL  YES NO  YES NO  Burdens  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  COMMERCIAL VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  28,446.56  28,446.56  S/  97,287.24  97,287.24  US$  19,912.59  19,912.59  S/  68,101.06  68,101.06  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  28,446.56  28,446.56  S/  97,287.24  97,287.24  US$  19,912.59  19,912.59  S/  68,101.06  68,101.06  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  -  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  - • According to the information provided by the client, the property does not have a registered title entry with SUNARP. For the purposes of this valuation, a downward adjustment factor is applied to the commercial value of the property. It is recommended to carry out the necessary regularization and corresponding registration.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES  NO  X  Property in risk zone  The property is not in a risk zone.  Date  October 2, 2026  [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C  REPEV S.B.S N°7001-2012  Mr. Ricardo Braschi Beunza  6413-16  EXPERT REPEV  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  76 
 
 BRASCHI  BT TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION  Item  PROP  31247  -26  ITEM  - DPM  LOCATION PLAN  Applicant  MSRA S.A.C.  Code CP-HUR-PRED-036  Client  Owner(s) Inspection Date  MSRA S.A.C.  NOT REGISTERED  -  Location according to the Electronic Property Record  Location according to the Urban Property Record  Location Based on Visual Inspection  Property Type  NOT REGISTERED  DOCUMENTATION NOT AVAILABLE  RURAL LOCATION PAMPILAS PROPERTY, AREA 2.72  District  HUARANCHAL  Province  OTUZCO  Department  LA LIBERTAD  Land  Occupant  Owner(s)  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  PR  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  2.7200  Hectares  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  COMMERCIAL VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  26,821.27  26,821.27  S/  91,728.74  91,728.74  US$  18,774.89  18,774.89  S/  64,210.12  64,210.12  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  26,821.27  26,821.27  S/  91,728.74  91,728.74  US$  18,774.89  18,774.89  S/  64,210.12  64,210.12  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  -  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  • According to the information provided by the client, the property does not have a registered title entry with SUNARP. For the purposes of this valuation, a downward adjustment factor is applied to the commercial value of the property. It is recommended to carry out the necessary regularization and corresponding registration.   It should be noted that, for the purposes of this valuation, the documentation provided by the client, which contains reference information regarding the location of the property, has been taken into account. It is recommended to subsequently verify with the competent authority that the Cadastral Unit corresponds to the indicated location, in order to determine its correct identification and cadastral designation.  Precautions  None  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  77 
 
 BRASCHI  BT TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION  Item  PROP  31248  -26  ITEM  - DPM  LOCATION PLAN  Applicant  MSRA S.A.C.  Code CP-HUR-PRED-034  Client  Owner(s) Inspection Date  MSRA S.A.C.  NOT REGISTERED  -  Location according to the Electronic Property Record  Location according to the Urban Property Record  Location Based on Visual Inspection  Property Type  NOT REGISTERED  DOCUMENTATION NOT AVAILABLE  RURAL LOCATION PROPERTY U.C. 080839 LAS PAMPILAS LAND  District  HUARANCHAL  Province  OTUZCO  Department  LA LIBERTAD  Land  Occupant Owner(s)  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  PR  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  2.4112  Hectares  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  COMMERCIAL VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  17,121.33  17,121.33  S/  58,554.95  58,554.95  US$  11,984.93  11,984.93  S/  40,988.46  40,988,46  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  17,121.33  17,121.33  S/  58,554.95  58,554.95  US$  11,984.93  11,984.93  S/  40.988.46  40,988.46  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  • According to the information provided by the client, the property does not have a registered title entry with SUNARP. For the purposes of this valuation, a downward adjustment factor is  applied to the commercial value of the property. It is recommended to carry out the necessary regularization and corresponding registration.  None  The location is substantiated by the BGR platform and the attached plans.  Precautions  Location Substantiation  YES  NO  X  Property in risk zone  The property is not in a risk zone.  Date  October 2, 2026  [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C  REPEV S.B.S N°7001-2012  Mr. Ricardo Braschi Beunza  6413-16  EXPERT REPEV  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  78 
 
 BT  BRASCHI TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31248 -26 ITEM - DPM  LOCATION PLAN  Applicant  MSRA S.A.C.  Code CP-HUR-PRED-085  Client  Owner(s) Inspection Date  MSRA S.A.C.  UNKNOWN (Not registered)  -  Location according to the Electronic Property Record  Location according to the Urban Property Record  Location Based on Visual Inspection  PROPERTY NOT REGISTERED  -  PROPERTY 01 AREA 2.2190 HEC.  District  PIURA  Province  PIURA  Department  PIURA  Property Type  Land  Occupant  Owner(s)  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  13-14  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  22.190.00  m2  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  COMMERCIAL VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  140,906.50  140,906.50  S/  481,900.23  481,900.23  US$  84,543.90  84,543.90  S/  289,140.14  289,140.14  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  140,906.50  140,905.50  S/  481,900.23  481,900.23  US$  84,543.90  84,543.90  S/  289,140.14  289,140.14  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  According to the information provided by the client, the property subject to valuation is not registered with the Public Registry (SUNARP). In light of this condition, a downward adjustment factor is applied to the estimated  market value for the purposes of this valuation.  According to Zoning and Roadway Certificate No. 022-2025, issued by the Provincial Municipality of Piura on February 3, 2025, and valid until February 3, 2028, the property is zoned as I3 (Light Industry), I4 (Heavy Industry), and MS (Marginal Strip).  However, subsequent to the issuance of said certificate, the Metropolitan Development Plan for Piura 2020–2040 was approved via Municipal Ordinance No. 0437-00-CMPP, dated March 16, 2026. A review of the cartography  associated with the current MDP reveals that the area where the property is located is designated as a PRA (Public Recreation Area), which differs from the urban planning conditions specified in the aforementioned Zoning and Thoroughfare Certificate.  In this regard, it is recommended to initiate a request with the Provincial Municipality of Piura for the update and/or ratification of the Zoning and Roadways Certificate, in order to officially determine the impact of the current  MDP on the property, as well as the urban planning conditions currently in effect.  However, for the purposes of this valuation, the conditions set forth in Zoning and Road Certificate No. 022-2025 are adopted, as this is the specific municipal document issued for the property under analysis and it remains within its stated period of validity.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C  REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza  6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  79 
 
 BT  BRASCHI TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31248 -26 ITEM - DPM  LOCATION PLAN  Applicant  MSRA S.A.C.  Code CP-HUR-PRED-064  Client  Owner(s) Inspection Date  MSRA S.A.C.  S.A.A.  -  Location according to the Electronic Property Record  Location according to the Urban Property Record  Location Based on Visual Inspection  LOT 05 INDUSTRIAL ZONE  LOT 05 INDUSTRIAL ZONE  LOT 05 INDUSTRIAL ZONE  District  PACASMAYO  Province  PACASMAYO  Department  LA LIBERTAD  Property Type  Land  Occupant  Owner(s)  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  13  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  21.781.00  m2  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  COMMERCIAL VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  140,906.50  140,906.50  S/  481,900.23  481,900.23  US$  84,543.90  84,543.90  S/  289,140.14  289,140.14  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  140,906.50  140,905.50  S/  481,900.23  481,900.23  US$  84,543.90  84,543.90  S/  289,140.14  289,140.14  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  According to the registry information and the revised zoning plan, the property has industrial zoning and urban use. However, according to the municipal information provided, the property retains its status as rural land;  furthermore, an examination of satellite imagery shows it to be an apparently vacant plot, lacking urban development and exhibiting the physical characteristics typical of rural land. These conditions have been taken into account in the analysis and determination of the property’s market value.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C  REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza  6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  80 
 
 BT  BRASCHI TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31251 -26 ITEM - DPM  LOCATION PLAN  Applicant  MSRA S.A.C.  Code CP-USQ-PRED-011  Client  MSRA S.A.C.  Owner(s)  Inspection Date  NOT REGISTERED  -  Location according to the Electronic Property Record  NOT REGISTERED  Location according to the Urban Property Record  DOCUMENTATION NOT AVAILABLE  Location Based on Visual Inspection  RURAL LOCATION PROPERTY U.C. 081994-081998 - PAMPA HERMOSA BAJO PROPERTY  District  USQUIL  Province  OTUZCO  Department  LA LIBERTAD  Property Type  Land  Occupant  Owner(s)  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  PR  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  2.0803  Hectares  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  14,823.18  14,823.18  S/  50,695.28  50,695.28  US$  10,376.23  10,376.23  S/  35,486.69  35,486.69  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  14,823.18  14,823.18  S/  50,695.28  50,695.28  US$  10,376.23  10,376.23  S/  35,486.69  35,486.69  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  • According to the information provided by the client, the property does not have a registered title entry with SUNARP. For the purposes of this valuation, a downward adjustment factor is applied to the  commercial value of the property. It is recommended to carry out the necessary regularization and corresponding registration.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [stamp:] [signature]  MR. RICARDO A. BRASCHI BEUNZA  APPRAISER – LIC. 188871 BRASCHI TASACIONES S.A.C REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza 6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  80 
 
 BT  BRASCHI TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31252 -26 ITEM - DPM  NOT REGISTERED  DOCUMENTATION NOT AVAILABLE  RURAL LOCATION PROPERTY U.C.080742 UNNAMED LAND  District  HUARANCHAL  Province  OTUZCO  Department  LA LIBERTAD  TYPE OF USE (*)  %  TYPE OF USE (*)  Unknown  %  100%  LOCATION PLAN  Applicant  MSRA S.A.C.  Code  CP-HUR-PRED-040  Client  MSRA S.A.C.  Owner(s)  Inspection Date  NOT REGISTERED  -  Location according to the Electronic Property Record  Location according to the Urban Property Record  Location Based on Visual Inspection  Property Type  Land  Occupant  Owner(s)  Description  Zoning  PR  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  1.9985  Hectares  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  14,240.31  14,240.31  S/  48,701.86  48,701.86  US$  9,968.22  9,968.22  S/  34,091.30  34,091.30  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  14,240.31  14,240.31  S/  48,701.86  48,701.86  US$  9,968.22  9,968.22  S/  34,091.30  34,091.30  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  • According to the information provided by the client, the property does not have a registered title entry with SUNARP. For the purposes of this valuation, a downward adjustment factor is applied to the commercial value of the property. It is recommended to carry out the necessary regularization and corresponding registration.  Precautions  None  Location Substantiation  The location is substantiated by the MIDAGRI platform.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C  REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza 6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  80 
 
 BT  BRASCHI TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31253 -26 ITEM - DPM  NOT REGISTERED  DOCUMENTATION NOT AVAILABLE  RURAL LOCATION, PROPERTY U.C. 034624 - EL MANGO PROPERTY  District  USQUIL  Province  OTUZCO  Department  LA LIBERTAD  TYPE OF USE (*)  %  TYPE OF USE (*)  Unknown  %  100%  LOCATION PLAN  Applicant  MSRA S.A.C.  Code  CP-USQ-PRED-009  Client  MSRA S.A.C.  Owner(s)  Inspection Date  NOT REGISTERED  -  Location according to the Electronic Property Record  Location according to the Urban Property Record  Location Based on Visual Inspection  Property Type  Land  Occupant  Owner(s)  Description  Zoning  PR  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  1.9458  Hectares  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  13,913.44  13,913.44  S/  47,583.96  47,583.96  US$  9,739.41  9,739.41  S/  33,308.78  33,308.78  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  13,913.44  13,913.44  S/  47,583.96  47,583.96  US$  9,739.41  9,739.41  S/  33,308.78  33,308.78  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  • According to the information provided by the client, the property does not have a registered title entry with SUNARP. For the purposes of this valuation, a downward adjustment factor is applied to the commercial value of the property. It is recommended to carry out the necessary regularization and corresponding registration.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [stamp:] [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza 6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  80 
 
 BT  BRASCHI TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31254 -26 ITEM - DPM  LOCATION PLAN  Applicant  MSRA S.A.C.  Code CP-PIU-PRED-084  Client  Owner(s) Inspection Date  MSRA S.A.C.  UNKNOWN (Not registered)  -  Location according to the Electronic Property Record  PROPERTY NOT REGISTERED  Location according to the Urban Property Record  -  Location Based on Visual Inspection  PROPERTY 03 AREA 1.8412 HECTARES  District  PIURA  Province  PIURA  Department  PIURA  Property Type  Land  Occupant  Owner(s)  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  MS  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  18,412.00  m2  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  14,090.65  14,090.65  S/  48,190.02  48,190.02  US$  8,454,39  8,454.39  S/  28,914.01  28,914.01  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  14,090.65  14,090.65  S/  48,190.02  48,190.02  US$  8,454.39  8,454.39  S/  28,914.01  28,914.01  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  This valuation report has been prepared off-site, based solely on the valuation of the land, using the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  According to the information provided by the client, the property subject to valuation is not registered with the Public Registry (SUNARP). In light of this condition, a downward adjustment factor is applied to the estimated market value for the purposes of this valuation.  According to Zoning and Roadway Certificate No. 022-2025, issued by the Provincial Municipality of Piura on February 3, 2025, and valid until February 3, 2028, the property is zoned as MS (Marginal Strip).  However, subsequent to the issuance of said certificate, the Metropolitan Development Plan for Piura 2020–2040 was approved via Municipal Ordinance No. 0437-00-CMPP, dated March 16, 2026. A  review of the cartography associated with the current MDP reveals that the area where the property is located is designated as an EPA (Environmental Protection Area), which differs from the urban planning conditions specified in the aforementioned Zoning and Thoroughfare Certificate.  In this regard, it is recommended to initiate a request with the Provincial Municipality of Piura for the update and/or ratification of the Zoning and Roadways Certificate, in order to officially determine the  impact of the current MDP on the property, as well as the urban planning conditions currently in effect.  However, for the purposes of this valuation, the conditions set forth in Zoning and Road Certificate No. 022-2025 are adopted, as this is the specific municipal document issued for the property under analysis and it remains within its stated period of validity.  Precautions  None  Location Substantiation  The location is substantiated by the attached plans.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [stamp:] [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza 6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  80 
 
 BT  BRASCHI TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31255 -26 ITEM - DPM  NOT REGISTERED  DOCUMENTATION NOT AVAILABLE  RURAL LOCATION PROPERTY U.C. 079931  District  USQUIL  Province  OTUZCO  Department  LA LIBERTAD  TYPE OF USE (*)  %  TYPE OF USE (*)  Unknown  %  100%  LOCATION PLAN  Applicant  MSRA S.A.C.  Code  CP-USQ-PRED-014  Client  MSRA S.A.C.  Owner(s)  Inspection Date  NOT REGISTERED  -  Location according to the Electronic Property Record  Location according to the Urban Property Record  Location Based on Visual Inspection  Property Type  Land  Occupant  Owner(s)  Description  Zoning  PR  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  1.8349  Hectares  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  13,225.96  13,225.96  S/  45,232.78  45,232.78  US$  9,258.17  9,258.17  S/  31,662.95  31,662.95  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  13,225.96  13,225.96  S/  45,232.78  45,232.78  US$  9,258.17  9,258.17  S/  31,662.95  31,662.95  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  • According to the information provided by the client, the property does not have a registered title entry with SUNARP. For the purposes of this valuation, a downward adjustment factor is applied to the commercial value of the property. It is recommended to carry out the necessary regularization and corresponding registration.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [stamp:] [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza 6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  80 
 
 BT  BRASCHI TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31256 -26 ITEM - DPM  LOCATION PLAN  Applicant Client  MSRA S.A.C.  Code  CP-HUR-PRED-032  MSRA S.A.C.  Owner(s)  NOT REGISTERED  DOCUMENTATION NOT AVAILABLE  RURAL LOCATION PROPERTY U.C. 080751 UNNAMED LAND  District  HUARANCHAL  Province  OTUZCO  Department  LA LIBERTAD  TYPE OF USE (*)  %  TYPE OF USE (*)  Unknown  %  100%  Inspection Date  NOT REGISTERED  -  Location according to the Electronic Property Record  Location according to the Urban Property Record  Location Based on Visual Inspection  Property Type  Land  Occupant  Owner(s)  Description  Zoning  PR  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  1.4096  Hectares  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  10,276.69  10,276.69  S/  35,146.28  35,146.28  US$  7,193.68  7,193.68  S/  24,602.40  24,602.40  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  10,276.69  10,276.69  S/  35,146.28  35,146.28  US$  7,193.68  7,193.68  S/  24,602.40  24,602.40  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  • According to the information provided by the client, the property does not have a registered title entry with SUNARP. For the purposes of this valuation, a downward adjustment factor is applied to the  commercial value of the property. It is recommended to carry out the necessary regularization and corresponding registration.  Precautions  None  Location Substantiation  The location is substantiated by the MIDAGRI platform.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [stamp:] [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza 6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  80 
 
 BT  BRASCHI TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31257 -26 ITEM - DPM  NOT REGISTERED  DOCUMENTATION NOT AVAILABLE  RURAL LOCATION, PROPERTY U.C. 081971 PAMPA EL CHIRIMOYO PROPERTY  District  USQUIL  Province  OTUZCO  Department  LA LIBERTAD  TYPE OF USE (*)  %  TYPE OF USE (*)  Unknown  %  100%  LOCATION PLAN  Applicant  MSRA S.A.C.  Code  CP-PIU-PRED-017  Client  MSRA S.A.C.  Owner(s)  Inspection Date  NOT REGISTERED  -  Location according to the Electronic Property Record  Location according to the Urban Property Record  Location Based on Visual Inspection  Property Type  Land  Occupant  Owner(s)  Description  Zoning  PR  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  1.2782  Hectares  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  9,318.72  9,318.72  S/  31,870.02  31,870.02  US$  6,523.10  6,523.10  S/  22,309.02  22,309.02  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  9,318.72  9,318.72  S/  31,870.02  31,870.02  US$  6,523.10  6,523.10  S/  22,309.02  22,309.02  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  • According to the information provided by the client, the property does not have a registered title entry with SUNARP. For the purposes of this valuation, a downward adjustment factor is applied to the  commercial value of the property. It is recommended to carry out the necessary regularization and corresponding registration.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [stamp:] [signature]  MR. RICARDO A. BRASCHI BEUNZA  APPRAISER – LIC. 188871 BRASCHI TASACIONES S.A.C REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza 6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  80 
 
 BT  BRASCHI TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31258 -26 ITEM - DPM  LOCATION PLAN  Applicant  MSRA S.A.C.  Code CP-PAC-PRED-070  Client  Owner(s) Inspection Date  MSRA S.A.C.  CEMENTOS PACASMAYO S.A.A.  -  Location according to the Electronic Property Record  Location according to the Urban Property Record Location Based on Visual Inspection  LOT 01 URBAN AREA OF PACASMAYO SECTOR 4 SUB SECTOR 4-V  LOT 1 SECTOR 4 SUB SECTOR 4-V  LOT 1 SECTOR 4 SUB SECTOR 4-V  District  PACASMAYO  Province  PACASMAYO  Department  LA LIBERTAD  Property Type  Land  Occupant  Owner(s)  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  RDB  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  12,751.37  m2  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  918,098.64  918,098.64  S/  3,139,897.35  3,139,897.35  US$  642,669.05  642,669.05  S/  2,197,928.14  2,197,928.14  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  918,098.64  918,098.64  S/  3,139,897.35  3,139,897.35  US$  642,669.05  642,669.05  S/  2,197,928.14  2,197,928.14  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  According to the registered boundaries, the property adjoins land owned by third parties; there is no record in the property registry of any frontage or direct access to the Pan-American Highway North.  Although a review of satellite imagery suggests a possible exit onto said road, this has not been corroborated through documentation or visual inspection. Consequently, for the purposes of this valuation, the property is considered an interior lot, and a downward adjustment factor is applied due to its access conditions.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [stamp:] [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza 6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  80 
 
 BT  BRASCHI TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31259 -26 ITEM - DPM  LOCATION PLAN  Applicant  MSRA S.A.C.  Code CP-LIM-PRED-052  Client  Owner(s) Inspection Date  MSRA S.A.C.  CEMENTOS PACASMAYO S.A.A.  -  Location according to the Electronic Property Record  Location according to the Urban Property Record Location Based on Visual Inspection  FACING CALLE LA COLONIA 190-180-170-160-150-148 AV. LA REPÚBLICA AND JR. SANTORIN EL VIVERO DE MONTERRICO DEVELOPMENT  DOCUMENTATION NOT AVAILABLE  CALLE LA COLONIA , AV. LA REPÚBLICA AND JR. SANTORIN, EL VIVERO DE MONTERRICO DEVELOPMENT  District  SANTIAGO DE SURCO  Province  LIMA  Department  LIMA  Property Type  Land  Occupant  Owner(s)  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  CZ  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  12,190.28  m2  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  18,529,225.60  18,529,225.60  S/  63,369,951.55  63,369,951.55  US$  12,970,457.92  12,970,457.92  S/  44,358,966.09  44,358,966.09  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  18,529,225.60  18,529,225.60  S/  63,369,951.55  63,369,951.55  US$  12,970,457.92  12,970,457.92  S/  44,358,966.09  44,358,966.09  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [stamp:] [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza 6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  80 
 
 BT  BRASCHI TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31260 -26 ITEM - DPM  NOT REGISTERED  DOCUMENTATION NOT AVAILABLE  RURAL LOCATION, PROPERTY U.C.081969 EL NARANJO PROPERTY  District  USQUIL  Province  OTUZCO  Department  LA LIBERTAD  TYPE OF USE (*)  %  TYPE OF USE (*)  Unknown  %  100%  LOCATION PLAN  Applicant  MSRA S.A.C.  Code  CP-USQ-PRED-010  Client  MSRA S.A.C.  Owner(s)  Inspection Date  NOT REGISTERED  -  Location according to the Electronic Property Record  Location according to the Urban Property Record  Location Based on Visual Inspection  Property Type  Land  Occupant  Owner(s)  Description  Zoning  PR  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  0.4722  Hectares  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  3,414.95  3,414.95  S/  11,679.13  11,679.13  US$  2,390.47  2,390.47  S/  8,175.39  8,175.39  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  3,414.95  3,414.95  S/  11,679.13  11,679.13  US$  2,390.47  2,390.47  S/  8,175.39  8,175.39  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  • According to the information provided by the client, the property does not have a registered title entry with SUNARP. For the purposes of this valuation, a downward adjustment factor is applied to the commercial value of the property. It is recommended to carry out the necessary regularization and corresponding registration.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [stamp:] [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza 6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  80 
 
 BT  BRASCHI TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31261 -26 ITEM - DPM  LOCATION PLAN  Applicant  MSRA S.A.C.  Code CP-ESP-PRED-053  Client  Owner(s) Inspection Date  MSRA S.A.C.  CEMENTOS PACASMAYO S.A.A.  -  Location according to the Electronic Property Record  Location according to the Urban Property Record Location Based on Visual Inspection  TOTAL AREA 5,326.94 M2 BLOCK A-2 LOT 05-06 URB. PARQUE INDUSTRIAL  DOCUMENTATION NOT AVAILABLE  AV. MARIA PARADO DE BELLIDO UNNUMBERED  District  LA ESPERANZA  Province  TRUJILLO  Department  LA LIBERTAD  Property Type  Land  Occupant  Owner(s)  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  13/14  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  5,326.94  m2  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  942,868.38  942,868.38  S/  3,177,466.44  3,177,466.44  US$  660,007.87  660,007.87  S/  2,224,226.51  2,224,226.51  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  942,868.38  942,868.38  S/  3,177,466.44  3,177,466.44  US$  660,007.87  660,007.87  S/  2,224,226.51  2,224,226.51  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.370  Soles / Dollar  Observations  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  Precautions  None  Location Substantiation  The location is substantiated by information provided by the client.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [stamp:] [signature]  MR. RICARDO A. BRASCHI BEUNZA  APPRAISER – LIC. 188871 BRASCHI TASACIONES S.A.C REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza 6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  91 
 
 BT  BRASCHI TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31262 -26 ITEM - DPM  LOCATION PLAN  Applicant  MSRA S.A.C.  Code CP-PAC-PRED-067  Client  Owner(s) Inspection Date  MSRA S.A.C.  CEMENTOS PACASMAYO S.A.A.  -  Location according to the Electronic Property Record  Location according to the Urban Property Record Location Based on Visual Inspection  RURAL LOCATION VALLE JEQUETE. PRIMAVERA PROPERTY, AREA IN HA. 0.52 U.C. 17079  PRIMAVERA PROPERTY - UC 17079  RURAL LOCATION VALLE JEQUETE. PRIMAVERA PROPERTY, AREA IN HA. 0.52 U.C. 17079  District  PACASMAYO  Province  PACASMAYO  Department  LA LIBERTAD  Property Type  Land  Occupant  Owner(s)  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  PR  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  6,200.00  m2  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  18,600.00  18,600.00  S/  63,612.00  63,612.00  US$  11,160.00  11,160.00  S/  38,167.20  38,167.20  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  18,600.00  18,600.00  S/  63,612.00  63,612.00  US$  11,160.00  11,160.00  S/  38,167.20  38,167.20  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [stamp:] [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza 6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  92 
 
 BT  BRASCHI TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31263 -26 ITEM - DPM  LOCATION PLAN  Applicant  MSRA S.A.C.  Code CP-TEM-PRED-002  Client  Owner(s) Inspection Date  MSRA S.A.C.  CEMENTOS PACASMAYO S.A.A.  -  Location according to the Electronic Property Record  Location according to the Urban Property Record Location Based on Visual Inspection  TEMBLADERA SETTLEMENT, BLOCK 79 LOT 1  AV. MIRAFLORES, YONAN 00557  AV. MIRAFLORES WITH JIRON HUAMACHUCO AND JR. TARAPACA  District  YONAN  Province  CONTUMAZA  Department  CAJAMARCA  Property Type  Land  Occupant  Owner(s)  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  RDM  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  1,273,50  m2  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  72,589.50  72,589.50  S/  248,256.09  248,256.09  US$  54,442.13  54,442.13  S/  186,192.07  186,192.07  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  72,589.50  72,589.50  S/  248,256.09  248,256.09  US$  54,442.13  54,442.13  S/  186,192.07  186,192.07  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  Currently, there is no established zoning for the area where the subject property of this valuation is located; therefore, in accordance with Article 9.2 of the National Valuation Regulations, the appraiser has adopted an RDM (Medium-Density Residential) zoning classification, which predominates in the immediate vicinity given the property type and its use.  Precautions  None  Location Substantiation  The location is substantiated through COFOPRI’s GEOLLAQTA platform.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [stamp:] [signature]  MR. RICARDO A. BRASCHI BEUNZA  APPRAISER – LIC. 188871 BRASCHI TASACIONES S.A.C REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza 6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  93 
 
 BT  BRASCHI TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31264 -26 ITEM - DPM  LOCATION PLAN  Applicant  MSRA S.A.C.  Code CP-PAC-PRED-071  Client  Owner(s) Inspection Date  MSRA S.A.C.  CEMENTOS PACASMAYO S.A.A.  -  Location according to the Electronic Property Record  Location according to the Urban Property Record Location Based on Visual Inspection  LOT 1B URBAN AREA OF PACASMAYO SECTOR 4 SUB SECTOR 4-V  LOT 1-B SECTOR 4 SUB SECTOR 4-V  LOT 1-B SECTOR 4 SUB SECTOR 4-V  District  PACASMAYO  Province  PACASMAYO  Department  LA LIBERTAD  Property Type  Land  Occupant  Owner(s)  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  RDB  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  898.71  m2  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  86,276.16  86,276.16  S/  295,064.47  295,064.47  US$  60,393.31  60,393.31  S/  206,545.13  206,545.13  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  86,276.16  86,276.16  S/  295,064.47  295,064.47  US$  60,393.31  60,393.31  S/  206,545.13  206,545.13  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  According to the registered boundaries, the property adjoins land owned by third parties; there is no record in the property registry of any frontage or direct access to the Pan-American Highway North.  Although a review of satellite imagery suggests a possible exit onto said road, this has not been corroborated through documentation or visual inspection. Consequently, for the purposes of this valuation, the property is considered an interior lot, and a downward adjustment factor is applied due to its access conditions.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [stamp:] [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza 6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  94 
 
 BT  BRASCHI TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31265 -26 ITEM - DPM  LOCATION PLAN  Applicant  MSRA S.A.C.  Code CP-PAC-PRED-072  Client  Owner(s) Inspection Date  MSRA S.A.C.  CEMENTOS PACASMAYO S.A.A.  -  Location according to the Electronic Property Record  Location according to the Urban Property Record Location Based on Visual Inspection  SECTOR 4 SUB SECTOR 4-V LOT 02 URBAN ZONE  LOT 2 SECTOR 4 SUB SECTOR 4  LOT 2 SECTOR 4 SUB SECTOR 4  District  PACASMAYO  Province  PACASMAYO  Department  LA LIBERTAD  Property Type  Land  Occupant  Owner(s)  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  RDB  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  417.00  m2  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  41,700.00  41,700.00  S/  142,614.00  142,614.00  US$  29,190.00  29,190.00  S/  99,829.80  99,829.80  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  41,700.00  41,700.00  S/  142,614.00  142,614.00  US$  29,190.00  29,190.00  S/  99,829.80  99,829.80  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  According to the registered boundaries, the property adjoins land owned by third parties; there is no record in the property registry of any frontage or direct access to the Pan-American Highway North.  Although a review of satellite imagery suggests a possible exit onto said road, this has not been corroborated through documentation or visual inspection. Consequently, for the purposes of this valuation, the property is considered an interior lot, and a downward adjustment factor is applied due to its access conditions.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [stamp:] [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza 6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  94 
 
 BT  BRASCHI TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31266 -26 ITEM - DPM  LOCATION PLAN  Applicant  MSRA S.A.C.  Code CP-PIU-PRED-087  Client  Owner(s) Inspection Date  MSRA S.A.C.  UNKNOWN (Not registered)  -  Location according to the Electronic Property Record  Location according to the Urban Property Record Location Based on Visual Inspection  PROPERTY NOT REGISTERED  -  AREA TRANSFERRED BY LUIS ANCAJIMA MARIGORDA TO CPSAA AREA: 7,014.00 M2  District  PIURA  Province  PIURA  Department  PIURA  Property Type  Land  Occupant  Owner(s)  Description  TYPE OF USE (*)  Unknown  %  100%  TYPE OF USE (*)  %  Zoning  ZPA  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  7,014.00  m2  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  16,642.50  16,642.50  S/  56,085.23  56,085.23  US$  9,985.50  9,985.50  S/  33,651.14  33,651.14  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  16,642.50  16,642.50  S/  56,085.23  56,085.23  US$  9,985.50  9,985.50  S/  33,651.14  33,651.14  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.370  Soles / Dollar  Observations  This valuation report has been prepared off-site, based solely on the valuation of the land, using the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  According to the information provided by the client, the property subject to valuation is not registered with the Public Registry (SUNARP). In light of this condition, a downward adjustment factor is applied to the estimated market value for the purposes of this valuation.  According to information consulted in the National Urban Observatory’s Geoviewer, specifically regarding the MDP for the Piura–Catacaos–Castilla–Veintiséis de Octubre area (the Metropolitan Development Plan for the Province of Piura), the property is classified under the zoning designation “ZPA” (Environmental Protection Zone). This status may entail restrictions and/or limitations concerning its use and development. It is recommended to verify with the competent authority the permitted uses, restrictions, and conditions for development applicable to said zoning. For the purposes of this valuation, and applying a conservative approach, a minimum valuation factor is used for the area designated as ZPA, in light of the existing limitations and uncertainties regarding its effective utilization.  According to information consulted in the Graphic Registry Database (GRD), it is noted that the property subject to valuation appears to be partially contained within the graphic extent corresponding to Registry Record No. 04004642. It is recommended to verify this condition of the property.  Precautions  None  Location Substantiation  The location is substantiated by the attached plans.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [stamp:] [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza 6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  96 
 
 BT  BRASCHI TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31267 -26 ITEM - DPM  NOT REGISTERED  DOCUMENTATION NOT AVAILABLE  RURAL LOCATION PROPERTY U.C. 081997 HUERTA EN PAMPA DE CHIRMOYO LAND  District  USQUIL  Province  OTUZCO  Department  LA LIBERTAD  TYPE OF USE (*)  %  TYPE OF USE (*)  Unknown  %  100%  LOCATION PLAN  Applicant  MSRA S.A.C.  Code  CP-USQ-PRED-006  Client  MSRA S.A.C.  Owner(s)  Inspection Date  NOT REGISTERED  -  Location according to the Electronic Property Record  Location according to the Urban Property Record  Location Based on Visual Inspection  Property Type  Land  Occupant  Owner(s)  Description  Zoning  PR  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  7,014.00  Hectares  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  6,926,64  6,926,64  S/  23,689.11  23,689.11  US$  4,848.65  4,848.65  S/  16,582.38  16,582.38  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  6,926,64  6,926,64  S/  23,689.11  23,689.11  US$  4,848.65  4,848.65  S/  16,582.38  16,582.38  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  • According to the information provided by the client, the property does not have a registered title entry with SUNARP. For the purposes of this valuation, a downward adjustment factor is applied to the  commercial value of the property. It is recommended to carry out the necessary regularization and corresponding registration.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [stamp:] [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza 6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  97 
 
 BT  BRASCHI TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31268 -26 ITEM - DPM  NOT REGISTERED  DOCUMENTATION NOT AVAILABLE  RURAL LOCATION PROPERTY U.C. 080753 PAMPILAS LAND  District  HUARANCHAL  Province  OTUZCO  Department  LA LIBERTAD  TYPE OF USE (*)  %  TYPE OF USE (*)  Unknown  %  100%  LOCATION PLAN  Applicant  MSRA S.A.C.  Code  CP-HUR-PRED-035  Client  MSRA S.A.C.  Owner(s)  Inspection Date  NOT REGISTERED  -  Location according to the Electronic Property Record  Location according to the Urban Property Record  Location Based on Visual Inspection  Property Type  Land  Occupant  Owner(s)  Description  Zoning  PR  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  0.2796  Hectares  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  2,206.46  2,206.46  S/  7,546.09  7,546.09  US$  1,544.52  1,544.52  S/  5,282.27  5,282.27  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  2,206.46  2,206.46  S/  7,546.09  7,546.09  US$  1,544.52  1,544.52  S/  5,282.27  5,282.27  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  • According to the information provided by the client, the property does not have a registered title entry with SUNARP. For the purposes of this valuation, a downward adjustment factor is applied to the commercial value of the property. It is recommended to carry out the necessary regularization and corresponding registration.  Precautions  None  Location Substantiation  The location is substantiated by the MIDAGRI platform.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [stamp:] [signature]  MR. RICARDO A. BRASCHI BEUNZA  APPRAISER – LIC. 188871 BRASCHI TASACIONES S.A.C REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza 6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  100 
 
 BT  BRASCHI TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31269 -26 ITEM - DPM  NOT REGISTERED  DOCUMENTATION NOT AVAILABLE  RURAL LOCATION PROPERTY U.C.081966 PAMPA HERMOSA BAJA LAND PROPERTY  District  USQUIL  Province  OTUZCO  Department  LA LIBERTAD  TYPE OF USE (*)  %  TYPE OF USE (*)  Unknown  %  100%  LOCATION PLAN  Applicant  MSRA S.A.C.  Code  CP-USQ-PRED-008  Client  MSRA S.A.C.  Owner(s)  Inspection Date  NOT REGISTERED  -  Location according to the Electronic Property Record  Location according to the Urban Property Record  Location Based on Visual Inspection  Property Type  Land  Occupant  Owner(s)  Description  Zoning  PR  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  0.1451  Hectares  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  1,188.08  1,188.08  S/  4,063.23  4,063.23  US$  831.66  831.66  S/  2,844.26  2,844.26  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  1,188.08  1,188.08  S/  4,063.23  4,063.23  US$  831.66  831.66  S/  2,844.26  2,844.26  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  • According to the information provided by the client, the property does not have a registered title entry with SUNARP. For the purposes of this valuation, a downward adjustment factor is applied to the commercial value of the property. It is recommended to carry out the necessary regularization and corresponding registration.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [stamp:] [signature]  MR. RICARDO A. BRASCHI BEUNZA  APPRAISER – LIC. 188871 BRASCHI TASACIONES S.A.C REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza 6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  100 
 
 BT  BRASCHI TASACIONES  CONSULTANTS - APPRAISERS  S.B. and S. Resolution No. 7001 - 2012  COMMERCIAL PROPERTY VALUATION REPORT  SUMMARY SHEET  VALUATION Item PROP 31270 -26 ITEM - DPM  NOT REGISTERED  DOCUMENTATION NOT AVAILABLE  RURAL LOCATION PROPERTY U.C.081965 PAMPA HERMOSA BAJA LAND PROPERTY  District  USQUIL  Province  OTUZCO  Department  LA LIBERTAD  TYPE OF USE (*)  %  TYPE OF USE (*)  Unknown  %  100%  LOCATION PLAN  Applicant  MSRA S.A.C.  Code  CP-USQ-PRED-007  Client  MSRA S.A.C.  Owner(s)  Inspection Date  NOT REGISTERED  -  Location according to the Electronic Property Record  Location according to the Urban Property Record  Location Based on Visual Inspection  Property Type  Land  Occupant  Owner(s)  Description  Zoning  PR  Construction materials  -  Year of construction  -  State of conservation of the property  -  Land Area  0.1199  Hectares  Built Area  m2  Construction Declaration  YES  NO  X  Declaration Type  TOTAL  PARTIAL  Burdens  YES  NO  X  Liens  YES  NO  x  SECURITIES REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  LAND  BUILDINGS  US$  987.74  987.74  S/  3,378.07  3,378.07  US$  691.42  691.42  S/  2,364.65  2,364.65  SECURITIES NOT REGISTERED IN THE PUBLIC REGISTRY  COMMERCIAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  SUPPLEMENTAL WORKS  BUILDINGS  US$  S/  US$  S/  TOTAL PROPERTY VALUE  TOTAL VALUE  REALIZATION VALUE  CURRENCY  TOTAL VALUE  ENROLLED IN PUBLIC REGISTRY  NOT ENROLLED IN PUBLIC REGISTRY  US$  987.74  987.74  S/  3,378.07  3,378.07  US$  691.42  691.42  S/  2,364.65  2,364.65  RECONSTRUCTION VALUE  CURRENCY  TOTAL VALUE  BUILDINGS  SUPPLEMENTAL WORKS  US$  S/  RECONSTRUCTION VALUE (INCL. DECLARED AND UNDECLARED BUILDINGS)  Exchange rate applied  3.420  Soles / Dollar  Observations  This valuation report has been prepared as an in-office assessment, focusing solely on the valuation of the land, based on registry information and the location plan provided by the client.  No physical inspection of the property has been conducted; therefore, the existence, characteristics, and condition of any potential buildings, installations, or other improvements within the property are unknown, and consequently, they are not included in this valuation.  • According to the information provided by the client, the property does not have a registered title entry with SUNARP. For the purposes of this valuation, a downward adjustment factor is applied to the  commercial value of the property. It is recommended to carry out the necessary regularization and corresponding registration.  Precautions  None  Location Substantiation  The location is substantiated by the BGR platform and the attached plans.  YES NO  Property in risk zone  X  The property is not in a risk zone.  Date  October 2, 2026  [stamp:] [signature]  MR. RICARDO A. BRASCHI BEUNZA APPRAISER – LIC. 188871  BRASCHI TASACIONES S.A.C REPEV S.B.S N°7001-2012  EXPERT REPEV  Mr. Ricardo Braschi Beunza 6413-16  Av. Manuel Olguín No. 325, 12th floor Urb. Los Granados, Santiago de Surco  Website: www.braschitasaciones.com  E3  100 
 
 16.3. Liquidation value  E3  101  Estimation of other adjustments to the liquidation value (1/5)  Activity dismantling costs (ADC) are applied to the liquidation value derived from the application of specific factors to a company’s assets and liabilities. They represent costs and expenses that would be regularly incurred in a liquidation process to be performed in the short term.  For CPAC, the ADC is estimated as follows:  Items comprising the ADC (thousands of S/)  Item  No.  Best-case scenario  Basis of calculation / criteria to be applied  1  Liquidation of personnel (severance pay and benefits)  109,320  Compensation for arbitrary dismissal, pro-rated vacation pay, severance pay and outstanding bonuses, plus social security contributions  2  Quarry closure and environmental rehabilitation cost  23,595  Mine closure plan approved; increase due to early closure relative to the accounting provision already recorded  3  Legal expenses and procedures for the liquidation  27,010  Liquidator’s fees, legal and accounting counsel, notary and  registration costs, publications, and the termination of contracts and licenses  ADC TOTAL  159,924  Source: CPAC - Financial statements as of March 31, 2026 and information provided by the company. Prepared by: EQUBO 
 
 16.3. Liquidation value  E3  101  16.3.4. Estimation of other adjustments to the liquidation value (2/5)  Calculation of the liquidation cost for the companies of the Grupo Pacasmayo as of 03/31/2026 (S/)  Company  Statutory Incentive  Liquidation + benefits  Total  Cementos Pacasmayo S.A.A.  68,065,069  41,254,474  109,319,543  Cementos Selva S.A.C.  8,747,674  5,162,127  13,909,800  Dino SRL  31,779,430  23,426,496  55,205,926  Dinoselva Iquitos S.A.C.  1,844,111  963,742  2,807,852  Total  110,436,284  70,806,838  181,243,122  Liquidation of CPAC staff  109,319,543  * Individual company (non-consolidated)  Source: CPAC - Financial statements as of March 31, 2026 and information provided by the company. Prepared by: EQUBO  In the case of CPAC, given that the individual financial statements, rather than the consolidated ones, are used as the basis for estimating the liquidation value, the estimated liquidation costs for the group’s companies will include only the amount corresponding to Cementos Pacasmayo S.A.A., excluding its subsidiaries.  That value is S/ 109.3 million and is considered in the ADC. 
 
 16.3. Liquidation value  E3  101  16.3.4. Estimation of other adjustments to the liquidation value (3/5)  Calculation of quarry closing cost (in US$, unless otherwise indicated)  Quarry  Total surface area mined  Rehabilitated surface area  Pending rehabilitation  Cost per hectare USD*  USD required to rehabilitate today  TEMBLADERA  189.0  7.2  181.8  10,593.1  1,973,407.34  CERRO PINTURA  22.7  0.0  22.7  10,553.5  285,179.14  VIRRILA  352.9  157.5  195.4  16,801.0  3,372,617.66  BAYOVAR 4  60.5  25.3  35.3  16,801.0  636,635.67  TIOYACU  27.0  1.7  25.3  9,039.7  247,138.72  PAJONAL  106.3  21.8  84.5  887.5  36,282.09  FILA LARGA  11.7  0.0  11.7  14,128.9  214,282.00  770.1  213.4  556.7  78,804.8  6,765,542.63  Equivalent in S/  23,594,829.92  * Weighted average  * Individual company (non-consolidated)  *** SBS accounting exchange rate as of March 30, 2026 = S/ 3.49  Source: CPAC - Financial statements as of March 31, 2026 and information provided by the company. Prepared by: EQUBO  The cost of quarry closure encompasses all the expenses that the company must incur upon the conclusion of quarry operations, with the aim of rehabilitating the mined area.  According to CPAC information, that value amounts to S/ 23.6 million as of March 31, 2026. 
 
 16.3. Liquidation value  E3  101  16.3.4. Estimation of other adjustments to the liquidation value (4/5)  Legal expenses and procedures for the liquidation (S/)  Liquidation procedure costs  Amount in S/  % of the value of the liquidated asset  Notary Public  1,000,000  0.05%  Registration (SUNARP)  1,000,000  0.05%  Publications and paperwork  10,000  0.00%  Accounting and tax advice  5,000,000  0.23%  Legal advice  9,000,000  0.42%  Liquidator Advice  10,000,000  0.47%  Appraisals and Expertise  1,000,000  0.05%  Total  27,010,000  1.26%  *** SBS accounting exchange rate as of March 30, 2026 = S/ 3.49  Source: CPAC - Financial statements as of March 31, 2026 and information provided by the company. Prepared by: EQUBO  This category encompasses all expenses for professional fees, consulting services, levies, charges, publications, and other costs associated with all activities and contractual arrangements the company must undertake to carry out the liquidation.  This is an estimate with a high margin of variance, as actual expenditure depends on a wide range of factors, most notably the context of the liquidation, the size of the company, the scope of the operation, the implementation timeline, the complexity of the company’s administrative situation, and the assets and liabilities involved, among others.  It has been estimated that, in the event of a potential short-term liquidation of CPAC, this value would amount to S/ 27.0 million as of March 31, 2026. 
 
 16.3. Liquidation value  E3  101  16.3.4. Estimation of other adjustments to the liquidation value (5/5)  Adjusted ADC Calculation (thousands of S/)  Account  Thousands of S/  Total assets (A)  2,150,298  Total liabilities (B)  1,642,683  Equity (A - B)  507,615  ADC (-)  159,924  Adjustment of provision for worker participation (+)  9,985  Adjusted ADC  (149,939)  Adjusted Total Equity  357,676  * Individual company (non-consolidated)  Source: CPAC - Financial statements as of March 31, 2026 and information provided by the company. Prepared by: EQUBO  Finally, the adjusted ADC is applied to the equity – which has been penalized by certain balance sheet factors – and, in addition to accounting for liquidation costs, the provisions for employee profit-sharing are added back to avoid double-counting these amounts, as they are already factored into the ADC.  Thus, as of March 31, 2026, the value of the total adjusted equity amounts to S/ 357.7 million.  This is the figure upon which the value of the common share will subsequently be calculated. 
 
 16.4  Appendices:  Background of the Transaction  Financial Analysis of CPAC  Considerations for determination of the minimum price  Liquidation value  Valuation of securities based on the weighted average price  Valuation as a going concern  Valuation by multiples and comparable transactions  Value of remuneration  Price adjustment over time 
 
 16.4. Valuation of securities based on the weighted average price  E3  107  American Depositary Share (ADS)  An ADS (American Depositary Share) is a negotiable security issued by a custodian bank in the United States (such as JPMorgan Chase, BNY Mellon, or Citibank) that represents ownership of a certain number of common (or ordinary) shares of a foreign company.  ADSs allow global investors to trade company shares in U.S. dollars on exchanges such as the NYSE or Nasdaq, without having to deal with currency conversion procedures or local stock market regulations.  In the particular case of Cementos Pacasmayo S.A.A. (NYSE Ticker: CPAC / BVL Ticker: CPACASC1):  Conversion ratio: 1 ADS = 5 common shares (CPACASC1 on the Lima Stock Exchange).  Trading currency: common stocks are listed in soles on the BVL and ADSs are listed in dollars on the NYSE.  Comparison Chart: ADS vs. Pacasmayo common shares Key Investor Considerations  Price Arbitration: the price of the ADSs tends to replicate the price of 5 local common shares, adjusted for the exchange rate (USD/PEN):  Expected price ADS (USD) ≈ (Price of 1 share in BVL (S/) × 5) / Exchange rate (USD/S/)  Exchange risk: although the ADS is listed in dollars on the NYSE, Cementos Pacasmayo generates income and cash flow in soles. If the sol depreciates against the dollar, the price of the ADS will experience downward pressure in nominal terms, even if the value in soles does not vary in Lima.  Feature  Common share (CPACASC1)  ADS (CPAC)  Quotation market  Lima Stock Exchange (Bolsa de Valores de Lima, BVL)  New York Stock Exchange (NYSE)  Quote Currency  Soles  Dollars  Representation  1 individual share  5 underlying common shares  Economic Rights (dividends)  Received directly in soles  Converted and paid in dollars by the depository bank  Voting Rights  Direct to the Shareholders' Meeting  Exercised through the custodian bank (voting representation)  Custody  Cavali (Peru)  Depository Trust Company (DTC, USA) 
 
 16.4. Valuation of securities based on the weighted average price  E3  107  16.4.2. Value based on the weighted average price of market quotes (1/6)  The following table presents the prices and volumes recorded between September 30, 2025, and March 29, 2026, during sessions in which CPAC common shares were traded on the BVL (in soles) and on the NYSE (in dollars). For December 26, 2025 and January 2, 2026, the exchange rate for the previous business day applies.  Regarding volume, each ADS (NYSE) is converted into common shares (1 ADS = 5 common shares); and regarding the share price, the price in dollars is divided by 5 (to account for the equivalence between an ADS and common shares) and converted into soles using the official accounting exchange rate for the day, as provided by the SBS.  CPACASC1 common stock prices and negotiated volumes on the BVL and NYSE per day in the 6 months prior to March 30, 2026 (1/6)  Reference  NYSE — ADS (CPAC)  BVL — CPACASC1  Intermediate Calculations  Final calculations  Date  ADS closing (US$)  ADS volume  Common CPACASC1:  average price (S/)  Common CPACASC1:  amount traded  Average SBS exchange rate (S/ per US$)  ADS closing (S/)  ADS per common share (S/)  Equivalent traded amount in common shares (BVL + NYSE)  Weighted average price BVL + NYSE (S/)  09/30/2025  6.96  12,000  4.722  151,031  3.4700  24.151  4.830  211,031  4.753  10/01/2025  6.92  9,100  4.730  56,298  3.4695  24.009  4.802  101,798  4.762  10/02/2025  7.00  3,400  4.719  83,669  3.4820  24.374  4.875  100,669  4.745  10/03/2025  7.09  12,700  4.712  333,124  3.4660  24.574  4.915  396,624  4.745  10/06/2025  7.03  10,700  4.718  118,341  3.4600  24.324  4.865  171,841  4.764  10/07/2025  7.14  2,300  4.720  57,128  3.4490  24.626  4.925  68,628  4.755  10/09/2025  7.13  5,100  4.710  4,108  3.4365  24.502  4.900  29,608  4.874  10/10/2025  7.12  5,900  4.715  1,008  3.4390  24.486  4.897  30,508  4.891  10/13/2025  7.19  17,300  4.803  419,469  3.4310  24.669  4.934  505,969  4.826  10/14/2025  7.23  4,500  4.818  93,438  3.4245  24.759  4.952  115,938  4.844  10/15/2025  7.20  5,300  4.818  38,632  3.4100  24.552  4.910  65,132  4.856  10/16/2025  7.21  2,200  4.820  35,873  3.3920  24.456  4.891  46,873  4.837  10/17/2025  7.21  2,100  4.818  27,931  3.3835  24.395  4.879  38,431  4.835  10/20/2025  7.25  14,100  4.807  43,587  3.3730  24.454  4.891  114,087  4.859  10/21/2025  7.23  26,700  4.800  145,043  3.3865  24.484  4.897  278,543  4.846  10/22/2025  7.23  4,300  4.822  311,129  3.3980  24.568  4.914  332,629  4.828  Source: Lima Stock Exchange (BVL), Superintendency of Banking, Insurance and AFP (SBS), and Yahoo Finance Prepared by: EQUBO 
 
 16.4. Valuation of securities based on the weighted average price  E3  107  16.4.2. Value based on the weighted average price of market quotes (2/6)  CPACASC1 common stock prices and negotiated volumes on the BVL and NYSE per day in the 6 months prior to March 30, 2026 (2/6)  Reference  NYSE — ADS (CPAC)  BVL — CPACASC1  Intermediate Calculations  Final calculations  Date  ADS closing (US$)  ADS volume  Common CPACASC1:  average price (S/)  Common CPACASC1:  amount traded  Average SBS exchange rate (S/ per US$)  ADS closing (S/)  ADS per common share (S/)  Equivalent traded amount in common shares (BVL + NYSE)  Weighted average price BVL + NYSE (S/)  10/23/2025  7.25  6,600  4.818  12,565  3.3965  24.625  4.925  45,565  4.896  10/24/2025  7.43  7,600  4.819  43,037  3.3810  25.121  5.024  81,037  4.915  10/27/2025  7.38  9,900  4.804  36,270  3.3815  24.955  4.991  85,770  4.912  28/10/2025  7.25  11,500  4.802  62,084  3.3915  24.588  4.918  119,584  4.858  29/10/2025  7.27  5,600  4.819  47,600  3.3895  24.642  4.928  75,600  4.860  30/10/2025  7.30  5,600  4.820  77,408  3.3940  24.776  4.955  105,408  4.856  31/10/2025  7.27  8,100  4.810  135,396  3.3755  24.540  4.908  175,896  4.833  03/11/2025  7.57  29,500  4.809  166,704  3.3720  25.526  5.105  314,204  4.948  04/11/2025  7.36  25,800  4.808  114,049  3.3835  24.903  4.981  243,049  4.900  05/11/2025  7.42  19,300  4.810  306,866  3.3760  25.050  5.010  403,366  4.858  06/11/2025  7.25  38,200  4.810  141,238  3.3740  24.462  4.892  332,238  4.857  07/11/2025  7.30  10,200  4.810  43,091  3.3755  24.641  4.928  94,091  4.874  10/11/2025  7.29  49,400  4.804  271,274  3.3730  24.589  4.918  518,274  4.858  11/11/2025  7.26  33,800  4.788  17,431  3.3605  24.397  4.879  186,431  4.871  12/11/2025  7.23  37,100  4.805  74,451  3.3670  24.343  4.869  259,951  4.851  13/11/2025  7.21  17,200  4.809  381,258  3.3645  24.258  4.852  467,258  4.817  14/11/2025  7.27  18,800  4.826  51,645  3.3695  24.496  4.899  145,645  4.873  17/11/2025  7.28  24,000  4.829  48,981  3.3655  24.501  4.900  168,981  4.880  18/11/2025  7.22  60,100  4.810  118,704  3.3690  24.324  4.865  419,204  4.849  19/11/2025  7.37  21,600  4.819  150,754  3.3760  24.881  4.976  258,754  4.885  20/11/2025  7.23  29,900  4.807  52,964  3.3810  24.445  4.889  202,464  4.867  21/11/2025  6.59  28,500  4.285  15,774  3.3875  22.324  4.465  158,274  4.447  24/11/2025  6.41  35,300  4.263  13,021  3.3885  21.720  4.344  189,521  4.338  Source: Lima Stock Exchange (BVL), Superintendency of Banking, Insurance and AFP (SBS), and Yahoo Finance. Prepared by: EQUBO 
 
 16.4. Valuation of securities based on the weighted average price  E3  107  16.4.2. Value based on the weighted average price of market quotes (3/6)  CPACASC1 common stock prices and negotiated volumes on the BVL and NYSE per day in the 6 months prior to March 30, 2026 (3/6)  Reference  NYSE — ADS (CPAC)  BVL — CPACASC1  Intermediate Calculations  Final calculations  Date  ADS closing (US$)  ADS volume  Common CPACASC1:  average price (S/)  Common CPACASC1:  amount traded  Average SBS exchange rate (S/ per US$)  ADS closing (S/)  ADS per common share (S/)  Equivalent traded amount in common shares (BVL + NYSE)  Weighted average price BVL + NYSE (S/)  25/11/2025  6.38  26,700  4.271  2,112  3.3790  21.558  4.312  135,612  4.311  26/11/2025  6.62  30,800  4.205  144,825  3.3670  22.290  4.458  298,825  4.335  27/11/2025  4.258  3,686  3.3655  3,686  4.258  28/11/2025  6.70  30,500  4.353  264,525  3.3625  22.529  4.506  417,025  4.409  01/12/2025  6.77  35,400  4.357  200,876  3.3695  22.812  4.562  377,876  4.453  02/12/2025  6.71  20,800  4.403  52,605  3.3695  22.609  4.522  156,605  4.482  03/12/2025  6.74  27,500  4.420  62,784  3.3655  22.683  4.537  200,284  4.500  04/12/2025  6.77  7,400  4.430  317,758  3.3595  22.744  4.549  354,758  4.443  05/12/2025  6.82  15,400  4.402  48,099  3.3660  22.956  4.591  125,099  4.518  10/12/2025  6.60  11,700  4.400  1,138,197  3.3710  22.249  4.450  1,196,697  4.402  11/12/2025  6.81  20,400  4.401  106,183  3.3660  22.922  4.584  208,183  4.491  12/12/2025  6.99  55,500  4.408  1,287,387  3.3680  23.542  4.708  1,564,887  4.462  15/12/2025  6.99  21,000  4.496  41,987  3.3700  23.556  4.711  146,987  4.650  16/12/2025  10.64  3,340,600  7.160  5,243,375  3.3700  35.857  7.171  21,946,375  7.169  17/12/2025  10.30  165,100  7.024  441,520  3.3685  34.696  6.939  1,267,020  6.969  18/12/2025  10.28  76,200  6.857  370,739  3.3670  34.613  6.923  751,739  6.890  19/12/2025  10.63  86,700  6.868  338,981  3.3670  35.791  7.158  772,481  7.031  22/12/2025  10.38  54,600  6.921  91,470  3.3660  34.939  6.988  364,470  6.971  23/12/2025  10.21  29,100  6.957  68,254  3.3665  34.372  6.874  213,754  6.901  24/12/2025  10.58  12,100  6.982  5,776  3.3640  35.591  7.118  66,276  7.106  26/12/2025  10.50  25,600  6.985  60,354  3.3640  35.322  7.064  188,354  7.039  29/12/2025  10.27  19,700  6.841  76,468  3.3665  34.574  6.915  174,968  6.882  30/12/2025  10.56  19,400  6.988  713,815  3.3645  35.529  7.106  810,815  7.002  Source: Lima Stock Exchange (BVL), Superintendency of Banking, Insurance and AFP (SBS), and Yahoo Finance. Prepared by: EQUBO 
 
 16.4. Valuation of securities based on the weighted average price  E3  107  16.4.2. Value based on the weighted average price of market quotes (4/6)  CPACASC1 common stock prices and negotiated volumes on the BVL and NYSE per day in the 6 months prior to March 30, 2026 (4/6)  Reference  NYSE — ADS (CPAC)  BVL — CPACASC1  Intermediate Calculations  Final calculations  Date  ADS closing (US$)  ADS volume  Common CPACASC1:  average price (S/)  Common CPACASC1:  amount traded  Average SBS exchange rate (S/ per US$)  ADS closing (S/)  ADS per common share (S/)  Equivalent traded amount in common shares (BVL + NYSE)  Weighted average price BVL + NYSE (S/)  31/12/2025  10.42  17,200  7.045  9,085  3.3630  35.042  7.008  95,085  7.012  02/01/2026  10.25  13,900  6.992  31,454  3.3630  34.471  6.894  100,954  6.925  05/01/2026  10.24  41,100  7.043  173,337  3.3640  34.447  6.889  378,837  6.960  06/01/2026  10.36  41,500  6.967  95,432  3.3615  34.825  6.965  302,932  6.966  07/01/2026  10.48  48,100  6.986  71,036  3.3635  35.249  7.050  311,536  7.035  08/01/2026  10.37  30,500  6.968  93,638  3.3635  34.879  6.976  246,138  6.973  09/01/2026  10.34  40,400  7.018  59,105  3.3615  34.758  6.952  261,105  6.967  01/12/2026  10.45  24,300  7.026  79,626  3.3615  35.128  7.026  201,126  7.026  13/01/2026  10.59  17,900  6.988  135,890  3.3585  35.567  7.113  225,390  7.038  14/01/2026  10.48  27,000  6.987  133,752  3.3605  35.218  7.044  268,752  7.015  15/01/2026  10.78  32,200  6.994  87,530  3.3615  36.237  7.247  248,530  7.158  16/01/2026  10.22  32,300  7.076  157,263  3.3585  34.324  6.865  318,763  6.969  19/01/2026  7.072  34,037  3.3595  34,037  7.072  20/01/2026  10.88  35,700  7.065  30,703  3.3580  36.535  7.307  209,203  7.271  21/01/2026  10.97  40,200  7.051  999,964  3.3560  36.815  7.363  1,200,964  7.103  22/01/2026  10.98  32,200  7.092  250,977  3.3560  36.849  7.370  411,977  7.201  23/01/2026  11.16  25,300  7.184  115,530  3.3540  37.431  7.486  242,030  7.342  26/01/2026  11.03  64,700  7.295  579,627  3.3510  36.962  7.392  903,127  7.330  27/01/2026  11.01  17,100  7.330  277,878  3.3485  36.867  7.373  363,378  7.341  28/01/2026  11.05  9,100  7.437  420,719  3.3425  36.935  7.387  466,219  7.432  29/01/2026  11.04  29,800  7.447  140,383  3.3425  36.901  7.380  289,383  7.413  30/01/2026  11.01  7,300  7.339  37,134  3.3525  36.911  7.382  73,634  7.360  02/02/2026  10.54  15,900  7.357  27,520  3.3635  35.451  7.090  107,020  7.159  Source: Lima Stock Exchange (BVL), Superintendency of Banking, Insurance and AFP (SBS), and Yahoo Finance. Prepared by: EQUBO 
 
 16.4. Valuation of securities based on the weighted average price  E3  107  16.4.2. Value based on the weighted average price of market quotes (5/6)  CPACASC1 common stock prices and negotiated volumes on the BVL and NYSE per day in the 6 months prior to March 30, 2026 (5/6)  Reference  NYSE — ADS (CPAC)  BVL — CPACASC1  Intermediate Calculations  Final calculations  Date  ADS closing (US$)  ADS volume  Common CPACASC1:  average price (S/)  Common CPACASC1:  amount traded  Average SBS exchange rate (S/ per US$)  ADS closing (S/)  ADS per common share (S/)  Equivalent traded amount in common shares (BVL + NYSE)  Weighted average price BVL + NYSE (S/)  03/02/2026  10.81  11,800  7.288  30,879  3.3620  36.343  7.269  89,879  7.275  04/02/2026  11.10  36,000  7.244  44,412  3.3600  37.296  7.459  224,412  7.417  05/02/2026  10.72  23,800  7.163  66,710  3.3655  36.078  7.216  185,710  7.197  06/02/2026  10.74  9,100  7.137  22,530  3.3590  36.076  7.215  68,030  7.189  09/02/2026  10.83  6,300  7.149  256,837  3.3570  36.356  7.271  288,337  7.162  10/02/2026  10.88  7,500  7.226  8,491  3.3575  36.530  7.306  45,991  7.291  11/02/2026  10.89  17,200  7.207  1,700  3.3575  36.563  7.313  87,700  7.311  12/02/2026  10.64  7,900  7.241  92,626  3.3545  35.692  7.138  132,126  7.210  13/02/2026  10.80  8,100  7.184  5,765  3.3530  36.212  7.242  46,265  7.235  16/02/2026  7.158  13,413  3.3500  13,413  7.158  17/02/2026  10.47  73,800  7.122  75,674  3.3460  35.033  7.007  444,674  7.026  18/02/2026  10.65  5,700  7.096  2,333  3.3490  35.667  7.133  30,833  7.131  19/02/2026  10.56  19,400  7.112  12,401  3.3630  35.513  7.103  109,401  7.104  20/02/2026  10.80  13,700  7.087  543  3.3565  36.250  7.250  69,043  7.249  23/02/2026  10.74  27,900  7.111  9,277  3.3570  36.054  7.211  148,777  7.205  24/02/2026  10.82  19,400  7.061  2,034  3.3585  36.339  7.268  99,034  7.264  25/02/2026  10.48  23,400  7.175  47,878  3.3580  35.192  7.038  164,878  7.078  26/02/2026  10.65  11,000  7.211  49,130  3.3565  35.747  7.149  104,130  7.178  27/02/2026  10.61  6,300  7.047  3,724  3.3555  35.602  7.120  35,224  7.113  02/03/2026  10.96  36,000  7.141  38,831  3.3635  36.864  7.373  218,831  7.332  03/03/2026  10.78  13,300  6.966  192,768  3.4055  36.711  7.342  259,268  7.062  04/03/2026  10.60  13,800  6.987  2,107  3.4095  36.141  7.228  71,107  7.221  05/03/2026  10.49  24,400  7.001  28,937  3.4280  35.960  7.192  150,937  7.155  Source: Lima Stock Exchange (BVL), Superintendency of Banking, Insurance and AFP (SBS), and Yahoo Finance. Prepared by: EQUBO 
 
 16.4. Valuation of securities based on the weighted average price  E3  107  16.4.2. Value based on the weighted average price of market quotes (6/6)  CPACASC1 common stock prices and negotiated volumes on the BVL and NYSE per day in the 6 months prior to March 30, 2026 (6/6)  Reference  NYSE — ADS (CPAC)  BVL — CPACASC1  Intermediate Calculations  Final calculations  Date  ADS closing (US$)  ADS volume  Common CPACASC1:  average price (S/)  Common CPACASC1:  amount traded  Average SBS exchange rate (S/ per US$)  ADS closing (S/)  ADS per common share (S/)  Equivalent traded amount in common shares (BVL + NYSE)  Weighted average price BVL + NYSE (S/)  06/03/2026  10.48  1,600  6.985  2,719  3.4730  36.397  7.279  10,719  7.205  09/03/2026  10.30  23,900  6.950  20,615  3.4875  35.921  7.184  140,115  7.150  10/03/2026  10.31  9,800  7.018  5,014  3.4425  35.492  7.098  54,014  7.091  11/03/2026  10.48  5,400  6.994  8,196  3.4230  35.873  7.175  35,196  7.132  12/03/2026  10.33  34,500  6.983  123,828  3.4445  35.582  7.116  296,328  7.061  13/03/2026  9.91  16,300  7.001  6,139  3.4495  34.185  6.837  87,639  6.848  16/03/2026  10.23  18,900  7.001  38,980  3.4320  35.109  7.022  133,480  7.016  17/03/2026  10.10  7,200  6.978  24,894  3.4125  34.466  6.893  60,894  6.928  18/03/2026  10.14  1,000  6.986  15,916  3.4300  34.780  6.956  20,916  6.979  19/03/2026  9.90  26,100  6.791  101,265  3.4505  34.160  6.832  231,765  6.814  20/03/2026  9.45  33,600  6.721  45,327  3.4730  32.820  6.564  213,327  6.597  23/03/2026  10.17  47,800  6.959  68,763  3.4580  35.168  7.034  307,763  7.017  24/03/2026  10.20  5,400  6.920  8,857  3.4595  35.287  7.057  35,857  7.023  25/03/2026  10.21  1,900  6.943  39,858  3.4635  35.362  7.072  49,358  6.968  26/03/2026  10.20  5,600  6.985  5,200  3.4620  35.312  7.062  33,200  7.050  27/03/2026  10.19  4,600  6.947  2,962  3.4835  35.497  7.099  25,962  7.082  Source: Lima Stock Exchange (BVL), Superintendency of Banking, Insurance and AFP (SBS), and Yahoo Finance. Prepared by: EQUBO 
 
 16.5  Appendices:  Background of the Transaction  Financial Analysis of CPAC  Considerations for determination of the minimum price  Liquidation value  Valuation of securities based on the weighted average price  Valuation as a going concern  Valuation by multiples and comparable transactions  Value of remuneration  Price adjustment over time 
 
 16.5. Valuation as a going concern  Macroeconomic projections  Macroeconomic variables  Income tax and employee profit-sharing rates (average applicable to the consolidated entity)  Projected Inflation for Peru (IPC)  Statutory income tax rate; combined effective rate (income tax + profit sharing)  Source: Legislative Decree No. 892 (worker profit sharing) and the Consolidated Text of the Income Tax Law (Supreme Decree No. 179-2004-EF), as amended  Prepared by: EQUBO  Source: BCRP — Expectations Survey (Jan-Mar 2026) for 2026-2028; 2029, same rate; from 2030, 2.0%, midpoint of BCRP target range.  Prepared by: EQUBO  Projected Total GDP and Private Investment - FEN Scenario  Total GDP Adjusted by FEN Private Investment Adjusted by FEN  Projected S/ - US$ Exchange Rate  Source: MEF — MMM 2026-2029 (published Aug. 28, 2025), adjusted for the El Niño scenario (Annexes 16.5.1.2 to 16.5.1.4). Prepared by: EQUBO  Source: BCRP — Expectations survey (Jan–Mar 2026) for 2026–2028; from 2029 onwards, inflation differential between Peru (BCRP) and the U.S. (FED). Prepared by: EQUBO  E3  115 
 
 16.5. Valuation as a going concern  E3  115  Macroeconomic projections  Private investment projection (1/5)  The trajectory of private investment, which determines sales volume, is a projection based on the following: (i) for 2026–2029, it draws from the Ministry of Economy and Finance’s (MEF) 2026–2029 Multiannual Macroeconomic Framework (MMM); (ii) for 2030–2036, it assumes an annual growth rate of 3.2%, matching the projected GDP growth; and (iii) this foundation is then adjusted to incorporate the El Niño scenario, which serves as the model’s projection scenario.  These projections, which incorporate the likely effects of El Niño, are developed based on an analysis of historical data from specialized sources (BCRP 1950–2025, IGP/ENFEN’s ICEN, NOAA’s ONI, and ENFEN Official Communiqué No. 17-2026).  Along these lines, a shock of −4.7% to the baseline private investment (source: MMM) is incorporated for the year in which an El Niño event occurs, with a carryover effect of −1.2% the following year and a rebound of +6.2% in the second year; such episodes are projected to occur in 2028 and 2033.  In the following pages, details are provided in Appendices 16.5.1.4 (historical series) and 16.5.1.2 (2/5 and 3/5: scenario construction).  Year  2026  2027  2028  2029  2030  2031  2032  2033  2034  2035  2036  Baseline private investment (%)  4.0  4.2  4.2  4.2  3.2  3.2  3.2  3.2  3.2  3.2  3.2  Adjustment for El Niño (% of the baseline)  –  –  (4.7)  (1.2)  6.2  –  –  (4.7)  (1.2)  6.2  –  Projected private investment (%)  4.0  4.2  (0.7)  3.0  9.6  3.2  3.2  (1.6)  2.0  9.6  3.2  Rate Source  MEF  MEF  MEF + FEN  MEF + FEN  EQUBO + FEN  EQUBO  EQUBO  EQUBO + FEN  EQUBO + FEN  EQUBO + FEN  EQUBO  Note: % variation per year; negatives in parentheses. MEF = MMM 2026-2029 (published on Aug. 28, 2025); EQUBO = convergence assumption of 3.2% per year; FEN = adjustment for the El Niño scenario (Annex 16.5.1.2, 2/5 and 3/5). Source: MEF, BCRP, PGIS/ENFEN and NOAA. Prepared by: EQUBO 
 
 16.5. Valuation as a going concern  E3  115  16.5.1. Macroeconomic projections  16.5.1.2. Private investment projection (2/5)  1. Cycle Assumptions  Value  Year of the most recent strong or most notable global El Niño (2023–24 episode, ONI)  2023  Frequency of a strong or stronger El Niño event (every N years)  5  Projected first year (no shock is applied prior to this year)  2026  2. Shock Parameters  GDP  Private Inv.  Impact during an El Niño year (percentage deviation from baseline) — ONI differential (strong + very strong vs. no event), 1994–2025  (1.6%)  (4.7%)  Carryover to next year (% of shock from the El Niño year)  25%  25%  Rebound level recovery (100% = returns to baseline 100% 100%   level)   Profile of the deviation by cycle phase (% relative to baseline growth)  GDP  Private Inv.  Phase 0 — El Niño Year  (1.6%)  (4.7%)  Phase 1 — Following year (carryover)  (0.4%)  (1.2%)  Phase 2 — Rebound (recovers lost level in phases 0 and 1)  2.1%  6.2%  Phase 3 and beyond — Normalization  -  -  6. Horizon summary (2025-2036)  Baseline  With El Ñiño  Difference  GDP — compound annual average growth rate  3.2%  3.2%  -  Private investment — compound annual average growth rate  3.5%  3.5%  -  GDP — level gap at end of horizon period  -  Private investment — level gap at the end of the horizon period  -  3. Cycle Calendar  2025  2026  2027  2028  2029  2030  2031  2032  2033  2034  2035  2036  Cycle Phase (0 = El Niño Year; Blank = Non-Projected Year)  3  4  0  1  2  3  4  0  1  2  3  Strong or stronger global El Niño (1 = yes)  -  -  -  1  -  -  -  -  1  -  -  -  Note: the shock is applied as a percentage deviation from the baseline growth in the reference scenario (MEF’s 2026–2029 Medium-Term Macroeconomic Framework): the year of the El Niño event (phase 0), the carryover effect into the following year (phase 1), a rebound that restores the previous level (phase 2), and normalization (phase 3+). The shock is calibrated based on the differential between strong + very strong ONI events vs. no event, 1994–2025. Negatives in parentheses. The projected El Niños fall in 2028 and 2033; in both cases, the rebound (phase 2) occurs within the time horizon (2030 and 2035), meaning the level gap by 2036 is zero.  Source: WOCBP (MMM 2026-2029), BCRP, PGIS/ENFEN, and NOAA CPC. Prepared by: EQUBO 
 
 16.5. Valuation as a going concern  E3  115  16.5.1. Macroeconomic projections  16.5.1.2. Private investment projection (3/5)  4. Real GDP — annual % variation  2025  2026  2027  2028  2029  2030  2031  2032  2033  2034  2035  2036  Baseline with no El Niño (MMM 2026–2029 and 3.2% from 2030 onwards)  3.4%  3.2%  3.2%  3.2%  3.2%  3.2%  3.2%  3.2%  3.2%  3.2%  3.2%  3.2%  Deviation due to El Niño (% over baseline growth)  -  -  -  (1.6%)  (0.4%)  2.1%  -  -  (1.6%)  (0.4%)  2.1%  -  Scenario with El Niño  3.4%  3.2%  3.2%  1.5%  2.8%  5.3%  3.2%  3.2%  1.5%  2.8%  5.3%  3.2%  Difference vs. Baseline (pp)  -  -  -  (1.7%)  (0.4%)  2.1%  -  -  (1.7%)  (0.4%)  2.1%  -  Level index — baseline (2025 = 100)  100.0  103.2  106.5  109.9  113.4  117.1  120.8  124.7  128.7  132.8  137.0  141.4  Level Index — scenario with El Niño (2025 = 100)  100.0  103.2  106.5  108.1  111.1  117.1  120.8  124.7  126.6  130.1  137.0  141.4  Level gap vs. baseline (%)  -  -  -  (1.6%)  (2.0%)  -  -  -  (1.6%)  (2.0%)  -  -  5. Private investment — annual % variation  2025  2026  2027  2028  2029  2030  2031  2032  2033  2034  2035  2036  Baseline with no El Niño (MMM 2026–2029 and 3.2% from 2030 onwards)  10.0%  4.0%  4.2%  4.2%  4.2%  3.2%  3.2%  3.2%  3.2%  3.2%  3.2%  3.2%  Deviation due to El Niño (% over baseline growth)  -  -  -  (4.7%)  (1.2%)  6.2%  -  -  (4.7%)  (1.2%)  6.2%  -  Scenario with El Niño  10.0%  4.0%  4.2%  (0.7%)  3.0%  9.6%  3.2%  3.2%  (1.6%)  2.0%  9.6%  3.2%  Difference vs. Baseline (pp)  -  -  -  (4.9%)  (1.2%)  6.4%  -  -  (4.8%)  (1.2%)  6.4%  -  Level index — baseline (2025 = 100)  100.0  104.0  108.4  112.9  117.7  121.4  125.3  129.3  133.5  137.7  142.1  146.7  Level Index — scenario with El Niño (2025 = 100)  100.0  104.0  108.4  107.6  110.8  121.4  125.3  129.3  127.2  129.7  142.1  146.7  Level gap vs. baseline (%)  -  -  -  (4.7%)  (5.8%)  -  -  -  (4.7%)  (5.8%)  -  -  7. Scenario — Annual % Variation  2025  2026  2027  2028  2029  2030  2031  2032  2033  2034  2035  2036  Scenario applied in the year  Baseline  Baseline  El Niño  El Niño  El Niño  El Niño  El Niño  El Niño  El Niño  El Niño  El Niño  El Niño  Real GDP  3.4%  3.2%  3.2%  1.5%  2.8%  5.3%  3.2%  3.2%  1.5%  2.8%  5.3%  3.2%  Private investment  10.0%  4.0%  4.2%  (0.7%)  3.0%  9.6%  3.2%  3.2%  (1.6%)  2.0%  9.6%  3.2%  Note: annual % variation; % deviations from baseline growth; differences in pp; 2025 level indices = 100; negative in parentheses. Baseline: MMM 2026-2029 from the MEF and 3.2% since 2030. The projected sales volume follows the scenario involving El Niño from 2027 onwards. With the baseline scenario, the series match the MMM.  Source: MEF (MMM 2026-2029), BCRP, PGIS/ENFEN and CPC NOAA. Prepared by: EQUBO 
 
 16.5. Valuation as a going concern  E3  115  16.5.1. Macroeconomic projections  16.5.1.2. Private investment projection (4/5): reaction of GDP and private investment according to the magnitude of El Niño  Average real growth of GDP and private investment (private fixed capital formation), and the share of investment in GDP, according to the intensity of the El Niño event for the year. For the period 1994-2025, following stabilization (excludes the hyperinflation of 1988–1993).  Global El Niño (ONI)  Years  Real GDP  Real private GFCF  Private GFCF / GDP  No event  12  4.8%  6.6%  17.9%  Weak  7  5.2%  16.2%  15.6%  Moderate  4  4.0%  3.8%  15.6%  Strong  4  3.1%  3.4%  17.7%  Very strong  5  3.1%  0.7%  18.5%  Strong + Very Strong  9  3.1%  1.9%  18.2%  Differential vs. no event (pp)  (1.6)  (4.7)  0.3  Coastal El Niño (ICEN)  Years  Real GDP  Real private GFCF  Private GFCF / GDP  No event  15  4.1%  6.6%  16.8%  Weak  10  5.8%  12.4%  17.4%  Moderate  1  2.5%  (0.1%)  16.9%  Strong  4  2.6%  (2.7%)  17.9%  Extraordinary  2  3.0%  6.8%  17.6%  Strong + Extraordinary  6  2.7%  0.5%  17.8%  Differential vs. no event (pp)  (1.3)  (6.1)  1.0  Interpretation  •  During years with a strong or very strong global El Niño, the growth of private investment falls by 4.7 percentage points, compared to a 1.6 percentage point decline  in GDP, a difference of nearly three times as much. These differentials are the shock applied in the El Niño scenario (pages 73 and 74).  With the Coastal El Niño, the gap is greater (6.1 pp vs. 1.3 pp). The calibration uses the ONI, whose differential is more moderate.  The weight of private investment in GDP remains between 15.6% and 18.5% in all categories: El Niño alters growth during the year in which it occurs, but it does not permanently change the GFCF/GDP ratio. This supports the idea that, following each shock, both variables return to growing at the same rate (next page).  Note: Simple averages for the calendar years that involve an episode; each year is classified according to the episode of greatest magnitude. These are descriptive: they do not account for other shocks (the 1998–1999 Asian and Russian crises, COVID-19 in 2020, the commodities cycle). ONI magnitudes by peak: weak 0.5–0.9, moderate 1.0–1.4, strong 1.5–1.9, and very strong ≥ 2.0 °C. GFCF = gross fixed capital formation; private GFCF / GDP in nominal terms.  Source: BCRP, PGIS/ENFEN (ICEN) and NOAA CPC (ONI). Prepared by: EQUBO 
 
 16.5. Valuation as a going concern  E3  115  Growth rates converge from 2030 onwards.  16.5.1. Macroeconomic projections  16.5.1.2. Private investment projection (5/5): convergence of growth with GDP and stability of the GFCF/GDP ratio  GDP and private fixed capital formation: real growth (annual % change) and the ratio of private fixed capital  2026-2029: According to the MMM, private investment grows by 4.0%-4.2% annually, outpacing GDP growth (3.2%), with its share of GDP rising from 16.6% (2025) to 17.2% (2029).  From 2030 onwards, there is no official projection, and both variables grow by 3.2%. Since they are deflated using the same inflation rate, the GFCF/nominal GDP ratio only changes if their real growth rates differ. Equating them is the condition for the ratio to remain stable in the long term: if investment were to consistently grow faster than GDP, its relative weight would increase without limit.  The 17.2% level is consistent with historical data: it is equal to the 1994–2025 average (17.2%) and slightly lower than the 2016–2025 average (17.7%), falling within a range of 13.6%  (2002) to 20.9% (2013).  El Niño only causes a temporary deviation in the ratio (16.5%-16.7% in 2028-2029 and 2033-2034); the subsequent rebound brings it back to 17.2% in 2030 and 2035, consistent with the stability of the ratio in relation to the magnitude of El Niño (previous page).  The 3.2% rate is also the perpetual growth (g) of the terminal value.  formation to nominal GDP (%), 2016–2036  Year  Type  Baseline real GDP  Real GDP with El Niño  Baseline real private GFCF  Real private GFCF with El Niño  Baseline GFCF / GDP  GFCF /  GDP with El Niño  2016  Historical  4.0%  4.0%  (4.3%)  (4.3%)  17.8%  17.8%  2017  Historical  2.5%  2.5%  (0.1%)  (0.1%)  16.9%  16.9%  2018  Historical  4.0%  4.0%  3.6%  3.6%  17.3%  17.3%  2019  Historical  2.2%  2.2%  5.1%  5.1%  17.6%  17.6%  2020  Historical  (10.9%)  (10.9%)  (16.4%)  (16.4%)  16.4%  16.4%  2021  Historical  13.4%  13.4%  35.2%  35.2%  20.1%  20.1%  2022  Historical  2.8%  2.8%  0.0%  0.0%  19.9%  19.9%  2023  Historical  (0.4%)  (0.4%)  (6.1%)  (6.1%)  17.6%  17.6%  2024  Historical  3.5%  3.5%  3.3%  3.3%  16.8%  16.8%  2025  Historical  3.4%  3.4%  10.0%  10.0%  16.6%  16.6%  2026  Projection  3.2%  3.2%  4.0%  4.0%  16.7%  16.7%  2027  Projection  3.2%  3.2%  4.2%  4.2%  16.9%  16.9%  2028  Projection  3.2%  1.5%  4.2%  (0.7%)  17.1%  16.5%  2029  Projection  3.2%  2.8%  4.2%  3.0%  17.2%  16.6%  2030  Projection  3.2%  5.3%  3.2%  9.6%  17.2%  17.2%  2031  Projection  3.2%  3.2%  3.2%  3.2%  17.2%  17.2%  2032  Projection  3.2%  3.2%  3.2%  3.2%  17.2%  17.2%  2033  Projection  3.2%  1.5%  3.2%  (1.6%)  17.2%  16.7%  2034  Projection  3.2%  2.8%  3.2%  2.0%  17.2%  16.6%  2035  Projection  3.2%  5.3%  3.2%  9.6%  17.2%  17.2%  2036  Projection  3.2%  3.2%  3.2%  3.2%  17.2%  17.2%  Note: 2016-2025, observed data (in those years both scenarios coincide). 2026-2036: Nominal GDP and private GFCF = prior year level × (1 + real growth) × (1 + CPI inflation). Inflation of 2.2% in 2026-2029 ( BCRP Macroeconomic Expectations Survey) and 2.0% since 2030 (midpoint of BCRP target range). The same inflation is applied to both series (relative price GFCF / constant GDP) and in both scenarios: the scenario with El Niño only modifies actual growth. GFCF = Gross fixed capital formation Source: BCRP, MEF (MMM 2026-2029), PGIS/ENFEN and CPC NOAA. Prepared by: EQUBO 
 
 16.5. Valuation as a going concern  E3  115  16.5.1. Macroeconomic projections  16.5.1.3. El Niño, GDP and private investment in Peru: relevant episodes  Episode  Year  Coastal El Niño (ICEN)  Global El Niño (ONI)  Real GDP (var. %)  Real private investment (var. %)  1982-83  1982  Extraordinary  Very strong  (0.2)  (7.3)  1983  Extraordinary  Very strong  (10.4)  (38.5)  1997-98  1997  Extraordinary  Very strong  6.5  16.0  1998  Extraordinary  Very strong  (0.4)  (2.4)  2014-16  2014  Weak  Very strong  2.4  (1.9)  2015  Strong  Very strong  3.3  (3.7)  2016  Strong  Very strong  4.0  (4.3)  2017 (coastal)  2017  Moderate  No event  2.5  (0.2)  2023  2023  Strong  Strong  (0.4)  (6.1)  Average years without event (1994-2025)  4.8  6.6  Average years with Strong or Very Strong El Niño (1994-2025)  3.1  1.9  Differential (pp)  (1.6)  (4.7)  Note: Magnitude of the Coastal El Niño according to the official ENFEN list (2024), using the ICEN index for the Niño 1+2 region; global El Niño according to the NOAA CPC’s ONI index for the Niño 3.4 region. Real annual percentage change; negative in parentheses. The averages correspond to the 1994–2025 period and justify the shock applied in the El Niño scenario. The complete 1950-2026 series is presented on the following three pages. Source: BCRP (BCRPData), PGIS/ENFEN, and NOAA CPC. Prepared by: EQUBO 
 
 16.5. Valuation as a going concern  E3  115  16.5.1. Macroeconomic projections  16.5.1.4. El Niño and Peru’s real GDP: annual series 1950–2026 (1/3)  Year  Coastal El Niño - Magnitude (ICEN)  Months of the year in coastal episode  Max. ICEN of the year (°C)  Coastal La Niña: magnitude  Global El Niño: magnitude (ONI)  Max. ONI of the year (°C)  Event Type  Real GDP (var. %)  Real private investment (var. %)  1950  No event  0  -0.49  Moderate  No event  -0.56  None  8.54%  –  1951  Strong  8  2.13  No event  Moderate  1.03  Coastal and Global  9.26%  37.26%  1952  No event  0  0.41  No event  Moderate  0.52  Global only  5.90%  5.74%  1953  Moderate  9  1.60  No event  Weak  0.78  Coastal and Global  5.78%  13.50%  1954  No event  0  -0.72  Strong  No event  0.41  None  5.34%  -15.07%  1955  No event  0  -0.64  Moderate  No event  -0.48  None  5.87%  3.02%  1956  No event  0  0.19  Moderate  No event  -0.37  None  4.70%  36.10%  1957  Strong  10  2.81  No event  Strong  1.62  Coastal and Global  6.65%  13.72%  1958  Strong  7  1.05  No event  Strong  1.69  Coastal and Global  -1.07%  -12.50%  1959  No event  0  0.64  No event  No event  0.64  None  3.16%  -19.42%  1960  No event  0  0.25  No event  No event  0.19  None  9.89%  9.52%  1961  No event  0  0.59  No event  No event  0.22  None  7.35%  14.16%  1962  No event  0  -0.17  Strong  No event  0.00  None  10.04%  19.67%  1963  Weak  3  0.70  No event  Moderate  1.19  Coastal and Global  4.33%  -6.39%  1964  No event  0  -0.14  Strong  Moderate  0.95  Global only  6.55%  -7.93%  1965  Moderate  10  2.10  No event  Strong  1.82  Coastal and Global  5.62%  16.84%  1966  Moderate  1  0.64  Weak  Strong  1.24  Coastal and Global  8.24%  11.26%  1967  No event  0  -0.18  Moderate  No event  0.05  None  3.85%  -6.30%  1968  Weak  3  0.56  Moderate  Weak  0.93  Coastal and Global  0.15%  -15.95%  1969  Moderate  10  1.64  No event  Weak  0.98  Coastal and Global  3.51%  -0.94%  1970  Moderate  1  0.77  Strong  No event  0.46  Coastal only  3.37%  9.18%  1971  No event  0  -0.35  Weak  No event  -0.60  None  4.59%  11.84%  1972  Strong  11  2.45  No event  Strong  1.84  Coastal and Global  3.48%  1.84%  1973  Strong  2  1.58  Weak  Strong  1.55  Coastal and Global  6.28%  44.62%  1974  No event  0  -0.01  Weak  No event  -0.40  None  9.39%  16.25%  1975  No event  0  0.03  Strong  No event  -0.55  None  4.30%  -0.23%  Note: Magnitude of the Coastal El Niño according to the official ENFEN list (2024), using the ICEN index for the Niño 1+2 region; global El Niño according to the NOAA CPC’s ONI index for the Niño 3.4 region. The events of 1982-83, 1997-98 and 2014-16 are in bold. Real GDP in annual percentage variation.  Source: BCRP (BRCPData), PGIS/ENFEN (ICEN) and NOAA CPC (ONI). Prepared by: EQUBO 
 
 16.5. Valuation as a going concern  E3  115  16.5.1. Macroeconomic projections  16.5.1.4. El Niño and Peru’s real GDP: annual series 1950–2026 (2/3)  Year  Coastal El Niño: magnitude (ICEN)  Months of the year in coastal episode  Max. ICEN of the year (°C)  Coastal La Niña: magnitude  Global El Niño: magnitude (ONI)  Max. ONI of the year (°C)  Event Type  Real GDP (var. %)  Real private investment (var.  %)  1976  Moderate  9  1.85  Strong  Weak  0.84  Coastal and Global  1.45%  -18.20%  1977  No event  0  0.43  No event  Weak  0.84  Global only  0.35%  2.74%  1978  No event  0  0.35  No event  Weak  0.71  Global only  -2.64%  -5.35%  1979  No event  0  0.68  No event  No event  0.64  None  4.13%  6.39%  1980  No event  0  0.37  No event  No event  0.62  None  5.91%  33.45%  1981  No event  0  -0.14  No event  No event  -0.08  None  5.55%  18.05%  1982  Extraordinary  6  3.11  No event  Very strong  2.12  Coastal and Global  -0.22%  -7.26%  1983  Extraordinary  11  4.32  No event  Very strong  2.14  Coastal and Global  -10.41%  -38.53%  1984  No event  0  -0.02  No event  No event  -0.22  None  3.61%  -6.90%  1985  No event  0  -0.26  Moderate  No event  -0.28  None  2.06%  -11.44%  1986  Moderate  1  0.69  Weak  Moderate  1.21  Coastal and Global  9.43%  39.10%  1987  Moderate  12  1.63  No event  Moderate  1.49  Coastal and Global  9.73%  26.53%  1988  No event  0  0.24  Strong  Moderate  0.63  Global only  -9.44%  -9.12%  1989  No event  0  0.05  No event  No event  -0.04  None  -12.31%  -21.11%  1990  No event  0  -0.19  No event  No event  0.34  None  -4.98%  12.57%  1991  Moderate  5  0.65  No event  Strong  1.43  Coastal and Global  2.22%  -0.03%  1992  Moderate  6  1.99  No event  Strong  1.54  Coastal and Global  -0.54%  -4.10%  1993  Weak  7  1.26  No event  No event  0.76  Coastal only  5.24%  9.59%  1994  Weak  2  0.68  Weak  Weak  0.97  Coastal and Global  12.31%  39.16%  1995  Weak  1  0.60  Moderate  Weak  0.88  Coastal and Global  7.41%  27.34%  1996  No event  0  -0.42  Strong  No event  -0.22  None  2.80%  -2.19%  1997  Extraordinary  9  4.08  Strong  Very strong  2.37  Coastal and Global  6.48%  15.98%  1998  Extraordinary  8  3.49  No event  Very strong  2.22  Coastal and Global  -0.39%  -2.40%  1999  No event  0  -0.32  Weak  No event  -0.79  None  1.49%  -15.24%  2000  No event  0  -0.16  No event  No event  -0.40  None  2.69%  -1.73%  2001  No event  0  0.02  Weak  No event  -0.05  None  0.62%  -4.66%  Note: Magnitude of the Coastal El Niño according to the official ENFEN list (2024), using the ICEN index for the Niño 1+2 region; global El Niño according to the NOAA CPC’s ONI index for the Niño 3.4 region. The events of 1982-83, 1997-98 and 2014-16 are in bold. Real GDP in annual percentage variation.  Source: BCRP (BRCPData), PGIS/ENFEN (ICEN) and NOAA CPC (ONI). Prepared by: EQUBO 
 
 16.5. Valuation as a going concern  E3  115  16.5.1. Macroeconomic projections  16.5.1.4. El Niño and Peru’s real GDP: annual series 1950–2026 (3/3)  Year  Coastal El Niño: magnitude (ICEN)  Months of the year in coastal episode  Max. ICEN of the year (°C)  Coastal La Niña: magnitude  Global El Niño: magnitude (ONI)  Max. ONI of the year (°C)  Event Type  Real GDP (var.  %)  Real private investment (var.  %)  2002  Weak  3  0.81  No event  Moderate  1.19  Coastal and Global  5.45%  0.20%  2003  No event  0  0.40  Moderate  Moderate  0.90  Global only  4.16%  6.29%  2004  No event  0  0.38  Moderate  Weak  0.71  Global only  4.96%  8.09%  2005  No event  0  -0.17  Moderate  Weak  0.62  Global only  6.29%  12.01%  2006  Weak  5  0.94  No event  Weak  0.88  Coastal and Global  7.53%  20.06%  2007  No event  0  0.50  Strong  Weak  0.62  Global only  8.52%  23.33%  2008  Weak  4  1.13  No event  No event  -0.20  Coastal only  9.13%  23.90%  2009  Weak  4  0.75  No event  Strong  1.50  Coastal and Global  1.10%  -8.84%  2010  No event  0  0.35  Moderate  Strong  1.47  Global only  8.33%  25.14%  2011  No event  0  0.18  No event  No event  -0.34  None  6.33%  11.44%  2012  Weak  4  0.94  No event  No event  0.39  Coastal only  6.14%  15.64%  2013  No event  0  -0.31  Strong  No event  -0.11  None  5.85%  7.04%  2014  Weak  7  1.21  No event  Very strong  0.80  Coastal and Global  2.38%  -1.85%  2015  Strong  9  2.23  No event  Very strong  2.59  Coastal and Global  3.25%  -3.69%  2016  Strong  5  1.75  No event  Very strong  2.50  Coastal and Global  3.95%  -4.32%  2017  Moderate  4  1.31  Strong  No event  0.35  Coastal only  2.52%  -0.15%  2018  Weak  2  0.87  Strong  Moderate  1.05  Coastal and Global  3.97%  3.63%  2019  Weak  1  0.78  No event  Moderate  0.99  Coastal and Global  2.24%  5.14%  2020  No event  0  0.07  Moderate  Weak  0.71  Global only  -10.93%  -16.37%  2021  No event  0  -0.30  Strong  No event  -0.31  None  13.42%  35.23%  2022  No event  0  -0.70  Strong  No event  -0.68  None  2.82%  0.01%  2023  Strong  10  2.92  No event  Strong  1.99  Coastal and Global  -0.35%  -6.09%  2024  Strong  2  1.34  Weak  Strong  1.84  Coastal and Global  3.52%  3.30%  2025  No event  0  0.72  No event  No event  0.02  None  3.43%  9.98%  2026 (*)  Ongoing  3.38  Ongoing  2.16  n.d. (*)  –  (*) Partial 2026: preliminary data, ICEN Jan-Jul 2026 and ONI until JAS [sic] 2026. ENFEN (Com. No. 17-2026, Sep. 28, 2026) predicts a Coastal El Niño of extraordinary magnitude until January 2027. Note: Magnitude of the Coastal El Niño according to the official ENFEN list (2024), using the ICEN index for the Niño 1+2 region; global El Niño according to the NOAA CPC’s ONI index for the Niño 3.4 region. The events of 1982-83, 1997-98 and 2014-16 are in bold. Real GDP in annual percentage variation. Source: BCRP (BRCPData), PGIS/ENFEN (ICEN) and NOAA CPC (ONI). Prepared by: EQUBO 
 
 16.5. Valuation as a going concern  E3  115  16.5.1. Macroeconomic projections  16.5.1.5. Summary by magnitude (1/2)  1) Coastal El Niño (ICEN) — full period  Category  No. of years  Real GDP  Real private GFCF  Private GFCF  / GDP  Inflation Dec./Dec.  Average inflation  Fishing GDP  Agricultural GDP  Construction GDP  No event  39  3.65%  4.87%  15.99%  331.46%  315.57%  14.59%  2.68%  4.44%  Weak  13  5.18%  8.59%  16.54%  7.94%  9.99%  1.54%  5.50%  8.23%  Moderate  11  4.67%  8.45%  13.54%  41.99%  66.25%  4.94%  3.18%  8.64%  Strong  9  3.89%  8.24%  17.85%  6.08%  6.42%  0.34%  2.00%  1.96%  Extraordinary  4  -1.14%  -8.05%  17.05%  52.62%  47.85%  -5.57%  -0.73%  -0.78%  Strong + Extraordinary  13  2.34%  3.23%  17.60%  20.40%  19.17%  -1.48%  1.16%  1.12%  Differential vs. no event (pp)  -1.31%  -1.64%  1.61%  -311.06%  -296.40%  -16.07%  -1.52%  -3.32%  2) Coastal El Niño (ICEN) — recent period  Category  No. of years  Real GDP  Real private GFCF  Private GFCF / GDP  Inflation Dec./Dec.  Average inflation  Fishing GDP  Agricultural GDP  Construction GDP  No event  15  4.05%  6.56%  16.83%  3.91%  3.53%  9.87%  3.82%  4.57%  Weak  10  5.77%  12.44%  17.39%  4.51%  5.61%  -0.70%  6.42%  12.07%  Moderate  1  2.52%  -0.15%  16.90%  1.36%  2.80%  4.67%  2.95%  2.14%  Strong  4  2.59%  -2.70%  17.89%  3.21%  3.94%  2.94%  2.42%  -3.41%  Extraordinary  2  3.04%  6.79%  17.64%  6.23%  7.90%  -4.94%  2.25%  7.85%  Strong + Extraordinary  6  2.74%  0.46%  17.80%  4.22%  5.26%  0.31%  2.36%  0.35%  Differential vs. no event (pp)  -1.31%  -6.09%  0.98%  0.31%  1.73%  -9.56%  -1.45%  -4.23%  Source: BCRP (BCRPData, annual series), PGIS/ENFEN (ICEN) and NOAA CPC (ONI). Simple averages by magnitude of the episode; full period 1950-2025 and recent period 1994-2025. Prepared by: EQUBO 
 
 16.5. Valuation as a going concern  E3  115  16.5.1. Macroeconomic projections  16.5.1.5. Summary by magnitude (2/2)  3) Global El Niño (ONI) — Full Period  Category  No. of years  Real GDP  Real private GFCF  Private GFCF / GDP  Inflation Dec./Dec.  Average inflation  Fishing GDP  Agricultural GDP  Construction GDP  No event  33  4.45%  6.21%  16.15%  337.00%  350.93%  15.29%  3.48%  5.83%  Weak  13  3.44%  6.88%  14.78%  16.35%  16.12%  6.57%  3.16%  4.38%  Moderate  11  4.69%  9.13%  15.46%  176.59%  79.03%  10.07%  4.42%  8.13%  Strong  12  3.62%  7.10%  16.29%  21.67%  46.12%  -2.68%  1.41%  5.06%  Very strong  7  0.72%  -6.01%  17.94%  31.62%  28.83%  -6.35%  0.69%  -1.42%  Strong + Very Strong  19  2.55%  2.27%  16.90%  25.34%  39.75%  -4.03%  1.15%  2.67%  Differential vs. no event (pp)  -1.90%  -3.94%  0.75%  -311.66%  -311.18%  -19.32%  -2.33%  -3.16%  4) Global El Niño (ONI) — recent period  Category  No. of years  Real GDP  Real private GFCF  Private GFCF / GDP  Inflation Dec./Dec.  Average Inflation  Fishing GDP  Agricultural GDP  Construction GDP  No event  12  4.77%  6.61%  17.91%  4.49%  4.38%  8.27%  5.30%  5.49%  Weak  7  5.15%  16.23%  15.62%  5.38%  6.54%  10.90%  5.09%  11.52%  Moderate  4  3.96%  3.82%  15.56%  2.02%  1.48%  6.51%  4.57%  4.78%  Strong  4  3.15%  3.38%  17.72%  1.88%  3.27%  -5.48%  2.20%  4.73%  Very strong  5  3.13%  0.75%  18.53%  4.67%  5.24%  -6.41%  2.45%  1.78%  Strong + Very Strong  9  3.14%  1.92%  18.17%  3.43%  4.36%  -5.99%  2.34%  3.09%  Differential vs. no event (pp)  -1.63%  -4.69%  0.26%  -1.06%  -0.01%  -14.27%  -2.96%  -2.40%  5) Coastal / Global Overlap — Recent Period  Category  No. of years  Real GDP  Real private GFCF  Private GFCF / GDP  Inflation Dec./Dec.  Average inflation  Fishing GDP  Agricultural GDP  Construction GDP  None  9  4.38%  4.43%  17.57%  4.80%  4.48%  13.41%  4.97%  3.45%  Coastal only  3  5.93%  13.13%  18.94%  3.55%  4.08%  -7.14%  6.28%  11.63%  Global only  6  3.55%  9.75%  15.72%  2.57%  2.11%  4.57%  2.08%  6.27%  Coastal and Global  14  4.20%  6.26%  17.20%  4.37%  5.59%  1.50%  4.46%  6.43%  Source: BCRP (BCRPData, annual series), PGIS/ENFEN (ICEN) and NOAA CPC (ONI). Simple averages by magnitude of the episode; full period 1950-2025 and recent period 1994-2025. Prepared by: EQUBO 
 
 16.5. Valuation as a going concern  Revenue projections, income statement accounts, statement of financial position, working capital, and financial ratios  CPAC Revenue Projection  (Thousands of S/)  Item  2025  2026  2027  2028  2029  2030  2031  2032  2033  2034  2035  2036  Sales by Line of Business  Cement, concrete and prefabs  2,030,344  2,203,735  2,307,774  2,303,363  2,383,819  2,624,862  2,722,402  2,823,567  2,791,124  2,860,895  3,150,180  3,267,240  Building materials  41,745  41,954  42,163  42,374  42,586  42,799  43,013  43,228  43,444  43,662  43,880  44,099  Quicklime  9,520  10,333  10,821  10,800  11,177  12,308  12,765  13,239  13,087  13,414  14,771  15,320  Paving service  34,330  34,502  34,674  34,848  35,022  35,197  35,373  35,550  35,727  35,906  36,086  36,266  Others  944  949  953  958  963  968  973  978  982  987  992  997  Total net sales  2,116,883  2,291,472  2,396,386  2,392,343  2,473,567  2,716,134  2,814,526  2,916,562  2,884,366  2,954,865  3,245,908  3,363,923  Quicklime Others  Paving service  Building materials  Cement, concrete and prefabs  Source: CPAC audited financial statements 2021-2025 and financial statements as of March 31, 2026. Prepared by:  Source: CPAC audited financial statements 2021-2025 and financial statements as of March 31, 2026. Prepared by: EQUBO  Source: Audited financial statements for 2021-2025 and financial statements as of March 31, 2026, for CPAC; sales by product as reported by the Company; projections for 2026-2036. Prepared by: EQUBO  Sales by Line of Business (Thousands of S/) Implied price of cement (S/ per MT)  E3  115 
 
 16.5. Valuation as a going concern  E3  115  16.5.2. Revenue projections, income statement accounts, statement of financial position, working capital, and financial ratios  16.5.2.2. Projection of key income statement accounts (1/7)  Net sales by segment (Thousands of S/)  Item  2021  2022  2023  2024  2025  2026  2027  2028  2029  2030  2031  2032  2033  2034  2035  2036  Cement, concrete and prefabs (consolidated)  1,784,487  1,963,826  1,829,182  1,819,259  2,030,344  2,203,735  2,307,774  2,303,363  2,383,819  2,624,862  2,722,402  2,823,567  2,791,124  2,860,895  3,150,180  3,267,240  Paving service  -  -  21,056  87,590  34,330  34,502  34,674  34,848  35,022  35,197  35,373  35,550  35,727  35,906  36,086  36,266  Quicklime (proprietary segment up to 2022; merged from 2023)  39,141  37,858  25,707  14,205  9,520  10,333  10,821  10,800  11,177  12,308  12,765  13,239  13,087  13,414  14,771  15,320  Building materials  113,905  114,024  74,096  56,873  41,745  41,954  42,163  42,374  42,586  42,799  43,013  43,228  43,444  43,662  43,880  44,099  Others  234  38  34  144  944  949  953  958  963  968  973  978  982  987  992  997  Total net sales  1,937,767  2,115,746  1,950,075  1,978,071  2,116,883  2,291,472  2,396,386  2,392,343  2,473,567  2,716,134  2,814,526  2,916,562  2,884,366  2,954,865  3,245,908  3,363,923  Source: CPAC audited financial statements 2021-2025 and financial statements as of March 31, 2026; 2026-2036 projections. Prepared by: EQUBO 
 
 16.5. Valuation as a going concern  E3  115  16.5.2. Revenue projections, income statement accounts, statement of financial position, working capital, and financial ratios  16.5.2.2. Projection of key income statement accounts (2/7)  Sales by product/service type (Thousands of S/)  Service type  2021  2022  2023  2024  2025  Q1 2025  Q1 2026  Cement  1,534,867  1,742,704  1,642,420  1,605,472  1,745,234  402,220  466,389  Blocks, cobblestones and bricks  29,620  29,374  24,983  28,038  30,233  6,325  6,602  Paving service  -  -  21,056  87,590  34,330  19,684  629  Heavy prefabs  6,435  1,803  557  2,063  787  -  (11)  Concrete  206,054  176,973  145,438  161,199  228,220  51,604  57,310  Building materials  113,905  114,024  74,096  56,873  41,745  10,001  9,439  Lime  39,141  37,858  25,707  14,205  9,520  2,667  7,010  Mortar  7,511  12,972  15,784  22,487  25,870  6,471  8,108  Others  234  38  34  145  944  196  194  Total  1,937,767  2,115,746  1,950,075  1,978,072  2,116,883  499,168  555,670  Source: information provided directly by Cementos Pacasmayo S.A.A. (sales by type of product/service). Prepared by: EQUBO 
 
 16.5. Valuation as a going concern  E3  115  16.5.2. Revenue projections, income statement accounts, statement of financial position, working capital, and financial ratios  16.5.2.2. Projection of key income statement accounts (3/7)  Cost of Sales (Thousands of S/)  Item  2021  2022  2023  2024  2025  2026  2027  2028  2029  2030  2031  2032  2033  2034  2035  2036  Depreciation and amortization  118,998  121,871  125,494  134,322  136,301  136,167  141,355  145,692  148,297  141,258  144,482  148,948  150,320  102,649  78,720  85,929  Personnel expenses (note 20b)  113,634  125,683  125,318  158,103  188,685  170,438  174,390  191,215  183,494  189,094  208,932  200,266  199,836  222,560  218,942  222,075  Freight  201,849  177,393  166,134  184,307  201,396  221,034  227,762  248,918  289,545  308,358  328,394  333,326  350,820  396,654  422,426  Packaging  81,023  66,456  54,889  55,745  54,234  57,134  57,365  59,723  66,089  68,886  71,802  71,330  73,477  81,309  84,750  Other costs of sales  1,145,704  933,289  765,962  736,097  744,979  833,235  869,563  876,623  907,174  981,487  1,016,609  1,053,113  1,052,432  1,080,645  1,186,132  1,229,046  Total cost of sales  1,378,336  1,463,715  1,260,623  1,249,545  1,310,017  1,395,470  1,463,475  1,498,656  1,547,606  1,667,474  1,747,268  1,802,522  1,807,243  1,830,151  1,961,756  2,044,227  Source: CPAC audited financial statements 2021-2025 and financial statements as of March 31, 2026; 2026-2036 projections. Prepared by: EQUBO 
 
 16.5. Valuation as a going concern  E3  115  16.5.2. Revenue projections, income statement accounts, statement of financial position, working capital, and financial ratios  16.5.2.2. Projection of key income statement accounts (4/7)  Administrative expenses (Thousands of S/)  Item  2021  2022  2023  2024  2025  2026  2027  2028  2029  2030  2031  2032  2033  2034  2035  2036  Personnel expenses (note 20b)  96,891  116,748  125,072  136,776  164,987  153,736  157,301  172,477  165,512  170,564  188,458  180,641  180,253  200,750  197,487  200,313  Third-party services  59,896  72,172  67,187  74,127  81,838  88,827  93,020  92,843  96,086  105,802  109,733  113,811  112,503  115,315  126,976  131,694  Depreciation and amortization  16,569  16,667  15,258  17,107  17,450  17,387  18,050  18,604  18,936  18,038  18,449  19,020  19,195  13,107  10,052  10,973  Donations  9,067  8,494  9,028  8,598  7,533  7,699  7,868  8,041  8,218  8,382  8,550  8,721  8,896  9,073  9,255  9,440  Compensation to the board of directors  6,397  6,112  5,941  6,032  5,389  5,508  5,629  5,753  5,879  5,997  6,117  6,239  6,364  6,491  6,621  6,753  Supply consumption  1,686  1,715  1,551  1,526  1,862  1,903  1,945  1,988  2,031  2,072  2,113  2,156  2,199  2,243  2,288  2,333  Other / Taxes  5,563  5,669  7,930  9,217  12,479  12,754  13,034  13,321  13,614  13,886  14,164  14,447  14,736  15,031  15,331  15,638  Total administrative expenses  196,069  227,577  231,967  253,383  291,538  287,813  296,847  313,025  310,277  324,740  347,584  345,034  344,145  362,011  368,010  377,145  Source: CPAC audited financial statements 2021-2025 and financial statements as of March 31, 2026; 2026-2036 projections. Prepared by: EQUBO 
 
 16.5. Valuation as a going concern  E3  115  16.5.2. Revenue projections, income statement accounts, statement of financial position, working capital, and financial ratios  16.5.2.2. Projection of key income statement accounts (5/7)  Other operating expenses (revenue), net (Thousands of S/)  Item  2021  2022  2023  2024  2025  2026  2027  2028  2029  2030  2031  2032  2033  2034  2035  2036  Expenses associated with Holcim acquisition  (77,625)  Impairment due to derecognition of coal concessions (Northern zone)  (11,393)  Rentals to third parties  2,328  1,694  Net gain (loss) on disposal of PPE and intangibles  1,775  591  Rental Income from land and offices  1,639  1,508  1,473  1,645  1,622  1,811  1,820  1,829  1,838  1,847  1,856  1,866  1,875  1,884  1,894  1,903  Expense recovery  491  204  Revenue from related management services  305  198  275  276  540  362  364  366  368  370  371  373  375  377  379  381  Estimation of losses from disasters  Expenses to counteract the effect of COVID-19  Others  (130)  (8,094)  (4,165)  (4,621)  21  (9,694)  Total other operating expenses, net  6,408  (3,899)  (13,810)  (2,700)  (75,442)  (7,521)  2,184  2,195  2,206  2,217  2,228  2,239  2,250  2,261  2,273  2,284  Source: CPAC audited financial statements 2021-2025 and financial statements as of March 31, 2026; 2026-2036 projections. Prepared by: EQUBO 
 
 16.5. Valuation as a going concern  E3  115  16.5.2. Revenue projections, income statement accounts, statement of financial position, working capital, and financial ratios  16.5.2.2. Projection of key income statement accounts (6/7)  Income tax: effective rate reconciliation (Thousands of S/)  Item  2021  2022  2023  2024  2025  2026  2027  2028  2029  2030  2031  2032  2033  2034  2035  2036  Reconciliation of the effective income tax rate  Profit before income tax  224,110  262,420  245,708  296,187  267,975  411,930  450,727  394,994  449,160  550,001  543,028  598,291  568,635  597,522  749,535  767,651  Income tax at legal rate (29.5%-30%)  (66,112)  (77,414)  (72,484)  (87,375)  (79,053)  (121,519)  (132,964)  (116,523)  (132,502)  (162,250)  (160,193)  (176,496)  (167,747)  (176,269)  (221,113)  (226,457)  Non-deductible expenses, net (*)  (4,070)  (7,415)  (2,369)  (3,114)  (29,824)  (4,242)  (4,242)  (4,242)  (4,242)  (4,242)  (4,242)  (4,242)  (4,242)  (4,242)  (4,242)  (10,680)  Effect of carryforward tax losses (**)  (758)  (763)  (1,955)  (6,823)  (4,893)  -  -  -  -  -  -  -  -  -  -  -  Total income tax  (70,940)  (85,592)  (76,808)  (97,312)  (113,770)  (125,761)  (137,206)  (120,765)  (136,744)  (166,492)  (164,435)  (180,738)  (171,989)  (180,511)  (225,355)  (237,138)  Source: CPAC audited financial statements 2021-2025 and financial statements as of March 31, 2026; 2026-2036 projections. Prepared by: EQUBO 
 
 16.5. Valuation as a going concern  E3  115  16.5.2. Revenue projections, income statement accounts, statement of financial position, working capital, and financial ratios  16.5.2.2. Projection of key income statement accounts (7/7)  Maintenance cost per process and section (S/)  Process  Section  2021  2022  2023  2024  2025  2026  2027  2028  Pacasmayo  Clinker  Kiln 3  12,554,398  14,155,310  3,207,859  16,798,654  10,916,665  11,134,998  11,357,698  10,734,660  Clinker  Kiln 4  -  -  190,332  5,035,456  9,433,835  9,622,511  9,814,962  9,627,353  Cement  Cement 6  2,105,710  2,169,102  1,840,598  3,070,955  2,894,303  2,952,189  3,011,232  2,809,764  Cement  Cement 7  2,999,729  1,706,537  4,154,752  1,229,930  2,067,481  3,247,022  2,146,417  2,772,196  Total  17,659,837  18,030,949  9,393,541  26,134,995  25,312,283  26,956,721  26,330,309  25,943,973  Piura  Clinker  Kiln  15,585,443  14,417,982  6,397,012  11,877,880  10,533,583  10,901,343  11,119,370  11,341,758  Cement  Cement  3,341,046  2,930,322  3,329,061  4,171,494  2,209,721  2,962,349  3,021,597  3,082,029  Total  18,926,489  17,348,304  9,726,073  16,049,374  12,743,304  13,863,692  14,140,967  14,423,787  Rioja  Clinker  Kiln 1  -  263,305  147,011  -  -  465,706  -  465,706  Clinker  Kiln 2  290,566  -  701,254  -  600,008  -  678,618  -  Clinker  Kiln 3  473,916  -  225,774  -  380,000  -  703,618  -  Clinker  Kiln 4  -  738,822  -  364,137  -  703,618  -  703,618  Raw  Raw 3  224,707  8,800  136,958  384,317  345,531  186,534  95,534  220,000  Cement  Cement 2  5,712  49,297  124,453  205,213  1,780  160,796  170,000  95,534  Cement  Cement 3  50,141  45,815  352,908  384,317  345,351  140,091  220,000  95,534  Total  1,045,042  1,106,039  1,541,347  1,484,996  1,672,672  1,656,745  1,867,770  1,580,392  Source: information provided directly by Cementos Pacasmayo S.A.A. (maintenance cost per process/section). Prepared by: EQUBO 
 
 16.5. Valuation as a going concern  E3  115  16.5.2. Revenue projections, income statement accounts, statement of financial position, working capital, and financial ratios  16.5.2.3. Projection of the statement of financial position for CPAC (1/7)  (Thousands of S/)  Accounts  2026  2027  2028  2029  2030  2031  2032  2033  2034  2035  2036  Assets  Cash and equivalents  105,087  171,812  224,384  178,055  281,206  410,515  578,522  775,013  948,429  588,505  851,782  Other financial instruments (>90 days)  -  -  -  -  -  -  -  -  -  -  -  Trade and other accounts receivable  142,612  147,835  147,738  151,806  163,753  168,660  173,745  172,276  175,822  190,139  196,002  Income tax prepayments  14,271  15,488  13,740  15,438  18,600  18,381  20,114  19,184  20,090  24,856  26,108  Inventories  683,749  720,713  729,516  763,467  839,641  875,265  912,599  914,973  945,023  1,044,962  1,090,254  Prepaid expenses  18,947  19,814  19,781  20,452  22,458  23,271  24,115  23,849  24,432  26,838  27,814  Total current assets  964,666  1,075,662  1,135,160  1,129,218  1,325,658  1,496,093  1,709,096  1,905,295  2,113,796  1,875,300  2,191,960  Miscellaneous accounts receivable, net  29,623  29,623  29,623  29,623  29,623  29,623  29,623  29,623  29,623  29,623  29,623  Property, plant and equipment, net  2,008,340  1,974,128  1,935,541  1,896,786  1,868,047  1,841,255  1,814,586  1,767,305  1,779,111  2,402,833  2,449,044  Intangible assets, net  54,720  45,810  36,533  28,642  30,974  32,769  34,516  35,844  37,049  38,732  42,805  Commercial credit  4,459  4,459  4,459  4,459  4,459  4,459  4,459  4,459  4,459  4,459  4,459  Deferred income tax asset  34,994  34,994  34,994  34,994  34,994  34,994  34,994  34,994  34,994  34,994  34,994  Right-of-use assets, net  19,154  20,991  22,248  23,380  24,946  26,348  27,646  28,440  29,217  30,695  32,098  Other assets  50  50  50  50  50  50  50  50  50  50  50  Total non-current assets  2,151,341  2,110,055  2,063,448  2,017,934  1,993,094  1,969,498  1,945,874  1,900,714  1,914,503  2,541,386  2,593,074  Total assets  3,116,007  3,185,717  3,198,608  3,147,152  3,318,752  3,465,590  3,654,970  3,806,010  4,028,299  4,416,686  4,785,034  Source: CPAC audited financial statements 2021-2025 and financial statements as of March 31, 2026; 2026-2036 projections. Prepared by: EQUBO 
 
 16.5. Valuation as a going concern  E3  115  16.5.2. Revenue projections, income statement accounts, statement of financial position, working capital, and financial ratios  16.5.2.3. Projection of the statement of financial position for CPAC (2/7)  (Thousands of S/)  Accounts  2026  2027  2028  2029  2030  2031  2032  2033  2034  2035  2036  Current liabilities  Commercial and Miscellaneous Accounts Payable  253,435  261,375  263,140  262,723  277,590  284,022  290,786  290,127  296,198  317,550  327,869  Financial obligations  611,149  688,735  900,956  774,542  774,542  774,542  774,542  743,542  712,542  712,542  712,542  Leasing liabilities  6,452  6,877  7,271  7,732  8,469  9,333  10,339  11,335  12,446  13,949  15,671  Income tax payable  20,258  21,985  19,504  21,915  26,403  26,093  28,552  27,232  28,518  35,283  37,061  Provisions  46,935  51,485  48,966  51,662  61,501  64,233  66,913  63,378  70,024  82,466  83,814  Total current liabilities  938,229  1,030,456  1,239,838  1,118,574  1,148,505  1,158,222  1,171,132  1,135,614  1,119,728  1,161,789  1,176,957  Financial obligations and lease liabilities  734,213  579,880  290,757  229,573  168,840  108,316  48,026  18,721  20,560  23,043  25,888  Provisions, non-current  31,002  33,338  35,783  38,399  41,333  44,426  47,673  50,929  54,296  58,000  61,861  Deferred income tax liability  110,715  102,199  93,682  85,166  76,649  68,133  59,616  51,099  42,583  34,066  25,550  Total non-current liabilities  875,931  715,418  420,223  353,137  286,822  220,874  155,315  120,750  117,439  115,109  113,300  Total liabilities  1,814,160  1,745,874  1,660,060  1,471,712  1,435,327  1,379,096  1,326,447  1,256,364  1,237,167  1,276,898  1,290,257  Source: CPAC audited financial statements 2021-2025 and financial statements as of March 31, 2026; 2026-2036 projections. Prepared by: EQUBO 
 
 16.5. Valuation as a going concern  E3  115  16.5.2. Revenue projections, income statement accounts, statement of financial position, working capital, and financial ratios  16.5.2.3. Projection of the statement of financial position for CPAC (3/7)  Trade and miscellaneous receivables, net (current) (Thousands of S/)  Item  2021  2022  2023  2024  2025  2026  2027  2028  2029  2030  2031  2032  2033  2034  2035  2036  Trade receivables  91,072  78,519  83,840  95,419  107,496  116,362  121,689  121,484  125,609  137,926  142,923  148,104  146,469  150,049  164,828  170,821  Contractual asset  -  26,701  26,263  12,702  12,796  12,792  12,865  13,083  13,171  13,262  13,233  13,296  13,558  13,664  Other accounts receivable  5,940  7,790  13,179  8,613  10,269  10,320  10,372  10,424  10,476  10,528  10,581  10,634  10,687  10,740  10,794  10,848  Restricted funds for tax payment  1,314  244  1,322  393  4,022  4,042  4,062  4,083  4,103  4,124  4,144  4,165  4,186  4,207  4,228  4,249  Accounts receivable from principal and affiliates  1,314  1,858  1,973  1,969  2,633  2,442  2,454  2,466  2,479  2,491  2,504  2,516  2,529  2,541  2,554  2,561  Loans granted to third parties / employees  1,676  676  2,075  910  2,906  2,921  2,935  2,950  2,965  2,979  2,994  3,009  3,024  3,039  3,055  3,070  Interest receivable  636  1,163  1,091  963  568  571  574  577  579  582  585  588  591  594  597  600  Miscellaneous receivables from asset sales  937  215  82  139  24  24  24  24  24  25  25  25  25  25  25  25  VAT tax credit + refund (current share)  5,368  18,459  5,140  7,547  6,592  7,155  7,493  7,478  7,740  8,522  8,839  9,167  9,062  9,289  10,228  10,608  Provision for expected credit losses  (5,539)  (7,433)  (9,014)  (11,486)  (14,099)  (13,926)  (14,564)  (14,539)  (15,033)  (16,507)  (17,105)  (17,725)  (17,530)  (17,958)  (19,727)  (20,444)  Total current receivables  102,718  101,491  99,688  131,168  146,674  142,612  147,835  147,738  151,806  163,753  168,660  173,745  172,276  175,822  190,139  196,002  Source: CPAC audited financial statements 2021-2025 and financial statements as of March 31, 2026; 2026-2036 projections. Prepared by: EQUBO 
 
 16.5. Valuation as a going concern  E3  115  16.5.2. Revenue projections, income statement accounts, statement of financial position, working capital, and financial ratios  16.5.2.3. Projection of the statement of financial position for CPAC (4/7)  Inventories (Thousands of S/)  Item  2021  2022  2023  2024  2025  2026  2027  2028  2029  2030  2031  2032  2033  2034  2035  2036  Merchandise and finished goods  25,304  18,903  16,488  18,234  13,214  17,266  18,199  18,422  19,279  21,203  22,102  23,045  23,105  23,864  26,387  27,531  In-process products  135,008  186,281  173,569  221,837  205,321  168,196  177,289  179,455  187,806  206,544  215,307  224,491  225,075  232,467  257,051  268,193  Raw materials  247,939  397,096  329,598  254,141  209,023  259,686  273,725  277,069  289,963  318,894  332,424  346,603  347,505  358,918  396,874  414,076  Packaging and packing  7,466  5,245  3,944  3,441  4,236  4,606  4,855  4,915  5,144  5,657  5,897  6,148  6,164  6,367  7,040  7,345  Fuel  3,498  3,642  3,899  3,552  3,894  3,408  3,592  3,636  3,805  4,185  4,362  4,548  4,560  4,710  5,208  5,434  Spare parts and supplies  199,870  260,742  251,006  259,601  264,450  225,852  238,061  240,969  252,184  277,345  289,112  301,444  302,228  312,154  345,165  360,126  Inventories receivable  9,149  13,060  12,570  13,191  7,005  4,735  4,991  5,052  5,287  5,814  6,061  6,319  6,336  6,544  7,236  7,550  Less: estimate for obsolescence (only for years with an explicit deduction; from 2022 onwards, the figures are already net by category)  (23,052)  Total inventories, net  605,182  884,969  791,074  773,997  707,143  683,749  720,713  729,516  763,467  839,641  875,265  912,599  914,973  945,023  1,044,962  1,090,254  Source: CPAC audited financial statements 2021-2025 and financial statements as of March 31, 2026; 2026-2036 projections. Prepared by: EQUBO 
 
 16.5. Valuation as a going concern  E3  115  16.5.2. Revenue projections, income statement accounts, statement of financial position, working capital, and financial ratios  16.5.2.3. Projection of the statement of financial position for CPAC (5/7)  PPE by Category — Consolidated (Thousands of S/)  Category / Item  2021  2022  2023  2024  2025  2026  2027  2028  2029  2030  2031  2032  2033  2034  2035  2036  Total — all categories  148,729  116,464  116,235  120,114  131,764  136,463  141,336  121,509  124,415  708,553  141,417  Starting balance  2,014,508  1,974,931  2,007,838  2,099,351  2,031,139  2,005,714  2,008,340  1,974,128  1,935,541  1,896,786  1,868,047  1,841,255  1,814,586  1,767,305  1,779,111  2,402,833  Acquisitions (total capex)  88,180  174,532  274,220  73,321  115,154  142,301  109,766  109,583  113,264  124,258  128,718  133,343  113,647  116,397  699,767  132,351  Reductions and transfers, net  (1,857)  (13,633)  (51,058)  (3,161)  (2,967)  -  -  -  -  -  -  -  -  -  -  -  Total year depreciation (amortization)  (125,900)  (127,992)  (131,649)  (138,372)  (137,612)  (139,675)  (143,979)  (148,170)  (152,019)  (152,997)  (155,511)  (160,012)  (160,928)  (104,590)  (76,045)  (86,139)  FINAL BALANCE — TOTAL  1,974,931  2,007,838  2,099,351  2,031,139  2,005,714  2,008,340  1,974,128  1,935,541  1,896,786  1,868,047  1,841,255  1,814,586  1,767,305  1,779,111  2,402,833  2,449,044  Extraordinary Capex  -  -  -  -  17,875  37,290  -  -  -  -  -  -  -  -  572,019  -  Extraordinary Capex Vehicles  17,875  Extraordinary Capex Machinery  -  -  -  -  -  -  -  -  572,019  -  Extraordinary Capex Warehouse  Work in Progress  37,290  Normal Capex  84,881  161,318  207,576  70,833  93,755  101,487  106,134  105,955  109,552  120,295  124,653  129,172  109,510  112,186  123,236  127,717  Land  4,254  868  3,449  1,827  4,528  4,901  5,126  5,117  5,291  5,810  6,020  6,239  6,170  6,320  6,943  7,195  Buildings and other constructions  98%  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  Machinery, equipment, and related spare parts  16,160  13,085  25,891  20,710  29,266  31,680  33,130  33,074  34,197  37,551  38,911  40,322  33,895  34,723  38,144  39,530  Furniture and fixtures  191  318  432  872  167  181  189  189  195  214  222  230  193  198  218  226  Transportation units  7,523  658  160  2,472  2,472  2,676  2,798  2,794  2,889  3,172  3,287  3,406  2,863  2,933  3,222  3,339  Computer equipment and tools  3,731  2,849  3,209  4,164  5,050  5,466  5,717  5,707  5,901  6,480  6,714  6,958  5,849  5,992  6,582  6,821  Ongoing works and units to be received  53,120  143,540  174,435  40,788  52,272  56,583  59,174  59,074  61,080  67,069  69,499  72,018  60,540  62,020  68,128  70,605  Normal Capex / Sales  4.38%  7.62%  10.64%  3.58%  4.43%  4.43%  4.43%  4.43%  4.43%  4.43%  4.43%  4.43%  3.80%  3.80%  3.80%  3.80%  Other Capex  3,299  13,214  66,644  2,488  3,524  3,524  3,632  3,628  3,712  3,963  4,065  4,171  4,137  4,210  4,512  4,634  Mining concessions  21  -  36,184  -  157  -  -  -  -  -  -  -  -  -  -  -  Mine development costs  3,435  7,311  19,870  1,023  1,280  1,152  1,152  1,152  1,152  1,152  1,152  1,152  1,152  1,152  1,152  1,152  Quarry closure  (260)  2,745  4,458  1,465  2,087  2,372  2,481  2,476  2,561  2,812  2,913  3,019  2,986  3,059  3,360  3,482 
 
 16.5. Valuation as a going concern  E3  115  16.5.2. Revenue projections, income statement accounts, statement of financial position, working capital, and financial ratios  costs  Capitalization of interest  103  3,158  6,132  -  -  -  -  -  -  -  -  -  -  -  -  -  Source: CPAC audited financial statements 2021-2025 and financial statements as of March 31, 2026; 2026-2036 projections. Prepared by: EQUBO 
 
 16.5. Valuation as a going concern  E3  115  16.5.2. Revenue projections, income statement accounts, statement of financial position, working capital, and financial ratios  16.5.2.3. Projection of the statement of financial position for CPAC (6/7)  Intangibles by Category — Consolidated (Thousands of S/)  Category / Item  2021  2022  2023  2024  2025  2026  2027  2028  2029  2030  2031  2032  2033  2034  2035  2036  Total — all categories  Starting balance  49,640  50,494  56,861  62,920  63,596  62,800  54,720  45,810  36,533  28,642  30,974  32,769  34,516  35,844  37,049  38,732  Acquisitions (total intangibles)  8,891  14,981  16,190  16,769  15,847  6,428  6,698  6,652  6,850  7,505  7,745  7,993  7,862  8,018  8,785  9,066  Reductions and transfers, net  64  248  (425)  (679)  (93)  -  -  -  -  -  -  -  -  -  -  -  Total amortization for the year  (8,101)  (8,862)  (9,706)  (15,414)  (16,550)  (14,508)  (15,609)  (15,928)  (14,741)  (5,173)  (5,950)  (6,246)  (6,534)  (6,813)  (7,102)  (4,993)  FINAL BALANCE — TOTAL  50,494  56,861  62,920  63,596  62,800  54,720  45,810  36,533  28,642  30,974  32,769  34,516  35,844  37,049  38,732  42,805  Source: CPAC audited financial statements 2021-2025 and financial statements as of March 31, 2026; 2026-2036 projections. Prepared by: EQUBO 
 
 16.5. Valuation as a going concern  E3  115  16.5.2. Revenue projections, income statement accounts, statement of financial position, working capital, and financial ratios  16.5.2.3. Projection of the statement of financial position for CPAC (7/7)  Commercial and Miscellaneous Accounts Payable (Thousands of S/)  Item  2021  2022  2023  2024  2025  2026  2027  2028  2029  2030  2031  2032  2033  2034  2035  2036  Commercial accounts payable  111,336  159,096  107,327  96,549  94,657  104,664  110,337  111,687  116,897  128,588  134,055  139,784  140,147  144,759  160,098  167,049  Taxes and benefits (*)  8,638  11,347  17,225  18,747  54,393  21,717  22,712  22,673  23,443  25,742  26,674  27,641  27,336  28,004  30,763  31,881  Remuneration payable  20,835  19,735  27,792  36,405  28,757  29,394  30,233  30,898  31,578  32,210  32,854  33,511  34,181  34,865  35,815  36,790  Interest payable  29,871  26,611  29,828  28,280  26,954  26,196  25,437  24,679  16,550  14,782  13,013  11,245  9,477  8,593  8,593  8,593  Accounts payable for the purchase of PPE (note 9e)  7,615  14,560  9,379  17,122  26,754  10,109  10,109  10,109  10,109  10,109  10,109  10,109  10,109  10,109  10,109  10,109  Advances received from customers  14,668  14,702  7,383  10,380  12,118  13,153  13,774  13,747  14,228  15,666  16,249  16,852  16,659  17,075  18,802  19,500  Dividends payable (note 15g)  9,550  9,764  10,322  11,097  11,823  12,288  12,753  13,218  13,684  14,149  14,614  15,079  15,544  16,009  16,474  16,940  Contract liability (2023 only)  8,343  Financial cost of hedging instruments payable  6,213  5,978  Compensation to the board of directors  5,615  5,191  4,700  5,243  4,790  4,814  4,838  4,862  4,887  4,911  4,936  4,960  4,985  5,010  5,035  5,060  Escrows  4,645  4,127  3,488  3,242  3,741  3,760  3,779  3,797  3,816  3,835  3,855  3,874  3,893  3,913  3,932  3,952  Account payable to principal and affiliates  143  2,686  516  23  -  -  -  -  -  -  -  -  -  -  -  -  Other accounts payable  8,425  10,757  5,208  14,963  19,920  27,340  27,404  27,468  27,533  27,598  27,663  27,729  27,795  27,861  27,928  27,995  Total accounts payable  227,554  284,554  231,511  242,051  283,907  253,435  261,375  263,140  262,723  277,590  284,022  290,786  290,127  296,198  317,550  327,869  Source: CPAC audited financial statements 2021-2025 and financial statements as of March 31, 2026; 2026-2036 projections. Prepared by: EQUBO 
 
 16.5. Valuation as a going concern  E3  115  16.5.2. Revenue projections, income statement accounts, statement of financial position, working capital, and financial ratios  16.5.2.4. CPAC Working Capital Projection  (Thousands of S/)  Accounts  2023  2024  2025  2026  2027  2028  2029  2030  2031  2032  2033  2034  2035  2036  Current assets  Trade and other accounts receivable  99,688  131,168  146,674  142,612  147,835  147,738  151,806  163,753  168,660  173,745  172,276  175,822  190,139  196,002  Inventories  791,074  773,997  707,143  683,749  720,713  729,516  763,467  839,641  875,265  912,599  914,973  945,023  1,044,962  1,090,254  Prepaid expenses  6,809  6,872  17,503  18,947  19,814  19,781  20,452  22,458  23,271  24,115  23,849  24,432  26,838  27,814  Total current operating assets  897,571  912,037  871,320  845,308  888,362  897,035  935,725  1,025,852  1,067,197  1,110,460  1,111,098  1,145,277  1,261,939  1,314,070  Current liabilities  Commercial and Miscellaneous Accounts Payable  231,511  242,051  283,907  253,435  261,375  263,140  262,723  277,590  284,022  290,786  290,127  296,198  317,550  327,869  Total operating current liabilities  231,511  242,051  283,907  253,435  261,375  263,140  262,723  277,590  284,022  290,786  290,127  296,198  317,550  327,869  Operating working capital  666,060  669,986  587,413  591,873  626,987  633,895  673,001  748,262  783,175  819,674  820,971  849,079  944,390  986,201  (*) Operating working capital is defined as: trade accounts receivable, inventories, and prepaid expenses, less trade accounts payable. Excludes cash and financial debt.  Source: CPAC audited financial statements 2021-2025 and financial statements as of March 31, 2026; 2026-2036 projections. Prepared by: EQUBO 
 
 16.5. Valuation as a going concern  E3  115  16.5.2. Revenue projections, income statement accounts, statement of financial position, working capital, and financial ratios  16.5.2.5. Projection of CPAC property, plant and equipment  (Thousands of S/)  Item  2025  2026  2027  2028  2029  2030  2031  2032  2033  2034  2035  2036  Starting balance  2,031,139  2,005,714  2,008,340  1,974,128  1,935,541  1,896,786  1,868,047  1,841,255  1,814,586  1,767,305  1,779,111  2,402,833  (+) Normal CapEx and others (concessions, mine, quarry closure)  97,279  105,011  109,766  109,583  113,264  124,258  128,718  133,343  113,647  116,397  127,748  132,351  (+) Extraordinary CapEx (Expansion)  17,875  37,290  -  -  -  -  -  -  -  -  572,019  -  (-) Reductions and transfers, net  (2,967)  -  -  -  -  -  -  -  -  -  -  -  (-) Depreciation of the fiscal year  (137,612)  (139,675)  (143,979)  (148,170)  (152,019)  (152,997)  (155,511)  (160,012)  (160,928)  (104,590)  (76,045)  (86,139)  Ending balance  2,005,714  2,008,340  1,974,128  1,935,541  1,896,786  1,868,047  1,841,255  1,814,586  1,767,305  1,779,111  2,402,833  2,449,044  Normal CapEx and others / Net Sales  4.6%  4.6%  4.6%  4.6%  4.6%  4.6%  4.6%  4.6%  3.9%  3.9%  3.9%  3.9%  Total CapEx / Net Sales  5.4%  6.2%  4.6%  4.6%  4.6%  4.6%  4.6%  4.6%  3.9%  3.9%  21.6%  3.9%  Note: Extraordinary CapEx (expansion) corresponds to:  2025: S/ 17,875 thousand in vehicles. 2026: S/ 37,290 thousand in ongoing works. 2035: S/ 572,019 thousand in machinery.  For the rest of the years, the extraordinary CapEx is zero.  Source: CPAC audited financial statements 2021-2025 and financial statements as of March 31, 2026; 2026-2036 projections. Prepared by: EQUBO 
 
 16.5. Valuation as a going concern  E3  115  16.5.2. Revenue projections, income statement accounts, statement of financial position, working capital, and financial ratios  16.5.2.6. Projection of right-of-use asset and lease liability for CPAC  (Thousands of S/)  Item  2025  2026  2027  2028  2029  2030  2031  2032  2033  2034  2035  2036  Right-of-use asset, net (balance)  16,988  19,154  20,991  22,248  23,380  24,946  26,348  27,646  28,440  29,217  30,695  32,098  Leasing liabilities, current  4,879  6,452  6,877  7,271  7,732  8,469  9,333  10,339  11,335  12,446  13,949  15,671  Leasing liability, non-current  11,350  10,658  11,361  12,011  12,773  13,991  15,418  17,079  18,725  20,560  23,043  25,888  Total leasing liability  16,229  17,110  18,238  19,282  20,505  22,461  24,751  27,418  30,060  33,005  36,992  41,559  Source: CPAC audited financial statements 2021-2025 and financial statements as of March 31, 2026 (Note 10b); 2026-2036 projections. Prepared by: EQUBO 
 
 16.5. Valuation as a going concern  E3  115  16.5.2. Revenue projections, income statement accounts, statement of financial position, working capital, and financial ratios  16.5.2.7. Estimation of CPAC’s terminal value (1/2): assumptions and normalized NOPAT for the terminal year  The terminal value (TV) is estimated using the value driver formula: TV = NOPAT 2037 × (1 – g / RONIC) / (WACC – g), where NOPAT is the operating profit after taxes, g the growth in perpetuity, RONIC (return on new invested capital) the return on new investment and WACC is the weighted average cost of capital. The NOPAT is based on a normalized 2036 figure, rather than the 2034-2036 average, which conflates years both before and after the 2035 expansion. Reinvestment is not averaged: it is derived from g and the RONIC, so growing in perpetuity requires investing.  Item  Value  Substantiation  1. Assumptions  WACC  9.82%  Cash flow discount rate (WACC calculation)  g (perpetual growth post-2036)  3.20%  Long-term private investment growth  RONIC (return on new investment)  17.88%  Average 2034-2036 of projected ROIC: NOPAT valuation / average invested capital  Memo: Average Accounting ROIC 2034-2036  17.20%  Accounting NOPAT / average invested capital; reference supporting RONIC  2. Normalized NOPAT for the terminal year (2036), Thousands of S/  Adjusted EBIT 2036 (excluding employee profit sharing)  904,222  Projected EBIT 2036  Model D&A 2036  91,132  Depressed in 2034-2036 (S/ 83-111 million) by fully depreciated assets  Normalized D&A (= 2036 maintenance CAPEX)  141,417  At steady state D&A converges to replenishment CAPEX  (−) D&A normalization adjustment  (50,285)  Lower EBIT due to higher normalized D&A  Normalized EBIT 2036  853,937  Adjusted EBIT 2036 + D&A normalization adjustment  Effective income tax rate + worker profit sharing  36.06%  Projected effective rate 2036  Normalized NOPAT before the contract-closing bonus  546,024  Normalized EBIT × (1 − effective rate)  (−) Contract-closing bonus, net  (16,396)  It is paid every three years; it is normalized to the average for the 2034–2036 cycle.  Normalized NOPAT 2036  529,628  Base for the first-year cash flow in perpetuity (2037)  Note: Without normalizing the D&A for 2034-2036, which is suppressed due to fully depreciated assets, EBIT would remain inflated in perpetuity. The contract-closing bonus is paid net of taxes. Figures in thousands of S/ unless otherwise indicated. Source: CPAC projections 2026-2036  Prepared by: EQUBO 
 
 16.5. Valuation as a going concern  E3  115  16.5.2. Revenue projections, income statement accounts, statement of financial position, working capital, and financial ratios  16.5.2.7. CPAC terminal value estimate (2/2): 2037 flow and terminal value  To grow to g with a return equal to the RONIC, CPAC must reinvest g / RONIC = 17.90% of its NOPAT. The resulting 2037 FCF is capitalized at (WACC − g), yielding a TV of S/ 6,781,997 thousand at the end of 2036, equivalent to 6.8x the normalized 2036 EBITDA, which, when discounted, contributes S/ 2,597,139 thousand to the company’s value.  Item  Value  Substantiation  3. First-year flow in perpetuity (2037), thousands of S/  NOPAT 2037 = Normalized NOPAT 2036 × (1 + g)  546,576  529,628 × (1 + 3.20%)  Reinvestment rate = g / RONIC  17.90%  Part of the NOPAT that must be reinvested to grow to g with a return equal to the RONIC  (−) Total net reinvestment  (97,812)  NOPAT 2037 × reinvestment rate  of which: Δ working capital  (31,558)  Net operating working capital as of 2036 growing to g  of which: Growth CAPEX  (66,254)  Remainder of reinvestment: recurring capacity expansions  (+) Normalized D&A 2037  145,942  Normalized D&A 2036 × (1 + g)  (−) Maintenance CAPEX 2037  (145,942)  Asset base replenishment (= Normalized D&A)  FCF 2037  448,764  = NOPAT 2037 × (1 − g / RONIC)  4. Terminal value at the end of 2036, Thousands of S/  TV = FCF 2037 / (WACC − g)  6,781,997  448,764 ÷ (9.82% − 3.20%); method used in model  TV discount factor  0.3829  Mid-2036 discount, consistent with projected flows  Discounted TV  2,597,139  Contribution of terminal value to the value of the company  Memo: TV with previous method (average FCF 2034-2036)  6,722,359  Difference of S/ 59,638 thousand in favor of the value driver (+S/ 0.05 per common share)  5. Consistency Checks  TV implicit multiple / NOPAT 2037  12.4x  TV implicit multiple / Normalized EBITDA 2036  6.8x  Growth CAPEX / Normalized D&A  46.9%  Additional investment over replenishment that requires perpetual growth  RONIC Spread − WACC  8.06%  Positive: growth creates value. If RONIC = WACC, TV = NOPAT 2037 / WACC  Note: the WACC-g sensitivity analysis applies the same method. A lower RONIC (convergence to WACC) reduces the TV. Figures in thousands of S/ unless otherwise indicated. Source: CPAC projections 2026-2036  Prepared by: EQUBO 
 
 16.5. Valuation as a going concern  E3  115  16.5.2. Revenue projections, income statement accounts, statement of financial position, working capital, and financial ratios 
 
 16.5. Valuation as a going concern  16.5.2. Revenue projections, income statement accounts, statement of financial position, working capital, and financial ratios  16.5.2.8. CPAC liquidity and solvency ratios  Real Projected  Indicator  2024  2025  2026  2028  2030  2033  2036  Current ratio (times)  1.30  1.09  1.03  0.92  1.15  1.68  1.86  Acid test (times)  0.29  0.28  0.30  0.33  0.42  0.87  0.94  Cash ratio (times)  0.09  0.06  0.11  0.18  0.24  0.68  0.72  Working capital (Thousands of S/)  226,941  77,143  26,437  (104,678)  177,153  769,681  1,015,003  Total liabilities / Equity (times)  1.61  1.60  1.39  1.08  0.76  0.49  0.37  Total liability / assets (times)  0.62  0.62  0.58  0.52  0.43  0.33  0.27  Equity / Assets (times)  0.38  0.38  0.42  0.48  0.57  0.67  0.73  Financial Debt / EBITDA (times)  2.72  2.79  2.01  1.82  1.19  0.94  0.78  Net financial debt / EBITDA (times)  2.59  2.68  1.85  1.47  0.83  (0.04)  (0.15)  Interest coverage (times)  3.90  3.73  5.46  5.67  9.12  11.14  15.40  Interest coverage with EBITDA (times)  5.48  5.45  7.19  7.70  11.57  14.31  17.30  Notes: (1) Total liabilities / Equity = total liabilities ÷ equity; Total liabilities / Assets = total liabilities ÷ total assets; financial debt = current and non-current financial obligations (excluding leases). All ratios use year-end balances.  The negative working capital in 2028 (S/ -104,678 thousand) is due to the reclassification of maturing debt (current financial obligations of S/ 900,956 thousand) to current liabilities, rather than to any operational constraints. A negative net financial debt/EBITDA ratio (in 2033 and 2036) indicates a net cash position, given that the same dividend amount is assumed; this does not affect the valuation based on discounted cash flow (DCF).  2025 includes the non-recurring charge for the acquisition of Holcim (S/ 77.6 million). Based on the 2025 adjusted EBITDA (S/ 584,207 thousand), the financial debt/EBITDA ratio would be 2.42, and the net financial debt/EBITDA ratio would be 2.33.  Source: CPAC audited financial statements 2021-2025 and financial statements as of March 31, 2026; 2026-2036 projections. Prepared by: EQUBO  E3  115 
 
 16.5. Valuation as a going concern  16.5.2. Revenue projections, income statement accounts, statement of financial position, working capital, and financial ratios  16.5.2.9. CPAC profitability ratios  Real  Projected  Indicator  2024  2025  2026  2028  2030  2033  2036  Gross margin (%)  36.8%  38.1%  39.1%  37.3%  38.5%  37.2%  38.6%  Gross margin without depreciation (%)  43.6%  44.6%  45.0%  43.4%  43.8%  42.5%  41.6%  Operating margin / EBIT (%)  19.8%  16.4%  22.0%  19.9%  22.6%  21.2%  23.5%  EBITDA margin (%)  27.8%  23.9%  28.9%  27.1%  28.7%  27.4%  27.0%  Adjusted EBITDA margin (%) (*)  27.8%  27.6%  28.9%  27.1%  28.7%  27.4%  27.0%  Net margin (%)  10.1%  7.3%  12.5%  11.4%  14.1%  13.6%  15.2%  ROE (%)  16.4%  12.9%  22.0%  17.8%  20.3%  15.4%  14.8%  ROA (%)  6.3%  5.0%  9.2%  8.6%  11.5%  10.3%  10.8%  Effective income tax rate (%)  32.9%  42.5%  30.5%  30.6%  30.3%  30.3%  31.0%  E3  115  (*) 2025 includes the non-recurring charge for the acquisition of Holcim (S/ 77.6 million, Note 21). The adjusted EBITDA margin excludes: Adjusted EBITDA 2025 of S/ 584,207 thousand (27.6% of sales, compared to 23.9% reported). In the other years there are no non-recurring charges and both margins match.  Source: CPAC audited financial statements 2021-2025 and financial statements as of March 31, 2026; 2026-2036 projections. Prepared by: EQUBO 
 
 16.5. Valuation as a going concern  16.5.2. Revenue projections, income statement accounts, statement of financial position, working capital, and financial ratios  16.5.2.10. CPAC efficiency and activity ratios  Real  Projected  Indicator  2024  2025  2026  2028  2030  2033  2036  Inventory turnover (times)  1.61  1.85  2.04  2.05  1.99  1.98  1.88  Inventory days (DIO)  226.09  197.03 178.84  177.67  183.79  184.79  194.67  Accounts receivable turnover (times)  15.08  14.43 16.07  16.19  16.59  16.74  17.16  Collection days (DSO)  24.20  25.29 22.72  22.54  22.01  21.80  21.27  Accounts payable turnover (times)  5.16  4.61  5.51  5.70  6.01  6.23  6.23  Payment days (DPO)  70.70  79.10 66.29  64.09  60.76  58.60  58.54  Cash conversion cycle (days)  179.59  143.21  135.27  136.13  145.04  148.00  157.39  Total asset turnover (times)  0.62  0.68  0.74  0.75  0.82  0.76  0.70  E3  115  Note: Days inventory outstanding (DIO) in this table are calculated based on the total cost of sales. The inventory projection assumption (229 days, Annex 16.5.2.3 (4/7)) is calculated based on the cost of sales, excluding depreciation and personnel expenses; therefore, the two figures are not directly comparable.  Source: CPAC audited financial statements 2021-2025 and financial statements as of March 31, 2026; 2026-2036 projections. Prepared by: EQUBO 
 
 16.5. Valuation as a going concern  E3  115  IFRS Standard 16  IFRS 16 - Accounting recognition principles  Until the entry into force of IFRS 16, companies distinguished between finance leases (recorded on the balance sheet) and operating leases (treated as current expenses). IFRS 16 standardizes this treatment: any lease agreement with a term exceeding one year must be reflected in the Statement of Financial Position, regardless of its nature.  At the inception of the contract, CPAC must calculate the present value of the committed future payments (discounted at the rate implicit in the contract or, failing that, at the incremental borrowing rate). This calculation results in two simultaneous items:  Item  Nature  Description  Right-of-use asset  Non-current asset  This represents the right to use the asset during the term of the contract  Lease obligation  Financial liability  Reflects the commitment to make future payments to the lessor  Once the initial items have been recognized, their subsequent development affects the financial statements in the following way:  In the income statement:  The right-of-use asset is depreciated on a straight-line basis over the term of the contract, giving rise to a charge for “depreciation of right-of-use assets.”  The liability is amortized at amortized cost, and the difference between the nominal payments and the present value constitutes a financial expense for accrued interest.  In the statement of cash flows:  Installment payments directly reduce the cash balance, impacting CPAC’s liquidity position.  Status  Effect  [Statement of] Financial Situation (SFS)  Increase in assets and liabilities by the present value of leases  Income [Statement] (IS)  Depreciation charge + financial expense for interest  Cash Flow [Statement] (CFS)  Cash outflow for lease payment installments 
 
 16.5. Valuation as a going concern  E3  115  IFRS Standard 16  IFRS 16 adjustments to EBIT and EBITDA  To isolate the effect of IFRS 16 on free cash flow, EBIT is adjusted by subtracting the lease payments made and adding back the estimated depreciation of the right-of-use asset (Note 10b).  (Thousands of S/)  Item  2026  (Apr-Dec)  2027  2028  2029  2030  2031  2032  2033  2034  2035  2036  EBIT excluding profit-sharing and closing bonus (with IFRS 16)  402,316  592,607  561,994  573,487  681,570  706,277  730,070  686,580  753,022  885,212  904,728  (-) Adjustment: lease payment (IFRS 16)  (6,105)  (8,319)  (8,502)  (8,689)  (8,863)  (9,040)  (9,221)  (9,405)  (9,594)  (9,785)  (9,981)  (+) Adjustment: right-of-use depreciation (IFRS 16)  3,933  5,913  6,480  6,868  7,217  7,701  8,133  8,534  8,779  9,019  9,475  Adjusted EBIT (excluding profit-sharing, bonus and IFRS 16)  400,144  590,201  559,972  571,665  679,924  704,938  728,982  685,709  752,208  884,446  904,222  Effective income tax rate + profit-sharing  36.1%  36.1%  36.1%  36.1%  36.1%  36.1%  36.1%  36.1%  36.1%  36.1%  36.1%  NOPAT  255,860  377,386  358,057  365,534  434,757  450,751  466,125  438,455  480,976  565,532  578,177  Depreciation and amortization (N09+N10, excluding ADU)  115,940  159,587  164,098  166,760  158,170  161,461  166,258  167,463  111,403  83,147  91,132  Source: CPAC audited financial statements 2021-2025 and financial statements as of March 31, 2026 (Notes 9, 10 and 10b); 2026-2036 projections. Prepared by: EQUBO 
 
 16.5. Valuation as a going concern  E3  115  CPAC internal indicators and projections (Financial statements for public tender offer)  Contract settlement bonuses – collective bargaining agreements 2025-2027  Collective bargaining agreement 2025-  2027  Signatories  Validity period  Increased remuneration  Contract settlement  bonuses  Year 2025  Year 2026  Year 2027  Cementos Pacasmayo Collective Bargaining Agreement  Unified Workers' Union of Cementos Pacasmayo S.A.A. and Cementos Pacasmayo S.A.A.  January 1, 2025 to  December 31, 2027  For each year: overall increase of S/ 9.00 daily (workers) and S/ 270.00 over monthly base salary (employees)  7.5 total monthly compensation  5.0 monthly compensation, scheduled for the second half of May 2025  1.5 total monthly  compensation: 1 compensation in the first half of February and 0.5 in the first half of September  1.0 total monthly compensation: 0.5 in the first half of February and 0.5 in the first half of September  Dino Union Chiclayo  Labor Union of Workers of the Lambayeque Region at Distribuidora Norte Pacasmayo SRL (SITRELDINO) and  Distribuidora Norte Pacasmayo SRL  January 1, 2025 to  December 31, 2027  Monthly increases of S/118.00 (2025), S/ 119.00 (2026) and S/  120.00 (2027)  7 monthly base compensations in total  4.5 base compensations, scheduled for the second half of June 2025  1.5 base compensations in total: 1 compensation in the first half of February and 0.5 in the first half of September  1 base compensation, payable in the first half of February 2027  Dino Piura Union  Labor Union of Workers of the Empresa Distribuidora Norte Pacasmayo SRL (SINDITRADINO) and  Distribuidora Norte Pacasmayo SRL  January 1, 2025 to  December 31, 2027  Monthly increases of S/ 118.00 (2025), S/ 119.00 (2026) and S/  120.00 (2027)  7 monthly base compensations in total  4.5 base compensations, scheduled for the second half of June 2025  1.5 base compensations in total: 1 compensation in the first half of February and 0.5 in the first half of September  1 base compensation, payable in the first half of February 2027  Dino Trujillo Union  Labor Union of Workers of Distribuidora Norte Pacasmayo SRL (SITRADINO) and  Distribuidora Norte Pacasmayo SRL  January 1, 2025 to  December 31, 2027  Monthly increases of S/ 118.00 (2025), S/ 119.00 (2026) and S/  120.00 (2027)  7 monthly base compensations in total  4.5 base compensations, scheduled for the second half of June 2025  1.5 base compensations in total: 1 compensation in the first half of February and 0.5 in the first half of September  1 base compensation, payable in the first half of February 2027  Source: Cementos Pacasmayo S.A.A. and Distribuidora Norte Pacasmayo SRL, collective bargaining agreements 2025-2027. Prepared by: EQUBO 
 
 16.5. Valuation as a going concern  E3  115  16.5.4. CPAC internal indicators and projections (Financial statements for public tender offer)  16.5.4.2. Installed capacity, production, and utilization by CPAC plant  Installed capacity, production, and utilization by plant – 2021 to Q1 2026 (thousand MT and %)  Plant  2021  2022  2023  2024  2025  Q1 2026  Cap.  Prod.  Util.  Cap.  Prod.  Util.  Cap.  Prod.  Util.  Cap.  Prod.  Util.  Cap.  Prod.  Util.  Cap.  Prod.  Util.  Cement  Pacasmayo  2,900  1,970  67.9%  2,900  1,768  61.0%  2,900  1,656  57.1%  2,900  1,668  57.5%  2,900  1,825  62.9%  725  479  66.0%  Piura  1,600  1,324  82.8%  1,600  1,361  85.1%  1,600  1,032  64.5%  1,600  843  52.7%  1,600  887  55.4%  400  220  55.1%  Rioja  440  338  76.8%  440  307  69.8%  440  259  58.9%  440  320  72.7%  440  340  77.3%  110  86  78.0%  Total cement  4,940  3,632  73.5%  4,940  3,436  69.6%  4,940  2,947  59.7%  4,940  2,831  57.3%  4,940  3,052  61.8%  1,235  785  63.5%  Clinker  Pacasmayo  1,500  879  58.6%  1,500  935  62.3%  1,756  1,098  62.5%  1,756  1,273  72.5%  1,756  1,189  67.7%  439  337  76.9%  Piura  1,000  893  89.3%  1,000  1,023  102.3%  990  799  80.7%  990  609  61.5%  990  616  62.2%  248  173  69.9%  Rioja  280  264  94.3%  280  240  85.7%  289  200  69.2%  289  242  83.4%  289  248  85.8%  72  65  90.1%  Total clinker  2,780  2,036  73.2%  2,780  2,198  79.1%  3,035  2,097  69.1%  3,035  2,124  70.0%  3,035  2,053  67.6%  759  576  75.9%  Note:  CPAC defines the utilization ratio as the production of the indicated period divided by the installed capacity of that same period.  CPAC currently estimates the clinker capacity considering 330 days of production.  The Rioja plant does not produce quicklime; one of the clinker kilns and the Waelz rotary kiln are equipped to produce quicklime.  Source: CPAC information as of 03/31/2026 (Q1 2026). Prepared by: EQUBO 
 
 16.5. Valuation as a going concern  E3  115  16.5.4. CPAC internal indicators and projections (Financial statements for public tender offer)  16.5.4.3. Volumes, prices and costs by business segment (reference information)  Item  2025  2026  2027  2028  2029  2030  2031  2032  2033  2034  2035  2036  Cement  Dispatch Volume (mt)  3,045,251  3,167,430  3,294,127  3,425,892  3,562,927  3,705,445  3,816,608  3,931,106  4,049,039  4,170,510  4,295,626  4,424,495  Volume to Third Parties (mt)  2,838,321  2,935,193  3,067,538  3,181,582  3,301,576  3,429,536  3,532,422  3,638,395  3,747,547  3,859,973  3,975,772  4,095,046  Price (S/ x mt)  614.8  615.9  617.0  619.7  622.3  624.5  627.5  630.5  633.6  636.7  639.8  642.9  Unit costs (S/ x mt)  307.6  308.6  322.1  323.5  325.5  332.2  344.2  342.1  347.5  358.8  367.6  363.0  Total segment (S/ x mt)  Price (S/ x mt)  614.8  615.9  617.0  619.7  622.3  624.5  627.5  630.5  633.6  636.7  639.8  642.9  Unit costs (S/ x mt)  324.5  326.9  339.1  341.3  343.8  350.8  362.6  360.3  365.3  376.7  375.4  380.6  Variable cost  216.3  223.3  228.8  229.7  234.5  240.8  243.6  246.3  249.1  252.0  254.9  257.9  Raw materials  70.5  70.2  68.6  66.2  65.9  66.7  67.8  69.0  70.1  71.3  72.5  73.8  Fuel  34.7  37.2  41.0  41.3  40.7  40.9  40.9  41.6  42.3  43.1  43.8  44.5  Electricity  33.7  28.9  26.6  26.4  26.9  27.5  28.0  28.5  29.0  29.4  29.9  30.5  Other materials  4.7  4.7  5.0  5.1  5.2  5.4  5.3  5.4  5.5  5.6  5.7  5.8  Packaging  17.5  16.6  18.4  19.0  19.6  20.3  20.6  20.7  21.3  21.7  22.1  22.5  Freight  55.2  65.7  69.2  71.8  76.2  80.9  80.9  80.9  80.9  80.9  80.9  80.9  Fixed cost  108.2  103.5  110.4  111.5  109.3  110.0  119.0  114.0  116.1  124.7  120.4  122.7  Remuneration  22.8  20.0  21.5  24.5  21.8  22.0  28.9  22.8  23.1  29.5  23.9  24.3  Maintenance  36.7  37.4  41.0  41.8  43.4  44.7  45.5  46.3  47.1  47.9  48.7  49.5  Insurance  2.8  2.8  3.0  2.9  3.0  2.6  2.9  3.0  3.0  3.1  3.1  3.2  Depreciation  28.2  26.4  28.2  27.3  27.7  27.0  27.5  27.9  28.4  28.9  29.4  29.9  Others  17.7  16.9  16.5  15.0  13.5  13.3  14.2  14.1  14.5  15.4  15.3  15.8  Note: Information provided by Cementos Pacasmayo for reference purposes; of this, only the unit freight cost for 2026-2030 is used in the valuation model projections. Costs and prices in S/ per ton. Source: CPAC Preparation: EQUBO 
 
 16.5. Valuation as a going concern  E3  115  16.5.4. CPAC internal indicators and projections (Financial statements for public tender offer)  16.5.4.4. Internal CPAC projections (PTO financial statements) - income statement, working capital variation and investments  Income statement item  2025  2026  2027  2028  2029  2030  2031  2032  2033  2034  2035  2036  Cement Volume (mt)  3,045,251  3,167,430  3,294,127  3,425,892  3,562,927  3,705,445  3,816,608  3,931,106  4,049,039  4,170,510  4,295,626  4,424,495  I. Income Statement (Thousand S/)  Sales  2,116,883  2,181,626  2,271,621  2,381,035  2,497,801  2,617,373  2,702,165  2,789,628  2,879,842  2,972,892  3,068,868  3,167,859  Cost of Sales  (1,310,017)  (1,294,188)  (1,373,229)  (1,453,966)  (1,524,882)  (1,617,774)  (1,703,841)  (1,742,492)  (1,808,846)  (1,903,023)  (1,950,152)  (2,025,366)  Gross Profit  806,866  887,438  898,392  927,069  972,919  999,598  998,325  1,047,135  1,070,996  1,069,869  1,118,716  1,142,493  Gross Margin (%)  38.1%  40.7%  39.5%  38.9%  39.0%  38.2%  36.9%  37.5%  37.2%  36.0%  36.5%  36.1%  Expenses  (382,140)  (395,628)  (405,801)  (436,973)  (439,552)  (452,682)  (485,526)  (484,925)  (501,897)  (536,463)  (537,644)  (556,462)  Operating Profit  424,726  491,810  492,591  490,096  533,367  546,916  512,799  562,211  569,099  533,406  581,072  586,031  Operating Margin (%)  20.1%  22.5%  21.7%  20.6%  21.4%  20.9%  19.0%  20.2%  19.8%  17.9%  18.9%  18.5%  Depreciation  159,481  148,065  152,609  152,609  152,609  152,609  155,109  157,609  160,109  162,609  171,882  190,427  EBITDA  584,207  639,875  645,200  642,705  685,976  699,525  667,908  719,820  729,208  696,015  752,954  776,458  EBITDA margin (%)  27.6%  29.3%  28.4%  27.0%  27.5%  26.7%  24.7%  25.8%  25.3%  23.4%  24.5%  24.5%  Financial expenses  (81,745)  (83,237)  (80,697)  (75,457)  (71,855)  (62,754)  (59,654)  (56,554)  (53,454)  (50,354)  (47,254)  (44,154)  Exchange rate variation, net  2,620  (439)  (232)  (232)  (232)  (232)  (232)  (232)  (232)  (232)  (232)  (232)  Profit Before Income Tax  345,600  408,134  411,662  414,407  461,280  483,930  452,913  505,425  515,413  482,820  533,586  541,645  Income Tax  (113,770)  (130,228)  (125,324)  (126,434)  (140,015)  (146,706)  (133,609)  (149,100)  (152,047)  (142,432)  (157,408)  (159,785)  Net Profit  231,830  277,906  286,338  287,973  321,265  337,225  319,304  356,325  363,366  340,388  376,178  381,860  Net margin (%)  11.0%  12.7%  12.6%  12.1%  12.9%  12.9%  11.8%  12.8%  12.6%  11.4%  12.3%  12.1%  Working Capital and Investment, Net  2025  2026  2027  2028  2029  2030  2031  2032  2033  2034  2035  2036  (Δ) Working Capital  (30,378)  (41,372)  (34,845)  (36,599)  (33,336)  (41,746)  (37,183)  (19,540)  (30,096)  (40,702)  (23,211)  (33,926)  Investment, net  (76,478)  (141,384)  (116,620)  (122,400)  (119,000)  (118,800)  (125,000)  (130,000)  (135,000)  (140,000)  (298,000)  (548,000)  Source: CPAC – Projections (PTO financial statement). Figures in thousands of S/, except volume (mt). Prepared by: EQUBO 
 
 16.5. Valuation as a going concern  E3  115  16.5.4. CPAC internal indicators and projections (Financial statements for public tender offer)  16.5.4.5. CPAC Internal Projections (PTO financial statement) - Assumptions and Comments by Period  Assumption  2026 2027-2030 2031-2036  Volume  Following a strong start to the year, a slowdown in An annual growth rate of 4% is projected, based on  growth was anticipated, attributed to it being an scenarios estimated by Apoyo Consultoría. It is a value We adopt a long-term growth rate based on historical election year. We had initial information regarding above the historical average (3%). data: 3% per year.  a potential El Niño event in late 2026.  Price  An annual price increase of 0.5% is assumed, in line with the growth seen over the past year. This rate is based on a much more complex competitive landscape, taking into account the accelerated growth of imports, the rise of smaller local competitors, and the entry of new competitors.  Costs of Sales  A CAGR of 5.7% is projected for the cost of sales. An increase in fuel prices is expected, with a particular impact on freight costs; the same applies to the prices of supplies.  The cost of sales CAGR decreases to 3.8%, partly due to the long-term stabilization of material prices.  Administrative expenses  A CAGR of 3.5% is assumed for administrative expenses, reflecting a decrease in the expenses-to-sales ratio from 18.1% in 2025 to 17.6% by 2036. Every 3 years, there is an increase resulting from the negotiation of a collective bargaining agreement with the unions, with the amounts for the Contract Closure Bonus shown for the years 2028, 2031, and 2034.  Depreciation and Investments  The investment of S/141m is explained by two extraordinary projects: a co-processing facility at the Piura plant (US$5m) to reduce CO2 emissions, and a distribution warehouse (US$6m).  For the period 2027-2034, a CAGR of 2.6% in Capex is assumed. The years 2035 and 2036 include an investment in a cement mill and a new clinker kiln, given that utilization rates reach 90% for cement and 100% for clinker, respectively.  Interest and Debt Amortization  A debt amortization of S/80m by 2030 is assumed, in line with the capital structure plan, followed by an amortization of S/62m from 2031 onwards, corresponding to the annual amortization of local bonds.  Working Capital  For the calculation of working capital, historical data, consisting of 206 days of inventory, 21 days of accounts receivable, and 70 days of accounts payable, are assumed.  Works for Taxes  This includes the current commitments under agreements signed for “Works for Taxes” projects. Each year includes the difference between the investment in project advances and valuations, and the application of CIPRLs (Certificado de Inversión Pública Regional y Local [Regional and Local Public Investment Certificate]), in accordance with each estimated schedule.  Source: CPAC, comments to projections (PTO financial statement). Prepared by: EQUBO 
 
 16.5. Valuation as a going concern  Discount Rate Estimate  Capital structure - Debt / (Debt + Equity)  Item  Value  Comment  1. Implied value of common shares  Price paid by Holcim (millions of S/)  1,850.4  Consideration for indirect participation via ASPI Investments  Common shares acquired indirectly  211,985,54  7  50.01% of 423,868,449 common shares  Implied value of 100% of common shares (millions of S/) - (A)  3,699.8  S/ 8.73 per common share  2. Implied value of investment shares  Estimated price per investment share (S/)  7.06  Common share price / (1 + 23.7% premium)  Outstanding investment shares  4,238,397  Excludes 36,040,497 in treasury shares  Implied value of investment shares (millions of S/) - (B)  29.9  Total implied equity – (millions of S/)  3,729.8  (A+B) = E  3. Financial Obligations as of 03/31/2026 (millions of S/)  Financial obligations (current and non-current)  1,426.4  Notes, Corporate Bonds and Club Deal Loan  Leasing liabilities  -  Excludes lease liabilities (IFRS 16)  Total debt – D (millions of S/)  1,426.4  D/(D+E)  Equity is valued based on the implied price of the Holcim acquisition, rather than its book value, to reflect a capital structure based on market value.  Source: CPAC’s interim consolidated financial statements as of March 31, 2026 (Note 13); Holcim’s response to Official Letter No. 3910-2026-SMV/11.1 (purchase price of S/ 1,850,370,000 for a 50.01% stake); premium for voting rights: Moore (Hong Kong), median Q2 2023-Q1 2026.  Prepared by: EQUBO  27.7%  Debt / (Debt + Equity)  D / (D + E) = 1,426.4/5,156.1  38.2%  Debt / Equity  72.3%  Equity / (D + E)  E3  115 
 
 16.5. Valuation as a going concern  16.5.5. Discount Rate Estimate  16.5.5.2. Risk-free rate (Rf)  A one-year average is used to smooth out daily volatility in the yield; during this period, the yield fluctuated between 3.97% and 4.58%.  Source: US Department of the Treasury — Daily Treasury Par Yield Curve Rates. Prepared by: EQUBO  4.23%  Rf utilized  Daily average of 365 days as of 03/30/2026  Apr-25  May-25  Jun-25  Jul-25  Aug-25  Sep-25  Oct-25  Nov-25  Dec-25  Jan-26  Feb-26  Mar-26  10-year U.S. Treasury yield — daily average (%)  E3  115 
 
 16.5. Valuation as a going concern  16.5.5. Discount Rate Estimate  16.5.5.3. De-leveraged beta (βu) and re-leveraged beta (βl)  Construction Supplies — Emerging Markets  Value  Number of Companies  580  Industry average leveraged beta  1.00  Industry Average D/E  32.6%  Marginal tax rate used  24.71%  Unleveraged beta (βu)  0.80  βu = sector βl / [1 + (1 − marginal t) × sector D/E]  βl CPAC = βu × [1 + (1 − t CPAC) × D/E CPAC]  The beta of the Construction Supplies emerging market sector is used, a group that reflects CPAC’s cement business in an emerging economy.  The sector’s beta is deleveraged at the marginal rate of 24.71% and re-leveraged with the capital structure (D/E of 38.2%) and the CPAC tax rate (36.1%), resulting in a  βl of 1.00.  Source: Damodaran, Betas by Sector — Emerging Markets (updated 01/05/2026). Prepared by: EQUBO  Sector (βl)  1.00  Leveraged, EM  βI CPAC  1.00  D/E 38.2%  t 36.1%  βu  0.80  D/E 32.6%  t 24.71%  E3  115 
 
 16.5. Valuation as a going concern  16.5.5. Discount Rate Estimate  16.5.5.4. Market Risk Premium (Rm)  Arithmetic Average  Geometric Average  Period  Shares – T-Bills  Shares – T-Bonds  Shares – T-Bills  Shares – T-Bonds  1928–2025  8.44%  7.03%  6.65%  5.48%  1976–2025  8.80%  6.56%  7.61%  5.79%  2016–2025  13.50%  14.52%  12.44%  13.79%  Rm corresponds to the historical premium of the S&P 500 (with dividends) on the 10-year U.S. Treasury bond, consistent with the use of the 10-year bond as a risk-free rate.  The geometric average, reflecting long-term composite performance, and the 50-year window (1976–2025), which excludes periods of lower market depth without concentrating on the recent cycle, are used.  Source: Damodaran, Historical Returns on Stocks, Bonds and Bills: 1928–2025 (histretSP, January 2026 issue). Prepared by: EQUBO  5.79%  Rm used  Geometrics, Shares - T-Bonds, 1976-2025  E3  115 
 
 16.5. Valuation as a going concern  16.5.5. Discount Rate Estimate  16.5.5.5. Country Risk Premium (Rp)  Peru — sovereign risk indicators  Value  Use  Moody's sovereign credit rating / S&P  Baa1 / BBB-  10-year sovereign CDS  1.26%  Excess CDS over Swiss CDS  1.12%  Sovereign default spread based on rating  1.36%  Rp used  Country Default Spread (rating)  2.07%  Reference  Country Default Spread (CDS)  1.71%  Reference  Peru Total ERP (rating)  6.30%  Reference  Peru Total ERP (CDS)  5.94%  Reference  The Rp corresponds to the default spread that Damodaran assigns to the Peruvian sovereign rating, in line with the EMBIG of March 2026 (135 basis points)  Source: Damodaran, Country Default Spreads and Risk Premiums (January 2026 update). Prepared by: EQUBO  1.36%  Country risk premium used  Default spread of Peru based on Baa1 rating  E3  115 
 
 16.5. Valuation as a going concern  16.5.5. Discount Rate Estimate  16.5.5.6. Currency Risk Premium (Rc)  The spread between bonds from the same issuer denominated in soles and in dollars isolates exchange-rate risk, allowing a cost of equity (Ke), derived using variables in dollars, to be expressed in soles.  Source: BCRP — series PD31893DD (10-year sovereign bond in soles) and PD31894DD (10-year global bond in US$). Prepared by: EQUBO  0.85%  Rc used  Default spread of (daily average at 365 days as of 03/30/2026)  6.14%  Bond in soles  5.29%  Bond in dollars  Peruvian 10-year government bond yield - daily average (%)  Apr-25  May-25  Jun-25  Jul-25 Aug-25 Sep-25  10-year sovereign bond in soles  Oct-25  Nov-25 Dec-25 Jan-26  10-year global bond in dollars  Feb-26  Mar-26  E3  115 
 
 16.5. Valuation as a going concern  16.5.5. Discount Rate Estimate  16.5.5.7. Cost of debt (Kd)  Corporate Bond  ISIN  Maturity  Coupon  YTM (SBS vector)  Balance at 03/31/2026 (Thousands of S/)  Weight  Contribution to Kd  CPACA2BC1A  PEP23950M017  02.01.2029  6.688%  5.011%  259,825  45.6%  2.29%  CPACA2BC2A  PEP23950M025  02.01.2034  6.844%  6.029%  309,616  54.4%  3.28%  Weighted Total  569,441  100.0%  5.56%  Kd reflects the market cost of CPAC’s debt: the yield to maturity (YTM) at which its corporate bonds, denominated in soles, are traded, based on the SBS price vector, weighted by the balance of each issuance.  Both bonds are trading above par (YTM is lower than the coupon rate), meaning the market cost is lower than the contractual cost of 6.8%.  Source: SBS, price vector as of 03/30/2026; CPAC interim consolidated financial statements as of 03/31/2026 (note 13). Prepared by: EQUBO  5.56%  Kd used (pre-tax)  Balance-weighted YTM  3.56%  Kd after tax  5.56% × (1- 36.1%)  AA+  Bond classification  SBS Price Vector  E3  115 
 
 16.6  Appendices:  Background of the Transaction  Financial Analysis of CPAC  Considerations for determination of the minimum price  Liquidation value  Valuation of securities based on the weighted average price  Valuation as a going concern  Valuation by multiples and comparable transactions  Value of remuneration  Price adjustment over time 
 
 16.6. Valuation using multiples and comparable transactions  E3  167  16.6.1. Estimation of multiples based on comparable transactions, 2022 – Q1 2026 (1/2)  Multiples from comparable transactions in emerging markets, 2022 – Q1 2026  Announcement Date  Target Name  Target Country  % of shares acquired  EV/EBITDA  EV/Revenue  01/12/2026  Misr Beni-Suef Cement Co SAE  Egypt  5.30  5.84x  2.13x  01/12/2026  Misr Beni-Suef Cement Co SAE  Egypt  9.40  5.84x  2.13x  01/07/2025  Guangdong Tapai Group Co Ltd  China (Mainland)  4.81  3.14x  1.29x  09/04/2025  Shree Digvijay Cement Co Ltd  India  9.04  8.23x  1.17x  08/26/2025  UNACEM Corp SAA  Peru  3.03  4.65x  1.11x  11/21/2024  Misr Beni-Suef Cement Co SAE  Egypt  10.00  6.92x  0.82x  11/03/2024  Misr Beni-Suef Cement Co SAE  Egypt  6.09  6.92x  0.82x  11/03/2024  Misr Beni-Suef Cement Co SAE  Egypt  5.97  6.92x  0.82x  21/10/2024  Misr Beni-Suef Cement Co SAE  Egypt  5.71  6.21x  0.74x  10/22/2024  Orient Cement Ltd  India  8.90  16.70x  2.55x  10/22/2024  Orient Cement Ltd  India  37.90  16.70x  2.55x  07/28/2024  The India Cements Ltd  India  4.30  33.74x  2.80x  07/28/2024  The India Cements Ltd  India  21.98  33.74x  2.80x  25/04/2024  Cemex Holdings Philippines Inc  Philippines  0.10  5.44x  1.17x  28/03/2024  Ambuja Cements Ltd  India  3.60  27.30x  5.27x  02/05/2024  Ssangyong C&E Co Ltd  South Korea  13.33  10.16x  2.54x  02/02/2024  Sichuan Hexie Shuangma Co Ltd  China (Mainland)  14.73  3.16x  2.85x  08/03/2023  Sanghi Industries Ltd  India  7.93  31.73x  2.95x  06/05/2023  Oman Cement Co SAOG  Oman  5.08  5.44x  1.20x  01/25/2023  Cemex Holdings Philippines Inc  Philippines  11.97  6.43x  1.14x  09/13/2022  Ambuja Cements Ltd  India  19.39  32.62x  6.07x  Simple median  6.92x  2.13x  Simple average  13.23x  2.14x  Median excluding split transactions and transactions below the threshold***  6.92x  2.13x  Mean excluding split transactions and transactions below the threshold***  13.39x  2.14x  * Filtered by: Macro Industry: Materials; Mid Industry: Construction Materials; Market Type: Emerging  ** Transactions marked in gray are excluded from the calculation of the median and the average, as they are assumed to be a single transaction executed in two tranches (parts), given that they share the same date, target, and multiples.  *** Transactions for which the percentage acquired (aggregated if there are multiple transactions involving the same target and date) is below the 5.00% minimum threshold are excluded. No. of observations: 13.  Source: London Stock Exchange Group (LSEG) Prepared by: EQUBO 
 
 16.6. Valuation using multiples and comparable transactions  E3  167  16.6.1. Estimation of multiples based on comparable transactions, 2022 – Q1 2026 (2/2)  Transactions with the same target and the same date: % of shares aggregated  Announcement Date  Target Name  Target Country  No. of transaction  % aggregated  01/12/2026  Misr Beni-Suef Cement Co SAE  Egypt  2  14.70  11/03/2024  Misr Beni-Suef Cement Co SAE  Egypt  2  12.06  10/22/2024  Orient Cement Ltd  India  2  46.80  07/28/2024  The India Cements Ltd  India  2  26.28  Note: % are expressed as a % of the target’s capital. Transactions with the same target and date are aggregated; none exceed 50%, so all correspond to minority interests. Source: London Stock Exchange Group (LSEG)  Prepared by: EQUBO 
 
 16.6. Valuation using multiples and comparable transactions  E3  167  16.6.2. Estimation of multiples based on the market valuations of comparable companies as of 03/31/2026  Valuation multiples for comparable companies in South and Central America as of 03/31/2026  Company Name  Country  Industrial Classification (US)  EV/EBITDA (LTM)  EV/Revenue (LTM)  Cemex, S.A.B. de C.V.  Mexico  Cement Manufacturing  6.90x  1.32x  UNACEM Corp SAA  Peru  Cement Manufacturing  4.89x  1.11x  Fabrica Peruana Eternit SA  Peru  Clay Building Material and Refractories Manufacturing  1.44x  0.20x  Fabrica Nacional de Cementos SACA  Venezuela  Cement Manufacturing  2.43x  0.55x  Cementos Argos SA  Colombia  Cement Manufacturing  7.01x  1.60x  Manufacturas de Cemento SA  Colombia  Concrete Block and Brick Manufacturing  1.56x  0.34x  Corporacion Moctezuma SAB de CV  Mexico  Cement Manufacturing  6.99x  3.19x  Holcim Argentina SA  Argentina  Cement Manufacturing  46.40x  1.98x  Cemento Polpaico SA  Chile  Cement Manufacturing  10.23x  0.99x  Caribbean Cement Company Ltd  Jamaica  Cement Manufacturing  7.26x  2.38x  Trinidad Cement Ltd  Trinidad and Tobago  Cement Manufacturing  2.04x  0.52x  Consorcio Cementero del Sur SA  Peru  Cement Manufacturing  4.21x  0.96x  Holcim Ecuador SA  Ecuador  Cement Manufacturing  10.66x  4.07x  Loma Negra Compania Industrial Argentina SA  Argentina  Cement Manufacturing  14.10x  2.99x  Median (filtered)  6.95x  1.21x  Average (filtered)  9.01x  1.59x  * Filtered by: Macro Industry: Materials; Mid Industry: Construction Materials; NAICS National Industry Name: Cement Manufacturing, Clay Building Material and Refractories Manufacturing, Concrete Block and Brick Manufacturing; NAICS Sector Name: Manufacturing; Region: Central and South America; Market Type: Emerging / ** CPAC excluded / *** Calculated based on figures for the 12 months ending March 31, 2026  Source: London Stock Exchange Group (LSEG)  Prepared by: EQUBO 
 
 16.6. Valuation using multiples and comparable transactions  Source: CPAC – material events Prepared by: EQUBO  16.6.3. Estimation of multiples based on the valuations of comparable companies, 2023 - 2025: source PwC  Docusign Envelope ID: ED8C544D-65B2-4124-BAEE-8946BEC61859  Multiples for comparable companies  Determination of multiples (EV/EBITDA 2025)  General 2025  General Fwd  General 2025  General Fwd  Latam 2025  Latam Fwd  Middle East / Asia 2025  Middle East / Asia Fwd  Median: 6.9x  Median: 6.9x  Median: 6.9x  Median: 6.2x  Median: 6.4x  Median: 6.0x  Median: 6.9x  Median: 8.0x  Average: 6.6x  Average: 6.6x  Average: 6.8x  Average: 6.7x  Average: 6.5x  Average: 5.8x  Average: 6.4x  Average: 7.1x  NTM EV/  Fwd EBITDA  Average Median  UNACEM is excluded from the comparable multiples due to its high level of geographic and business diversification, which distorts comparability with more focused companies, such as Cementos Pacasmayo, within the cement sector. Furthermore, Loma Negra is excluded due to the presence of temporary effects that inflate its multiples, primarily related to non-recurring, situational factors.  Source: CIQ. Prepared by: PwC.  PwC Valuation of Inversiones ASPI S.A.  March 2026  76  5.8x  4.7x  7.0x  8.8x  9.1x  6.9x  4.7x  4.4x  6.4x  5.5x  4.6x  6.9x  4.9x  6.6x  6.9x  4.7x  5.4x  6.4x  5.7x  7.6x  7.0x  7.8x  5.5x  6.2x  7.0x  6.1x  6.4x  12.9x  11.3x  7.4x  5.1x  6.8x  6.9x  4.2x  4.8x  5.1x  5.1x  4.4x  6.3x  6.3x  5.7x  13.8x  NTM EV/  Fwd EBITDA  6.8x  10.4x  5.7x  5.2x  5.3x  6.6x  6.0x  5.5x  6.0x  8.0x  3.1x  10.2x  7.4x  5.8x  8.3x  5.2x  5.7x  6.1x  5.2x  6.8x  6.5x  6.5x  10.5x  6.3x  4.7x  5.3x  8.6x  5.8x  8.8x  4.7x  5.5x  6.6x  4.7x  7.0x  6.2x  6.4x  11.3x  6.8x  4.8x  5.1x  6.3x  7.0x 6.8x  6.9x  10.4x  6.4x  5.7x  6.9x  5.2x  6.9x  5.3x  6.4x 6.6x  7.0x  6.0x  6.2x  5.5x  6.4x 6.0x  7.4x 8.0x  6.9x  5.1x  3.1x  5.3x  10.2x  13.8x  7.4x  E3  167 
 
 16.7  Appendices:  Background of the Transaction  Financial Analysis of CPAC  Considerations for determination of the minimum price  Liquidation value  Valuation of securities based on the weighted average price  Valuation as a going concern  Valuation by multiples and comparable transactions  Value of remuneration  Price adjustment over time 
 
 16.7. Value of the consideration  E3  172  16.7.1. Consideration reported by Holcim Ltd. and Material Event (08/24/2026) – Response to Official Letter No. 3910-2026-SMV/11.1 (1/4)  Pacasmayo [logo:]  Calle La Colonia No. 150,  Urb. El Vivero - Santiago de Surco Tel.: 317-6000  Lima, August 24, 2026 Attn.:  Securities Market Superintendency – SMV  Lima.-  Attention:  Mr. Alix Godos General Superintendent  General Superintendency for Conduct Oversight  Reference:  Official Letter No. 3910-2026-SMV/11.1  Dear Sirs,  We are writing to you in relation to Official Letter No. 3910-2026-SMV/11.1 (the “Official Letter”), notified to Cementos Pacasmayo S.A.A. (the “Company”) on August 17, 2026, whereby the General Superintendency for Conduct Oversight of the SMV requires the Company to:  Submit comments and/or explanations regarding the statements made in the document submitted by Mr. José Luis Cueto Jiras, a minority shareholder of the Company, and Mr. Xavier de Romaña Benson (the “Document”), indicating whether the statements are correct; or, failing that, specifying the corresponding amounts and items; and,  Specify the items and amounts that, as disclosed by the Company in the Material Event notice dated July 15, 2026, were treated as “adjustments” in determining the Final Purchase Price from the Purchase Price of S/ 1,850,370,000, clearly, precisely, and unequivocally indicating the amount corresponding to each item.  In this regard, it should be noted that the information requested in the official communication relates to aspects  concerning the acquisition by Holcim Ltd. of 99.99% of the shares of Inversiones ASPI S.A. (“ASPI”), a company that holds 50.01% of the share capital of the Company. (“Holcim”) (the “Transaction”). By its very nature, such information is under the exclusive control of the parties to the Transaction: Holcim, in its capacity as the acquirer of the shares of ASPI, and the former selling shareholders of ASPI, who participated directly in the negotiation of the terms and conditions of the Stock Purchase Agreement (“SPA”), including the purchase price adjustment mechanisms.  In this regard, and in accordance with the provisions of the Official Letter itself, the Company made the necessary arrangements to obtain the required information. Specifically, on August 19, 2026, the Company sent a communication to Holcim, in its capacity as new indirect controlling shareholder of the Company, requesting the necessary comments and information to address the SMV’s request.  On August 24, 2026, Holcim submitted its response to the Company, providing the requested comments and explanations regarding the points raised in the document, as well as clarifying the items and amounts corresponding to the adjustments applied to determine the Final Purchase Price under the Transaction.  Digitally signed by:  DIEGO RODA LYNCH  Date: 08/24/2026 11:05:45 p.m.  Source: Material Event of 08/24/2026 communicated by CPAC to the SMV 
 
 16.7. Value of the consideration  E3  172  16.7.1. Consideration reported by Holcim Ltd. and Material Event (08/24/2026) – Response to Official Letter No. 3910-2026-SMV/11.1 (1/4)  In response to the official communication, and within the timeframe granted for a reply, we hereby submit, as a material event, the response from Holcim, which is included as Annex 1 to this communication. Furthermore, in accordance with the express requirements set forth in the Official Communication, we submit, as Annex 2, a copy of the request for information that the Company addressed to Holcim, and, as Annex 3, a copy of the Official Communication and its own annex.  With nothing further, we remain at your disposal. Sincerely,  CEMENTOS PACASMAYO S.A.A.  Diego Roda Lynch  Stock Market Representative  Source: Material Event of 08/24/2026 communicated by CPAC to the SMV  2 
 
 16.7. Value of the consideration  16.7.1. Consideration reported by Holcim Ltd. and Material Event (08/24/2026) – Response to Official Letter No. 3910-2026-SMV/11.1 (2/4)  Lima, August 24, 2026  Attn.:  CEMENTOS PACASMAYO S.A.A.  Hand-delivered.-  Attention: Ms. Gabriela Dañino – Legal Director  Reference: Letter from Cementos Pacasmayo S.A.A. dated August 19, 2026 (the “CPAC Letter”)  To whom it may concern,  We are writing to you with reference to the CPAC letter mentioned above, in which you request information regarding a requirement notified to you by the Superintendency of the Securities Market (“SMV”) via Official Letter No. 3910-2026-SMV/11.1, concerning (i) the transfer of 99.99% of the shares of Inversiones ASPI S.A. (“ASPI”), the company that holds 50.01% of the share capital of Cementos Pacasmayo S.A.A. (“CPAC”), to Holcim Ltd. (“Holcim”) (the “Transaction”), and (ii) certain confirmations requested by certain minority shareholders of CPAC pursuant to the brief filed with SMV (the “Communication”).  Notwithstanding anything in this communication, we would like to reiterate Holcim’s commitment to conduct the public offer of acquisition of CPAC stock fairly, transparently and in accordance with applicable law.  We are attaching our comments as an Annex to this communication.  These answers are provided in English and Spanish. In the event of a discrepancy, the English version shall prevail. With nothing further, we remain at your disposal.  Sincerely,  HOLCIM LTD.  Represented by: Norberto German Ledea  HOLCIM LTD.  Represented by: Juan Carlos Vélez Gadea  Source: Material Event of 08/24/2026 communicated by CPAC to the SMV  E3  172 
 
 16.7. Value of the consideration  16.7.1. Consideration reported by Holcim Ltd. and Material Event (08/24/2026) – Response to Official Letter No. 3910-2026-SMV/11.1 (2/4)  ANNEX A  Submit your comments and/or explanations regarding the points raised in the document presented by the minority shareholders, indicating whether the statements are correct or, alternatively, specifying the corresponding amounts and line items:  Holcim response:  As was duly reported in our communication dated July 15, 2026, the Enterprise Value (“EV”) of CPAC, which amounted to USD 1.5 billion (approximately S/ 5.1 billion¹), served as the starting point for determining the share price, with this value calculated based on 100% of its common shares.  Certain adjustments were made to the EV, under which debt and debt-like items were deducted, and the cash and cash equivalent items were added, obtaining the Transaction Equity Value.  After applying the adjustments to the EV, an Equity Value of S/ 3.7 billion was obtained for 100% of CPAC’s shares, resulting in an amount of S/ 1,850,370,000, which reflects the 50.01% stake that ASPI holds in CPAC; this was, therefore, the agreed-upon consideration, as is correctly concluded in the Communication.  However, this consideration was subject to additional adjustments - as detailed in the following point - so that the final amount paid to the sellers amounted to a total of S/ 1,640,327,224.69, as reported in the Material Event of May 22, 2026.  Specify the items and amounts that, as indicated by Pacasmayo in the Material Event disclosure dated July 15, 2026, were considered “adjustments” for the purpose of determining the Final Purchase Price based on the Purchase Price of S/ 1,850,370,000, while clearly, precisely, and unequivocally stating the amount corresponding to each item.  Holcim response:  Through the Communication, the minority shareholders of CPAC requested confirmation that S/ 170 million relates to a debt that ASPI owed to Banco de Crédito del Perú, which was secured by CPAC common shares pledged as collateral, and that S/ 40 million corresponds to excess transaction costs.  In this regard, as indicated in our communication dated July 15, 2026, the transaction utilized a locked box pricing mechanism, in which the enterprise value was locked as of a specific past date (July 31, 2025) and subject to further reductions only under limited circumstances.  Therefore, the total amount of the deductions applied to the selling shareholders under the Transaction, in accordance with the mechanism described above, amounts to S/ 210,042,776. Accordingly:  ¹NOTE: Please note that the figure in soles is provided in this document for illustrative purposes only, and is not an amount expressly established in the SPA.  Source: Material Event of 08/24/2026 communicated by CPAC to the SMV  E3  172 
 
 16.7. Value of the consideration  E3  172  Consideration reported by Holcim Ltd. and Material Event (08/24/2026) – Response to Official Letter No. 3910-2026-SMV/11.1 (2/4)  While the statements in the Communication are very close to the reality of the Transaction, the precise amounts of the additional deductions made to the purchase price of the Transaction were as follows:  The Company Financial Indebtedness Payoff Amount corresponding to a loan from Banco de Crédito del Perú in favor of ASPI amounted to S/ 169,709,810; and,  The Excess Transaction Expenses totaled S/ 40,332,966.  Thus, once these figures were deducted from the Purchase Price of S/ 1,850,370,000 mentioned in the preceding point, the resulting Final Purchase Price amounted to S/ 1,640,327,224, the figure actually reported in CPAC’s Material Event disclosure dated May 22, 2026.  Therefore, we confirm the assertion made by the minority shareholders that the adjustments were unrelated to the total economic value attributed to CPAC, which amounts to S/ 1,850,370,000 for the 50.01% interest acquired indirectly by Holcim.  Source: Material Event of 08/24/2026 communicated by CPAC to the SMV 
 
 16.7. Value of the consideration  E3  172  16.7.1. Consideration reported by Holcim Ltd. and Material Event (08/24/2026) – Response to Official Letter No. 3910-2026-SMV/11.1 (3/4)  Pacasmayo [logo:]  Calle La Colonia No. 150,  Urb. El Vivero - Santiago de Surco Tel.: 317-6000  Lima, August 19, 2026 Attn.:  Holcim Ltd.  Hand-delivered.-  Attention:  Norberto Ledea Carlos Arata  Reference:  Request for information required by the Superintendency of the Securities Market via Official Letter No. 3910-2026-SMV/11.1  To whom it may concern,  We are writing to you regarding Official Letter No. 3910-2026-SMV/11.1 (the “Official Letter”), which was notified to Cementos Pacasmayo S.A.A. (the “Company”) by the Superintendency of the Securities Market (SMV) on August 17, 2026. A complete copy of said document and its annex is attached hereto as Annex 1.  Through this official communication, the General Superintendency for Conduct Supervision (IGSC) of the SMV requests that we:  Submit comments and/or explanations regarding the information provided in the document submitted by the minority shareholders of the Company, José Luis Cueto Jiras and Xavier de Romaña Benson (attached to this letter), indicating whether the statements are correct; or, if not, specifying the corresponding amounts and items; and,  Specify the items and amounts that, as disclosed by the Company in the Material Event notice dated July 15, 2026, were treated as “adjustments” in determining the Final Purchase Price from the Purchase Price of S/ 1,850,370,000, clearly, precisely, and unequivocally indicating the amount corresponding to each item.  In this regard, we would greatly appreciate it if you, in your capacity as indirect acquirers of 50.01% of the Company’s share capital under the Share Purchase Agreement (“SPA”), could provide us with the aforementioned information, so that we may furnish a complete response to the Official Communication.  Please note that the SMV has granted a maximum period of five (5) business days to respond to the Official Letter, which will expire on Monday, August 24, 2026. Furthermore, the SMV requires that we submit a copy of this information request, as well as any responses we receive from you, in order to provide evidence of the actions taken. For these reasons, we would appreciate your feedback and information as soon as possible.  With nothing further, we remain at your disposal.  Source: Material Event of 08/24/2026 communicated by CPAC to the SMV 
 
 16.7. Value of the consideration  E3  172  16.7.1. Consideration reported by Holcim Ltd. and Material Event (08/24/2026) – Response to Official Letter No. 3910-2026-SMV/11.1 (3/4)  Sincerely,   [signature] Gabriela Dañino Sinclair Cementos Pacasmayo S.A.A.  Source: Material Event of 08/24/2026 communicated by CPAC to the SMV 
 
 16.7. Value of the consideration  16.7.1. Consideration reported by Holcim Ltd. and Material Event (08/24/2026) – Response to Official Letter No. 3910-2026-SMV/11.1 (4/4)  [emblem:]  PERÚ  Ministry  of Economy and Finance  SMV  Superintendency of the Securities Market  “Decade of Equal Opportunities for Women and Men” “Year of Hope and Strengthening Democracy”  San Isidro, August 17, 2026  OFFICIAL LETTER NO. 3910-2026-SMV/11.1  Mr.  Humberto Reynaldo Nadal Del Carpio General Manager  Cementos Pacasmayo S.A.A.  Calle La Colonia No. 150, Urbanización El Vivero Santiago de Surco, Lima.-  Ref. File No. 2026035996  I am writing to you regarding the document submitted on August 7, 2026 (a copy of which is attached to this letter) by Mr. José Luis Cueto Jiras and Mr. Xavier de Romaña Benson, in their capacity as minority shareholders of Cementos Pacasmayo S.A.A. (hereinafter, "Pacasmayo"), in which, regarding the recent material events disclosed by Pacasmayo, they note that the price agreed upon (the “Purchase Price”) in the Stock Purchase Agreement (SPA) for 99.99% of the shares of Inversiones ASPI S.A. (hereinafter, “ASPI”) amounted to S/ 1,850 million, whereas the net amount paid to the shareholders of ASPI (the "Final Purchase Price") was S/ 1,640 million, following the application of certain adjustments chargeable to the sellers which would represent a difference of approximately S/ 210 million relative to the purchase price; they request clarification regarding the specific items that account for this difference.  In this regard, as part of the supervisory activities conducted by the General Superintendency of Conduct Supervision (IGSC), it has been noted that, via a Material Event disclosure dated July 15, 2026, Pacasmayo responded to Official Letters No. 3113-2026-SMV/11.1 and No. 3171-2026-SMV/11.1, concerning the indirect acquisition of 50.01% of Pacasmayo’s share capital by Holcim Ltd. (hereinafter, "Holcim"), through the acquisition of 99.99% of the shares of Inversiones ASPI.  In this context, considering the various requests that the IGSC has had to make to Pacasmayo to disclose information regarding this matter, and the need to ensure maximum transparency of information to the market, and in accordance with the provisions of Article 30 of the Consolidated Text of the Securities Market Law (Legislative Decree No. 861, as approved by Supreme Decree No. 020-2023-EF), as well as Articles 3, 4, 8 (paragraph 8.1), and 27 of the Regulation on Material Events and Confidential Information (approved by SMV Resolution No. 005-2014-SMV/01 and its amendments), your client is required to provide the following:  1. Submit your comments and/or explanations regarding the points raised in the document presented by the minority shareholders, indicating whether the statements are correct or, alternatively, specifying the corresponding amounts and line items:  1 File No. 2026032265. Link:  https://www.smv.gob.pe/ConsultasP8/documento.aspx?vidDoc={B004699F-0000-CB1B-8C64-B0A70F8022DB}  Av. Paseo de la República  3617 San Isidro  Switchboard: 610-6300  www.smv.gob.pe  Page 1 de 2  Source: Material Event of 08/24/2026 communicated by CPAC to the SMV  SIGN  Electronic document digitally signed within the framework of Law No. 27269, Digital Signatures and Certificates Act, its Regulations and amendments. The  authenticity of the document and authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml  E3  172 
 
 16.7. Value of the consideration  16.7.1. Consideration reported by Holcim Ltd. and Material Event (08/24/2026) – Response to Official Letter No. 3910-2026-SMV/11.1 (4/4)  [emblem:]  PERÚ  Ministry  of Economy and Finance  SMV  Superintendency of the Securities Market  “Decade of Equal Opportunities for Women and Men” “Year of Hope and Strengthening Democracy”  To address this request, you must make the necessary arrangements with ASPI, Holcim, and/or any other relevant individuals or entities, in order to obtain their comments and/or explanations regarding the points raised in the aforementioned document.  2. Specify the items and amounts that, as disclosed by the Company in the Material Event notice dated July 15, 2026, were treated as “adjustments” in determining the Final Purchase Price from the Purchase Price of S/ 1,850,370,000, clearly, precisely, and unequivocally indicating the amount corresponding to each item.  This request must be addressed within a maximum period of five (05) business days, starting from the business day following the notification of this official communication, via the “Material Events” section of the MVNet System; please include a copy of this official communication and its annex with your response.  Furthermore, your client must submit a copy of any information requests it may have sent to ASPI, Holcim, and/or any other relevant persons or entities in order to address this request, as well as a copy of any responses it may have received.  With nothing further, I remain at your disposal.  Sincerely, [signature] Alix Godos  General Superintendent  General Superintendency for Conduct Oversight  GM/EV/DC  BM/JC  Av. Paseo de la República  3617 San Isidro  Switchboard: 610-6300  www.smv.gob.pe  Page  2 de 2  Source: Material Event of 08/24/2026 communicated by CPAC to the SMV  Electronic document digitally signed within the framework of Law No. 27269, Digital Signatures and Certificates Act, its Regulations and amendments. The  authenticity of the document and authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml  E3  172 
 
 16.7. Value of the consideration  E3  172  Consideration reported by Holcim Ltd. and Material Event (08/24/2026) – Response to Official Letter No. 3910-2026-SMV/11.1 (4/4)  Alix Godos  General Superintendent for Conduct Oversight Securities Market Superintendency – SMV  To whom it may concern,  Upon reviewing the latest material events disclosed to the market by Cementos Pacasmayo, we observe that the purchase price in the SPA (Share Purchase Agreement) for 99.99% of the shares of ASPI was S/ 1,850 million. However, it was also reported that the net amount paid (Final Purchase Price) to ASPI shareholders was S/ 1.64 billion, after certain adjustments applicable to the sellers were deducted, which represents a difference of S/ 210 million from the purchase price.  According to the SPA, the agreed-upon Purchase Price of S/ 1.85 billion would be discounted, if there were to exist at the close of the transaction: (i) any debt recorded by ASPI on its balance sheet; and (ii) any excess transaction expenses.  We hereby respectfully request that Holcim confirm the item or items explaining the difference of S/ 210 million between the Purchase Price and the Final Purchase Price. In particular, we would appreciate confirmation that:  S/ 170 million corresponds to a debt that ASPI owed to Banco de Crédito del Perú, which was backed by common shares of Cementos Pacasmayo provided as collateral.  S/ 40 million corresponds to excess transactional expenses, or, alternatively, the specific nature  of these costs must be clarified.  We consider this information to be of particular importance and it should be disclosed to the market, in order to assist in determining the minimum price for the Public Tender Offer (PTO). The amount of S/  1.85 billion agreed by ASPI was the value that Holcim reported as the price paid for control of Pacasmayo  Cementos. In this regard, the deductions applied to the agreed price would correspond to items other than the economic value attributed to Cementos Pacasmayo.  With no further matters to address, we send our regards. Sincerely,  [signature]  José Luis Cueto Jiras  National ID 09398088  Email: jlcueto@niklaspartners.com  Source: Material Event of 08/24/2026 communicated by CPAC to the SMV  [signature]  Xavier de Romaña Benson  National ID 09336262  Email: xderomana@niklaspartners.com 
 
 16.7. Value of the consideration  E3  172  16.7.2. Information provided by Holcim Ltd. on the value of the consideration  Price Adjustments & Final Purchase Price  Concept  Amount (PEN)  Initial Purchase Price (for 50.01% indirect stake in CPAC)  S/ 1,850,370,000  (-) Company Financial Indebtedness Payoff Amount  S/ 169,709,810  (-) Excess Transaction Expenses  S/ 40,332,966  Total Deductions  S/ 210,042,776  Final Purchase Price  S/ 1,640,327,224.69  Implied Price of the CPAC's Common Stock  This Equity Value was derived from a starting Enterprise Value of S/ 5,100 million (approximately USD 1,500 million), which was then adjusted by deducting debt/debt-like items and adding cash/cash-like items.  The transaction established an Equity Value of S/ 3,700 million for 100% of CPAC's common shares.  The deductions (totaling S/ 210,042,776) were specific to ASPI's liabilities (Company Financial Indebtedness) or one-off transaction expenses which did not alter the implied price attributed to CPAC's underlying common stock.  The S/ 1,850,370,000 Initial Purchase Price directly reflects the proportional 50.01% stake ASPI holds in CPAC based on that S/ 3,700 million total Equity Value. Further, as disclosed in the Hecho de Importancia on 24 August 2026 Oficio No. 3910-2026-SMV/11.1 - "the adjustments were not in relation to the overall economic value ascribed to CPAC, which amounts to S/ 1,850,370,000 for the 50.01% acquired indirectly by Holcim."  As ASPI's sole asset at closing was its shares in the CPAC, and the Sellers had agreed to indemnify Holcim for any losses related to other business undertaken by ASPI in the past, the foregoing values ascribed to the CPAC comprised the entirety of the relevant consideration for the acquisition of ASPI.  Source: Holcim  Source: Holcim Ltd. (L: original English version; R: Spanish translation by EQUBO) 
 
 16.7. Value of the consideration  E3  172  16.7.2. Information provided by Holcim Ltd. on the value of the consideration  Price Adjustments and Final Purchase Price  Item  Amount (S/)  Initial Purchase Price (for the 50.01% indirect share in CPAC)  S/ 1,850,370,000  (-) Amount for the Repayment of the Company’s Financial Indebtedness  S/ 169,709,810  (-) Excess Transaction Expenses  S/ 40,332,966  Total Deductions  S/ 210,042,776  Final Purchase Price  S/ 1,640,327,224.69  Implied Price of the Common Shares of CPAC  This Equity Value was derived from an initial Enterprise Value of S/ 5,100 million (approximately USD 1,500 million), which was adjusted by deducting debt and debt-like items, and adding cash and cash-like items.  The transaction established an Equity Value of S/ 3.7 billion for 100% of CPAC’s common shares.  The deductions (totaling S/ 210,042,776) related specifically to ASPI’s liabilities (the Company’s financial indebtedness) or to non-recurring transaction expenses, which did not alter the implied price attributed to the underlying common shares of CPAC.  The Initial Purchase Price of S/ 1,850,370,000 directly reflects the 50.01% proportional stake that ASPI holds in CPAC, based on a total Equity Value of S/ 3,700 million. Furthermore, as disclosed in the Material Event filing dated August 24, 2026, Official Letter No. 3910-2026-SMV/11.1: “the adjustments were unrelated to the total economic value attributed to CPAC, which amounts to S/ 1,850,370,000 for the 50.01% stake acquired indirectly by Holcim.”  Given that ASPI’s only asset at the time of closing was its shares in CPAC, and that the Sellers had committed to indemnify Holcim for any losses related to other business activities previously conducted by ASPI, the aforementioned values attributed to CPAC constituted the entirety of the relevant consideration for the acquisition of ASPI.  Source: Holcim  Source: Holcim Ltd. (L: original English version; R: Spanish translation by EQUBO) 
 
 16.8  Appendices:  Background of the Transaction  Financial Analysis of CPAC  Considerations for determination of the minimum price  Liquidation value  Valuation of securities based on the weighted average price  Valuation as a going concern  Valuation by multiples and comparable transactions  Value of remuneration  Price adjustment over time 
 
 16.8. Price adjustment over time  16.8.1. Accounting exchange rate (S/ to US$) and passive interest rate in soles  Annual passive rate of transactions in soles as of 03/30/2026  Period  03/30/2026  In soles at 181 - 360 days  4.1400%  Accounting exchange rate (weighted average of buy and sell rates)  Source: Superintendency of Banking, Insurance and AFP (SBS) (https://www.sbs.gob.pe/app/pp/serieshistoricas2/paso3_TipodeCambio_Descarga.aspx?secu=03&step=3&opc=2) Preparation: EQUBO  Average from 09/30/2025 to 03/29/2026:  Exchange Rate Period Average  Exchange  E3  185 
 
 186  E3  Acronym Glossary  Acronyms and abbreviations used in the report and its annexes  Acronym  Meaning  Abbreviation  Meaning  ADS  American Depositary Share (NYSE)  IR  Income tax  ADU  Right-of-use asset (IFRS 16)  Kd / Ke  Cost of debt / cost of equity  ASOCEM  Association of Cement Producers  LSEG  London Stock Exchange Group  ASPI  Inversiones ASPI S.A.  LTM  Last twelve months  BCRP  Banco Central de Reserva del Perú  MEF  Ministry of Economy and Finance  BVL  Lima Stock Exchange  MMM  MEF Multi-Annual Macroeconomic Framework  CapEx  Investment in property, plant and equipment and intangibles  MN  National currency  CONASEV  National Supervisory Commission on Companies and Securities (currently SMV)  IFRS  International Financial Reporting Standards  CPAC  Cementos Pacasmayo S.A.A. and subsidiaries (consolidated)  NOAA  National Oceanic and Atmospheric Administration (USA)  D&A  Depreciation and amortization  NOPAT  After-tax operating profit  DINO  Distribuidora Norte Pacasmayo S.R.L.  NYSE  New York Stock Exchange  DIO / DPO / DSO  Inventory / Payment / Collection Days  ONI  Oceanic Niño Index (NOAA)  EBIT  Earnings before interest and taxes  PTO  Public Tender Offer  EBITDA  EBIT plus depreciation and amortization  GDP  Gross domestic product  FS  Financial Statements  PDU  Right-of-use liabilities (IFRS 16)  ENFEN  National Study of the El Niño Phenomenon (Multisector Commission)  PPE  Property, Plant and Equipment  ERP  Equity Risk Premium  PT  Worker Profit-sharing  EV  Enterprise Value  Rc  Exchange risk premium  FCD  Discounted Cash Flow  Rf / Rm / Rp  Risk-free rate / market risk premium / country risk premium  FCF  Free Cash Flow  RONIC  Return on new invested capital  FEN  El Niño Phenomenon  SBS  Superintendency of Banking, Insurance, and AFP  g  Perpetual growth rate  SEC  Securities and Exchange Commission (U.S.A.)  GFCF  Gross fixed capital formation  SMV  Superintendency of the Securities Market  ICEN  Index of Coastal El Niño  SPA  Share purchase agreement  IGP  Geophysical Institute of Peru  mt  Metric Tons  INDECOPI  National Institute for the Defense of Competition and the Protection of Intellectual Property  PV / TV  Present Value / Terminal Value  INEI  National Institute of Statistics and Informatics  WACC  Weighted average cost of capital  CPI  Consumer Price Index  βu / βl  Unleveraged Beta / Leveraged Beta 
 
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