tA CREDICORPCapital Aceros Arequipa - Company Summary cages Feta Compeny Undate ‘Peru, Equities ee Aceros Arequipa Buy, asco fast Cement & Construction tne fest ett mary in Tipe29 1consent) PP aaeags sa.creoconncspit Stee! rolling capacity increase is ivectnant wil generate for Aetios Aregulpa ae ) hed products nthe company's mi ef sie fom 1. worugetptal” evo 3 In OME) and ren npr ot a8) prongmcreniconrill mcrenconecapital Main risks ‘The Peruvian Construction sector espe ne ak dca cnt (HOR 1 cues tad Senay sacha fathae eS hrc poe 8 rain mos Sina obsbits p poa eset GAR “dyramism, 8 ann In coming years, we expect 8 lower rate of growin Fn privats Invextmert (CAGR 2012 ‘slowdown in espera ear _2O1SE of 88%) ond in the construction sector (CAGR of 7.094). However, both wil post ie ree - ‘srong dynamism andwil ead grosth hn Pens GOP, fatty eet cn om warn emer. om) “in ey, On cf a ie pr en nl ayo 2 ormnainene ron shares, pases 8 al | | | a | hii se 0%, trp Dynamiam inthe consvtion asst has bean rected In» robust ste! ‘Shumptor: The soos ptemarce fh coreclon sc as bas fected ‘tie sce, ne pr 208012, buen emurten ne Pv mat 210 2: Pent conan TTcl * RHAAMARAR RARE #DCF Valuation damn ale EN sme en ‘oan oH aaa 6 Sensitivity Analysis Base Case: 20148 TP PEN 1.00 (136.05) axceeoronecapiSensitivity Analysis en ey gh maccreoconmeapila eros Arps lating costo strato ar Ma ap ali Fann Pe — Ate toe teerSp0e) | —— own hn me tert tone Same et Owens‘Comparables Financial Statements ete ct Deco a4 Peps bo maccrepcormespiasaxcremrcosecpit Company Description Aceros Arequipa’s business ome nee tas Se vlna etre Tyescvcreoconncspiek Share Price Performance Aes sepa 66 Late owen agp GM La Ya 2 mena tenor — 1 2 emt tae) — eee 1088 Virals . ly Li Papi gia Sou erat Steel production process saceenconecaialsavcreoeconncanits aicreoconpcepitat Important Disclosures et he pr, Cen Cag a dnp sion, Com Cust we he es, argon own rn es te oman sy oH Dt a ‘Era sre, muse tg age ied 8 Se a soy of cna ‘Sravedheon any Suma onomeis meses yess a 0 es a rin dn pet ei, pe! ain Bl a (ove meses at ata mo iu mp wh pape ‘pot ttn at oe re ay a ope here Ew ‘suet ctf en sa uaa ante oe ton Baten es Sc sy yen yy art ee an ee sng Cant ae tet pa a a pt eat a ogee ‘npn tee ion Ute w canbe mon esa moatny ewes ata, ‘pasting oncom in scm er se ana Niacorgate —Compata ct fa te cuixerame_sothds