Document:

EX-4.2

 EXHIBIT 4.2 

 
  
  

 
  
  
  

 

  
 

 
 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	 PARTIES
	  	 	1	  
	 RECITALS
	  	 	1	  
			
	Section 1.	 	 Certain Definitions
	  			
	 (a)
	 	 ADR Register
	  	 	1	  
	 (b)
	 	 ADRs; Direct Registration ADRs
	  	 	1	  
	 (c)
	 	 ADS
	  	 	1	  
	 (d)
	 	 Custodian
	  	 	1	  
	 (e)
	 	 Deliver, execute, issue et al.
	  	 	1	  
	 (f)
	 	 Delivery Order
	  	 	2	  
	 (g)
	 	 Deposited Securities
	  	 	2	  
	 (h)
	 	 Direct Registration System
	  	 	2	  
	 (i)
	 	 Holder
	  	 	2	  
	 (j)
	 	 Securities Act of 1933
	  	 	2	  
	 (k)
	 	 Securities Exchange Act of 1934
	  	 	2	  
	 (l)
	 	 Shares
	  	 	2	  
	 (m)
	 	 Transfer Office
	  	 	2	  
	 (n)
	 	 Withdrawal Order
	  	 	2	  
	Section 2.	 	 ADRs
	  	 	2	  
	Section 3.	 	 Deposit of Shares
	  	 	3	  
	Section 4.	 	 Issue of ADRs
	  	 	4	  
	Section 5.	 	 Distributions on Deposited Securities
	  	 	4	  
	Section 6.	 	 Withdrawal of Deposited Securities
	  	 	4	  
	Section 7.	 	 Substitution of ADRs
	  	 	4	  
	Section 8.	 	 Cancellation and Destruction of ADRs; Maintenance of Records
	  	 	5	  
	Section 9.	 	 The Custodian
	  	 	5	  
	Section 10.	 	 Co-Registrars and Co-Transfer Agents
	  	 	6	  
	Section 11.	 	 Lists of Holders
	  	 	6	  
	Section 12.	 	 Depositary’s Agents
	  	 	6	  
	Section 13.	 	 Successor Depositary
	  	 	6	  
	Section 14.	 	 Reports
	  	 	7	  
	Section 15.	 	 Additional Shares
	  	 	7	  
	Section 16.	 	 Indemnification
	  	 	8	  
	Section 17.	 	 Notices
	  	 	9	  
	Section 18.	 	 Miscellaneous
	  	 	9	  
	Section 19.	 	 Consent to Jurisdiction; Appointment of Agent for Service of Process
	  	 	10	  
	 TESTIMONIUM
	  	 	12	  
	 SIGNATURES
	  	 	12	  

  
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	 	 	 	  	Page	 
	EXHIBIT A	  
	FORM OF FACE OF ADR	  	 	A-1	  
		
	 Introductory Paragraph
	  	 	A-1	  
			
	 (1)
	 	 Issuance and Pre-Release of ADSs
	  	 	A-2	  
	 (2)
	 	 Withdrawal of Deposited Securities
	  	 	A-3	  
	 (3)
	 	 Transfers of ADRs
	  	 	A-4	  
	 (4)
	 	 Certain Limitations
	  	 	A-5	  
	 (5)
	 	 Taxes
	  	 	A-5	  
	 (6)
	 	 Disclosure of Interests
	  	 	A-6	  
	 (7)
	 	 Charges of Depositary
	  	 	A-7	  
	 (8)
	 	 Available Information
	  	 	A-8	  
	 (9)
	 	 Execution
	  	 	A-9	  
		
	 Signature of Depositary
	  	 	A-9	  
		
	 Address of Depositary’s Office
	  	 	A-9	  
		
	FORM OF REVERSE OF ADR	  	 	A-10	  
			
	 (10)
	 	 Distributions on Deposited Securities
	  	 	A-10	  
	 (11)
	 	 Record Dates
	  	 	A-11	  
	 (12)
	 	 Voting of Deposited Securities
	  	 	A-11	  
	 (13)
	 	 Changes Affecting Deposited Securities
	  	 	A-12	  
	 (14)
	 	 Exoneration
	  	 	A-13	  
	 (15)
	 	 Resignation and Removal of Depositary; the Custodian
	  	 	A-15	  
	 (16)
	 	 Amendment
	  	 	A-15	  
	 (17)
	 	 Termination
	  	 	A-16	  
	 (18)
	 	 Appointment
	  	 	A-17	  
	 (19)
	 	 Waiver
	  	 	A-17	  

  
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 DEPOSIT AGREEMENT dated as of
                    , 2013 (the “Deposit Agreement”) among GRAÑA Y MONTERO S.A.A. and its successors (the “Company”),
JPMORGAN CHASE BANK, N.A., as depositary hereunder (the “Depositary”), and all holders from time to time of American Depositary Receipts issued hereunder (“ADRs”) evidencing American Depositary Shares (“ADSs”)
representing deposited Shares (defined below). The Company hereby appoints the Depositary as depositary for the Deposited Securities (as defined below) and hereby authorizes and directs the Depositary to act in accordance with the terms set forth in
this Deposit Agreement. All capitalized terms used herein have the meanings ascribed to them in Section 1 or elsewhere in this Deposit Agreement. The parties hereto agree as follows: 

1. Certain Definitions. 

(a) “ADR Register” is defined in paragraph (3) of the form of ADR. 

(b) “ADRs” mean the American Depositary Receipts executed and delivered hereunder. ADRs may be either in physical certificated
form or Direct Registration ADRs (as hereinafter defined). ADRs in physical certificated form, and the terms and conditions governing the Direct Registration ADRs, shall be substantially in the form of Exhibit A annexed hereto (the “form of
ADR”). The term “Direct Registration ADR” means an ADR, the ownership of which is recorded on the Direct Registration System. References to “ADRs” shall include certificated ADRs and Direct Registration ADRs,
unless the context otherwise requires. The form of ADR is hereby incorporated herein and made a part hereof; the provisions of the form of ADR shall be binding upon the parties hereto. 

(c) Subject to paragraph (13) of the form of ADR, each “ADS” evidenced by an ADR represents the right to
receive              Shares and a pro rata share in any other Deposited Securities. 
 (d) “Custodian” means the agent or agents of the Depositary (singly or collectively, as the context requires) and any additional or substitute Custodian appointed pursuant to Section 9.

 (e) The terms “deliver”, “execute”, “issue”, “register”,
“surrender”, “transfer” or “cancel”, when used with respect to Direct Registration ADRs, shall refer to an entry or entries or an electronic transfer or transfers in the Direct Registration System,
and, when used with respect to ADRs in physical certificated form, shall refer to the physical delivery, execution, issuance, registration, surrender, transfer or cancellation of certificates representing the ADRs. 

  
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 (f) “Delivery Order” is defined in Section 3. 

(g) “Deposited Securities” as of any time means all Shares at such time deposited under this Deposit Agreement and any and all
other Shares, securities, property and cash at such time held by the Depositary or the Custodian in respect or in lieu of such deposited Shares and other Shares, securities, property and cash. 

(h) “Direct Registration System” means the system for the uncertificated registration of ownership of securities established by
The Depository Trust Company (“DTC”) or any successor thereto and utilized by the Depositary pursuant to which the Depositary may record the ownership of ADRs without the issuance of a certificate, which ownership shall be evidenced
by periodic statements issued by the Depositary to the Holders entitled thereto. For purposes hereof, the Direct Registration System shall include access to the Profile Modification System maintained by DTC which provides for automated transfer of
ownership between DTC and the Depositary. 
 (i) “Holder” means the person or persons in whose name an ADR is registered
on the ADR Register. 
 (j) “Securities Act of 1933” means the United States Securities Act of 1933, as from time to time
amended. 
 (k) “Securities Exchange Act of 1934” means the United States Securities Exchange Act of 1934, as from time
to time amended. 
 (l) “Shares” mean the common shares of the Company (including any such shares initially represented
by preliminary stock certificates (certificados provisionales)), and shall include the rights to receive Shares specified in paragraph (1) of the form of ADR. 
 (m) “Transfer Office” is defined in paragraph (3) of the form of ADR. 
 (n)
“Withdrawal Order” is defined in Section 6. 
 2. ADRs. (a) ADRs in certificated form shall be engraved,
printed or otherwise reproduced at the discretion of the Depositary in accordance with its customary practices in its American depositary receipt business, or at the request of the Company typewritten and photocopied on plain or safety paper, and
shall be substantially in the form set forth in the form of ADR, with such changes as may be required by the Depositary or the Company to comply with their obligations hereunder, any applicable law, regulation or usage or to indicate any special

  
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limitations or restrictions to which any particular ADRs are subject. ADRs may be issued in denominations of any number of ADSs. ADRs in certificated form shall be executed by the Depositary by
the manual or facsimile signature of a duly authorized officer of the Depositary. ADRs in certificated form bearing the facsimile signature of anyone who was at the time of execution a duly authorized officer of the Depositary shall bind the
Depositary, notwithstanding that such officer has ceased to hold such office prior to the delivery of such ADRs. 
 (b) Direct
Registration ADRs. Notwithstanding anything in this Deposit Agreement or in the form of ADR to the contrary, ADSs shall be evidenced by Direct Registration ADRs, unless certificated ADRs are specifically requested by the Holder. 

(c) Holders shall be bound by the terms and conditions of this Deposit Agreement and of the form of ADR, regardless of whether their ADRs are
Direct Registration ADRs or certificated ADRs. 
 3. Deposit of Shares. In connection with the deposit of Shares hereunder, the
Depositary or the Custodian may require the following in form reasonably satisfactory to it: (a) a written order directing the Depositary to issue to, or upon the written order of, the person or persons designated in such order a Direct
Registration ADR or ADRs evidencing the number of ADSs representing such deposited Shares (a “Delivery Order”); (b) proper endorsements or duly executed instruments of transfer in respect of such deposited Shares; (c) instruments
assigning to the Depositary, the Custodian or a nominee of either any distribution on or in respect of such deposited Shares or indemnity therefor; and (d) proxies entitling the Custodian to vote such deposited Shares. As soon as practicable
after the Custodian receives Deposited Securities pursuant to any such deposit or pursuant to paragraph (10) or (13) of the form of ADR, the Custodian shall present such Deposited Securities for registration of transfer into the name of
the Depositary, the Custodian or a nominee of either, to the extent such registration is practicable, at the cost and expense of the person making such deposit (or for whose benefit such deposit is made) and shall obtain evidence satisfactory to it
of such registration. Deposited Securities shall be held by the Custodian for the account and to the order of the Depositary at such place or places and in such manner as the Depositary shall determine. Deposited Securities may be delivered by the
Custodian to any person only under the circumstances expressly contemplated in this Deposit Agreement. To the extent that the provisions of or governing the Shares make delivery of certificates therefor impracticable, Shares may be deposited
hereunder by such delivery thereof as the Depositary or the Custodian may reasonably accept, including, without limitation, by causing them to be credited to an account maintained by the Custodian for such purpose with the Company or an accredited
intermediary, such as a bank, acting as a registrar for the Shares, together with delivery of the documents, payments and Delivery Order referred to herein to the Custodian or the Depositary. 

  
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 4. Issue of ADRs. After any such deposit of Shares, the Custodian shall notify the
Depositary of such deposit and of the information contained in any related Delivery Order by letter, first class airmail postage prepaid, or, at the request, risk and expense of the person making the deposit, by cable, telex or facsimile
transmission. After receiving such notice from the Custodian, the Depositary, subject to this Deposit Agreement, shall properly issue at the Transfer Office, to or upon the order of any person named in such notice, an ADR or ADRs registered as
requested and evidencing the aggregate ADSs to which such person is entitled. 
 5. Distributions on Deposited Securities. To the
extent that the Depositary determines in its reasonable discretion that any distribution pursuant to paragraph (10) of the form of ADR is not practicable with respect to any Holder, the Depositary may, after consultation with the Company if
practicable, make such distribution as it so deems practicable, including the distribution of foreign currency, securities or property (or appropriate documents evidencing the right to receive foreign currency, securities or property) or the
retention thereof as Deposited Securities with respect to such Holder’s ADRs (without liability for interest thereon or the investment thereof). 
 6. Withdrawal of Deposited Securities. In connection with any surrender of an ADR for withdrawal of the Deposited Securities represented by the ADSs evidenced thereby, the Depositary may require proper
endorsement in blank of such ADR (or duly executed instruments of transfer thereof in blank) and the Holder’s written order directing the Depositary to cause the Deposited Securities represented by the ADSs evidenced by such ADR to be withdrawn
and delivered to, or upon the written order of, any person designated in such order (a “Withdrawal Order”). Directions from the Depositary to the Custodian to deliver Deposited Securities shall be given by letter, first class airmail
postage prepaid, or, at the request, risk and expense of the Holder, by cable, telex or facsimile transmission. Delivery of Deposited Securities may be made by the delivery of certificates (which, if required by law shall be properly endorsed or
accompanied by properly executed instruments of transfer or, if such certificates may be registered, registered in the name of such Holder or as ordered by such Holder in any Withdrawal Order) or by such other means as the Depositary may deem
practicable, including, without limitation, by transfer of record ownership thereof to an account designated in the Withdrawal Order maintained either by the Company or an accredited intermediary, such as a bank, acting as a registrar for the
Deposited Securities. 
 7. Substitution of ADRs. The Depositary shall execute and deliver a new Direct Registration ADR in
exchange and substitution for any mutilated certificated ADR 

  
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upon cancellation thereof or in lieu of and in substitution for such destroyed, lost or stolen certificated ADR, unless the Depositary has notice that such ADR has been acquired by a bona fide
purchaser, upon the Holder thereof filing with the Depositary a request for such execution and delivery and a sufficient indemnity bond and satisfying any other reasonable requirements imposed by the Depositary. 

8. Cancellation and Destruction of ADRs; Maintenance of Records. All ADRs surrendered to the Depositary shall be cancelled by the
Depositary. The Depositary is authorized to destroy ADRs in certificated form so cancelled in accordance with its customary practices. 

The Depositary agrees to maintain or cause its agents to maintain records of all ADRs surrendered and Deposited Securities withdrawn under
Section 6 hereof and paragraph (2) of the form of ADR, substitute ADRs delivered under Section 7 hereof, and canceled or destroyed ADRs under this Section 8, in keeping with the procedures ordinarily followed by stock transfer
agents located in the City of New York or as required by the laws or regulations governing the Depositary. 
 9. The Custodian. Any
Custodian in acting hereunder shall be subject to the directions of the Depositary and shall be responsible solely to it. The Depositary reserves the right to add, replace or remove a Custodian. The Depositary will give prompt notice of any such
action, which will be advance notice if practicable. 
 Any Custodian may resign from its duties hereunder by at least 30 days written
notice to the Depositary. The Depositary may discharge any Custodian at any time upon notice to the Custodian being discharged. The Depositary will promptly inform the Company of any such discharge. Any Custodian ceasing to act hereunder as
Custodian shall deliver, upon the instruction of the Depositary, all Deposited Securities held by it to a Custodian continuing to act. If upon the effectiveness of such resignation there would be no Custodian acting hereunder, the Depositary shall,
promptly after receiving such notice, use commercially reasonable efforts to appoint a substitute custodian or custodians, each of which shall thereafter be a Custodian hereunder. Promptly after the appointment of a successor Custodian, the
Depositary shall provide the Company with notice of such appointment. Notwithstanding anything to the contrary contained in this Deposit Agreement (including the ADRs), the Depositary shall not be responsible for, and shall incur no liability in
connection with or arising from, any act or omission to act on the part of the Custodian except to the extent that the Custodian has (i) committed fraud or willful misconduct in the provision of custodial services to the Depositary or
(ii) failed to use reasonable care in the provision of custodial services to the Depositary as determined in accordance with the standards prevailing in the jurisdiction in which the Custodian is located. 

  
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 10. Co-Registrars and Co-Transfer Agents. The Depositary may appoint and remove
(i) co-registrars to register ADRs and transfers, combinations and split-ups of ADRs and to countersign ADRs in accordance with the terms of any such appointment and (ii) co-transfer agents for the purpose of effecting transfers,
combinations and split-ups of ADRs at designated transfer offices in addition to the Transfer Office on behalf of the Depositary. Each co-registrar or co-transfer agent (other than JPMorgan Chase Bank, N.A.) shall give notice in writing to the
Company and the Depositary accepting such appointment and agreeing to be bound by the applicable terms of this Deposit Agreement. 
 11.
Lists of Holders. The Company shall have the right to inspect transfer records of the Depositary and its agents and the ADR Register, take copies thereof and require the Depositary and its agents to supply copies of such portions of such
records as the Company may request. The Depositary or its agent shall furnish to the Company promptly upon the written request of the Company, a list of the names, addresses and holdings of ADSs by all Holders as of a date within seven days of the
Depositary’s receipt of such request. 
 12. Depositary’s Agents. The Depositary may perform its obligations under this
Deposit Agreement through any agent appointed by it, provided that the Depositary shall notify the Company of such appointment and shall remain responsible for the performance of such obligations as if no agent were appointed, subject to paragraph
(14) of the form of ADR. 
 13. Successor Depositary. The Depositary may at any time resign as Depositary hereunder by written
notice of its election so to do delivered to the Company, such resignation to take effect upon the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided. The Depositary may at any time be removed by the
Company by providing no less than 60 days prior written notice of such removal to the Depositary, such removal to take effect the later of (i) the 60th day after such notice of removal is first provided and (ii) the appointment of a successor
depositary and its acceptance of such appointment as hereinafter provided. Notwithstanding the foregoing, if upon the resignation or removal of the Depositary a successor depositary is not appointed within the applicable 60-day period, then the
Depositary may elect to terminate this Deposit Agreement and the ADR and the provisions of said paragraph (17) shall thereafter govern the Depositary’s obligations hereunder. In case at any time the Depositary acting hereunder shall resign or
be removed, the Company shall use its best efforts to appoint a successor depositary, which shall be a bank or trust company having an office in the Borough of Manhattan, The City of New York. Every successor depositary shall execute and deliver to
its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any 

  
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further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor. The predecessor depositary, only upon payment of all sums due to it and on
the written request of the Company, shall (i) execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder (other than its rights to indemnification and fees owing, each of which shall
survive any such removal and/or resignation), (ii) duly assign, transfer and deliver all right, title and interest to the Deposited Securities to such successor, and (iii) deliver to such successor a list of the Holders of all outstanding
ADRs. Any such successor depositary shall promptly mail notice of its appointment to such Holders. Any bank or trust company into or with which the Depositary may be merged or consolidated, or to which the Depositary shall transfer substantially all
its American depositary receipt business, shall be the successor of the Depositary without the execution or filing of any document or any further act. 
 14. Reports. On or before the first date on which the Company gives notice, by publication or otherwise, of any meeting of holders of Shares or other Deposited Securities, or of any adjourned meeting of such
holders, or of the taking of any action in respect of any cash or other distributions or the offering of any rights to such holders, the Company shall transmit to the Depositary a copy thereof in English or with an English translation or summary.
The Company has delivered to the Depositary, the Custodian and any Transfer Office, a copy of all provisions of or governing the Shares and any other Deposited Securities issued by the Company or any affiliate of the Company and, promptly upon any
change thereto, the Company shall deliver to the Depositary, the Custodian and any Transfer Office, a copy (in English or with an English translation) of such provisions as so changed. The Depositary and its agents may rely upon the Company’s
delivery of all such communications, information and provisions for all purposes of this Deposit Agreement and the Depositary shall have no liability for the accuracy or completeness of any thereof. The Company agrees to be responsible for
fulfilling, and complying with, any and all registration and reporting requirements of the Superintendencia del Mercado de Valores and any applicable Peruvian governmental and/or regulatory authorities and/or agencies required under applicable
Peruvian Law as a requirement for, or as consequence of, the entering into or the execution of this Deposit Agreement. 
 15.
Additional Shares. Neither the Company nor any company controlling, controlled by or under common control with the Company shall issue additional Shares, rights to subscribe for Shares, securities convertible into or exchangeable for Shares
or rights to subscribe for any such securities or shall deposit any Shares under this Deposit Agreement, except under circumstances complying in all respects with the Securities Act of 1933. In the event of any issuance of additional securities the
Company shall have no obligation to register such additional securities under the Securities Act of 1933 to the extent the Company in its discretion deems it necessary or advisable in order to avoid any requirement to register such additional
securities under the 

  
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Securities Act of 1933. At the reasonable request of the Depositary, the Company will furnish the Depositary with legal opinions, in forms and from counsels reasonably acceptable to the
Depositary, dealing with such issues requested by the Depositary. The Depositary will use reasonable efforts to comply with written instructions of the Company not to accept for deposit hereunder any Shares identified in such instructions at such
times and under such circumstances as may reasonably be specified in such instructions in order to facilitate the Company’s compliance with securities laws in the United States. 

16. Indemnification. The Company shall indemnify, defend and save harmless each of the Depositary, the Custodian and their respective
directors, officers, employees, agents and affiliates against, against any loss, liability or expense (including reasonable fees and expenses of counsel) which may arise out of acts performed or omitted, in connection with the provisions of this
Deposit Agreement and of the ADRs, as the same may be amended, modified or supplemented from time to time in accordance herewith (i) by either the Depositary or a Custodian or their respective directors, officers, employees, agents and
affiliates, except for any liability or expense directly arising out of the negligence or willful misconduct of the Depositary or its directors, officers or affiliates acting in their capacities as such hereunder, or (ii) by the Company or any
of its directors, officers, employees, agents and affiliates. 
 The indemnities set forth in the preceding paragraph shall also apply to
any liability or expense which may arise out of any misstatement or alleged misstatement or omission or alleged omission in any registration statement, proxy statement, prospectus (or placement memorandum), or preliminary prospectus (or preliminary
placement memorandum) relating to the offer or sale of ADSs, except to the extent any such liability or expense arises out of (i) information relating to the Depositary or its agents (other than the Company), as applicable, furnished in writing
by the Depositary and not changed or altered by the Company expressly for use in any of the foregoing documents or (ii) if such information is provided, the failure to state a material fact necessary to make the information provided not
misleading. 
 Except as provided in the next succeeding paragraph or in Section 9 hereof, the Depositary shall indemnify, defend and
save harmless the Company and its agents acting in such capacities hereunder against any direct loss, liability or expense (including reasonable fees and expenses of counsel) to the extent such loss is due to the negligence willful misconduct of the
Depositary or, subject to the limitations provided for in Section 9 hereof, its agents acting in their capacities as such hereunder on behalf of the Depositary. 

  
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 Notwithstanding any other provision of this Deposit Agreement or the ADRs to the contrary, neither
the Depositary nor any of its agents shall be liable for any indirect, special, punitive or consequential damages (including, without limitation, lost profits) of any form incurred by any person or entity, whether or not foreseeable and regardless
of the type of action in which such a claim may be brought. 
 The obligations set forth in this Section 16 shall survive the
termination of this Deposit Agreement and the succession or substitution of any indemnified person. 
 17. Notices. Notice to any
Holder shall be deemed given when first mailed, first class postage prepaid, to the address of such Holder on the ADR Register or received by such Holder. Failure to notify a Holder or any defect in the notification to a Holder shall not affect the
sufficiency of notification to other Holders or to the beneficial owners of ADSs held by such other Holders. Notice to the Depositary or the Company shall be deemed given when first received by it at the address or facsimile transmission number set
forth in (a) or (b), respectively, or at such other address or facsimile transmission number as either may specify to the other by written notice: 
  

	 	(a)	JPMorgan Chase Bank, N.A. 

 1 Chase Manhattan Plaza,
Floor 58 
 New York, NY, 10005-1401 
 Attention: ADR Administration 
 Fax: (212) 552-2614 

 

	 	(b)	Graña y Montero S.A.A. 

 Av. Paseo de la
República 4667 
 4th Piso, Surquillo 
 Lima 34, Perú 
 Attention: Claudia Drago Morante 

Fax: +51-1-213-6590 
 18.
Miscellaneous. This Deposit Agreement is for the exclusive benefit of the Company, the Depositary, the Holders, and their respective successors hereunder, and shall not give any legal or equitable right, remedy or claim whatsoever to any
other person. The Company advises the Depositary that because none of the services rendered hereunder are rendered or have effects in Peru (other than those of the Custodian in accepting Shares and otherwise acting in accordance herewith) the
services provided hereunder are not subject to the Peruvian Consumer Protection Code (Law No. 29571). The Holders and owners of ADRs from time to time shall be parties to this Deposit Agreement and shall be bound by all of the provisions hereof. If
any such provision is invalid, illegal or unenforceable in any respect, the remaining provisions shall in no way be affected thereby. This Deposit Agreement may be executed in any number of counterparts, each of which shall be deemed an original and
all of which shall constitute one instrument. 

  
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 19. Consent to Jurisdiction. The Company irrevocably agrees that any legal suit, action or
proceeding against the Company brought by the Depositary or any Holder, arising out of or based upon this Deposit Agreement or the transactions contemplated hereby, may be instituted in any state or federal court in New York, New York, and
irrevocably waives any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding. The Company also
irrevocably agrees that any legal suit, action or proceeding against the Depositary brought by the Company, arising out of or based upon this Deposit Agreement or the transactions contemplated hereby, may only be instituted in a state or federal
court in New York, New York. 
 The Company has appointed CT Corporation System, 111 Eighth Avenue, New York, New York 10011, as its
authorized agent (the “Authorized Agent”) upon which process may be served in any action or proceeding arising out of or based on this Deposit Agreement or the transactions contemplated hereby which may be instituted in any state or
federal court in New York, New York by the Depositary or any Holder, expressly consents to the exclusive jurisdiction of any such court in respect of any such action, and waives any other requirements of or objections to personal jurisdiction with
respect thereto. Such appointment shall be irrevocable. The Company represents and warrants that the Authorized Agent has agreed to act as said agent for service of process and the Company agrees to take any and all action, including the filing of
any and all documents and instruments, that may be necessary to continue such appointment in full force and effect as aforesaid. The Company further hereby irrevocably consents and agrees to the service of any and all legal process, summons, notices
and documents in any suit, action or proceeding against the Company, by service by mail of a copy thereof upon the Authorized Agent (whether or not the appointment of such Authorized Agent shall for any reason prove to be ineffective or such
Authorized Agent shall fail to accept or acknowledge such service), with a copy mailed to the Company by registered or certified air mail, postage prepaid, to its address provided in Section 17(b) hereof. The Company agrees that the failure of the
Authorized Agent to give any notice of such service to it shall not impair or affect in any way the validity of such service or any judgment or award rendered in any action or proceeding based thereon. If, for any reason, the Authorized Agent named
above or its successor shall no longer serve as agent of the Company to receive service of process, notice or papers in New York, the Company shall promptly appoint a successor acceptable to the Depositary, so as to serve and will promptly advise
the Depositary thereof. In the event the Company fails to 

  
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continue such designation and appointment in full force and effect, the Company hereby waives personal service of process and/or notice upon it and consents that any such service of process
and/or notice may be made by certified or registered mail, return receipt requested, directed to the Company at its address last specified for notices hereunder, and service of process and/or notice so made shall be deemed completed five
(5) days after the same shall have been so mailed. Notwithstanding the foregoing, any action based on this Deposit Agreement or the transactions contemplated hereby may be instituted by the Depositary and Holders in any competent court in the
Republic of Peru and/or the United States. 
 By holding an ADS or an interest therein, Holders and owners of ADSs each irrevocably agree
that any legal suit, action or proceeding against or involving the Company or the Depositary, arising out of or based upon this Deposit Agreement or the transactions contemplated hereby, may only be instituted in a state or federal court in New
York, New York, and by holding an ADS or an interest therein each irrevocably waives any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the exclusive jurisdiction of such courts
in any such suit, action or proceeding. 
 To the extent that the Company or any of its properties, assets or revenues may have or may
hereafter be entitled to, or have attributed to it, any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any relief in any respect thereof, from setoff or counterclaim, from
the jurisdiction of any court, from service of process, from attachment upon or prior to judgment, from attachment in aid of execution or judgment, or from execution of judgment, or other legal process or proceeding for the giving of any relief or
for the enforcement of any judgment, in any jurisdiction in which proceedings may at any time be commenced, with respect to its obligations, liabilities or other matters under or arising out of or in connection with the Shares or Deposited
Securities, the ADSs, the ADRs or this Deposit Agreement, the Company, to the fullest extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any such immunity and consents to such relief and
enforcement. 
 EACH PARTY TO THIS DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER AND/OR HOLDER OF
INTERESTS IN ADRS) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT
OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER
THEORY). 

  
 11 

 

 
  

 IN WITNESS WHEREOF, GRAÑA Y MONTERO S.A.A. and JPMORGAN CHASE BANK, N.A. have duly executed
this Deposit Agreement as of the day and year first above set forth and all holders of ADRs shall become parties hereto upon acceptance by them of ADRs issued in accordance with the terms hereof. 

 

			
	GRAÑA Y MONTERO S.A.A.
		
	By:	 	 
	 Name:
 Title

	
	JPMORGAN CHASE BANK, N.A.
		
	By:	 	 
	 Name:
 Title: Vice
President

  
 12 

 

 
 EXHIBIT A 
 ANNEXED TO AND INCORPORATED IN 
 DEPOSIT AGREEMENT 

[FORM OF FACE OF ADR] 
 No. of ADSs:             
 Number 

Each ADS represents 
          Shares 
 CUSIP: 

AMERICAN DEPOSITARY RECEIPT 

evidencing 
 AMERICAN DEPOSITARY
SHARES 
 representing 

COMMON SHARES 
 of 

GRAÑA Y MONTERO S.A.A. 

(Incorporated under the laws of the Republic of Peru) 
 JPMORGAN CHASE BANK, N.A., a national banking association organized under the laws of the United States of America, as depositary hereunder (the “Depositary”), hereby certifies that
             is the registered owner (a “Holder”) of              American Depositary Shares (“ADSs”),
each (subject to paragraph (13)) representing              common shares (including the rights to receive Shares described in paragraph (1), “Shares” and, together with any
other securities, cash or property from time to time held by the Depositary in respect or in lieu of deposited Shares, the “Deposited Securities”), of Graña y Montero S.A.A., a corporation organized under the laws of the Republic of
Peru (the “Company”), deposited under the Deposit Agreement dated as of                     , 2013 (as amended from time to time, the
“Deposit Agreement”) among the Company, the Depositary and all Holders from time to time of American Depositary Receipts issued thereunder (“ADRs”), each of whom by accepting an ADR becomes a party thereto. The Deposit Agreement
and this ADR (which includes the provisions set forth on the reverse hereof) shall be governed by and construed in accordance with the laws of the State of New York. 

  
 A-1 

 

 
  

 (1) Issuance and Pre-Release of ADSs. This ADR is one of the ADRs issued under the Deposit
Agreement. Subject to the other provisions hereof, the Depositary may so issue ADRs for delivery at the Transfer Office (as hereinafter defined) only against deposit of: (a) Shares in form satisfactory to the Custodian; (b) rights to
receive Shares from the Company or any registrar, transfer agent, clearing agent or other entity recording Share ownership or transactions; or, (c) in accordance with the next paragraph hereof. 

In its capacity as Depositary, the Depositary shall not lend Shares or ADSs; provided, however, that, unless requested in writing by the Company to
cease doing so during reasonable periods necessary in order to enable compliance with applicable law, the Depositary may (i) issue ADSs prior to the receipt of Shares and (ii) deliver Shares prior to the receipt of ADSs for withdrawal of Deposited
Securities, including ADSs which were issued under (i) above but for which Shares may not have been received (each such transaction a “Pre-Release”). The Depositary may receive ADSs in lieu of Shares under (i) above (which ADSs will
promptly be canceled by the Depositary upon receipt by the Depositary) and receive Shares in lieu of ADSs under (ii) above. Each such Pre-Release will be subject to a written agreement whereby the person or entity (the “Applicant”) to whom
ADSs or Shares are to be delivered (a) represents that at the time of the Pre-Release the Applicant or its customer owns the Shares or ADSs that are to be delivered by the Applicant under such Pre-Release, (b) agrees to indicate the Depositary as
owner of such Shares or ADSs in its records and to hold such Shares or ADSs in trust for the Depositary until such Shares or ADSs are delivered to the Depositary or the Custodian, (c) unconditionally guarantees to deliver to the Depositary or the
Custodian, as applicable, such Shares or ADSs, and (d) agrees to any additional restrictions or requirements that the Depositary deems appropriate. Each such Pre-Release will be at all times fully collateralized with cash, U.S. government securities
or such other collateral as the Depositary deems appropriate, terminable by the Depositary on not more than five (5) business days’ notice and subject to such further indemnities and credit regulations as the Depositary deems appropriate. The
Depositary will normally limit the number of ADSs and Shares involved in such Pre-Release at any one time to thirty percent (30%) of the ADSs outstanding (without giving effect to ADSs outstanding under (i) above), provided, however, that the
Depositary reserves the right to change or disregard such limit from time to time as it deems appropriate. The Depositary may also set limits with respect to the number of ADSs and Shares involved in Pre-Release with any one person on a case-by-case
basis as it deems appropriate. The Depositary may retain for its own account any compensation received by it in conjunction with the foregoing. Collateral provided in connection with Pre-Release transactions, but not the earnings thereon, shall be
held for the benefit of the Holders (other than the Applicant). 

  
 A-2 

 

 
  

 Every person depositing Shares under the Deposit Agreement represents and warrants that
(a) such Shares and the certificates therefor are duly authorized, validly issued and outstanding, fully paid, non-assessable and legally obtained by such person (b) all pre-emptive and comparable rights, if any, with respect to such
Shares have been validly waived or exercised, (c) that the person making such deposit is duly authorized so to do, (d) the Shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or
adverse claim and (e) that such Shares (A) are not “restricted securities” as such term is defined in Rule 144 under the Securities Act of 1933 (“Restricted Securities”) unless at the time of deposit the requirements of
paragraphs (c), (e), (f) and (h) of Rule 144 shall not apply and such Shares may be freely transferred and may otherwise be offered and sold freely in the United States or (B) have been registered under the Securities Act of 1933. To
the extent the person depositing Shares is an “affiliate” of the Company as such term is defined in Rule 144, the person also represents and warrants that upon the sale of the ADSs, all of the provisions of Rule 144 which enable the Shares
to be freely sold (in the form of ADSs) will be fully complied with and, as a result thereof, all of the ADSs issued in respect of such Shares will not be on the sale thereof, Restricted Securities. Such representations and warranties shall survive
the deposit and withdrawal of Shares and the issuance and cancellation of ADSs in respect thereof and the transfer of such ADSs. The Depositary will not knowingly accept for deposit under the Deposit Agreement any Shares required to be registered
under the Securities Act of 1933 and not so registered; the Depositary may refuse to accept for such deposit any Shares identified by the Company in order to facilitate compliance with the requirements of the Securities Act of 1933 or the rules made
thereunder 
 (2) Withdrawal of Deposited Securities. Subject to paragraphs (4) and (5), commencing with the time the preliminary
stock certificates (certificados provisionales) have been converted into Shares upon surrender of (i) a certificated ADR in form satisfactory to the Depositary at the Transfer Office or (ii) proper instructions and documentation in the case of a
Direct Registration ADR, the Holder hereof is entitled to delivery at, or to the extent in dematerialized form from, the Custodian’s office of the Deposited Securities at the time represented by the ADSs evidenced by this ADR, provided that the
Depositary may deliver Shares prior to the receipt of ADSs for withdrawal of Deposited Securities, including ADSs which were issued under (1) above but for which Shares may not have been received (until such ADSs are actually deposited,
“Prereleased Shares”) only if all the conditions in (1) above related to such Pre-Release are satisfied). At the request, risk and expense of the Holder hereof, the Depositary may deliver such Deposited Securities at such other

  
 A-3 

 

 
  

 
place as may have been requested by the Holder. Notwithstanding any other provision of the Deposit Agreement or this ADR, the withdrawal of Deposited Securities may be restricted only for the
reasons set forth in General Instruction I.A.(1) of Form F-6 (as such instructions may be amended from time to time) under the Securities Act of 1933. Some or all of the Shares may be held by the Custodian through CAVALI S.A. ICLV
(“CAVALI”) book-entry settlement system. Under applicable Peruvian law, Shares deposited with CAVALI cannot be withdrawn from CAVALI without complying with applicable regulations in Peru. It is expected that a Holder wishing to hold Shares
directly will be required to establish or maintain an account at CAVALI to receive delivery of such Shares. As of the date of this Deposit Agreement, CAVALI permits accounts to be held by individuals and entities through brokers or other custodians
that are participants in CAVALI, and regulations regarding CAVALI do not discriminate between (a) citizens or residents and (b) non-citizens or non-residents of Peru. 

(3) Transfers of ADRs. The Depositary or its agent will keep, at a designated transfer office (the “Transfer Office”), (a) a
register (the “ADR Register”) for the registration, registration of transfer, combination and split-up of ADRs, and, in the case of Direct Registration ADRs, shall include the Direct Registration System, which at all reasonable times will
be open for inspection by Holders and the Company for the purpose of communicating with Holders in the interest of the business of the Company or a matter relating to the Deposit Agreement and (b) facilities for the delivery and receipt of ADRs. The
term ADR Register includes the Direct Registration System. Title to this ADR (and to the Deposited Securities represented by the ADSs evidenced hereby), when properly endorsed (in the case of ADRs in certificated form) or upon delivery to the
Depositary of proper instruments of transfer, is transferable by delivery with the same effect as in the case of negotiable instruments under the laws of the State of New York; provided that the Depositary, notwithstanding any notice to the
contrary, may treat the person in whose name this ADR is registered on the ADR Register as the absolute owner hereof for all purposes and neither the Depositary nor the Company will have any obligation or be subject to any liability under the
Deposit Agreement to any holder of an ADR, unless such holder is the Holder thereof. Subject to paragraphs (4) and (5), this ADR is transferable on the ADR Register and may be split into other ADRs or combined with other ADRs into one ADR,
evidencing the aggregate number of ADSs surrendered for split-up or combination, by the Holder hereof or by duly authorized attorney upon surrender of this ADR at the Transfer Office properly endorsed (in the case of ADRs in certificated form) or
upon delivery to the Depositary of proper instruments of transfer and duly stamped as may be required by applicable law; provided that the Depositary may close the ADR Register at any time or from time to time when deemed expedient by it or
when reasonably requested by the Company in order to enable the Company to comply with applicable law. At the request of a Holder, the Depositary shall, for the 

  
 A-4 

 

 
  

 
purpose of substituting a certificated ADR with a Direct Registration ADR, or vice versa, execute and deliver a certificated ADR or a Direct Registration ADR, as the case may be, for any
authorized number of ADSs requested, evidencing the same aggregate number of ADSs as those evidenced by the certificated ADR or Direct Registration ADR, as the case may be, substituted. 

(4) Certain Limitations. Prior to the issue, registration, registration of transfer, split-up or combination of any ADR, the delivery of any
distribution in respect thereof, or, subject to the last sentence of paragraph (2), the withdrawal of any Deposited Securities, and from time to time in the case of clause (b)(ii) of this paragraph (4), the Company, the Depositary or the Custodian
may require: (a) payment with respect thereto of (i) any stock transfer or other tax or other governmental charge, (ii) any stock transfer or registration fees in effect for the registration of transfers of Shares or other Deposited
Securities upon any applicable register and (iii) any applicable charges as provided in paragraph (7) of this ADR; (b) the production of proof satisfactory to it of (i) the identity of any signatory and genuineness of any
signature and (ii) such other information, including without limitation, information as to citizenship, residence, exchange control approval, beneficial ownership of any securities, compliance with applicable law, regulations, provisions of or
governing Deposited Securities and terms of the Deposit Agreement and this ADR, as it may deem necessary or proper; and (c) compliance with such regulations as the Depositary may establish consistent with the Deposit Agreement. The issuance of
ADRs, the acceptance of deposits of Shares, the registration, registration of transfer, split-up or combination of ADRs or, subject to the last sentence of paragraph (2), the withdrawal of Deposited Securities may be suspended, generally or in
particular instances, when the ADR Register or any register for Deposited Securities is closed or when any such action is deemed advisable by the Depositary or when reasonably requested by the Company in order to enable the Company to comply with
applicable law. 
 (5) Taxes. If any taxes or other governmental charges (including any penalties and/or interest) shall become
payable by or on behalf of the Custodian or the Depositary with respect to this ADR, any Deposited Securities represented by the ADSs evidenced hereby or any distribution thereon, such tax or other governmental charge shall be paid by the Holder
hereof to the Depositary and by holding or having held an ADR the Holder and all prior Holders hereof, jointly and severally, agree to indemnify, defend and save harmless each of the Depositary and its agents in respect thereof. The Depositary may
refuse to effect any registration, registration of transfer, splitup or combination hereof or, subject to the last sentence of paragraph (2), any withdrawal of such Deposited Securities until such payment is made. The Depositary may also deduct from
any distributions on or in respect of Deposited Securities, or may sell by public or private sale for the account of the Holder hereof 

  
 A-5 

 

 
  

 
any part or all of such Deposited Securities (after attempting by reasonable means to notify the Holder hereof prior to such sale), and may apply such deduction or the proceeds of any such sale
in payment of such tax or other governmental charge, the Holder hereof remaining liable for any deficiency, and shall reduce the number of ADSs evidenced hereby to reflect any such sales of Shares. In connection with any distribution to Holders, the
Company will remit to the appropriate governmental authority or agency all amounts (if any) required to be withheld and owing to such authority or agency by the Company; and the Depositary and the Custodian will remit to the appropriate governmental
authority or agency all amounts (if any) required to be withheld and owing to such authority or agency by the Depositary or the Custodian. The Depositary will forward to the Company such information from its records maintained by it in its capacity
as depositary hereunder as the Company may reasonably request to enable the Company to file any necessary reports with governmental authorities or agencies that are required in order to enable Holders to benefit from any applicable tax withholding
treaties. If the Depositary determines that any distribution in property other than cash (including Shares or rights) on Deposited Securities is subject to any tax that the Depositary or the Custodian is obligated to withhold, the Depositary may
dispose of all or a portion of such property in such amounts and in such manner as the Depositary deems necessary and practicable to pay such taxes, by public or private sale, and the Depositary shall distribute the net proceeds of any such sale or
the balance of any such property after deduction of such taxes to the Holders entitled thereto. Each Holder of an ADR or an interest therein agrees to indemnify the Depositary, the Company, the Custodian and any of their respective directors,
employees, agents and affiliates against, and hold each of them harmless from, any claims by any governmental authority with respect to taxes, additions to tax, penalties or interest arising out of any refund of taxes, reduced rate of withholding at
source or other tax benefit obtained. 
 (6) Disclosure of Interests. To the extent that the provisions of or governing any
Deposited Securities may require disclosure of or impose limits on beneficial or other ownership of Deposited Securities, other Shares and other securities and may provide for blocking transfer, voting or other rights to enforce such disclosure or
limits, Holders and all persons holding ADRs agree to comply with all such disclosure requirements and ownership limitations and to comply with any reasonable Company instructions in respect thereof. The Depositary agrees to forward, upon the
request and at the expense of the Company, any written request for beneficial ownership information from the Company to the Holders, and at the Company’s expense, to promptly forward to the Company any responses received by the Depositary. The
Company reserves the right to instruct Holders to deliver their ADSs for cancellation and withdrawal of the Deposited Securities so as to permit the Company to deal directly with the Holder thereof as a holder of Shares and Holders agree to comply
with such instructions. The Depositary agrees to cooperate with the Company in its 

  
 A-6 

 

 
  

 
efforts to inform Holders of the Company’s exercise of its rights under this paragraph and agrees to consult with, and provide reasonable assistance without risk, liability or expense on the
part of the Depositary, to the Company on the manner or manners in which it may enforce such rights with respect to any Holder. 
 (7)
Charges of Depositary. The Depositary may charge, and collect from, (i) each person to whom ADSs are issued, including, without limitation, issuances against deposits of Shares, issuances in respect of Share Distributions,
Rights and Other Distributions (as such terms are defined in paragraph (10)), issuances pursuant to a stock dividend or stock split declared by the Company, or issuances pursuant to a merger, exchange of securities or any other transaction
or event affecting the ADSs or the Deposited Securities, and (ii) each person surrendering ADSs for withdrawal of Deposited Securities or whose ADSs are cancelled or reduced for any other reason, U.S.$5.00 or less for each 100 ADSs (or portion
thereof) issued, delivered, reduced, cancelled or surrendered (as the case may be). The Depositary may sell (by public or private sale) sufficient securities and property received in respect of Share Distributions, Rights and Other
Distributions prior to such deposit to pay such charge. The following additional charges shall be incurred by the Holders, by any party depositing or withdrawing Shares or by any party surrendering ADSs, to whom ADSs are issued (including, without
limitation, issuance pursuant to a stock dividend or stock split declared by the Company or an exchange of stock regarding the ADSs or the Deposited Securities or a distribution of ADSs pursuant to paragraph (10)), whichever is applicable (i) a
fee of U.S.$0.05 or less per ADS for any Cash distribution made pursuant to the Deposit Agreement, (ii) a fee of U.S.$1.50 per ADR or ADRs for transfers made pursuant to paragraph (3) hereof, (iii) a fee for the distribution or sale
of securities pursuant to paragraph (10) hereof, such fee being in an amount equal to the fee for the execution and delivery of ADSs referred to above which would have been charged as a result of the deposit of such securities (for purposes of
this paragraph (7) treating all such securities as if they were Shares) but which securities or the net cash proceeds from the sale thereof are instead distributed by the Depositary to Holders entitled thereto, (iv) an aggregate fee of
U.S.$0.05 or less per ADS per calendar year (or portion thereof) for services performed by the Depositary in administering the ADRs (which fee may be charged on a periodic basis during each calendar year and shall be assessed against Holders as of
the record date or record dates set by the Depositary during each calendar year and shall be payable at the sole discretion of the Depositary by billing such Holders or by deducting such charge from one or more cash dividends or other cash
distributions), and (v) a fee for the reimbursement of such fees, charges and expenses as are incurred by the Depositary and/or any of its agents (including, without limitation, the Custodian and expenses incurred on behalf of Holders in
connection with compliance with foreign exchange control regulations or any law or regulation relating to foreign investment) in connection with the servicing of the Shares or other Deposited Securities, the sale of

  
 A-7 

 

 
  

 
securities (including, without limitation, Deposited Securities), the delivery of Deposited Securities or otherwise in connection with the Depositary’s or its Custodian’s compliance
with applicable law, rule or regulation (which fees and charges shall be assessed on a proportionate basis against Holders as of the record date or dates set by the Depositary and shall be payable at the sole discretion of the Depositary by billing
such Holders or by deducting such charge from one or more cash dividends or other cash distributions). The Company will pay all other charges and expenses of the Depositary and any agent of the Depositary (except the Custodian) pursuant to
agreements from time to time between the Company and the Depositary, except (i) stock transfer or other taxes and other governmental charges (which are payable by Holders or persons depositing Shares), (ii) cable, telex and facsimile
transmission and delivery charges incurred at the request of persons depositing, or Holders delivering Shares, ADRs or Deposited Securities (which are payable by such persons or Holders), (iii) transfer or registration fees for the registration
or transfer of Deposited Securities on any applicable register in connection with the deposit or withdrawal of Deposited Securities (which are payable by persons depositing Shares or Holders withdrawing Deposited Securities; there are no such fees
in respect of the Shares as of the date of the Deposit Agreement), and (iv) in connection with the conversion of foreign currency into U.S. dollars, JPMorgan Chase Bank, N.A. shall deduct out of such foreign currency the fees and expenses
charged by it and/or its agent (which may be a division, branch or affiliate) so appointed in connection with such conversion. Such charges may at any time and from time to time be changed by agreement between the Company and the Depositary.

 The Depositary anticipates reimbursing the Company for certain expenses incurred by the Company that are related to the establishment
and maintenance of the ADR program upon such terms and conditions as the Company and the Depositary may agree from time to time. The Depositary may make available to the Company a set amount or a portion of the Depositary fees charged in respect of
the ADR program or otherwise upon such terms and conditions as the Company and the Depositary may agree from time to time. 
 The right of
the Depositary to receive payment of fees, charges and expenses as provided above shall survive the termination of the Deposit Agreement. As to any Depositary, upon the resignation or removal of such Depositary, such right shall extend for those
fees, charges and expenses incurred prior to the effectiveness of such resignation or removal. 
 (8) Available Information. The
Deposit Agreement, the provisions of or governing Deposited Securities and any written communications from the Company, which are both received by the Custodian or its nominee as a holder of Deposited Securities and made generally available to the
holders of Deposited Securities, are 

  
 A-8 

 

 
  

 
available for inspection by Holders at the offices of the Depositary and the Custodian and at the Transfer Office. The Depositary will distribute copies of such communications (or English
translations or summaries thereof) to Holders when furnished by the Company. The Company is subject to the periodic reporting requirements of the Securities Exchange Act of 1934 and accordingly files certain reports with the United States Securities
and Exchange Commission (the “Commission”). Such reports and other information may be inspected and copied at public reference facilities maintained by the Commission located at the date hereof at 100 F Street, NE, Washington, DC 20549.

 (9) Execution. This ADR shall not be valid for any purpose unless executed by the Depositary by the manual or facsimile
signature of a duly authorized officer of the Depositary. 
 Dated: 

 

			
	JPMORGAN CHASE BANK, N.A., as Depositary
		
	By	 	 
	Authorized Officer

 The Depositary’s office is located at 1 Chase Manhattan Plaza, Floor 58, New York, New York, 10005-1401

  
 A-9 

 

 
  

 [FORM OF REVERSE OF ADR] 
 (10) Distributions on Deposited Securities. Subject to paragraphs (4) and (5), to the extent practicable, the Depositary will distribute to each Holder entitled thereto on the record date set by the
Depositary therefor at such Holder’s address shown on the ADR Register, in proportion to the number of Deposited Securities (on which the following distributions on Deposited Securities are received by the Custodian) represented by ADSs
evidenced by such Holder’s ADRs: (a) Cash. Any U.S. dollars available to the Depositary resulting from a cash dividend or other cash distribution or the net proceeds of sales of any other distribution or portion thereof authorized
in this paragraph (10) (“Cash”), on an averaged or other practicable basis, subject to (i) appropriate adjustments for taxes withheld, (ii) such distribution being impermissible or impracticable with respect to certain
Holders, and (iii) deduction of the Depositary’s and/or its agents’ fees and expenses in (1) converting any foreign currency to U.S. dollars by sale or in such other manner as the Depositary may determine to the extent that it
determines that such conversion may be made on a reasonable basis, (2) transferring foreign currency or U.S. dollars to the United States by such means as the Depositary may determine to the extent that it determines that such transfer may be
made on a reasonable basis, (3) obtaining any approval or license of any governmental authority required for such conversion or transfer, which is obtainable at a reasonable cost and within a reasonable time, and (4) making any sale by
public or private means in any commercially reasonable manner. (b) Shares. (i) Additional ADRs evidencing whole ADSs representing any Shares available to the Depositary resulting from a dividend or free distribution on Deposited
Securities consisting of Shares (a “Share Distribution”) and (ii) U.S. dollars available to it resulting from the net proceeds of sales of Shares received in a Share Distribution, which Shares would give rise to fractional ADSs if
additional ADRs were issued therefor, as in the case of Cash. (c) Rights. (i) Warrants or other instruments in the discretion of the Depositary representing rights to acquire additional ADRs in respect of any rights to subscribe for
additional Shares or rights of any nature available to the Depositary as a result of a distribution on Deposited Securities (“Rights”), to the extent that the Company timely furnishes to the Depositary evidence satisfactory to the
Depositary that the Depositary may lawfully distribute the same (the Company has no obligation to so furnish such evidence), or (ii) to the extent the Company does not so furnish such evidence and sales of Rights are practicable, any U.S.
dollars available to the Depositary from the net proceeds of sales of Rights as in the case of Cash, or (iii) to the extent the Company does not so furnish such evidence and such sales cannot practicably be accomplished by reason of the
non-transferability of the Rights, limited markets therefor, their short duration or otherwise, nothing (and any Rights may lapse). (d) Other Distributions. (i) Securities or property available to the Depositary resulting from any
distribution on Deposited Securities other than Cash, Share Distributions and Rights (“Other Distributions”), by any means that the 

  
 A-10 

 

 
  

 
Depositary may deem equitable and practicable, or (ii) to the extent the Depositary deems distribution of such securities or property not to be equitable and practicable, any U.S. dollars
available to the Depositary from the net proceeds of sales of Other Distributions as in the case of Cash. The Depositary reserves the right to utilize a division, branch or affiliate of JPMorgan Chase Bank, N.A. to direct, manage and/or execute any
public and/or private sale of securities hereunder. Such division, branch and/or affiliate may charge the Depositary a fee in connection with such sales, which fee is considered an expense of the Depositary contemplated above and/or under paragraph
(7) hereof. Any U.S. dollars available will be distributed by checks drawn on a bank in the United States for whole dollars and cents. Fractional cents will be withheld without liability and dealt with by the Depositary in accordance with its
then current practices. 
 (11) Record Dates. The Depositary may, after consultation with the Company if practicable, fix a record
date (which, to the extent applicable, shall be as near as practicable to any corresponding record date set by the Company) for the determination of the Holders who shall be responsible for the fee assessed by the Depositary for administration of
the ADR program and for any expenses provided for in paragraph (7) hereof as well as for the determination of the Holders who shall be entitled to receive any distribution on or in respect of Deposited Securities, to give instructions for the
exercise of any voting rights, to receive any notice or to act in respect of other matters and only such Holders shall be so entitled or obligated. 
 (12) Voting of Deposited Securities. As soon as practicable after receipt from the Company of notice of any meeting or solicitation of consents or proxies of holders of Shares or other Deposited Securities,
the Depositary shall distribute to Holders a notice stating (a) such information as is contained in such notice and any solicitation materials, (b) that each Holder on the record date set by the Depositary therefor will, subject to any applicable
provisions of Peruvian law, be entitled to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Deposited Securities represented by the ADSs evidenced by such Holder’s ADRs and (c) the manner in which such
instructions may be given, including instructions to give a discretionary proxy to a person designated by the Company. Upon actual receipt by the ADR department of the Depositary of instructions of a Holder on such record date in the manner and on
or before the time established by the Depositary for such purpose, the Depositary shall endeavor insofar as practicable and permitted under the provisions of or governing Deposited Securities and Peruvian law (the Depositary having no obligation to
interpret Peruvian law) to vote or cause to be voted the Deposited Securities represented by the ADSs evidenced by such Holder’s ADRs in accordance with such instructions. The Company understands that, as a result, the Depositary may be
presenting votes on behalf of some instructing Holders that may be contrary to votes it presents on behalf of other instructing Holders. To the extent 

  
 A-11 

 

 
  

 
not prohibited by Peruvian law, the Company agrees to accept such any and all such votes. The Depositary will not itself exercise any voting discretion in respect of any Deposited Securities.
There is no guarantee that Holders generally or any Holder in particular will receive the notice described above with sufficient time to enable such Holder to return any voting instructions to the Depositary in a timely manner or that the Depositary
will be able to vote as instructed by each Holder to the extent there are any limitations under Peruvian law. Notwithstanding anything contained in the Deposit Agreement or any ADR, the Depositary may, to the extent not prohibited by law or
regulations, or by the requirements of the stock exchange on which the ADSs are listed, in lieu of distributing the materials provided to the Depositary in connection with any meeting of, or solicitation of consents or proxies from, holders of
Deposited Securities, distribute to the Holders a notice that provides Holders with, or otherwise publicizes to Holders, instructions on how to retrieve such materials or receive such materials upon request (i.e., by reference to a website
containing the materials for retrieval or a contact for requesting copies of the materials). Voting instructions will not be deemed received until such time as the ADR department responsible for proxies and voting has received such instructions
notwithstanding that such instructions may have been physically received by JPMorgan Chase Bank, N.A., as Depositary, prior to such time. 

(13) Changes Affecting Deposited Securities. Subject to paragraphs (4) and (5), the Depositary may, in its discretion, and shall if
reasonably requested by the Company, amend this ADR or distribute additional or amended ADRs (with or without calling this ADR for exchange) or cash, securities or property on the record date set by the Depositary therefor to reflect any change in
par value, split up, consolidation, cancellation or other reclassification of Deposited Securities, any Share Distribution or Other Distribution not distributed to Holders or any cash, securities or property available to the Depositary in respect of
Deposited Securities from (and the Depositary is hereby authorized to surrender any Deposited Securities to any person and, irrespective of whether such Deposited Securities are surrendered or otherwise cancelled by operation of law, rule,
regulation or otherwise, to sell by public or private sale any property received in connection with) any recapitalization, reorganization, merger, consolidation, liquidation, receivership, bankruptcy or sale of all or substantially all the assets of
the Company, and to the extent the Depositary does not so amend this ADR or make a distribution to Holders to reflect any of the foregoing, or the net proceeds thereof, whatever cash, securities or property results from any of the foregoing shall
constitute Deposited Securities and each ADS evidenced by this ADR shall automatically represent its pro rata interest in the Deposited Securities as then constituted. Promptly upon the occurrence of any of the aforementioned changes affecting
Deposited Securities, the Company shall notify the Depositary in writing of such occurrence and as soon as practicable after receipt of such notice from the Company, may instruct the Depositary to give notice thereof, at the Company’s expense,
to Holders in accordance with the provisions hereof. Upon receipt of such instruction, the Depositary shall give notice to the Holders in accordance with the terms thereof, as soon as reasonably practicable. 

  
 A-12 

 

 
  

 (14) Exoneration. The Depositary, the Company, their agents and each of them shall:
(a) incur no liability (i) if any present or future law, rule, regulation , fiat, order or decree of the United States, the Republic of Peru or any other country, or of any governmental or regulatory authority or any securities exchange or
market or automated quotation system, the provisions of or governing any Deposited Securities, any present or future provision of the Company’s charter, any act of God, war, terrorism, nationalization, expropriation, currency restrictions, work
stoppage, strike, civil unrest, revolutions, rebellions, explosions, computer failure or other circumstance beyond its control shall prevent or delay, or shall cause any of them to be subject to any civil or criminal penalty in connection with, any
act which the Deposit Agreement or this ADR provides shall be done or performed by it or them (including, without limitation, voting pursuant to paragraph (12) hereof), or (ii) by reason of any exercise or failure to exercise any
discretion given it in the Deposit Agreement or this ADR (including, without limitation, any failure to determine that any distribution or action may be lawful or reasonably practicable); (b) assume no liability except to perform its
obligations to the extent they are specifically set forth in this ADR and the Deposit Agreement without gross negligence or willful misconduct; (c) in the case of the Depositary and its agents, be under no obligation to appear in, prosecute or
defend any action, suit or other proceeding in respect of any Deposited Securities or this ADR; (d) in the case of the Company and its agents hereunder be under no obligation to appear in, prosecute or defend any action, suit or other
proceeding in respect of any Deposited Securities or this ADR, which in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all expense (including fees and disbursements of counsel) and liability be
furnished as often as may be required; or (e) not be liable for any action or inaction by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder, or any other
person believed by it to be competent to give such advice or information. The Depositary shall not be liable for the acts or omissions made by, or the insolvency of, any securities depository, clearing agency or settlement system. The Depositary
shall not be responsible for, and shall incur no liability in connection with or arising from, the insolvency of any Custodian that is not a branch or affiliate of JPMorgan Chase Bank, N.A. The Depositary shall not have any liability for the price
received in connection with any sale of securities, the timing thereof or any delay in action or omission to act nor shall it be responsible for any error or delay in action, omission to act, default or negligence on the part of the party so
retained in connection with any such sale or proposed sale. Further, the Depositary and its agents disclaim to the maximum extent permitted by law any and all liability for the price received in connection with

  
 A-13 

 

 
  

 
any sale of securities or the timing thereof. Notwithstanding anything to the contrary contained in this Deposit Agreement (including the ADRs), the Depositary shall not be responsible for, and
shall incur no liability in connection with or arising from, any act or omission to act on the part of the Custodian except to the extent that the Custodian has (i) committed fraud or willful misconduct in the provision of custodial services to
the Depositary or (ii) failed to use reasonable care in the provision of custodial services to the Depositary as determined in accordance with the standards prevailing in the jurisdiction in which the Custodian is located. The Depositary, its
agents and the Company may rely and shall be protected in acting upon any written notice, request, direction, instruction or document believed by them to be genuine and to have been signed, presented or given by the proper party or parties. The
Depositary shall be under no obligation to inform Holders or any other holders of an interest in an ADS about the requirements of Peruvian law, rules or regulations or any changes therein or thereto. The Depositary and its agents will not be
responsible for any failure to carry out any instructions to vote any of the Deposited Securities, for the manner in which any such vote is cast or for the effect of any such vote. The Depositary may rely upon instructions from the Company or its
counsel in respect of any governmental or agency approval or license required for any currency conversion, transfer or distribution. The Depositary and its agents may own and deal in any class of securities of the Company and its affiliates and in
ADRs. Notwithstanding anything to the contrary set forth in the Deposit Agreement or an ADR, the Depositary and its agents may fully respond to any and all demands or requests for information maintained by or on its behalf in connection with the
Deposit Agreement, any Holder or Holders, any ADR or ADRs or otherwise related hereto or thereto to the extent such information is requested or required by or pursuant to any lawful authority, including without limitation laws, rules, regulations,
administrative or judicial process, banking, securities or other regulators. None of the Depositary, the Custodian or the Company shall be liable for the failure by any Holder or beneficial owner to obtain the benefits of credits on the basis of
non-U.S. tax paid against such Holder’s or beneficial owner’s income tax liability. The Depositary and the Company shall not incur any liability for any tax consequences that may be incurred by Holders and beneficial owners on account of
their ownership of the ADRs or ADSs. The Depositary shall not incur any liability for any failure to determine that any distribution or action may be lawful or reasonably practicable, for the content of any information submitted to it by or on
behalf of the Company for distribution to the Holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest in the Deposited Securities, for the validity or worth of the Deposited Securities,
for the credit-worthiness of any third party, for allowing any rights to lapse upon the terms of this Deposit Agreement or for the failure or timeliness of any notice from the Company. Notwithstanding anything herein or in the Deposit Agreement to
the contrary, the Depositary and the Custodian(s) may use third party delivery services and providers of information regarding matters such as 

  
 A-14 

 

 
  

 
pricing, proxy voting, corporate actions, class action litigation and other services in connection herewith and the Deposit Agreement, and use local agents to provide extraordinary services such
as attendance at annual meetings of issuers of securities. Although the Depositary and the Custodian will use reasonable care (and cause their agents to use reasonable care) in the selection and retention of such third party providers and local
agents, they will not be responsible for any errors or omissions made by them in providing the relevant information or services. The Depositary shall not be liable for any acts or omissions made by a successor depositary whether in connection with a
previous act or omission of the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out of which such potential liability arises the Depositary
performed its obligations without negligence while it acted as Depositary. By holding an ADS or an interest therein, Holders and owners of ADSs each irrevocably agree that any legal suit, action or proceeding against or involving the Company or the
Depositary, arising out of or based upon this Deposit Agreement or the transactions contemplated hereby, may only be instituted in a state or federal court in New York, New York, and by holding an ADS or an interest therein each irrevocably waives
any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding. The Company has agreed to indemnify the
Depositary and its agents under certain circumstances. Neither the Depositary, the Company nor any of their respective agents shall be liable to Holders or beneficial owners of interests in ADSs for any indirect, special, punitive or consequential
damages (including, without limitation, lost profits) of any form incurred by any person or entity, whether or not foreseeable and regardless of the type of action in which such a claim may be brought. No disclaimer of liability under the Securities
Act of 1933 is intended by any provision hereof. 
 (15) Resignation and Removal of Depositary; the Custodian. The Depositary may
resign as Depositary by written notice of its election so to do delivered to the Company, such resignation to take effect upon the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit
Agreement. The Depositary may at any time be removed by the Company by no less than 60 days prior written notice of such removal, to become effective upon the later of (i) the 60th day after delivery of the notice to the Depositary and
(ii) the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement. The Depositary may appoint substitute or additional Custodians and the term “Custodian” refers to each
Custodian or all Custodians as the context requires. 
 (16) Amendment. Subject to the last sentence of paragraph (2), the ADRs and
the Deposit Agreement may be amended by the Company and the Depositary, 

  
 A-15 

 

 
  

 
provided that any amendment that imposes or increases any fees or charges (other than stock transfer or other taxes and other governmental charges, transfer or registration fees, cable,
telex or facsimile transmission costs, delivery costs or other such expenses), or that shall otherwise prejudice any substantial existing right of Holders, shall become effective 30 days after notice of such amendment shall have been given to the
Holders. Every Holder of an ADR at the time any amendment to the Deposit Agreement so becomes effective shall be deemed, by continuing to hold such ADR, to consent and agree to such amendment and to be bound by the Deposit Agreement as amended
thereby. In no event shall any amendment impair the right of the Holder of any ADR to surrender such ADR and receive the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law. Any amendments
or supplements which (i) are reasonably necessary (as agreed by the Company and the Depositary) in order for (a) the ADSs to be registered on Form F-6 under the Securities Act of 1933 or (b) the ADSs or Shares to be traded solely in
electronic book-entry form and (ii) do not in either such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to prejudice any substantial rights of Holders. Notwithstanding the foregoing, if any governmental
body or regulatory body should adopt new laws, rules or regulations which would require amendment or supplement of the Deposit Agreement or the form of ADR to ensure compliance therewith, the Company and the Depositary may amend or supplement the
Deposit Agreement and the ADR at any time in accordance with such changed laws, rules or regulations. Such amendment or supplement to the Deposit Agreement in such circumstances may become effective before a notice of such amendment or supplement is
given to Holders or within any other period of time as required for compliance. Notice of any amendment to the Deposit Agreement or form of ADRs shall not need to describe in detail the specific amendments effectuated thereby, and failure to
describe the specific amendments in any such notice shall not render such notice invalid, provided, however, that, in each such case, the notice given to the Holders identifies a means for Holders to retrieve or receive the text of such amendment
(i.e., upon retrieval from the Commission’s, the Depositary’s or the Company’s website or upon request from the Depositary).  
 (17) Termination. The Depositary may, and shall at the written direction of the Company, terminate the Deposit Agreement and this ADR by mailing notice of such termination to the Holders at least 30 days
prior to the date fixed in such notice for such termination; provided, however, if the Depositary shall have (i) resigned as Depositary hereunder, notice of such termination by the Depositary shall not be provided to Holders unless a successor
depositary shall not be operating hereunder within 60 days of the date of such resignation, or (ii) been removed as Depositary hereunder, notice of such termination by the Depositary shall not be provided to Holders unless a successor
depositary shall not be operating hereunder on the 60th day after the
Company’s notice of removal was first provided to the Depositary. After 

  
 A-16 

 

 
  

 
the date so fixed for termination, the Depositary and its agents will perform no further acts under the Deposit Agreement and this ADR, except to receive and hold (or sell) distributions on
Deposited Securities and deliver Deposited Securities being withdrawn. As soon as practicable after the expiration of six months from the date so fixed for termination, the Depositary shall sell the Deposited Securities and shall thereafter (as long
as it may lawfully do so) hold in a segregated account the net proceeds of such sales, together with any other cash then held by it under the Deposit Agreement, without liability for interest, in trust for the pro rata benefit of the Holders
of ADRs not theretofore surrendered. After making such sale, the Depositary shall be discharged from all obligations in respect of the Deposit Agreement and this ADR, except to account for such net proceeds and other cash. After the date so fixed
for termination, the Company shall be discharged from all obligations under the Deposit Agreement except for its obligations to the Depositary and its agents. 
 (18) Appointment. Each Holder and each person holding an interest in ADSs, upon acceptance of any ADSs (or any interest therein) issued in accordance with the terms and conditions of the Deposit Agreement
shall be deemed for all purposes to (a) be a party to and bound by the terms of the Deposit Agreement and the applicable ADR(s), and (b) appoint the Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to
take any and all actions contemplated in the Deposit Agreement and the applicable ADR(s), to adopt any and all procedures necessary to comply with applicable law and to take such action as the Depositary in its sole discretion may deem necessary or
appropriate to carry out the purposes of the Deposit Agreement and the applicable ADR(s), the taking of such actions to be the conclusive determinant of the necessity and appropriateness thereof. 

(19) Waiver. EACH PARTY TO THE DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER AND/OR HOLDER OF
INTERESTS IN ADRS) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT
OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER
THEORY). 

  
 A-17EX-10.1

 EXHIBIT 10.1 
 U.S.$150,000,000 
 CREDIT AGREEMENT 

Dated as of February 27, 2013 
 Among 
 GRAÑA Y MONTERO S.A.A., 

as Borrower, 
 THE INITIAL LENDERS NAMED HEREIN, 
 as Initial Lenders,

 BBVA BANCOMER S.A., INSTITUCIÓN DE 
 BANCA MULTIPLE, GRUPO FINANCIERO BBVA BANCOMER, 
 as
Administrative Agent, 
 BBVA CONTINENTAL, 
 as Collateral Agent, 
 and 

BBVA SECURITIES INC., 
 as Sole Lead Arranger and Bookrunner 
 GyM Credit Agreement

 Table of Contents 

 

							
	 	    	 	  	Page	 
	
	ARTICLE I	  
	DEFINITIONS AND ACCOUNTING TERMS	  
			
	 Section 1.01
	    	 Certain Defined Terms
	  	 	1	  
	 Section 1.02
	    	 Computation of Time Periods; Other Definitional Provisions
	  	 	16	  
	 Section 1.03
	    	 Accounting Terms
	  	 	17	  
	 Section 1.04
	    	 Currency Equivalents Generally
	  	 	17	  
	
	ARTICLE II	  
	AMOUNTS AND TERMS OF THE ADVANCES	  
			
	 Section 2.01
	    	 The Advances
	  	 	17	  
	 Section 2.02
	    	 Making the Advances
	  	 	17	  
	 Section 2.03
	    	 Fees
	  	 	18	  
	 Section 2.04
	    	 Termination or Reduction of the Commitments
	  	 	19	  
	 Section 2.05
	    	 Repayment
	  	 	19	  
	 Section 2.06
	    	 Interest
	  	 	19	  
	 Section 2.07
	    	 Interest Rate Determination
	  	 	19	  
	 Section 2.08
	    	 Prepayments
	  	 	19	  
	 Section 2.09
	    	 Increased Costs
	  	 	21	  
	 Section 2.10
	    	 Illegality
	  	 	22	  
	 Section 2.11
	    	 Payments and Computations
	  	 	22	  
	 Section 2.12
	    	 Taxes
	  	 	23	  
	 Section 2.13
	    	 Sharing of Payments, Etc.
	  	 	26	  
	 Section 2.14
	    	 Evidence of Debt; Notes
	  	 	26	  
	 Section 2.15
	    	 Use of Proceeds
	  	 	27	  
	 Section 2.16
	    	 Replacement of Lenders
	  	 	27	  
	
	ARTICLE III	  
	CONDITIONS TO EFFECTIVENESS AND LENDING	  
			
	 Section 3.01
	    	 Conditions Precedent to Effectiveness of Section 2.01
	  	 	28	  
	 Section 3.02
	    	 Conditions Precedent to Each Borrowing
	  	 	30	  
	 Section 3.03
	    	 Determinations Under Section 3.01
	  	 	31	  
	
	ARTICLE IV	  
	REPRESENTATIONS AND WARRANTIES	  
			
	 Section 4.01
	    	 Representations and Warranties of the Borrower
	  	 	31	  
	
	ARTICLE V	  
	COVENANTS OF THE BORROWER	  
			
	 Section 5.01
	    	 Affirmative Covenants
	  	 	37	  

  

					
		 		 	GyM Credit Agreement

							
	 Section 5.02
	    	 Negative Covenants
	  	 	41	  
	 Section 5.03
	    	 Financial Covenants
	  	 	46	  
	
	ARTICLE VI	  
	EVENTS OF DEFAULT	  
			
	 Section 6.01
	    	 Events of Default
	  	 	46	  
	
	ARTICLE VII	  
	THE AGENTS	  
			
	 Section 7.01
	    	 Authorization and Action
	  	 	48	  
	 Section 7.02
	    	 Agent’s Reliance, Etc.
	  	 	49	  
	 Section 7.03
	    	 BBVA Bancomer, BBVA Continental and Affiliates
	  	 	50	  
	 Section 7.04
	    	 Lender Credit Decision
	  	 	50	  
	 Section 7.05
	    	 Indemnification
	  	 	50	  
	 Section 7.06
	    	 Successor Agent
	  	 	51	  
	
	ARTICLE VIII	  
	MISCELLANEOUS	  
			
	 Section 8.01
	    	 Amendments, Etc.
	  	 	52	  
	 Section 8.02
	    	 Notices, Etc.
	  	 	53	  
	 Section 8.03
	    	 No Waiver; Remedies
	  	 	55	  
	 Section 8.04
	    	 Costs and Expenses
	  	 	55	  
	 Section 8.05
	    	 Right of Set-off
	  	 	56	  
	 Section 8.06
	    	 Binding Effect
	  	 	57	  
	 Section 8.07
	    	 Assignments and Participations
	  	 	57	  
	 Section 8.08
	    	 Confidentiality
	  	 	60	  
	 Section 8.09
	    	 Governing Law
	  	 	60	  
	 Section 8.10
	    	 Execution in Counterparts
	  	 	60	  
	 Section 8.11
	    	 Release of Collateral
	  	 	60	  
	 Section 8.12
	    	 Jurisdiction, Etc.
	  	 	61	  
	 Section 8.13
	    	 Judgment Currency
	  	 	62	  
	 Section 8.14
	    	 Patriot Act Notice
	  	 	62	  
	 Section 8.15
	    	 Waiver of Jury Trial
	  	 	62	  
	 Section 8.16
	    	 Affiliate Activities
	  	 	62	  
	 Section 8.17
	    	 No Advisory or Fiduciary Responsibility
	  	 	63	  

  

					
		 	ii	 	GyM Credit Agreement

 Schedules 
  

					
	Schedule I	  	-  	    	List of Applicable Lending Offices
	Schedule 3.01(b)	  	-  	    	Disclosed Litigation
	Schedule 4.01(a)	  	-  	    	Equity Interests in Loan Parties
	Schedule 4.01(c)	  	-  	    	Equity Interests in Subsidiaries
	Schedule 4.01(m)	  	-  	    	Existing Indebtedness
	Schedule 4.01(o)	  	-  	    	Existing Liens
	Schedule 4.01(aa)	  	-  	    	Labor Matters
	Schedule 4.01(dd)	  	-  	    	Calculation of Consolidated EBITDA
	Schedule 5.02(f)	  	-  	    	Investments

 Exhibits 
  

					
	Exhibit A-1	  	-  	    	Form of Promissory Note
	Exhibit A-2	  	-  	    	Form of Note Filling Agreement
	Exhibit B	  	-  	    	Form of Notice of Borrowing
	Exhibit C	  	-  	    	Form of Assignment and Acceptance
	Exhibit D	  	-  	    	Form of Peruvian Account Pledge
	Exhibit E	  	-  	    	Form of Guaranty
	Exhibit F	  	-  	    	Form of Opinion of In-House Counsel to the Loan Parties
	Exhibit G	  	-  	    	Form of Opinion of New York Counsel to the Loan Parties

  

					
		 	iii	 	GyM Credit Agreement

 CREDIT AGREEMENT 

Dated as of February 27, 2013 
 Graña y Montero S.A.A., a sociedad anónima abierta organized under the laws of Perú (the “Borrower”), the banks, financial institutions and other
institutional lenders (the “Initial Lenders”) listed on the signature pages hereof, BBVA Continental (“BBVA Continental”), as collateral agent for the Secured Parties (as hereinafter defined) (together
with any successor collateral agent appointed pursuant to Article VII, the “Collateral Agent”), and BBVA Bancomer S.A., Institución de Banca Multiple, Grupo Financiero BBVA Bancomer (“BBVA
Bancomer”), as administrative agent (together with any successor administrative agent appointed pursuant to Article VII, the “Administrative Agent”, and, together with the Collateral Agent, the
“Agents”) for the Lenders (as hereinafter defined), agree as follows: 
 ARTICLE I 

DEFINITIONS AND ACCOUNTING TERMS 
 Section 1.01 Certain Defined Terms. As used in this Agreement, the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural
forms of the terms defined): 
 “Administrative Agent” has the meaning specified in the
recital of parties hereto. 
 “Advance” means an advance by a Lender to the Borrower
pursuant to Article II. 
 “Administrative Agent’s Account” means the account
of the Administrative Agent maintained by the Administrative Agent at JPMorgan Chase New York, 270 Park Avenue, New York 10017, USA, Account No. 400001942, ABA No. 021 000 021, Account Name: BBVA Bancomer, S.A., Mexico D.F., Reference:
Graña y Montero, Attention: Concepción Zúñiga. 
 “Agents”
has the meaning specified in the recital of parties hereto. 
 “Affiliate” means, as to
any Person, any other Person that, directly or indirectly, Controls, is Controlled by or is under common Control with such Person or is a director or officer of such Person. “Affiliate”, as applied to an Agent or a Lender, means each
direct or indirect parent corporation and controlling person (within the meaning of the Exchange Act) of such Lender or Agent and each direct or indirect Subsidiary of each such parent corporation and each of their respective directors, officers and
agents. 
 “Agreement Value” means, as to any Person, for each Hedge Agreement, after
taking into account the effect of any legally enforceable netting agreement relating to such Hedge Agreement of such Person, (a) for any date on or after the date such Hedge Agreement has been closed out and a termination value determined in
accordance therewith, such termination value and (b) for any date prior to the date referenced in foregoing clause (a), the amount determined as the mark-to-market value for such Hedge Agreement, as determined by such Person based upon one or
more mid-market or other readily available quotations provided by any recognized dealer in such Hedge Agreement 

  

					
		 		 	GyM Credit Agreement

 
(which may include a Lender or any Affiliate of a Lender) or, absent any such provision in such Hedging Agreement, the amount required to be recorded as a liability on the balance sheet of such
Person with respect to such Hedging Agreement in accordance with IFRS. 
 “Alternate
Rate” means, on any date of determination, a rate per annum which shall at all times be equal to the highest of: 
 (a) the Prime Rate in effect on such day; 

(b) the Federal Funds Rate in effect on such day plus  1/2 of 1.00%; and 
 (c) LIBO Rate for an interest period of one
month in effect on such day plus 1.00%. 
 “Applicable Lending Office” means, with
respect to each Lender, the office of such Lender specified as its “Lending Office” opposite its name on Schedule I or in the Assignment and Acceptance pursuant to which it became a Lender, or such other office of such Lender as such
Lender may from time to time specify to the Borrower and the Administrative Agent. 
 “Applicable
Margin” means 4.25% per annum. 
 “Assignment and Acceptance”
means an assignment and acceptance entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 8.07 or by the definition of Eligible Assignee), and accepted by the Administrative Agent,
in accordance with Section 8.07 and in substantially the form of Exhibit C or any other form approved by the Administrative Agent. 
 “Basel III” means the bank capital and liquidity standards released by the Basel Committee in December 2010, any subsequent standards or guidelines that supplement, clarify,
or are ancillary or related thereto and any successor thereof set forth by the Basel Committee, or as implemented by a Lender’s prudential supervisory authority. 

“Basel Committee” means The Basel Committee on Banking Regulations and Supervisory Practices.

 “BBVA Bancomer” has the meaning specified in the recital of parties hereto.

 “BBVA Continental” has the meaning specified in the recital of parties hereto.

 “Board of Directors” means the board of directors (including the Consejo de
Administración, as applicable) of a Person duly appointed by the holders of the Voting Stock of such Person. 
 “Borrower” has the meaning specified in the recital of parties hereto. 

  

					
		 	2	 	GyM Credit Agreement

 “Borrowing” means a borrowing consisting of Advances
made on the same day by the Lenders. 
 “Business Day” means a day of the year on which
banks are not required or authorized by law to close in New York City, Mexico Distrito Federal or Lima, Perú or, if the applicable Business Day relates to any Advance or date of determination of the LIBO Rate, on which dealings are
carried on in the London, England interbank market. 
 “Capitalized Leases” means all
leases that have been or should be, in accordance with IFRS, recorded as capitalized leases. 
 “Cash
Equivalents” means any of the following, to the extent owned by any Loan Party free and clear of all Liens other than Permitted Liens and having a maturity of not greater than 90 days from the date of issuance thereof:
(a) Dollar-denominated investments in (i) readily marketable direct obligations of the Government of the United States or any agency or instrumentality thereof or obligations unconditionally guaranteed by the full faith and credit of the
Government of the United States, (ii) insured certificates of deposit of or time deposits with any commercial bank that is a Lender or a member of the Federal Reserve System, issues (or the parent of which issues) commercial paper rated as
described in clause (iii) below, is organized under the laws of the United States or any State thereof and has combined capital and surplus of at least U.S.$1,000,000,000, (iii) commercial paper issued by any corporation organized
under the laws of any State of the United States and rated at least “Prime-1” (or the then equivalent grade) by Moody’s, “A-1” (or the then equivalent grade) by S&P’s or “F-1” (or the
then equivalent grade) by Fitch, (iv) Investments, classified in accordance with IFRS as current assets of such Loan Party, in money market funds that are registered under the Investment Company Act of 1940, as amended, that are administered by
financial institutions that have the highest rating obtainable from Moody’s, S&P or Fitch and the portfolios of which are limited solely to Investments of the character, quality and maturity described in clauses (a)(i), (ii) and
(iii) of this definition, (v) marketable securities issued or expressly and unconditionally guaranteed by the government of Perú with a credit rating of at least “BBB-” (or the then equivalent grade) by S&P or
the equivalent rating by Moody’s or Fitch and (vi) marketable securities issued by any corporation organized under the laws of Perú or by any Peruvian Financial Institution and rated at least “BBB-” (or the then
equivalent grade) by S&P or the equivalent rating by Moody’s or Fitch and (b) Peruvian Sol denominated investments in (i) securities issued or expressly and unconditionally guaranteed by the government of Perú with a local
currency credit rating of at least “BBB-” (or the then equivalent grade) by S&P or the equivalent rating by Moody’s or Fitch, (ii) certificates of deposit issued by any Peruvian Financial Institution with a local
currency credit rating of at least “BBB-” (or the then equivalent grade) by S&P or the equivalent rating by Moody’s or Fitch or (iii) commercial paper issued by any corporation organized under the laws of Perú
and rated at least “BBB” (or the then equivalent grade) by S&P or the equivalent rating by Moody’s or Fitch. 
 “Casualty Event” means any event that gives rise to the receipt by any Loan Party of any insurance proceeds or condemnation awards in respect of any equipment, fixed assets or real
property (including any improvements thereon) to replace or repair such equipment, fixed assets or real property. 

  

					
		 	3	 	GyM Credit Agreement

 “Change of Control” means (a) any person,
entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act, but excluding any employee benefit plan of such person, entity or “group” and their respective Subsidiaries and any person or entity acting
in its capacity as trustee, agent or other fiduciary or administrator of any such plan), other than the G&M Holders, shall at any time (i) have acquired direct or indirect beneficial ownership (as defined in SEC Rules 13(d)-3 and 13(d)-5)
of Equity Interests having the power to vote or direct the voting of such Equity Interests having more than the percentage of the ordinary voting power of the Borrower owned in the aggregate, directly or indirectly, beneficially, by the G&M
Holders or (ii) Control the Borrower, or (b) the G&M Holders shall at any time fail to have the right or the ability, directly or indirectly, by voting power, contract or otherwise to elect or designate for election at least two
members of the Board of Directors of the Borrower. 
 “Change of Law” means the adoption
of any applicable law, rule or regulation, or any change therein, or any change in the interpretation or administration thereof, in each case, after the date hereof by any Governmental Authority or by any Person with oversight or authority over
banks or financial institutions; provided that notwithstanding anything herein to the contrary, (a) all requests, rules, guidelines or directives under or issued in connection with the Dodd-Frank Wall Street Reform and Consumer
Protection Act, all interpretations and applications thereof and any compliance by a Lender with any request or directive relating thereto and (b) all requests, rules, guidelines or directives promulgated under or in connection with, all
interpretations and applications of, or and any compliance by a Lender with any request or directive relating to International Settlements, the Basel Committee (or any successor or similar authority) or the United States or foreign regulatory
authorities, in each case, pursuant to Basel III, shall, in each case, under clauses (a) and (b) above be deemed to be a “Change of Law”, regardless of the date adopted, issued, promulgated or implemented. 

“Code” means the Internal Revenue Code of 1986, and the regulations promulgated thereunder, each
as amended or modified from time to time. 
 “Collateral” means all
“Collateral” referred to in the Collateral Documents and all other property that is or is intended to be subject to any Lien in favor of the Collateral Agent for the benefit of the Secured Parties. 

“Collateral Agent” has the meaning specified in the recital of parties hereto. 

“Collateral Documents” means the Peruvian Account Pledge and any other agreement that creates or
purports to create a Lien in favor of the Collateral Agent for the benefit of the Secured Parties. 

“Commitment” has the meaning specified in Section 2.01. 

“Communications” has the meaning specified in Section 8.02(b). 

  

					
		 	4	 	GyM Credit Agreement

 “Confidential Information” means information that a
Loan Party furnishes to the Administrative Agent or any Lender in a writing designated as confidential, but does not include any such information that is or becomes generally available to the public or that is or becomes available to the
Administrative Agent on a non-confidential basis or such Lender from a source other than a Loan Party. 

“Consolidated” refers to the consolidation of accounts in accordance with IFRS. 

“Consolidated Adjusted Debt” means, with respect to any Loan Party, as of any date of
determination, (a) Consolidated Debt of such Loan Party as of such date (other than any comfort letter not constituting Indebtedness) less (b) the aggregate amount of Debt obligations of each Project Company that is a Subsidiary of
(or is partially owned by) such Loan Party (other than any such obligation for which the holder thereof has recourse to such Loan Party (but only to the extent of such recourse)) as of such date. 

“Consolidated Adjusted Debt Coverage Ratio” means, with respect to any Loan Party, as of any date
of determination, the ratio of (a) Consolidated Adjusted Debt of such Loan Party as of such date to (b) Consolidated Adjusted EBITDA of such Loan Party for the rolling four fiscal quarter period most recently ended as of such date.

 “Consolidated Adjusted EBITDA” means, with respect to any Loan Party, for any period,
Consolidated EBITDA of such Loan Party for such period less any EBITDA attributable to a Project Company that is a Subsidiary of (or is partially owned by) such Loan Party for such period. 

“Consolidated Debt” means, with respect to any Loan Party, as of any date of determination, the
Debt of such Loan Party and its Subsidiaries on a Consolidated basis as of such date. 
 “Consolidated
EBITDA” means, with respect to any Loan Party, for any period, the EBITDA of such Loan Party and its Subsidiaries on a Consolidated basis for such period. 

“Consolidated Net Worth” means, with respect to any Loan Party, as of any date of determination,
for such Loan Party and its Subsidiaries on a Consolidated basis, Shareholders’ Equity of such Loan Party and its Subsidiaries as of such date. 
 “Consolidated Total Assets” means, with respect to any Loan Party, as of any date of determination, for such Loan Party and its Subsidiaries on a Consolidated basis, the total
amount of all assets of such Loan Party and its Subsidiaries as of such date, calculated based on the most recent consolidated balance sheet required to be delivered to the Administrative Agent pursuant to this Agreement. 

“Control” means, with respect to any Person, the possession, directly or indirectly, including by
contract or otherwise, of either (a) the power to vote 50% or more of the Voting Stock of such Person or (b) more than 50% of the issued and outstanding capital stock having ordinary voting power to elect a majority of the Board of
Directors of such Person (irrespective of whether at the time capital stock of any other class or classes of such Person shall or might have voting power upon the occurrence of any contingency). “Controlling” and
“Controlled” have meanings correlative thereto. 

  

					
		 	5	 	GyM Credit Agreement

 “Debt” means, with respect to any Person, as of any
date of determination, without duplication, the sum of (a) short term financial debt (obligaciones financieras under Pasivo Corriente) of such Person outstanding as of such date, including bank loans, commercial paper, bonds,
financial leases, current portion of long-term debt, (b) long term financial debt (obligaciones financieras under Pasivo No Corriente) of such Person outstanding as of such date, including long-term bank loans, bonds and financial
leases and (c) all obligations of such Person under financial instrument derivatives (instrumentos financieros derivados) (including, for the avoidance of doubt, under any Hedge Agreements) outstanding as of such date, in each case, in
accordance with IFRS as reflected on the financial statements most recently delivered pursuant to Section 5.01(i). 
 “Debt Service” means, for any period, the sum of all payments of interest, principal, expenses, financing costs, termination costs and fees and all other amounts made or required
to be made by the Borrower during such period pursuant to the terms and conditions of the Loan Documents. 

“Debt Service Coverage Ratio” means, as of any date of determination, the ratio, for the Borrower
on an unconsolidated basis, of (i) operating income (utilidad (pérdida) operativa) of the Borrower for the relevant period ending on such date plus any amounts attributable to depreciation and amortization of the Borrower
for such period plus interest income (ingresos financieros) minus capital expenditures minus tax payments minus working capital variations minus cash deposited in the Debt Service Reserve Account to
(ii) the amount of Debt Service, in each case, for the rolling four fiscal quarter period most recently ended as of such date and for which financial statements are available pursuant to Section 5.01(i). 

“Debt Service Reserve Account” means account number 0011-0586-0100026578 maintained by the
Borrower with Collateral Agent in Perú pursuant to the Peruvian Account Pledge and designated as the “Debt Service Reserve Account”. 
 “Default” means any Event of Default or any event that would constitute an Event of Default but for the passage of time or the requirement that notice be given or both. 

“Default Interest” has the meaning specified in Section 2.06(b). 

“Defaulting Lender” means, at any time, a Lender as to which the Administrative Agent has notified
the Borrower that (a) such Lender has failed for 5 Business Days or more to comply with its obligations under this Agreement to make an Advance (each a “funding obligation”), (b) such Lender has notified the Administrative Agent
in writing, or has stated publicly, that it will not comply with any such funding obligation or (c) such Lender is insolvent, or an event described in Section 6.01(e) has occurred and is continuing with respect to such Lender;
provided that a Lender shall not qualify as a Defaulting Lender solely as a result of the acquisition or maintenance of an ownership 

  

					
		 	6	 	GyM Credit Agreement

 
interest in such Lender or its parent company, or of the exercise of control over such Lender or any Person controlling such Lender, by a Governmental Authority or instrumentality thereof;
provided, further, that clauses (a) and (b) above shall not apply to a failure comply with a funding obligation arising from a good faith dispute under this Agreement. Any determination that a Lender is a Defaulting Lender
under clauses (a) through (c) above shall be made by the Administrative Agent in its sole discretion acting in good faith. The Administrative Agent will promptly send to all parties hereto a copy of any notice to the Borrower referred
to above. 
 “Designated Jurisdiction” means any country or territory to the extent that
such country or territory itself is the subject of any Sanction. 
 “Disclosed
Litigation” has the meaning specified in Section 3.01(b). 

“Disposition” or “Dispose” means the sale, transfer, license, lease or
other disposition (including any sale of Equity Interests) of any property by any Person, including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated
therewith. 
 “EBITDA” means, with respect to any Person, for any period, operating
income (utilidad (pérdida) operativa) of such Person for such period minus profits from sales of investments (ingresos por venta de inversiones) minus profits from sales of property, plant and equipment
(ingresos por venta de inmuebles, maquinaria y equipo) minus profits related to business acquisitions (ganancia en combinacion de negocios) (net of costs of such sales and combinations) plus any amounts attributable to
depreciation and amortization of such Person for such period, in each case, in accordance with IFRS as reflected on the financial statements most recently delivered pursuant to Section 5.01(i). 

“Effective Date” has the meaning specified in Section 3.01. 

“Eligible Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) a
commercial bank or financial institution, (d) a commercial bank organized under the laws of any other country that is a member of the Organization for Economic Cooperation and Development or the Cayman Islands or has concluded special lending
arrangements with the International Monetary Fund associated with its General Arrangements to Borrow, or a political subdivision of any such country, and having total assets in excess of U.S.$500,000,000, so long as such bank is acting through a
branch or agency located in the country in which it is organized or another country that is described in this clause (d) or (e) a Peruvian Financial Institution; provided, however, that neither a Loan Party nor an Affiliate
of a Loan Party shall qualify as an Eligible Assignee. 
 “Environmental Action” means
any action, suit, demand, demand letter, claim, notice of non-compliance or violation, notice of liability or potential liability, investigation, proceeding, consent order or consent agreement relating in any way to any Environmental Law,
Environmental Permit or Hazardous Materials or arising from alleged injury or threat of injury to health, safety or the environment, including (a) by any governmental or regulatory authority for enforcement, cleanup, removal, response,

  

					
		 	7	 	GyM Credit Agreement

 
remedial or other actions or damages and (b) by any governmental or regulatory authority or any third party for damages, contribution, indemnification, cost recovery, compensation or
injunctive relief. 
 “Environmental Law” means any federal, state, local, national,
regional or foreign statute, law, ordinance, rule, regulation, code, order, judgment, decree or judicial or agency interpretation, policy or guidance, including of Perú or the United States or any of their respective applicable political
subdivisions, relating to pollution or protection of the environment, health, safety or natural resources, including those relating to the use, handling, transportation, treatment, storage, disposal, release or discharge of Hazardous Materials.

 “Environmental Permit” means any permit, approval, identification number, license or
other authorization required under any Environmental Law. 
 “Equity Interests” means,
with respect to any Person, shares of capital stock of (or other ownership or profit interests in) such Person, warrants, options or other rights for the purchase or other acquisition from such Person of shares of capital stock of (or other
ownership or profit interests in) such Person, securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or other acquisition
from such Person of such shares (or such other interests), and other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or non-voting, and whether or not such shares or other
interests are authorized or otherwise existing on any date of determination. 
 “Event of
Default” has the meaning specified in Section 6.01. 
 “Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 

“Existing Indebtedness” means Indebtedness of each Loan Party outstanding immediately before the
occurrence of the Effective Date. 
 “Existing Liens” has the meaning specified in
Section 4.01(o). 
 “Federal Funds Rate” means, for any period, a fluctuating
interest rate per annum equal for each day during such period to: 
 (a) the weighted average of the rates
on overnight federal funds transactions with members of the U.S. Federal Reserve System arranged by federal funds brokers, as published for such day (or, if such day is not a Business Day, for the immediately preceding Business Day) by the Federal
Reserve Bank of New York; or 
 (b) if such rate is not so published for any day which is a Business Day, the
average of the quotations for such day on such transactions received by the Administrative Agent from three federal funds brokers of recognized standing selected by it. 

  

					
		 	8	 	GyM Credit Agreement

 “Fitch” means Fitch Ratings, Inc. 

“Fund” means any Person (other than an individual) that is or will be engaged in making,
purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business. 
 “Governmental Authority” means any nation or government, any state, province, city, municipal entity or other political subdivision thereof, and any governmental, executive,
legislative, judicial, administrative or regulatory agency, department, authority, instrumentality, commission, board, bureau or similar body, whether federal, state, provincial, territorial, local or foreign. 

“Governmental Authorization” means any authorization, approval, consent, franchise,
license, covenant, order, ruling, permit, certification, exemption, notice, declaration or similar right, undertaking or other action of, to or by, or any filing, qualification or registration with, any Governmental Authority. 

“Guaranties” means the Guaranty delivered pursuant to Section 3.01(f)(iv), together with each
other guaranty and guaranty supplement delivered pursuant to Section 5.01(j). 

“Guarantor” means each of GyM S.A., Graña y Montero Petrolera S.A., Concar S.A., Viva GyM
S.A. and each other Subsidiary of the Borrower that executes and delivers a Guaranty pursuant to Section 5.01(j). 
 “G&M Holders” means, collectively, (a) GH Holding Group Corp., Bethel Enterprises Inc., Byron Development S.A. or any of their respective Affiliates and (b) Hernando
Graña Acuña and any trust or entity 100% owned and Controlled by or established for the sole benefit of, or the estate of, Hernando Graña Acuña or his spouse or lineal descendants. 

“Hazardous Materials” means (a) petroleum and petroleum products, byproducts or breakdown
products, radioactive materials, asbestos-containing materials, polychlorinated biphenyls and radon gas and (b) any other chemicals, materials or substances designated, classified or regulated as hazardous or toxic or as a pollutant or
contaminant under any Environmental Law. 
 “Hedge Agreements” means interest rate swap,
cap or collar agreements, interest rate future or option contracts, currency swap agreements, currency future or option contracts and other hedging agreements. 
 “Historical Financial Statements” has the meaning specified in Section 4.01(f). 
 “IFRS” means the International Financial Reporting Standards, as adopted, and in effect from time to time, by the International Accounting Standards Board, consistently applied
throughout the periods involved. 

  

					
		 	9	 	GyM Credit Agreement

 “IGV” means the Peruvian value-added tax
(Impuesto General a las Ventas), which is currently regulated by Legislative Decree N° 821, the amended and restated version of which was approved by Supreme Decree N° 055-99-EF, as in effect on the date hereof. 

“Indebtedness” of any Person means, without duplication, (a) all indebtedness of such Person
for borrowed money, (b) all Obligations of such Person for the deferred purchase price of property or services (other than trade payables not overdue by more than 60 days incurred in the ordinary course of such Person’s business),
(c) all Obligations of such Person evidenced by notes, bonds, debentures or other similar instruments, (d) all Obligations of such Person created or arising under any conditional sale or other title retention agreement with respect to
property acquired by such Person (even though the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property), (e) all Obligations of such Person as lessee under
Capitalized Leases, (f) all Obligations, contingent or otherwise, of such Person in respect of acceptance, letter of credit or similar facilities, (g) all Obligations of such Person to purchase, redeem, retire, defease or otherwise make
any payment in respect of any Equity Interests in such Person or any other Person or any warrants, rights or options to acquire such Equity Interests, valued, in the case of Redeemable Preferred Interests, at the greater of its voluntary or
involuntary liquidation preference plus accrued and unpaid dividends, (h) all Obligations of such Person in respect of Hedge Agreements, valued at the Agreement Value thereof, (i) all Indebtedness and other payment obligations of
others referred to in clauses (a) through (h) above or clause (j) below (collectively, “Guaranteed Debt”) guaranteed directly or indirectly in any manner by such Person, or in effect guaranteed directly or
indirectly by such Person through an agreement (i) to pay or purchase such Guaranteed Debt or to advance or supply funds for the payment or purchase of such Guaranteed Debt, (ii) to purchase, sell or lease (as lessee or lessor) property,
or to purchase or sell services, primarily for the purpose of enabling the debtor to make payment of such Guaranteed Debt or to assure the holder of such Guaranteed Debt against loss, (iii) to supply funds to or in any other manner invest in
the debtor (including any agreement to pay for property or services irrespective of whether such property is received or such services are rendered) or (iv) otherwise to assure a creditor against loss; provided that Guaranteed Debt shall
not include any comfort letter that does not impose any of the obligations referred to in any of clauses (a) through (h) above or clause (j) below and (j) all Indebtedness and other payment obligations referred to in
clauses (a) through (i) above (including Guaranteed Debt) secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property (including accounts and contract
rights) owned by such Person, even though such Person has not assumed or become liable for the payment of such Indebtedness. For the avoidance of doubt, “Indebtedness” shall include Debt. 

“Indemnified Costs” has the meaning specified in Section 7.05. 

“Indemnified Party” has the meaning specified in Section 8.04(b). 

“Initial Lenders” has the meaning specified in the recital of the parties hereto. 

  

					
		 	10	 	GyM Credit Agreement

 “Interest Period” means, initially, the period
commencing on the Effective Date or the date of each Advance (if such Advance is made after the Effective Date) and ending on the date three months after the Effective Date, and, thereafter, each subsequent period commencing on the last day of the
immediately preceding Interest Period and ending three months after such date; provided, however, that: 
 (i) Interest Periods commencing on the same date for Advances comprising part of the same Borrowing shall be of the same duration; 

(ii) whenever the last day of any Interest Period would otherwise occur on a day other than a Business Day, the last day
of such Interest Period shall be extended to occur on the immediately succeeding Business Day; provided, however, that, if such extension would cause the last day of such Interest Period to occur in the immediately succeeding calendar
month, the last day of such Interest Period shall occur on the immediately preceding Business Day; and 
 (iii)
whenever the first day of any Interest Period occurs on a day of an initial calendar month for which there is no numerically corresponding day in the calendar month that succeeds such initial calendar month by the number of months equal to the
number of months in such Interest Period, such Interest Period shall end on the last Business Day of such succeeding calendar month. 
 “Investment” in any Person means any loan or advance to such Person, any purchase or other acquisition of any Equity Interests or Indebtedness of such Person, any capital
contribution to such Person or any other direct or indirect investment in such Person, including any acquisition by way of a merger or consolidation (or similar transaction) and any arrangement pursuant to which the investor incurs Indebtedness of
the types referred to in clause (i) or (j) of the definition of Indebtedness in respect of such Person. 
 “ITF” means the Peruvian Impuesto a las Transacciones Financieras regulated by Law No 28194, the amended and restated version of which was approved by Supreme Decree
N° 047-2004-EF, as in effect on the date hereof. 
 “Lenders” means the Initial
Lenders and each Person that shall become a party hereto pursuant to Section 8.07, for so long as such Initial Lender or Person shall be a party hereto. 
 “LIBO Rate” means, with respect to each day during each Interest Period, the rate per annum determined on the basis of the rate for deposits in Dollars for a period equal to
such Interest Period commencing on the first day of such Interest Period appearing on the Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, two Business Days prior to the beginning of such Interest Period. In the event that such rate does
not appear on the Reuters Screen LIBOR01 Page (or otherwise on such screen), the LIBO Rate shall be determined by reference to such other comparable publicly available service for displaying eurodollar rates as may be selected by the Administrative
Agent or, in the absence of such availability, by reference to the respective rates at which Dollar deposits 

  

					
		 	11	 	GyM Credit Agreement

 
are offered to the Administrative Agent at or about 11:00 a.m., New York time, two Business Days prior to the beginning of such Interest Period in the interbank eurodollar market where its
eurodollar and foreign currency and exchange operations are then being conducted for delivery on the first day of such Interest Period for the number of days comprised therein. Notwithstanding the foregoing, if at any time the rate determined
pursuant to this definition is below zero, the LIBO Rate will be deemed to be zero. 

“Lien” means any lien, security interest, assignment in trust or other charge or encumbrance of
any kind, or any other type of preferential arrangement, including the lien or retained security title of a conditional vendor and any easement, right of way or other encumbrance on title to real property. 

“Loan Documents” means (a) this Agreement, (b) the Notes, (c) the Note Filling
Agreements, (d) the Guaranties and (e) the Collateral Documents. 
 “Loan
Parties” means the Borrower and each Guarantor. 
 “Material Adverse Change”
means any material adverse change in the business, condition (financial or otherwise), operations, performance or properties of the Borrower and its Subsidiaries taken as a whole. 

“Material Adverse Effect” means a material adverse effect on (a) the business, condition
(financial or otherwise), operations, performance or properties of the Borrower and its Subsidiaries taken as a whole, (b) the rights and remedies of any Agent or Lender under any Loan Document or (c) the ability of any Loan Party to
perform its Obligations under any Loan Document. 
 “Material Contract” means, with
respect to any Person, each contract to which such Person is a party involving aggregate consideration payable to or by such Person of U.S.$5,000,000 (or its equivalent in other currencies) or more in any year or otherwise material to the business,
condition (financial or otherwise), operations, performance, properties or prospects of such Person. 

“Maturity Date” means February 27, 2018. 

“Moody’s” means Moody’s Investors Service, Inc. 

“Net Cash Proceeds” means, with respect to any asset Disposition or Casualty Event, the gross
proceeds received by any Loan Party therefrom (including any insurance proceeds, condemnation awards, cash, Cash Equivalents, deferred payment pursuant to, or by monetization of, a note receivable or otherwise), as and when received minus the
sum of (without duplication) (a) taxes paid or reasonably estimated to be payable as a result thereof, (b) all reasonable and customary out-of-pocket fees and expenses incurred in connection with such transaction or event and (c) the
principal amount of, premium, if any, and interest on (as well as all reasonable and customary out-of-pocket fees and expenses incurred in connection therewith) any Indebtedness secured by a Lien on the asset (or a portion thereof) Disposed of or
impacted by such Casualty Event, which Indebtedness is actually so repaid. 

  

					
		 	12	 	GyM Credit Agreement

 “Note” means an incomplete promissory note of the
Borrower (pagaré incompleto) payable to the order of a Lender, in substantially the form of Exhibit A-1, to be completed pursuant to the relevant Note Filling Agreement with the aggregate Indebtedness of the Borrower to such Lender
resulting from the Advances made by such Lender, and with a guarantee (aval) thereon duly executed by each Guarantor. 
 “Note Filling Agreement” means a note filling agreement (acuerdo de llenado) executed by the Borrower and the relevant Lender, in substantially the form of Exhibit A-2,
regulating the manner in which such Lender will complete the Note held by it prior to exercising any right under such Note. 
 “Notice of Borrowing” has the meaning specified in Section 2.02. 
 “Obligation” means, with respect to any Person, any payment, performance or other obligation of such Person of any kind, including any liability of such Person on any claim,
whether or not the right of any creditor to payment in respect of such claim is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, disputed, undisputed, legal, equitable, secured or unsecured, and whether or not such claim is
discharged, stayed or otherwise affected by any proceeding referred to in Section 6.01(e). Without limiting the generality of the foregoing, the Obligations of any Loan Party under the Loan Documents include (a) the obligation to pay
principal, interest, charges, expenses, fees, attorneys’ fees and disbursements, indemnities and other amounts payable by such Loan Party under any Loan Document and (b) the obligation of such Loan Party to reimburse any amount in respect
of any of the foregoing that any Lender, in its sole discretion, may elect to pay or advance on behalf of such Loan Party. 
 “OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury. 

“Other Taxes” has the meaning specified in Section 2.12. 

“Payment Account” means account number 0011-0586-0100026551 maintained by the Borrower with the
Collateral Agent in Perú pursuant to the Peruvian Account Pledge and designated as the “Payment Account”. 
 “Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Pub. L. 107-56, signed into law
October 26, 2001. 
 “Permitted Liens” means all Liens permitted to be incurred
under Section 5.02(a). 
 “Person” means an individual, partnership, corporation
(including a business trust), joint stock company, trust, unincorporated association, joint venture, limited liability company or other entity, or a government or any political subdivision or agency thereof. 

“Perú” means the Republic of Perú. 

  

					
		 	13	 	GyM Credit Agreement

 “Peruvian Account Pledge” means the Peruvian Account
Pledge (Contrato de Constitución de Garantía Mobiliaria sobre Saldos en Cuenta), substantially in the form of Exhibit D and dated as of the date hereof, between the Borrower and the Collateral Agent. 

“Peruvian Financial Institution” means a financial institution organized under and existing
pursuant to and in accordance with the laws of Perú and authorized to conduct banking activities in Perú by the Peruvian Superintendency of Banking, Insurance and Private Pension Fund Managers. 

“Peruvian Income Tax Law” means the Peruvian Ley del Impuesto sobre la Renta of Perú
regulated by Legislative Decree N° 774, the amended and restated version of which was approved by Supreme Decree N° 179-2004-EF, as in effect on the date hereof. 

“Peruvian Sol”, “Sol” and “PEN” mean the lawful
currency of Perú. 
 “Peruvian Superintendency of Banking, Insurance and Private Pension Fund
Managers” means the Superintendencia de Banca, Seguros y AFP of Perú. 

“Preferred Interests” means, with respect to any Person, Equity Interests issued by such Person
that are entitled to a preference or priority over any other Equity Interests issued by such Person upon any distribution of such Person’s property and assets, whether by dividend or upon liquidation. 

“Prime Rate” means the prime commercial per annum lending rate provided by Banco Bilbao
Vizcaya Argentaria New York Branch as in effect from time to time in New York City, New York for loans in Dollars, such rate to be adjusted on and as of the effective date of any change in such Prime Rate. 

“Process Agent” has the meaning specified in Section 8.12. 

“Project Company” means any special purpose vehicle, Controlled (directly or indirectly) or
partially owned by a Loan Party, created to develop a project under a concession agreement, private public partnership scheme or a private long term contract, after the Effective Date; provided, however, that each of GyM Ferrovias
S.A., Concesionaria La Chira S.A. and the special purpose vehicles created to develop the Via Expresa Javier Prado-La Marina-Faucett and the Via Expresa Sur projects shall be considered a Project Company. 

“Redeemable” means, with respect to any Equity Interest, any such Equity Interest that
(a) the issuer has undertaken to redeem at a fixed or determinable date or dates, whether by operation of a sinking fund or otherwise, or upon the occurrence of a condition not solely within the control of the issuer or (b) is redeemable
at the option of the holder. 
 “Register” has the meaning specified in
Section 8.07(c). 

  

					
		 	14	 	GyM Credit Agreement

 “Regulation D” means Regulation D of the Board of
Governors of the U.S. Federal Reserve System, as in effect from time to time. 
 “Reinvestment
Period” has the meaning specified in Section 2.08(b)(i). 
 “Related
Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives of such Person and of such
Person’s Affiliates. 
 “Required Lenders” means at any time Lenders owed greater
than 50% of the then aggregate unpaid principal amount of the Advances owing to Lenders, or, if no such principal amount is then outstanding, Lenders having greater than 50% of the Commitments, excluding, in each case, any Defaulting Lenders.

 “Sanction(s)” means any international economic sanction administered or enforced by
OFAC, the United Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority. 
 “S&P” means Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. 

“SEC” means the United States Securities and Exchange Commission or any successor thereto.

 “Secured Obligations” means all the Obligations of the Loan Parties owing to any of
the Secured Parties and existing under the Loan Documents. 
 “Secured Parties” means the
Lenders and the Agents. 
 “Shareholders’ Equity” means, as of any date of
determination, shareholders’ equity of the Borrower and its Subsidiaries on a Consolidated basis as of such date. 
 “Solvent” and “Solvency” mean, with respect to any Person on a particular date, that on such date (a) the fair value of the property of such Person is
greater than the total amount of liabilities, including contingent liabilities, of such Person, (b) the present fair salable value of the assets of such Person is not less than the amount that will be required to pay the probable liability of
such Person on its debts as they become absolute and matured, (c) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay such debts and liabilities as they mature
and (d) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which such Person’s property would constitute an unreasonably small capital. The amount of contingent liabilities
at any time shall be computed as the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. 

“Subsidiary” of any Person means any corporation, partnership, joint venture, limited liability
company, trust or estate of which (or in which) more than 50% of (a) the 

  

					
		 	15	 	GyM Credit Agreement

 
issued and outstanding capital stock having ordinary voting power to elect a majority of the Board of Directors of such corporation (irrespective of whether at the time capital stock of any other
class or classes of such corporation shall or might have voting power upon the occurrence of any contingency), (b) the interest in the capital or profits of such limited liability company, partnership or joint venture or (c) the beneficial
interest in such trust or estate is at the time directly or indirectly owned or controlled by such Person, by such Person and one or more of its other Subsidiaries or by one or more of such Person’s other Subsidiaries. 

“Supplemental Collateral Agent” has the meaning specified in Section 7.01(b). 

“Taxes” has the meaning specified in Section 2.12. 

“Termination Date” means the earlier of May 27, 2013 and the date of termination in whole of
the Commitments pursuant to Section 2.04 or 6.01. 
 “United States” or
“U.S.” means the United States of America. 
 “U.S. Dollars”,
“U.S.$”, “Dollars” and “$” means the lawful currency of the United States. 
 “Voting Stock” means capital stock issued by a corporation, or equivalent interests in any other Person, the holders of which are ordinarily, in the absence of contingencies,
entitled to vote for the election of directors (or persons performing similar functions) of such Person, even if the right so to vote has been suspended by the happening of such a contingency. 

“Wholly-Owned Subsidiary” means, with respect to any Person at any time, any Subsidiary of such
Person all of the Equity Interests of which are at such time directly or indirectly owned by such Person, any director or retired employee of such Person, any other Wholly-Owned Subsidiary of such Person and/or any other Affiliate of such Person;
provided that the aggregate amount of the Equity Interests of such Subsidiary held directly or indirectly by all such directors and retired employees and Affiliates that are not Wholly-Owned Subsidiaries of any Loan Party shall be no greater
than 10% of all of the Equity Interests of such Subsidiary. 
 Section 1.02 Computation of Time Periods; Other
Definitional Provisions. In this Agreement and the other Loan Documents in the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including” and the
words “to” and “until” each mean “to but excluding.” References in the Loan Documents to any agreement or contract “as amended” shall mean and be a reference to such
agreement or contract as amended, amended and restated, supplemented or otherwise modified from time to time in accordance with its terms. The word “including”, unless context otherwise requires (such as in the computation of
periods of time), means “including without limitation”. Any reference to any Person (other than any G&M Holder) shall be constructed to include such Person’s successors or assigns (subject to any restrictions on assignment set
forth herein) and, in the case of any Governmental Authority, any other Governmental Authority that shall have succeeded to any or all of the functions thereof. The words “asset” and “property” shall be construed to have the same
meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and concession and contract rights. 

  

					
		 	16	 	GyM Credit Agreement

 Section 1.03 Accounting Terms. All accounting terms (a) not specifically
defined herein shall be construed in accordance with IFRS and (b) shall refer to the quarterly financial statements of the relevant Loan Party delivered pursuant to Section 5.01(i). 

Section 1.04 Currency Equivalents Generally. Any amount specified in this Agreement (other than in Articles II, VII and VIII)
or any of the other Loan Documents to be in U.S. Dollars shall also include the equivalent of such amount in any currency other than U.S. Dollars, such equivalent amount to be determined at the rate of exchange quoted by BBVA Bancomer in New York,
New York at the close of business on the Business Day immediately preceding any date of determination thereof, to prime banks in New York, New York for the spot purchase in the New York foreign exchange market of such amount in U.S. Dollars with
such other currency. 
 ARTICLE II 
 AMOUNTS AND TERMS OF THE ADVANCES 
 Section 2.01 The Advances. Each
Lender severally agrees, on the terms and conditions hereinafter set forth, to make Advances to the Borrower from time to time on any Business Day during the period from the Effective Date until the Termination Date in an aggregate amount
outstanding not to exceed at any time the amount set forth opposite such Lender’s name on the signature pages hereof or, if such Lender has entered into any Assignment and Acceptance, set forth for such Lender in the Register maintained by the
Administrative Agent pursuant to Section 8.07(c), as such amount may be reduced pursuant to the terms of this Agreement (such Lender’s “Commitment”); provided that the Borrower may not request more than three
Borrowings under this Agreement. Each Borrowing shall be in an aggregate amount of U.S.$10,000,000 or an integral multiple of U.S.$1,000,000 in excess thereof. Amounts repaid or prepaid on account of the Advances may not be reborrowed. 

Section 2.02 Making the Advances. (a) Each Borrowing shall be made on notice, given not later than 11:00 A.M.
(New York City time) on the third Business Day prior to the date of the proposed Borrowing, by the Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereof by electronic communication. Each such notice of a
Borrowing (a “Notice of Borrowing”) shall be by electronic communication and confirmed promptly in writing, in substantially the form of Exhibit B, specifying therein the requested (i) date of such Borrowing and
(ii) aggregate amount of such Borrowing. Each Lender shall, before 11:00 A.M. (New York City time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at the
Administrative Agent’s Account, in same day funds, such Lender’s ratable portion of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in
Article III, the Administrative Agent will make such funds available to the Borrower at the Borrower’s account in Lima, Perú or to the Collateral Agent at the Collateral Agent’s account in New York for further credit to the
Borrower at the Borrower’s account in Lima, Perú, in each case, that is designated in writing by the Borrower. 

  

					
		 	17	 	GyM Credit Agreement

 (b) Anything in clause (a) above to the contrary notwithstanding, the Borrower may not
request Advances for any Borrowing if the obligation of the Lenders to make Advances shall then be suspended pursuant to Section 2.09(c) or 2.10. 
 (c) Each Notice of Borrowing shall be irrevocable and binding on the Borrower. The Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure
to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including any loss (excluding loss of anticipated profits and (without duplication) margin), cost or
expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on
such date. 
 (d) Unless the Administrative Agent shall have received notice from a Lender prior to the date of any Borrowing
that such Lender will not make available to the Administrative Agent such Lender’s ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date
of such Borrowing in accordance with clause (a) above and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have
so made such ratable portion available to the Administrative Agent, such Lender and the Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the
date such amount is made available to the Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of the Borrower, the interest rate applicable at the time to Advances comprising such Borrowing and
(ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes
of this Agreement. 
 (e) The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not
relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date
of any Borrowing. 
 Section 2.03 Fees. (a) Facility Fee. The Borrower agrees to pay to the
Administrative Agent for the account of each Lender a facility fee on the aggregate undrawn amount of such Lender’s Commitment (calculated (i) from the Effective Date in the case of each Initial Lender or (ii) from the later of the
Effective Date and the effective date specified in the Assignment and Acceptance pursuant to which it became a Lender in the case of each other Lender, in each case, until the Termination Date) at a rate per annum equal to 1.275%, payable in
arrears on the last day of the first Interest Period hereunder. 
 (b) Agents’ Fees. The Borrower shall pay to each
Agent for its own account such fees as may from time to time be agreed between the Borrower and such Agent. 

  

					
		 	18	 	GyM Credit Agreement

 Section 2.04 Termination or Reduction of the Commitments.
(a) Optional. The Borrower may, on at least five Business Days’ notice to the Administrative Agent, permanently terminate in whole or reduce in part the unused portion of the Commitments, without premium or penalty. 

(b) Mandatory. From time to time upon each repayment or prepayment of the Advances, each Lender’s Commitment shall be
automatically and permanently reduced, without premium or penalty, by an amount equal to the amount by which such Lender’s Commitment immediately prior to such reduction exceeds the aggregate unpaid principal amount of the Advances. On the
Termination Date, each Lender’s Commitment shall be automatically and permanently reduced to U.S.$0. 
 Section 2.05
Repayment. The Borrower hereby unconditionally promises to repay to the Administrative Agent, for the account of the Lenders, the outstanding principal amount of the Advances in 17 consecutive quarterly installments commencing on the first
anniversary of the Effective Date, each such installment in an amount equal to the product of (a) the aggregate outstanding principal amount of the Advances as of the Termination Date and (b) 1/17, as the amount of any such installment may
be reduced as a result of any prepayment of the Advances pursuant to Section 2.08. The Borrower shall repay on the Maturity Date, all Advances and other amounts then outstanding hereunder. 

Section 2.06 Interest. (a) Payment of Interest. The Borrower shall pay interest on the unpaid principal amount of
each Advance owing to each Lender from the date of such Advance until such principal amount shall be paid in full, at a rate per annum equal at all times during each Interest Period for such Advance to the sum of (i) the LIBO Rate for
such Interest Period for such Advance plus (ii) the Applicable Margin, payable in arrears on the last day of such Interest Period. 
 (b) Default Interest. Upon the occurrence and during the continuance of an Event of Default, the Borrower shall, automatically and without any further action by any Agent or any Lender, pay
interest (“Default Interest”) on the outstanding principal amount of the Advances owing to each Lender, payable in arrears on the dates referred to in Section 2.06(a) and on demand, at a rate per annum equal at
all times to 2% per annum above the rate per annum required to be paid on such Advance pursuant to Section 2.06(a). For the avoidance of doubt, following the acceleration of the Advances, or the giving of notice by the
Administrative Agent to accelerate the Advances, pursuant to Section 6.01, Default Interest shall accrue and be payable hereunder. 
 Section 2.07 Interest Rate Determination. The Administrative Agent shall give prompt notice to the Borrower and the Lenders of the applicable interest rate determined by the Administrative
Agent for purposes of Section 2.06(a). 
 Section 2.08 Prepayments. (a) Optional. The Borrower may,
upon at least 10 Business Days’ notice to the Administrative Agent stating the proposed date and aggregate principal amount of the prepayment, and if such notice is given the Borrower shall, prepay the outstanding principal amount of the
Advances in whole or ratably in part, without premium or penalty, together with accrued interest to the date of such prepayment on the principal amount 

  

					
		 	19	 	GyM Credit Agreement

 
prepaid; provided, however, that (i) each partial prepayment shall be in an aggregate principal amount of U.S.$5,000,000 or an integral multiple of U.S.$1,000,000 in excess
thereof and (ii) the Borrower shall be obligated to reimburse the Lenders in respect thereof pursuant to Section 8.04(c). 
 (b) Mandatory. 
 (i) If (A) any Loan Party Disposes of
any property (other than pursuant to clause (i), (ii), (iii), (iv) or (v) of Section 5.02(e)) or (B) any Casualty Event occurs, which in the aggregate results in the realization or receipt by any Loan Party of Net Cash Proceeds
in excess of U.S.$20,000,000, the Borrower shall make a prepayment in an aggregate principal amount of Advances equal to the product of (I) 100% of such Net Cash Proceeds less the percentage of such Net Cash Proceeds reinvested in
accordance with this Section 2.08(b)(i) (such net percentage, the “Asset Percentage”) and (II) the Net Cash Proceeds realized or received with respect to (y) a Disposition, within 60 days and (z) a Casualty
Event, within five Business Days, in each case, after receipt of such Net Cash Proceeds by such Loan Party; provided that, no such prepayment shall be required pursuant to this Section 2.08(b)(i) with respect to such portion of such Net
Cash Proceeds that the Borrower shall have, on or prior to such date, given written notice to the Administrative Agent of its (or such Loan Party’s) reinvestment of, or written intent to reinvest or entry into a legally binding commitment to
reinvest, such Net Cash Proceeds in assets useful for its business within 90 days following receipt of such Net Cash Proceeds (the “Reinvestment Period”) (and, in the case of any such written intent or binding commitment, the
reinvestment contemplated by such written intent or binding commitment shall have been consummated within 180 days (or such longer period as requested by the Borrower and agreed by the Required Lenders following the last day of the Reinvestment
Period)); provided that (1) so long as an Event of Default shall have occurred and be continuing, no Loan Party shall be permitted to make any such reinvestments (other than pursuant to a legally binding commitment that such Loan Party
entered into at a time when no Event of Default is continuing) and (2) if any proceeds are not so reinvested by the deadlines specified above or if any such proceeds are no longer intended to be or cannot be so reinvested at any time after
delivery of a notice of reinvestment election, an amount equal to the Asset Percentage of any such Net Cash Proceeds shall be applied to the prepayment of the Advances. 

(ii) The Borrower shall be required to prepay all Advances upon the occurrence of a Change of Control. 

(iii) If any Governmental Authority (A) condemns, nationalizes, seizes, attaches, compulsorily acquires, confiscates
or otherwise expropriates (directly or indirectly through measures tantamount to expropriation) all or substantially all of the property or the assets of any Loan Party or of the share capital of any Loan Party, (B) assumes custody or control
of all or substantially all of the property or the assets, or of the business or operations, of any Loan Party or of the share capital of any Loan Party, (C) takes or directs any action for the dissolution or disestablishment of any Loan Party
or any action that would prevent any Loan Party from carrying on all or substantially all of its business or operations or (D) takes any administrative action or enacts any law to effect any of the foregoing, then, in each case, the Borrower
shall be required to prepay all Advances within 45 days after such occurrence. 

  

					
		 	20	 	GyM Credit Agreement

 (c) Each principal portion of any prepayment shall be applied to the principal installments
due hereunder in inverse order of maturity. 
 Section 2.09 Increased Costs. (a) If, due to either (i) a
Change of Law or (ii) the compliance with any guideline or request from any central bank or other Governmental Authority (whether or not having the force of law) issued after the date hereof, there shall be any increase in the cost to any
Lender of agreeing to make or making, funding or maintaining Advances (excluding for purposes of this Section any such increased costs resulting from (A) Taxes or Other Taxes (as to which Section 2.12 shall govern) and (B) changes in
the basis of taxation of overall net income or overall gross income by the United States or by the foreign jurisdiction or state under the laws of which such Lender is organized, resident for tax purposes or has its Applicable Lending Office or
another permanent establishment to which income from the Advances is attributable or any political subdivision thereof), then the Borrower shall from time to time, upon demand by such Lender (with a copy of such demand to the Administrative Agent),
pay to the Administrative Agent for the account of such Lender additional amounts sufficient to compensate such Lender for such increased cost. A certificate as to the amount of such increased cost, submitted to the Borrower and the Administrative
Agent by such Lender, shall be conclusive and binding for all purposes, absent manifest error. 
 (b) If any Lender determines
that a Change of Law or compliance with any law or regulation or any guideline or request from any central bank or other Governmental Authority (whether or not having the force of law) issued after the date hereof affects or would affect the amount
of capital required or expected to be maintained by such Lender or any corporation controlling such Lender and that the amount of such capital is increased by or based upon the existence of such Lender’s commitment to lend hereunder and other
commitments of this type, then, upon demand by such Lender (with a copy of such demand to the Administrative Agent), the Borrower shall pay to the Administrative Agent for the account of such Lender, from time to time as specified by such Lender,
additional amounts sufficient to compensate such Lender or such corporation in the light of such circumstances, to the extent that such Lender reasonably determines such increase in capital to be allocable to the existence of such Lender’s
commitment to lend hereunder. A certificate as to such amounts submitted to the Borrower and the Administrative Agent by such Lender shall be conclusive and binding for all purposes, absent manifest error. 

(c) If prior to the first day of any Interest Period, (i) the Administrative Agent shall have reasonably determined (which
determination shall be conclusive and binding upon the Borrower) that, by reason of circumstances affecting the London interbank Eurodollar market, adequate and reasonable means do not exist for ascertaining the LIBO Rate for such Interest Period,
or (ii) the Administrative Agent shall have received notice from the Required Lenders that (A) deposits in Dollars (in the applicable amounts) are not being offered to such Lenders in the London interbank Eurodollar market for such
Interest Period or (B) the LIBO Rate determined or to be determined for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Advances during such Interest Period, the Administrative
Agent shall give electronic notice thereof, confirmed promptly in writing, to the 

  

					
		 	21	 	GyM Credit Agreement

 
Borrower and the Lenders. During the next 30 days, the Borrower and the Administrative Agent shall negotiate in good faith with a view to agreeing upon an interest rate to be substituted for the
LIBO Rate. If a substituted interest rate is agreed upon and approved by all Lenders, it shall be effective from the first day of such Interest Period until the start of the next such Interest Period during which the applicable condition in clause
(i) or (ii) above shall not be met. If the Borrower and the Administrative Agent fail to agree upon a substituted interest rate within such 30-day period, or all Lenders fail to approve the substituted interest rate, the interest rate
during such Interest Period (and any subsequent Interest Period until the start of the next such Interest Period during which the applicable condition in clause (i) or (ii) above shall not be met) effective from the commencement of such
Interest Period shall be the Alternate Rate plus the Applicable Margin. The Administrative Agent shall notify the Borrower of each determination of the Alternate Rate as promptly as practicable. 

Section 2.10 Illegality. Notwithstanding any other provision of this Agreement, if any Lender shall notify the Administrative
Agent that a Change of Law or compliance by any Lender (or its Applicable Lending Office) with any request or directive (whether or not having the force of law) of any Governmental Authority makes it unlawful, or any central bank or other
Governmental Authority asserts that it is unlawful, for any Lender or to perform its obligations hereunder to make Advances or to fund or maintain Advances hereunder, (a) the interest rate on the outstanding Advances of each affected Lender
shall be the Alternate Rate plus the Applicable Margin and (b) the obligation of the Lenders to make Advances shall be suspended, in each case, until the Administrative Agent shall notify the Borrower and the Lenders that the
circumstances causing such suspension no longer exist. 
 Section 2.11 Payments and Computations. (a) The
Borrower shall make each payment hereunder and under the other Loan Documents, irrespective of any right of counterclaim or set-off, not later than 11:00 A.M. (New York City time) on the day when due in U.S. Dollars from the Payment
Account or the Debt Service Reserve Account, as applicable under the terms of this Agreement and the other Loan Documents, to the Administrative Agent at the Administrative Agent’s Account in same day funds. The Administrative Agent will
promptly thereafter cause to be distributed like funds relating to the payment of principal or interest or facility fees ratably (other than amounts payable pursuant to Section 2.09, 2.10, 2.12 or 8.04(c)) to the Lenders for the account of
their respective Applicable Lending Offices, and like funds relating to the payment to any Lender of any other amount payable to such Lender for the account of its Applicable Lending Office, in each case, to be applied in accordance with the terms
of this Agreement. Upon its acceptance of an Assignment and Acceptance and recording of the information contained therein in the Register pursuant to Section 8.07(d), from and after the effective date specified in such Assignment and
Acceptance, the Administrative Agent shall make all payments hereunder and under the other Loan Documents in respect of the interest assigned thereby to the Lender assignee thereunder, and the parties to such Assignment and Acceptance shall make all
appropriate adjustments in such payments for periods prior to such effective date directly between themselves. 
 (b) The
Borrower hereby authorizes each Lender, if and to the extent payment owed to such Lender is not made when due hereunder or under the Note held by such Lender, to charge from time to time against any or all of the Borrower’s accounts with such
Lender any amount so due. 

  

					
		 	22	 	GyM Credit Agreement

 (c) All computations of interest and of facility fees shall be made by the Administrative
Agent on the basis of a year of 360 days, in each case, for the actual number of days (including the first day but excluding the last day) occurring in the period for which such interest or facility fees are payable. Each determination by the
Administrative Agent of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest error. 

(d) Whenever any payment hereunder or under the Notes shall be stated to be due on a day other than a Business Day, such payment shall be
made on the immediately succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of interest or facility fee, as the case may be; provided, however, that, if such extension would
cause payment of interest on or principal of Advances to be made in the immediately succeeding calendar month, such payment shall be made on the immediately preceding Business Day. 

(e) Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the
Lenders hereunder that the Borrower will not make such payment in full, the Administrative Agent may assume that the Borrower has made such payment in full to the Administrative Agent on such date and the Administrative Agent may, in reliance upon
such assumption, cause to be distributed to each Lender on such due date an amount equal to the amount then due such Lender. If and to the extent the Borrower shall not have so made such payment in full to the Administrative Agent, each Lender shall
repay to the Administrative Agent forthwith on demand such amount distributed to such Lender together with interest thereon, for each day from the date such amount is distributed to such Lender until the date such Lender repays such amount to the
Administrative Agent, at the LIBO Rate. 
 (f) The Administrative Agent shall apply amounts received by it, including amounts
received by the Collateral Agent under the Collateral Documents and forwarded to the Administrative Agent, first to the payment or reimbursement of amounts owed to the Agents in such capacity under the Loan Documents, second to the
payment or reimbursement of amounts owed to the Lenders under the Loan Documents other than principal and interest on the Advances, third to the payment of accrued and unpaid interest on the Advances and fourth to the payment of
outstanding principal amount of the Advances. 
 Section 2.12 Taxes. (a) Any and all payments by any Loan Party
hereunder or under the Loan Documents or any other documents to be delivered hereunder shall be made, in accordance with Section 2.11 or the applicable provisions of such other documents, free and clear of and without deduction for any and all
present or future taxes (including value-added taxes and withholding taxes), levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto, excluding, (i) in the case of each Lender and each Agent, taxes
imposed on or measured by net income (however denominated), and franchise taxes imposed on it in lieu of net income taxes, by the jurisdiction under the laws of which such Lender or Agent (as the case may be) is resident for tax purposes or in which
such Lender’s Applicable Lending Office or another permanent establishment to which income hereunder is attributable is located, or any political subdivision thereof and (ii) in the case of each Lender, withholding taxes in excess of the
reduced withholding tax rate pursuant to paragraph (a) of article 56° of the Peruvian Income Tax Law (other than withholding taxes (A) imposed as a result of a Change of 

  

					
		 	23	 	GyM Credit Agreement

 
Law or (B) resulting from any act or omission of any Loan Party that results, directly or indirectly, in a Lender not qualifying for the reduced withholding rate) (all such non-excluded
taxes, levies, imposts, deductions, charges, withholdings and liabilities in respect of payments hereunder or under the Notes being hereinafter referred to as “Taxes”). If any Loan Party shall be required by law to deduct or
withhold any Taxes from or in respect of any sum payable hereunder or under any Loan Document or any other documents to be delivered hereunder to any Lender or any Agent, then (A) such Loan Party shall (I) assume directly the payment of
such Taxes in accordance with article 47 of the Peruvian Income Tax Law so that after such Loan Party has made all required deductions and withholdings such Lender or Agent (as the case may be) receives an amount equal to the sum it would have
received had no such deductions or withholdings been made or (II) the sum payable shall be increased as may be necessary so that after such Loan Party and the Administrative Agent have made all required deductions and withholdings (including
deductions and withholdings applicable to additional sums payable under this Section) such Lender or such Agent (as the case may be) receives an amount equal to the sum it would have received had no such deductions or withholdings been made,
(B) such Loan Party shall assume directly the payment of such Taxes or make all such deductions and withholdings, as the case may be, and (C) such Loan Party shall pay the full amount assumed, deducted or withheld to the relevant taxation
authority or other authority in accordance with applicable law. 
 (b) In addition, each Loan Party shall pay any present or
future stamp or documentary taxes or any other excise or property, intangible or mortgage recording or similar taxes, charges or levies that arise from any payment made by such Loan Party hereunder or under the other Loan Documents or any other
documents to be delivered hereunder or from the execution, delivery or registration of, performing under, or otherwise with respect to, any Loan Document or any other documents to be delivered hereunder (hereinafter referred to as “Other
Taxes”). 
 (c) Each Loan Party shall indemnify each Lender and each Agent for and hold it harmless against the
full amount of Taxes or Other Taxes (including Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section 2.12) imposed or asserted by any jurisdiction on amounts payable by the Loan Parties hereunder or
under any Loan Document or any other documents to be delivered hereunder to any Lender or Agent (as the case may be) and any liability (including penalties, additions to tax, interest and expenses) arising therefrom or with respect thereto, whether
or not such Taxes or Other Taxes were correctly or legally imposed or asserted by the applicable jurisdiction. This indemnification shall be made within 30 days from the date such Lender or such Agent (as the case may be) makes written demand
therefor. 
 (d) Within 30 days after the date of any payment of Taxes, the appropriate Loan Party shall furnish to the
Administrative Agent, at its address referred to in Section 8.02, the original or a certified copy of a receipt evidencing such payment, to the extent such a receipt is issued therefor, or other written proof of payment thereof that is
reasonably satisfactory to the Administrative Agent. In the case of any payment hereunder or under any other Loan Document or any other documents to be delivered hereunder by or on behalf of any Loan Party, if such Loan Party determines that no
Taxes are payable in respect thereof, such Loan Party shall furnish, or shall cause such payor to furnish, to the Administrative Agent, at such address, an opinion of counsel acceptable to the Administrative Agent stating that such payment is exempt
from Taxes. 

  

					
		 	24	 	GyM Credit Agreement

 (e) Notwithstanding anything to the contrary contained herein or any Loan Document, each of
the Borrower, each Agent and each Lender (and each of their respective employees, representatives and other agents) may disclose to any and all Persons, without limitation of any kind, the U.S. tax treatment and U.S. tax structure of the
transactions contemplated hereby and all materials of any kind (including opinions or other tax analyses) that are provided to the Borrower or such Agent or Lender (or any of their respective employees, representatives or other agents) relating to
such U.S. tax treatment and U.S. tax structure. 
 (f) If any party determines, in its sole discretion exercised in good faith,
that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.12 (including by the payment of additional amounts pursuant to this Section 2.12), it shall pay to the indemnifying party an amount
equal to such refund (but only to the extent of indemnity payments made under this Section 2.12 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including taxes) of such indemnified party and without
interest (other than any interest paid by the relevant governmental authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to
this clause (f) (plus any penalties, interest or other charges imposed by the relevant governmental authority) in the event that such indemnified party is required to repay such refund to such governmental authority. Notwithstanding
anything to the contrary in this clause (f), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this clause (f) the payment of which would place the indemnified party in a less favorable
net after-tax position than the indemnified party would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. This clause (f) shall not be construed to require any indemnified party
to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. Notwithstanding the foregoing, it is understood and agreed that nothing in this
Section 2.12 shall interfere with the rights of any Lender to conduct its fiscal or tax affairs in such manner as it deems fit. 
 (g) Any Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on
which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Agent), executed originals of any form reasonably requested in writing by the Borrower or the Agent and
prescribed by applicable law as a basis for claiming exemption from or a reduction in withholding Tax, duly completed, together with such supplementary documentation as may be reasonably requested in writing by the Borrower or the Agent and
prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; provided that the completion, execution and submission of such documentation shall not be required
if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense, would materially prejudice the legal or commercial position of such Lender or would require
the disclosure of any information that the Lender is not required to furnish to the competent Peruvian tax authority in respect of the lowest withholding rate applicable to any payment by the Borrower under the Loan Documents. 

  

					
		 	25	 	GyM Credit Agreement

 Section 2.13 Sharing of Payments, Etc. If any Lender shall obtain any payment
(whether voluntary, involuntary, through the exercise of any right of set-off, or otherwise) on account of the Advances owing to it (other than pursuant to Section 2.09, 2.10, 2.12, 2.16 or 8.04(c)) in excess of its ratable share of payments on
account of the Advances obtained by all the Lenders, such Lender shall forthwith purchase from the other Lenders such participations in the Advances owing to them as shall be necessary to cause such purchasing Lender to share the excess payment
ratably with each of them; provided, however, that (a) if all or any portion of such excess payment is thereafter recovered from such purchasing Lender, such purchase from each Lender shall be rescinded and such Lender shall repay
to the purchasing Lender the purchase price to the extent of such recovery together with an amount equal to such Lender’s ratable share (according to the proportion of (i) the amount of such Lender’s required repayment to
(ii) the total amount so recovered from the purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in respect of the total amount so recovered and (b) the provisions of this Section 2.13 shall not
be construed to apply to any payment obtained by a Lender (i) as consideration for the assignment of or sale of a participation in any of its Advances or (ii) in respect of any arrangement between such Lender and any third party in respect
of any securitization, hedge or other transaction under which payments are to be made between such Lender and such third party by reference to this Agreement. The Borrower agrees that any Lender purchasing a participation from another Lender
pursuant to this Section 2.13 may, to the fullest extent permitted by law, exercise all its rights of payment (including the right of set-off) with respect to such participation as fully as if such Lender were the direct creditor of the
Borrower in the amount of such participation. 
 Section 2.14 Evidence of Debt; Notes. (a) Each Lender shall
maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Advance owing to such Lender from time to time, including the amounts of principal and interest
payable and paid to such Lender from time to time hereunder. 
 (b) The Register maintained by the Administrative Agent pursuant
to Section 8.07(c) shall include a control account, and a subsidiary account for each Lender, in which accounts (taken together) shall be recorded (i) the date and amount of each Borrowing made hereunder, (ii) the terms of each
Assignment and Acceptance delivered to and accepted by it, (iii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iv) the amount of any sum received by the
Administrative Agent from the Borrower hereunder and each Lender’s share thereof. 
 (c) Entries made in good faith by the
Administrative Agent in the Register pursuant to clause (b) above, and by each Lender in its account or accounts pursuant to clause (a) above, shall be prima facie evidence of the amount of principal and interest due and payable or
to become due and payable from the Borrower to, in the case of the Register, each Lender and, in the case of such account or accounts, such Lender, under this Agreement, absent manifest error; provided, however, that the failure of the
Administrative Agent or such Lender Party to make an entry, or any finding that an entry is incorrect, in the Register or such account or accounts shall not limit or otherwise affect the obligations of the Borrower under this Agreement. 

  

					
		 	26	 	GyM Credit Agreement

 (d) As additional evidence of the Borrower’s obligation to pay the principal of and
interest on the Advances as provided in this Agreement, the Borrower and each Guarantor shall execute and deliver to the Administrative Agent for each Lender on or prior to the initial Borrowing pursuant to Section 2.02, one duly executed Note
of the Borrower made payable to the order of such Lender, and the relevant Note Filling Agreement, each dated the date of the initial Borrowing. Each such Note shall be executed by the Borrower and executed por aval by each Guarantor, shall
qualify as a pagaré under Peruvian Law. Each Note Filling Agreement shall be executed by the Borrower and the relevant Lender. If such Lender exercises any right in any court in Perú under any Note delivered pursuant to this
Agreement, it shall not be required for such purpose to evidence to any Loan Party or any other Person that such Note represents obligations of the Loan Parties under this Agreement nor that any condition herein has been fulfilled. In addition, each
Loan Party hereby agrees and covenants that it will execute and deliver any and all amendments or endorsements to the Notes, or replace the Notes with amended or endorsed Notes, and take all further action that may in the reasonable judgment of the
Administrative Agent or the Required Lenders, be necessary, or that the Administrative Agent or the Required Lenders may reasonably request from time to time, in order to ensure that the Notes duly reflect the terms of this Agreement. 

(e) Notwithstanding the discharge in full of any Note, if the amount (including default interest) paid or payable to a Lender under such
Note (whether arising from the enforcement thereof in Perú or otherwise) is less than the amount due and payable to such Lender in accordance with this Agreement with respect to the Advances, or portion thereof, evidenced by such Note, the
Borrower agrees, to the fullest extent it may effectively do so, to pay to such Lender upon demand such difference in accordance with Section 2.11 and as otherwise specified in this Agreement. Notwithstanding article 1233° of the Peruvian
Civil Code (Legislative Decree N° 295) of the Republic of Perú, the obligations under any Note shall not be extinguished even if such Note is prejudiced under the laws of Perú due to negligence of a Secured Party. 

Section 2.15 Use of Proceeds. The proceeds of the Advances shall be available (and the Borrower agrees that it shall use such
proceeds) solely for (a) the repayment of a U.S.$60,000,000 bridge facility entered into by the Borrower on October 5, 2012, (b) for investments in and funding the operations of GyM Ferrovias S.A. and (c) general corporate
purposes of the Borrower and its Subsidiaries. 
 Section 2.16 Replacement of Lenders. In the event that any Lender
(a) demands payment of costs or additional amounts pursuant to Section 2.09, (b) asserts that it is unlawful for such Lender to make Advances pursuant to Section 2.10 or (c) becomes a Defaulting Lender, then (subject to such
Lender’s right to rescind such demand or assertion within 10 days after the notice from the Borrower referred to below) the Borrower may, upon 20 days’ prior written notice to such Lender and the Administrative Agent so long as no Default
is then continuing, elect to cause such Lender to assign its Advances and Commitments in full to one or more Persons selected by the Borrower so long as (i) each such Person satisfies the criteria of an Eligible Assignee, (ii) such Lender
receives payment in full in cash of the outstanding principal 

  

					
		 	27	 	GyM Credit Agreement

 
amount of all Advances made by it and all accrued and unpaid interest thereon and all other amounts due and payable to such Lender as of the date of such assignment as if such Lender were
receiving on such date of a prepayment in full of such Lender’s Advances (including amounts owing pursuant to Sections 2.09, 2.12 and 8.04) and (iii) each such assignee agrees to accept such assignment and to assume all obligations of
such Lender hereunder in accordance with Section 8.07. If the Borrower is unable to find a replacement Lender pursuant to this Section 2.16, then the Borrower may elect in its sole discretion to prepay the Advances of such affected Lender,
without any premium or penalty. 
 ARTICLE III 
 CONDITIONS TO EFFECTIVENESS AND LENDING 
 Section 3.01 Conditions
Precedent to Effectiveness of Section 2.01. The obligation of the Lenders to fund Advances under Section 2.01 shall become effective on and as of the first date (the “Effective Date”) on which the following
conditions precedent have been satisfied: 
 (a) There shall have occurred no Material Adverse Change since December 31,
2011 or any material adverse change in the political, economic or financial condition of Perú or with respect to the international capital markets or the loan syndication market generally since the date hereof. 

(b) There shall exist no action, suit, investigation, litigation or proceeding affecting any Loan Party pending or threatened before any
court, governmental agency or arbitrator that (i) could be reasonably likely to have a Material Adverse Effect other than the matters described on Schedule 3.01(b) (the “Disclosed Litigation”) or (ii) purports
to affect the legality, validity or enforceability of any Loan Document or the consummation of the transactions contemplated hereby, and there shall have been no adverse change in the status, or financial effect on any Loan Party, of the Disclosed
Litigation from that described on Schedule 3.01(b). 
 (c) The Lenders shall have completed a due diligence investigation
of the Loan Parties in scope, and with results, reasonably satisfactory to the Lenders. 
 (d) All governmental and third party
consents and approvals necessary in connection with the transactions contemplated hereby (including exchange control approvals and any other consents required or advisable from the Central Bank of Perú) shall have been obtained (without the
imposition of any conditions that are not acceptable to the Lenders) and shall remain in effect, and no law or regulation shall be applicable in the reasonable judgment of the Lenders that restrains, prevents or imposes materially adverse conditions
upon the transactions contemplated hereby. 
 (e) On the Effective Date, the following statements shall be true and the
Administrative Agent shall have received for the account of each Lender a certificate signed by a duly authorized officer of the Borrower, dated the Effective Date, stating that: 

(i) the representations and warranties contained in Section 4.01 are correct on and as of the Effective Date, and

 (ii) no event has occurred and is continuing that constitutes a Default. 

  

					
		 	28	 	GyM Credit Agreement

 (f) The Administrative Agent shall have received on or before the Effective Date the
following, each dated on or within three Business Days prior to such day (except as otherwise specified), in form and substance satisfactory to the Administrative Agent and (except for the Notes and the Note Filling Agreements) in sufficient copies
for each Lender: 
 (i) this Agreement, duly executed and delivered by the parties hereto; 

(ii) each Note to the order of each Lender duly executed delivered by the Borrower and each Guarantor por aval, and
each Note Filling Agreement duly executed in connection therewith by the Borrower and each Lender; 
 (iii) the
Peruvian Account Pledge, duly executed and delivered by the parties thereto; 
 (iv) a guaranty in substantially
the form of Exhibit E dated as of a date on or prior to the Effective Date (the “Guaranty”), duly executed by each Guarantor; 
 (v) certified copies of (A) the document issued by the Public Registry certifying that the powers of attorney of the representatives of each Loan Party approving and executing the Loan Documents to
which it is a party are in full force and effect (Certificado de Vigencia) dated on or within 30 days prior to the Effective Date, (B) the charter and by-laws of each Loan Party as in effect on the date of the document referred to in
(A) and (C) all documents evidencing other necessary corporate action and governmental approvals, if any, with respect to the Loan Documents, and a certificate of the General Manager or an authorized officer of each Loan Party certifying
the absence of any change or amendment to the powers of attorney referred to in clause (A) above and the charter and by-laws of such Loan Party referred to in clause (B) above since the date of the document referred to in clause
(A) above; 
 (vi) a certificate of the Secretary or an Assistant Secretary of each Loan Party certifying
the names and true signatures of the officers of such Loan Party authorized to sign the Loan Documents and the other documents to be delivered hereunder; 
 (vii) a letter from the Process Agent dated as of a date on or prior to the Effective Date indicating its acceptance of the appointment by each Loan Party pursuant to Section 8.12(b); 

(viii) an opinion of in-house counsel to the Loan Parties, substantially in the form of Exhibit F and as to such other
matters as any Lender through the Administrative Agent may reasonably request; 
 (ix) an opinion of Milbank,
Tweed, Hadley & McCloy LLP, New York counsel for the Loan Parties, substantially in the form of Exhibit G and as to such other matters as any Lender through the Administrative Agent may reasonably request; 

  

					
		 	29	 	GyM Credit Agreement

 (x) an opinion of Rodrigo, Elias & Medrano Abogados, Perú
counsel for the Administrative Agent, in form and substance reasonably satisfactory to the Administrative Agent; and 
 (xi) an opinion of Shearman & Sterling LLP, New York counsel for the Administrative Agent, in form and substance reasonably satisfactory to the Administrative Agent. 

(g) The Administrative Agent shall have received copies of all of the Historical Financial Statements. 

(h) All applicable taxes and stamp duties due and payable, if any, arising in connection with the execution, delivery and performance of
this Agreement and the other Loan Documents shall have been paid in full. 
 (i) The Administrative Agent shall have received
all documentation and other information requested at least five Business Days prior to the Effective Date with respect to each Loan Party required by regulatory authorities under applicable “know your customer” and anti-money laundering
rules and regulations, including the Patriot Act. 
 Section 3.02 Conditions Precedent to Each Borrowing. The
obligation of each Lender to make an Advance on the occasion of each Borrowing (including the initial Borrowing) shall be subject to the conditions precedent that the Effective Date shall have occurred and on the date of such Borrowing (a) the
following statements shall be true (and each of the giving of the applicable Notice of Borrowing and the acceptance by the Borrower of the proceeds of such Borrowing shall constitute a representation and warranty by the Borrower that on the date of
such Borrowing such statements are true): 
 (i) the representations and warranties contained in
Section 4.01 are correct in all material respects (unless any such representation or warranty is qualified by or subject to a materiality qualification (including “Material Adverse Effect” or similar term of qualification), in which
case such representation or warranty shall be correct) on and as of the date of such Borrowing, before and after giving effect to such Borrowing and to the application of the proceeds therefrom, as though made on and as of such date (or, if stated
to have been made as of an earlier date, were true and correct (in all material respects, as the case may be) as of such earlier date); and 
 (ii) no event has occurred and is continuing, or would result from such Borrowing or from the application of the proceeds therefrom, that constitutes a Default or would constitute a Default; and

 (b) the Administrative Agent shall have received a Notice of Borrowing from the Borrower in accordance with
Section 2.02(a); and 
 (c) with respect to the initial Borrowing, (i) the Borrower shall have paid all accrued fees
and expenses of the Agents and the Lenders (including the accrued fees and expenses of counsel to the Agents) as of the earlier of (A) the date of such Borrowing and (B) five calendar days after the Effective Date and (ii) the
Borrower shall have delivered the Peruvian Account Pledge to the Registro Mobiliario de Contratos in Perú. 

  

					
		 	30	 	GyM Credit Agreement

 Section 3.03 Determinations Under Section 3.01. For purposes of determining
compliance with the conditions specified in Section 3.01, each Lender shall be deemed to have consented to, approved or accepted or to be satisfied with each document or other matter required thereunder to be consented to or approved by or
acceptable or satisfactory to the Lenders unless an officer of the Administrative Agent responsible for the transactions contemplated by the Loan Documents shall have received notice from such Lender prior to the date that the Borrower, by notice to
the Lenders, designates as the proposed Effective Date, specifying its objection thereto. The Administrative Agent shall promptly notify the Lenders of the occurrence of the Effective Date. 

ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 
 Section 4.01 Representations and Warranties of the Borrower. The Borrower represents and warrants as follows: 
 (a) Each Loan Party (i) is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation, (ii) is duly qualified and in good
standing as a foreign corporation in each other jurisdiction in which it owns or leases property or in which the conduct of its business requires it to so qualify or be licensed, except where the failure to be so qualified or in good standing could
not reasonably be expected to have a Material Adverse Effect and (iii) has all requisite corporate power and authority (including all governmental licenses, permits and other approvals) to own or lease and operate its properties and to carry on
its business as now conducted and as proposed to be conducted. All of the outstanding Equity Interests in each Loan Party have been validly issued, are fully paid (other than, with respect to Viva GyM S.A., 770,788 shares of the total 225,459,833
shares outstanding, which are 52.54% paid as of the Effective Date) and non-assessable and are owned by the Persons listed on Schedule 4.01(a) free and clear of all Liens, except those created under the Collateral Documents. 

(b) The execution, delivery and performance by each Loan Party of the Loan Documents to which it is a party, and the consummation of the
transactions contemplated hereby, are within such Loan Party’s corporate powers, have been duly authorized by all necessary corporate action, and do not contravene (i) such Loan Party’s charter or by-laws or (ii) any law or
contractual restriction binding on or affecting such Loan Party; and will not result in the imposition of any Lien on any assets of any Loan Party. 
 (c) Set forth on Schedule 4.01(c) is a complete and accurate list of all Subsidiaries of each Loan Party, showing as of the date hereof (as to each such Subsidiary) the jurisdiction of its
incorporation, the number of shares of each class of its Equity Interests authorized, and the number outstanding, on the date hereof and the percentage of each such class of its Equity Interests owned (directly or indirectly) by such Loan Party and
the number of shares covered by all outstanding options, warrants, rights of conversion or purchase and similar rights at the date hereof. All of the outstanding Equity Interests in each Loan Party’s Subsidiaries has

  

					
		 	31	 	GyM Credit Agreement

 
been validly issued, are fully paid and non-assessable and are owned by such Loan Party or one or more of its Subsidiaries free and clear of all Liens, except those created under the Collateral
Documents. 
 (d) No authorization or approval or other action by, and no notice to or filing with, any Governmental Authority
or any other third party is required for (i) the due execution, delivery and performance by the Loan Parties of this Agreement or any other Loan Document, (ii) the grant by any Loan Party of the Liens granted by it pursuant to the
Collateral Documents, (iii) the perfection or maintenance of the Liens created under the Collateral Documents (including the first priority nature thereof) or (iv) the exercise by any Agent or any Lender of its rights under the Loan
Documents or the remedies in respect of the Collateral pursuant to the Collateral Documents (other than the filings listed in Section 3.01 and, with respect to clause (ii) above, registration of the Peruvian Account Pledge in accordance
with Section 5.01(k)(ii)). 
 (e) This Agreement and each other Loan Document, other than the Notes and the Note Filling
Agreements, has been, and each of the Notes and the Note Filling Agreements when delivered hereunder will have been, duly executed and delivered by each Loan Party party thereto. Each Loan Document is, and each of the Notes and the Note Filling
Agreements when delivered hereunder will be, the legal, valid and binding obligation of each Loan Party party thereto, enforceable against such Loan Party in accordance with its respective terms, except, in each case, as such enforceability may be
limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights. 

(f) Each of (i) the balance sheet of the Borrower as at December 31, 2011, and the related statements of income and cash flows
of the Borrower for the fiscal year then ended, in each case, on an unconsolidated basis, accompanied by an opinion of Dongo-Soria, Gaveglio y Asociados S.C.R.L., a partner of Pricewaterhouse Coopers International Limited, independent public
accountants, (ii) the Consolidated balance sheet of the Borrower and its Subsidiaries as at December 31, 2011, and the related Consolidated statements of income and cash flows of the Borrower and its Subsidiaries for the fiscal year then
ended, accompanied by an opinion of Dongo-Soria, Gaveglio y Asociados S.C.R.L., a partner of Pricewaterhouse Coopers International Limited, independent public accountants, (iii) the balance sheet of the Borrower as at December 31, 2012,
and the related statements of income and cash flows of the Borrower for the 12 months then ended, in each case, on an unconsolidated basis, duly certified by the chief financial officer of the Borrower and (iv) the Consolidated balance sheet of
the Borrower and its Subsidiaries as at December 31, 2012, and the related Consolidated statements of income and cash flows of the Borrower and its Subsidiaries for the 12 months then ended, duly certified by the chief financial officer of the
Borrower, copies of which have been furnished to each Lender, fairly present, subject, in the case of said balance sheets as at December 31, 2012, and said statements of income and cash flows for the 12 months then ended, to year-end audit
adjustments, the financial condition of the Borrower or the Consolidated financial condition of the Borrower and its Subsidiaries, as applicable, as at such dates and results of the operations of the Borrower and the Consolidated results of the
operations of the Borrower and its Subsidiaries for the periods ended on such dates, all in accordance with IFRS consistently applied (collectively, the “Historical Financial Statements”). Since December 31, 2011, there
has been no Material Adverse Change. 

  

					
		 	32	 	GyM Credit Agreement

 (g) There is no pending or threatened action, suit, investigation, litigation or proceeding,
including any Environmental Action, affecting any Loan Party before any court, governmental agency or arbitrator that (i) could be reasonably likely to have a Material Adverse Effect (other than the Disclosed Litigation) or (ii) purports
to affect the legality, validity or enforceability of any Loan Document or the consummation of the transactions contemplated hereby, and there has been no adverse change in the status, or financial effect on any Loan Party, of the Disclosed
Litigation from that described on Schedule 3.01(b). 
 (h) The Borrower is not engaged in the business of extending credit
for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U issued by the Board of Governors of the U.S. Federal Reserve System), and no proceeds of any Advance will be used to purchase or carry any margin stock or to
extend credit to others for the purpose of purchasing or carrying any margin stock. 
 (i) All filings and other actions
necessary or desirable to perfect and protect the security interest in the Collateral created under the Collateral Documents have been duly made or taken and are in full force and effect (subject to registration of the Peruvian Account Pledge as set
forth in Section 4.01(d) with the Registro Mobiliario de Contratos in Perú), and the Collateral Documents create in favor of the Collateral Agent for the benefit of the Secured Parties a valid and, together with such filings and
other actions, perfected first priority security interest in the Collateral (subject to Permitted Liens), securing the payment of the Secured Obligations, and all filings and other actions necessary or desirable to perfect and protect such security
interest have been duly taken. The Loan Parties are the legal and beneficial owners of the Collateral free and clear of any Lien, except for Permitted Liens. 
 (j) Each Loan Party has filed, has caused to be filed or has been included in all tax returns (national, departmental, local, municipal and foreign) required to be filed and has paid all taxes,
assessments, fees and other charges (including interest and penalties) due with respect to the years covered by such returns. Each Loan Party has made all payments, if any, with respect to statutory employee profit sharing and the Public and/or
Private Pension System and as required by applicable law in Peru to the Social Health System (ESSALUD) and/or the Private Health System (EPS). There is no proposed tax assessment against any Loan Party that, if made, could reasonably
be expected to have a Material Adverse Effect. 
 (k) Each Loan Party is in compliance in all material respects with all
applicable laws, ordinances, rules, regulations and requirements of all governmental authorities (including all Governmental Authorizations and approvals necessary to the ownership of its properties or to the conduct of its business, Environmental
Laws, laws with respect to social security and pension fund obligations and all applicable anti-money laundering, anti-bribery and anti-corruption laws and regulations). 
 (l) Each Material Contract to which a Loan Party is party has been duly authorized, executed and delivered by each Loan Party party thereto and, to the knowledge of the Borrower, each other party thereto,
is in full force and effect and is binding upon and enforceable against each Loan Party party thereto and, to the knowledge of the Borrower, each other party thereto, in accordance with its terms, except, in each case, as such enforceability may be
limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of 

  

					
		 	33	 	GyM Credit Agreement

 
general application and equitable principles relating to or affecting creditors’ rights, and there exists no material default under any such Material Contract by any Loan Party party thereto
or, to the knowledge of the Borrower, any other party thereto. 
 (m) Set forth on Schedule 4.01(m) is a complete and
accurate list of all Existing Indebtedness with a value of at least U.S.$5,000,000, showing as of the date hereof the obligor and the principal amount outstanding thereunder. 
 (n) Except for the obligation with respect to (i) the withholding of Impuesto a la Renta on interest and other payments by the Borrower hereunder applicable pursuant to the Ley del Impuesto
a la Renta, (ii) the payment of the IGV in connection with interest payments, which obligation is currently exempted by law and (iii) the ITF applicable to the operations performed pursuant to this Agreement or the Notes, no income,
stamp or other taxes (other than taxes on, or measured by, net income or net profits) or levies, imposts, deductions, charges, compulsory loans or withholdings whatsoever are or will be, under applicable law in Perú, imposed, assessed, levied
or collected by Perú or any political subdivision or taxing authority thereof or therein either (A) on or by virtue of the execution or delivery of this Agreement or the Notes or (B) on any payment to be made by the Borrower
pursuant to this Agreement or the Notes. 
 (o) Set forth on Schedule 4.01(o) is a complete and accurate list of all Liens
on the property or assets of any Loan Party (the “Existing Liens”), securing Indebtedness with a value in excess of U.S.$5,000,000, showing as of the date hereof the lienholder thereof, the principal amount of the obligations
secured thereby and the property or assets of such Loan Party subject thereto. 
 (p) Each Loan Party has good and marketable
title to its respective real properties and good title to all of its other respective assets, including the properties and assets reflected in the Consolidated balance sheet of such Loan Party referred to in Section 4.01(f) (other than
inventory sold in the ordinary course of business), subject to no Lien except for Permitted Liens. All leases necessary for the conduct of the business of the Loan Parties are valid and in full force and effect, except as could not reasonably be
expected to have a Material Adverse Effect. 
 (q) No Loan Party is in default under any material provision of any indenture,
mortgage, deed of trust, credit agreement, loan agreement or any other material agreement or instrument to which such Loan Party is party or by which such Loan Party or any of its properties or assets is or may be bound. 

(r) Each Loan Party is subject to civil and commercial law with respect to its obligations under this Agreement and the Notes, and the
execution, delivery and performance by each such Loan Party of this Agreement and the Notes constitute private and commercial acts (jure gestionis acts) rather than public or governmental acts (jure imperii acts). None of the Loan
Parties nor any of their respective properties has any immunity from jurisdiction of any court or from set-off or any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or
otherwise) under the laws of Perú. 

  

					
		 	34	 	GyM Credit Agreement

 (s) Each Loan Party’s obligations under this Agreement, the Notes and the Guaranties
constitute direct, unconditional, unsubordinated and secured obligations of such Loan Party and do rank and will rank pari passu in priority of payment with all other senior, unsubordinated Indebtedness of such Loan Party. 

(t) The Loan Documents are in proper legal form under the law of Perú for the enforcement thereof against the Borrower under the
law of Perú, and to ensure the legality, validity, enforceability or admissibility in evidence of the Loan Documents in Perú (i) an official translation into Spanish of any such document (other than the Notes, the Note Filling
Agreements and the Peruvian Account Pledge) by a translator authorized by the Peruvian courts and service upon the Borrower (in the manner prescribed by Peruvian law) must be prepared as a condition to the initiation of any proceeding for the
enforcement thereof in the courts of Perú, which preparation and service may be initiated subsequent to the circumstances giving rise to such initiation of proceedings, (ii) the filing of such Loan Document with such court is required,
(iii) any public document issued in any country other than in Perú must be duly legalized by Apostille or consularized before the competent Peruvian consulate and before the Ministry of Foreign Relations of Perú and
(iv) prior to the institution of any proceedings in the city of Lima, Perú (other than executory proceedings such as the enforcement in Perú of a judgment obtained abroad and other specific procedures such as the foreclosure of
the Notes in the proceso único de ejecución under the Peruvian Civil Procedure Code), the claim must be submitted to a mediator pursuant to Law No. 26872 and its regulatory Decree No. 014-2008-JUS (as amended) and, if
no settlement is reached at such mediation, the minutes of the failed mediation must be filed with the relevant court. Subject to the immediately preceding sentence, all formalities required in the United States and Perú for the validity and
enforceability (including any necessary registration, recording or filing with any court or other Governmental Authority) of each Loan Document have been accomplished, and no taxes are required to be paid for the validity and enforceability thereof.
It is not necessary that any Loan Document or any other document be registered, filed or recorded with any court or other authority in Perú, other than (A) the notarization as a public deed (escritura pública) of the
Peruvian Account Pledge, which notarization has already occurred, and (B) the registration of the Peruvian Account Pledge with the Registro Mobiliario de Contratos in Perú. 

(u) The Borrower, a non-bank entity located outside the United States, understands that it is the policy of the Board of Governors of the
U.S. Federal Reserve System that extensions of credit by international banking facilities (as defined in Section 204.8(a) of Regulation D) may be used only to finance the non-U.S. operations of a customer (or its foreign affiliates) located
outside the United States as provided in Section 204.8(a)(3)(vi) of Regulation D. Therefore, the Borrower acknowledges that the proceeds of the Advances by the International Banking Facility of the Lender will be used solely to finance the
Borrower’s operations outside the United States or that of the Borrower’s foreign affiliates. 
 (v) Neither the
Borrower nor any of its Subsidiaries is required to register as an “investment company” as such term is defined in the Investment Company Act of 1940, as amended. 
 (w) Each Loan Party is Solvent. 

  

					
		 	35	 	GyM Credit Agreement

 (x) The provisions in this Agreement and the Loan Documents as to (i) the choice of New
York law as the governing law thereof, (ii) the irrevocable appointment of the Process Agent to receive service of process on behalf of each Loan Party, (iii) the submission by each Loan Party to the jurisdiction of the New York Courts and
(iv) the manner of effecting service of process as set forth therein, are legal, valid, binding on and enforceable under the laws of Perú; provided that (i) the choice of New York law as the governing law under this Agreement
and the Loan Documents would be upheld as a valid choice of law by the courts of Perú, except for the limitations contained in Article 2049° of the Peruvian Civil Code, in Article 2088° of the Peruvian Civil Code and in
Article 2.1 of the Peruvian Insolvency System General Act, Law No. 27809 and (ii) the submission to the jurisdiction of the New York courts is legal, valid and binding on and enforceable under the laws of Perú, except for the
limitations contained in Article 2060° of the Peruvian Civil Code and the fact that under Peruvian law, Peruvian courts have exclusive jurisdiction over actions relating to rights over real property located in Peru and civil actions arising
from the commission of criminal offenses in Perú or the consequences of which occur in Perú. 
 (y) No
information, exhibit or report furnished by or on behalf of the Loan Parties to the Agents or the Lenders in connection with the negotiation of this Agreement or pursuant to the terms of this Agreement (taken as a whole with all other information,
exhibits and reports so furnished) contained any untrue statement of a material fact or omitted to state a material fact necessary to make the statements made therein not misleading. 

(z) None of the Loan Parties, any of their Subsidiaries or, to the knowledge of any Loan Party, any Related Party of any of the
foregoing, (i) is currently the subject of any Sanctions, (ii) is located, organized or residing in any Designated Jurisdiction or (iii) is or has been (within the previous five years) engaged in any transaction with any Person who is
now or was then the subject of Sanctions or who is located, organized or residing in any Designated Jurisdiction. No Advance or proceeds from any Advance has been used, directly or indirectly, to lend, contribute, provide or has otherwise been made
available to fund any activity or business in any Designated Jurisdiction or to fund any activity or business of any Person located, organized or residing in any Designated Jurisdiction or who is the subject of any Sanctions, or in any other manner
that will result in any violation by any Person (including any Lender or the Administrative Agent) of Sanctions. 
 (aa) No Loan
Party is engaged in any unfair labor practice that could reasonably be expected to have a Material Adverse Effect. There is (i) no unfair labor practice complaint pending against a Loan Party or, to the knowledge of any Loan Party, threatened
against such Loan Party, before any Governmental Authority with responsibility, authority or jurisdiction for such matters, and no grievance or significant arbitration proceeding arising out of or under any collective bargaining agreement is so
pending against any Loan Party or, to the knowledge of any Loan Party, threatened against any Loan Party and (ii) except as disclosed on Schedule 4.01(aa) no strike, labor dispute, slowdown or stoppage pending against any Loan Party or, to
the knowledge of any Loan Party, threatened against any Loan Party, which, in each case, could reasonably be expected to have a Material Adverse Effect. 
 (bb) No Loan Party or any of its properties is entitled to any right of immunity in any jurisdiction from suit, court jurisdiction, judgment, attachment (whether before or after judgment), set-off or
execution of a judgment or from any other legal process or remedy relating to its Obligations. 

  

					
		 	36	 	GyM Credit Agreement

 (cc) All insurance required pursuant to Section 5.01(c) has been obtained and is in
full force and effect. 
 (dd) On the Effective Date, (i) the Consolidated EBITDA of the Guarantors represents 74.1% of the
Consolidated EBITDA of the Borrower and (ii) the Consolidated EBITDA of the main Subsidiaries of the Guarantors (excluding any Guarantor) represents 8.52% of the Consolidated EBITDA of the Guarantors, in each case, for the rolling four fiscal
quarter period most recently ended as of the Effective Date and calculated as set forth on Schedule 4.01(dd). 
 ARTICLE V

 COVENANTS OF THE BORROWER 
 Section 5.01 Affirmative Covenants. So long as any Advance shall remain unpaid or any Lender shall have any Commitment hereunder, the Borrower will, and will cause each Loan Party to:

 (a) Compliance with Laws, Etc. Comply, in all material respects, with all applicable laws, rules, regulations and
orders, such compliance to include compliance with Environmental Laws, as well as all applicable anti-money laundering, anti-bribery and anti-corruption laws and regulations. 
 (b) Payment of Taxes, Etc. Pay and discharge, before the same shall become delinquent, (i) all material taxes, assessments and governmental charges or levies imposed upon it or upon its
property and (ii) all material lawful claims that, if unpaid, might by law become a Lien upon its property; provided, however, that no such Loan Party shall be required to pay or discharge any such tax, assessment, charge or claim
that is being contested in good faith and by proper proceedings and as to which appropriate reserves are being maintained, unless and until any Lien resulting therefrom attaches to its property and becomes enforceable against its other creditors.

 (c) Maintenance of Insurance. Maintain insurance with responsible and reputable insurance companies or associations in
such amounts and covering such risks as is usually carried by companies engaged in similar businesses and owning similar properties in the same general areas in which such Loan Party operates; provided, however, that such Loan Party
may self-insure to the same extent as other companies engaged in similar businesses and owning similar properties in the same general areas in which such Loan Party operates and to the extent consistent with prudent business practice. 

(d) Preservation of Corporate Existence, Etc. Preserve and maintain its corporate existence, legal structure, legal name, rights
(charter and statutory), authorizations, consents, permits, approvals, licenses, privileges and franchises; provided, however, that such Loan Party may consummate any merger or consolidation permitted under Section 5.02(c);
provided, further, that no such Loan Party shall be required to preserve any right, authorization, consent, permit, approval, license, privilege or franchise if such Loan Party shall determine that the preservation thereof is no longer
desirable in the conduct of the business of such Loan Party and that the loss thereof could not reasonably be expected to have a Material Adverse Effect. 

  

					
		 	37	 	GyM Credit Agreement

 (e) Visitation Rights. At any time during normal business hours, at reasonable
intervals and at the expense of the Lenders, upon five Business Days prior notice to any Loan Party, permit the Administrative Agent (or any agents or representatives thereof), to examine and make copies of and abstracts from the records and books
of account of, and visit the properties of, such Loan Party, and to discuss the affairs, finances and accounts of such Loan Party with any of its officers or directors and with its independent certified public accountants; provided that when
an Event of Default exists, the Administrative Agent or any of the Lenders (or any agents or representatives thereof) may do any of the foregoing at the expense of the Borrower at any time during normal business hours and upon reasonable advance
notice. 
 (f) Keeping of Books. Keep proper books of record and account, in which full and correct entries shall be made
of all financial transactions and the assets and business of such Loan Party in accordance with IFRS in effect from time to time. 
 (g) Maintenance of Properties, Etc. Maintain and preserve all of its material properties that are used or useful in the conduct of its business in good working order and condition, ordinary wear
and tear excepted. 
 (h) Transactions with Affiliates. Conduct all transactions otherwise permitted under the Loan
Documents with any of its Affiliates on terms that are fair and reasonable and no less favorable to such Loan Party than it would obtain in a comparable arm’s-length transaction with a Person not an Affiliate. 

(i) Reporting Requirements. Furnish to the Lenders: 

(i) as soon as available and in any event within 45 days after the end of each of the four fiscal quarters of each fiscal
year of the Borrower, Consolidated and consolidating balance sheets of such Loan Party and its Subsidiaries as of the end of such quarter and Consolidated and consolidating statements of income and cash flows of such Loan Party and its Subsidiaries
for the period commencing at the end of the previous fiscal year and ending with the end of such quarter, duly certified (subject to year-end audit adjustments) by the chief financial officer of such Loan Party as having been prepared in accordance
with IFRS and certificates of the chief financial officer of such Loan Party as to compliance with the terms of this Agreement and setting forth in reasonable detail the calculations necessary to demonstrate compliance with Section 5.03;

 (ii) as soon as available and in any event within 120 days after the end of each fiscal year of such Loan
Party, a copy of the annual audit report for such year for such Loan Party and its Subsidiaries, containing Consolidated and consolidating balance sheets of such Loan Party and its Subsidiaries as of the end of such fiscal year and Consolidated and
consolidating statements of income and cash flows of such Loan Party and its Subsidiaries for such fiscal year, in each case, accompanied by an opinion as to such audit report of Dongo-Soria, Gaveglio y Asociados S.C.R.L., a partner of
Pricewaterhouse Coopers International Limited or other independent public accountants of recognized standing reasonably acceptable to the Required Lenders, in each case, certified in a manner to which the Required Lenders have not reasonably
objected; 

  

					
		 	38	 	GyM Credit Agreement

 (iii) together with each of the financial statements delivered under clauses
(i) and (ii) above, a certificate from the Borrower stating whether there exists any material default under any Material Contract to which a Loan Party is party by any Loan Party party thereto or, to the knowledge of the Borrower, any
other party thereto (and if so, a statement of the chief financial officer of the applicable Loan Party setting forth details of such material default and the action that such Loan Party has taken and proposes to take with respect thereto);

 (iv) as soon as possible and in any event within five days after the occurrence of each Default continuing on
the date of such statement, a statement of the chief financial officer of such Loan Party setting forth details of such Default and the action that such Loan Party has taken and proposes to take with respect thereto; 

(v) promptly after the sending or filing thereof, copies of all material reports that such Loan Party sends to any of its
securityholders, and copies of all material reports and registration statements that such Loan Party files with the SEC or any national securities exchange in Perú, the United States or any other securities exchange or regulator, if any;
provided that the Borrower’s obligations under this clause (v) shall be deemed to have been satisfied if the Borrower shall have notified the Administrative Agent of the sending or filing of any such report or registration statement
by electronic mail, with, if applicable, electronic versions (i.e., soft copies) of such report or registration attached thereto or included therein; 
 (vi) promptly after the commencement thereof, notice of all actions and proceedings before any court, governmental agency or arbitrator affecting such Loan Party or any of its Subsidiaries of the type
described in Section 4.01(g), and promptly after the occurrence thereof, notice of any adverse change in the status or the financial effect on any Loan Party of the Disclosed Litigation from that described on Schedule 3.01(b);

 (vii) promptly after the filing thereof, notice of the filing of any material claim under any policy of
insurance; 
 (viii) on the last day of each Interest Period, a certificate from the chief financial officer of
the Borrower indicating the Debt Service Coverage Ratio; 
 (ix) at any time that the Borrower is required to
comply with Section 5.01(m), evidence in form and substance satisfactory to the Administrative Agent that the Borrower has deposited an amount equal to its next quarterly Debt Service payment in the Debt Service Reserve Account no later than 85
days prior to the due date of such Debt Service payment; 
 (x) such other information respecting such Loan Party
as the Administrative Agent may from time to time reasonably request. 

  

					
		 	39	 	GyM Credit Agreement

 (j) Additional Guarantors. The Borrower may, at its expense: 

(i) designate a Subsidiary as an additional guarantor by causing such Subsidiary to duly execute and deliver to the
Collateral Agent a guaranty or guaranty supplement, in form and substance satisfactory to the Collateral Agent, guaranteeing the other Loan Parties’ obligations under the Loan Documents; and 

(ii) within 60 days after such designation, deliver to the Collateral Agent, upon the request of the Collateral Agent in
its sole discretion, a signed copy of a favorable opinion, addressed to the Collateral Agent and the other Secured Parties, of counsel for the Loan Parties acceptable to the Collateral Agent as to the matters contained in clause (i) above,
as to such guaranties and guaranty supplements being legal, valid and binding obligations of each Loan Party party thereto enforceable in accordance with their terms. 
 (k) Further Assurances. (i) Promptly upon request by any Agent, or any Lender through the Administrative Agent, do, execute, acknowledge, deliver, record, re-record, file, re-file, register
and re-register any and all such further acts, deeds, conveyances, pledge agreements, assignments, financing statements and continuations thereof, termination statements, notices of assignment, transfers, certificates, assurances and other
instruments as any Agent, or any Lender through the Administrative Agent, may reasonably require from time to time in order to (A) carry out more effectively the purposes of the Loan Documents, (B) perfect and maintain the validity,
effectiveness and priority of any of the Collateral Documents and any of the Liens intended to be created thereunder and (C) assure, convey, grant, assign, transfer, preserve, protect and confirm more effectively unto the Secured Parties the
rights granted or now or hereafter intended to be granted to the Secured Parties under any Loan Document or under any other instrument executed in connection with any Loan Document to which any Loan Party is or is to be a party; and 

(ii) Fully perform each obligation provided under the Peruvian Account Pledge and any other registration required or
desirable under applicable law for the creation of a perfected first priority security interest in the Collateral (including the registration of the Peruvian Account Pledge with the Registro Mobiliario de Contratos in Perú within 60
days after the Effective Date, such period to be extended in the sole discretion of the Administrative Agent so long as the Borrower is making commercially reasonable efforts to complete such registration). 

(l) Payment Account. At any time that the Borrower is not required to comply with Section 5.01(m), the Borrower shall deposit
an amount equal to its next due Debt Service payment in the Payment Account no later than 30 days prior to the date such Debt Service payment is due. 
 (m) Debt Service Reserve Account. In the event that the Debt Service Coverage Ratio for any interest payment date is less than 1.25:1.00, the Borrower shall deposit an amount equal to its next due
Debt Service payment in the Debt Service Reserve Account no later than 85 days prior to the date such Debt Service payment is due; provided that the foregoing obligation shall cease to apply upon the Borrower’s maintenance of a Debt
Service Coverage Ratio of at least 1.25:1.00 for two consecutive interest payment dates. 

  

					
		 	40	 	GyM Credit Agreement

 Section 5.02 Negative Covenants. So long as any Advance shall remain unpaid or
any Lender shall have any Commitment hereunder, the Borrower will not, and will cause each other Loan Party not to: 
 (a)
Negative Pledge. Create or suffer to exist any Lien on or with respect to any of its properties, whether now owned or hereafter acquired, or assign any right to receive income, other than: 

(i) Liens created pursuant to the Loan Documents; 

(ii) Liens for taxes, assessments and governmental charges or levies to the extent not required to be paid under
Section 5.01(b); 
 (iii) Liens imposed by law, such as materialmen’s, mechanics’, carriers’,
workmen’s and repairmen’s Liens and other similar Liens arising in the ordinary course of business securing obligations that (A) are not overdue for a period of more than 30 days and (B) individually or together with all other
Permitted Liens outstanding on any date of determination do not materially adversely affect the use of the property to which they relate; 
 (iv) pledges or deposits in the ordinary course of business to secure obligations under workers’ compensation laws or similar legislation or to secure public or statutory obligations; 

(v) deposits to secure the performance of bids, trade contracts and leases (other than Indebtedness), statutory
obligations, surety bonds (other than bonds related to judgments or litigation), performance bonds and other obligations of a like nature incurred in the ordinary course of business; 

(vi) Liens securing judgments (or the payment of money) not constituting a Default under Section 6.01(f) or 6.01(g)
or securing appeal or other surety bonds related to such judgments; 
 (vii) easements, rights of way and other
encumbrances on title to real property that do not render title to the property encumbered thereby unmarketable or materially adversely affect the use of such property for its present purposes; 

(viii) Liens created or arising over any property (including Equity Interests of any Person) which is acquired,
constructed or improved by such Loan Party; provided that (A) any such Lien is created or arises on or before 120 days after the completion of such acquisition, construction or improvement, (B) the Indebtedness secured thereby
comprises only principal amounts raised for the purposes of such acquisition, construction or improvement, together with any costs, expenses, interest and fees incurred in relation thereto or a guaranty given in respect thereof and (C) any such
Lien is confined solely to the property so acquired, constructed or improved, including any Equity Interest or other interest in any Person created for the purpose of acquiring, constructing or developing and holding such property; 

  

					
		 	41	 	GyM Credit Agreement

 (ix) Liens over any property (including Equity Interests of any Person) at
the time of the acquisition of such property by such Loan Party; provided that (A) any such Lien was not (or is not) created in connection with or in contemplation of such acquisition, (B) such Lien does not apply to any other
property of such Loan Party and (C) such Lien secures only those obligations which it secures on the date of such acquisition; 
 (x) Liens on property (including Equity Interests) of another Person in existence at the time such other Person becomes a Subsidiary of a Loan Party; provided that (A) the Liens may not extend
to any other property owned by such Person and (B) such Liens were not (or are not) created in connection with or in contemplation of such Person becoming a Subsidiary; 

(xi) Liens on the administrative office of the Borrower located at (A) Contralmirante Montero 500 and 502, Av. Paseo
de la República 4667, 4675, 4673, 4681, 4685, 4691 and 4699 and Av. General Federico Recavarren 905, 907, 909, 911, 915 and 925, Surquillo, Lima, Perú and (B) Av. Petit Thouars No. 4951-4957, Miraflores, Lima, Perú;

 (xii) Liens on property of Viva GyM S.A. solely in connection with financings for the purpose of construction,
development or acquisition of a project or asset (including mortgages on or assignments in trust of real property, pledges or assignments in trust of such project cash flows or Equity Interests in entities formed in connection with such
construction, development or acquisition and Liens on undeveloped land); 
 (xiii) purchase money Liens upon or
in any real property or equipment acquired or held by such Loan Party in the ordinary course of business to secure the purchase price of such property or equipment or to secure Indebtedness incurred solely for the purpose of financing the
acquisition of such property or equipment, or Liens existing on such property or equipment at the time of its acquisition (other than any such Liens created in contemplation of such acquisition that were not incurred to finance the acquisition of
such property) or extensions, renewals or replacements of any of the foregoing for the same or a lesser amount; provided, however, that no such Lien shall extend to or cover any properties of any character other than the real property
or equipment being acquired, and no such extension, renewal or replacement shall extend to or cover any properties not theretofore subject to the Lien being extended, renewed or replaced; provided, further, that the aggregate principal
amount of the Indebtedness secured by the Liens referred to in this clause (xiii) shall not exceed the amount specified therefor in Section 5.02(b)(v)(C) at any time outstanding; 

(xiv) the Existing Liens; 

  

					
		 	42	 	GyM Credit Agreement

 (xv) other Liens securing Indebtedness; provided that the aggregate
principal amount of the Indebtedness secured by the Liens referred to in this clause (xv) shall not exceed (A) with respect to the Borrower, the amount specified therefore in Section 5.02(b)(v) (or its equivalent in other
currencies) at any time outstanding and (B) with respect to any other Loan Party, an amount not to exceed U.S.$20,000,000 in the aggregate for such Loan Party (or its equivalent in other currencies) at any time outstanding; provided,
further, that no such Lien shall extend to or cover any Collateral; and 
 (xvi) the replacement,
extension or renewal of any Lien permitted by clauses (viii) through (xv) above upon or in the same property theretofore subject thereto or the replacement, extension or renewal (without increase in the principal amount or change in any
direct or contingent obligor) of the Indebtedness secured thereby. 
 (b) Indebtedness. Solely with respect to the
Borrower, create, incur, assume or suffer to exist any Indebtedness, except: 
 (i) Indebtedness in respect of
Hedge Agreements permitted under Section 5.02(k); 
 (ii) Indebtedness owed to a Wholly-Owned Subsidiary of
the Borrower; 
 (iii) Indebtedness under this Agreement; 

(iv) Indebtedness that constitutes Guaranteed Debt in respect of any Indebtedness of any Project Company; and 

(v) other Indebtedness in an aggregate amount not to exceed U.S.$50,000,000 (or its equivalent in other currencies) (of
which up to (A) U.S.$20,000,000 (or its equivalent in other currencies) may be secured, (B) U.S.$20,000,000 (or its equivalent in other currencies) may be incurred in respect of Capitalized Leases and (C) U.S.$20,000,000 (or its
equivalent in other currencies) may be secured by Liens permitted by Section 5.02(a)(xiii)) at any one time outstanding. 

(c) Mergers, Etc. Merge or consolidate with or into any Person, except that any Loan Party may (i) merge or consolidate with
or into (A) any other Loan Party or (B) any other Person or Persons, whether in one transaction or in a series of related transactions, if the surviving entity is or becomes a Loan Party, (ii) sell or otherwise transfer all or
substantially all of its property to any other Person or Persons, whether in one transaction or in a series of related transactions, if the surviving entity is or becomes a Loan Party and (iii) undergo a corporate reorganization if the
surviving entity of such reorganization is or becomes a Loan Party; provided that, in each case, no Default shall have occurred and be continuing at the time of such proposed transaction or would result therefrom; provided,
further, that, in the case of any such merger or consolidation to which a Guarantor is a party, the Subsidiaries of the Person formed by such merger or consolidation shall include the Subsidiaries of the Guarantor party to such merger or
consolidation. 

  

					
		 	43	 	GyM Credit Agreement

 (d) Accounting Changes. Make or permit any change in accounting policies or reporting
practices, except as required by IFRS. 
 (e) Sales, Etc. of Assets. Sell, lease, transfer or otherwise dispose of any
assets, or grant any option or other right to purchase, lease or otherwise acquire any assets, except (i) sales of inventory in the ordinary course of its business and the granting of any option or other right to purchase, lease or otherwise
acquire inventory in the ordinary course of its business, (ii) sales, transfers or other dispositions of assets among Loan Parties, (iii) in a transaction authorized by Section 5.02(c), (iv) sales or other dispositions of
inventory, damaged, obsolete or worn out assets by any Loan Party and scrap, in each case, sold or disposed of in the ordinary course of business and (v) with respect to any Loan Party, sales of assets for fair value in an aggregate amount not
to exceed U.S.$20,000,000 in any year, taken together with all such other sales by such Loan Party during such year. 
 (f)
Investments in Other Persons. Make or hold any Investment in any Person, except: 
 (i) Investments by any
Loan Party in another Loan Party; 
 (ii) Investments by any Loan Party in its Wholly-Owned Subsidiaries, or any
Person that, upon the making of such Investment, would become a Wholly-Owned Subsidiary of a Loan Party; 
 (iii)
loans and advances to employees in the ordinary course of the business of the Borrower as presently conducted in an aggregate principal amount not to exceed U.S.$2,500,000 at any time outstanding; 

(iv) Investments by any Loan Party in Cash Equivalents; 

(v) Investments existing or contemplated on the date hereof and described on Schedule 5.02(f); 

(vi) Investments by the Borrower in Hedge Agreements permitted under Section 5.02(b)(i); 

(vii) Investments by Viva GyM S.A. in the ordinary course of business as presently conducted in any Person engaged in the
construction, development or acquisition of real property projects so long as such Investments are necessary in the reasonable discretion of Viva GyM S.A. for the development and/or completion thereof; 

(viii) Investments in GyM Ferrovias S.A. made by the Borrower solely with the proceeds of Advances in accordance with
Section 2.15(b); and 
 (ix) so long as no Default shall have occurred and be continuing (or would result
therefrom), Investments by any Loan Party in any Person; provided that the aggregate amount of the Investments made by (A) the Guarantors and (B) the Loan Parties, in each case, in any year shall not exceed U.S.$100,000,000 and
U.S.$200,000,000, respectively, unless the Debt Service Coverage Ratio as of the date 

  

					
		 	44	 	GyM Credit Agreement

 
any incremental Investment in excess of the foregoing thresholds is made is at least 1.25:1.00; provided, further, that solely for purposes of determining whether such incremental
Investment may be made on such date, EBITDA of the Borrower shall be increased by the amount of any dividend that any Person from which the Borrower has the right to receive dividends as a result of holding Equity Interests in such Person would have
been able to declare (calculated in accordance with IFRS for the rolling four fiscal quarter period most recently ended as of such date for which financial statements are available pursuant to Section 5.01(i), and as permitted hereunder), and
the Administrative Agent shall have received from the Borrower a calculation in reasonable detail as to the addition of any such dividend amount to EBITDA of the Borrower as part of the calculation of the Debt Service Coverage Ratio for purposes of
this clause (ix). 
 (g) Dividends, Etc. Declare or make any dividend payment or other distribution of assets,
properties, cash rights, obligations or securities on account of any Equity Interests of such Loan Party, or purchase, redeem or otherwise acquire for value any Equity Interests of the Borrower or any warrants, rights or options to acquire any such
Equity Interests, now or hereafter outstanding, except that: 
 (i) any Loan Party (other than the Borrower) may
declare and make any dividend payment or other distribution to the Borrower; 
 (ii) any dividend payment or
other distribution as may be required by law; and 
 (iii) any dividend payment or other distribution by the
Borrower so long as no Default shall have occurred and be continuing at the time of any such declaration and payment or distribution or would result therefrom. 
 (h) Change in Nature of Business. Make any material change in the nature of its business as carried on at the date hereof and any business substantially related, ancillary, complimentary or
incidental thereto. 
 (i) Payment Restrictions Affecting Subsidiaries. Directly or indirectly, enter into or suffer to
exist, or permit any Guarantor or any of its Subsidiaries to enter into or suffer to exist, any agreement or arrangement limiting the ability of any Guarantor or any of its Subsidiaries to declare or pay dividends or other distributions in respect
of its Equity Interests or repay or prepay any Indebtedness owed to, make loans or advances to, or otherwise transfer assets to or invest in, the Borrower, any Guarantor or any Subsidiary of any Loan Party (whether through a covenant restricting
dividends, loans, asset transfers or investments, a financial covenant or otherwise), except (i) the Loan Documents, (ii) any agreement or corporate resolution (A) in effect on the date hereof or (B) entered into because of
existing policies (including dividend policies) and/or agreements of such Loan Party and any of its Subsidiaries, (iii) customary restrictions in an agreement related to the sale of assets to the extent such sale is permitted pursuant to
Section 5.02(e) that limit the transfer of such assets pending the consummation of such sale, (iv) financing obligations of such Loan Party and any of its Subsidiaries to the extent such restrictions apply after the occurrence of a default
or event of default under such financing obligations and (v) any transaction entered into by a Guarantor for the purpose of construction, development or acquisition of a project or asset. 

  

					
		 	45	 	GyM Credit Agreement

 (j) OFAC Sanctions. Use the proceeds of the Advances, or lend, contribute or
otherwise make available such proceeds to any Person, for the purpose of directly or indirectly financing activities with any individuals or entities subject to Sanctions, or financing activities in or with countries subject to Sanctions. No Loan
Party will engage in any transaction that violates Sanctions or have any dealings with individuals or entities subject to Sanctions or investments in countries subject to Sanctions. 

(k) No Speculative Hedge Agreements. Enter into any Hedge Agreement for speculative purposes. 

Section 5.03 Financial Covenants. So long as any Advance shall remain unpaid or any Lender shall have any Commitment
hereunder: 
 (a) Borrower Consolidated Adjusted Debt Coverage Ratio. The Borrower shall maintain a Consolidated Adjusted
Debt Coverage Ratio of less than 3.00:1.00 as of the end of each fiscal quarter and rolling four fiscal quarter period then ended. 
 (b) Guarantor Consolidated Adjusted Debt Coverage Ratio. Each Guarantor shall maintain a Consolidated Adjusted Debt Coverage Ratio of less than 2.50:1.00 as of the end of each fiscal quarter and
rolling four fiscal quarter period then ended. 
 (c) Minimum Net Worth. The Borrower shall maintain a Consolidated Net
Worth at least equal to the Consolidated Net Worth reported in the financial statements of the Borrower dated as of September 30, 2012. 
 ARTICLE VI 
 EVENTS OF DEFAULT 

Section 6.01 Events of Default. If any of the following events (“Events of Default”) shall occur and
be continuing: 
 (a) the Borrower shall fail to pay any principal of, or interest on, any Advance, or make any other payment of
fees or other amounts under this Agreement or any Note, in each case, when the same becomes due and payable; provided that in the case of a failure to pay any amount other than principal of, or interest on, any Advance, such failure continues for
five or more days; 
 (b) any representation or warranty made by any Loan Party herein or by any Loan Party (or any of its
officers) in connection with this Agreement shall prove to have been incorrect in any material respect when made; 
 (c)
(i) any Loan Party shall fail to perform or observe any term, covenant or agreement contained in Section 5.01(d), (h), (i)(iii) or (iv), (l) or (m), 5.02 or 5.03 or (ii) any Loan Party shall fail to perform or observe any other
term, covenant or agreement contained in this Agreement on its part to be performed or observed if such failure shall remain unremedied 

  

					
		 	46	 	GyM Credit Agreement

 
for 30 or more days after the earlier of the date on which (A) any officer of the Borrower or such Loan Party becomes aware of such failure or (B) written notice thereof shall have been
given to the Borrower by the Administrative Agent or any Lender; 
 (d) any Loan Party shall fail to pay any principal of,
premium or interest on or any other amount payable in respect of any Indebtedness of such Loan Party that is outstanding in a principal amount (or, in the case of any Hedge Agreement, an Agreement Value) of at least U.S.$20,000,000 (or its
equivalent in other currencies) either individually or in the aggregate for such Loan Party (but excluding Indebtedness outstanding hereunder), when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration,
demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Indebtedness; or any other event shall occur or condition shall exist under any agreement or
instrument relating to any such Indebtedness and shall continue after the applicable grace period, if any, specified in such agreement or instrument, if the effect of such event or condition is to accelerate, or to permit the acceleration of, the
maturity of such Indebtedness or otherwise to cause, or to permit the holder thereof to cause, such Indebtedness to mature; or any such Indebtedness shall be declared to be due and payable or required to be prepaid or redeemed (other than by a
regularly scheduled required prepayment or redemption), purchased or defeased, or an offer to prepay, redeem, purchase or defease such Indebtedness shall be required to be made, in each case prior to the stated maturity thereof; 

(e) any Loan Party shall generally not pay its debts as such debts become due, or shall admit in writing its inability to pay its debts
generally, or shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted by or against a Loan Party seeking to adjudicate it bankrupt or insolvent, or seeking liquidation, winding up, reorganization,
arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, concurso mercantil, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the
appointment of a receiver, trustee, custodian, síndico, conciliador or other similar official for it or for any substantial part of its property and, in the case of any such proceeding instituted against it (but not instituted by it),
either such proceeding shall remain undismissed or unstayed for a period of 60 or more days, or any of the actions sought in such proceeding (including the entry of an order for relief against, or the appointment of a receiver, trustee, custodian,
síndico, conciliador or other similar official for, it or for any substantial part of its property) shall occur; or any Loan Party shall take any corporate action to authorize any of the actions set forth above in this clause (e);

 (f) judgments or orders for the payment of money in excess of U.S.$20,000,000 (or its equivalent in other currencies), in the
aggregate shall be rendered against any Loan Party and either (i) enforcement proceedings shall have been commenced by any creditor upon such judgment or order or (ii) there shall be any period of 10 or more consecutive days during which a
stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; 
 (g) any
non-monetary judgment or order shall be rendered against any Loan Party that could be reasonably expected to have a Material Adverse Effect, and there shall be any period of 60 or more consecutive days during which a stay of enforcement of such
judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; 

  

					
		 	47	 	GyM Credit Agreement

 (h) the obligations of each Loan Party under this Agreement, the Notes and the Guaranties
shall fail to rank at least pari passu in priority of payment with all other senior, unsubordinated Indebtedness of such Loan Party; 
 (i) any material provision of this Agreement or the Notes shall cease to be valid and binding on or enforceable against any of the Loan Parties, or any Loan Party shall so assert or state in writing, or
the obligations of any of the Loan Parties under this Agreement or the Notes shall in any way become illegal; 
 (j) any
provision of any Loan Document after delivery thereof pursuant to Section 3.01 or 5.01 shall for any reason cease to be valid and binding on or enforceable against any Loan Party party to it, or any such Loan Party shall so state in writing, or
the material obligations of any of the Loan Parties under any Loan Document shall in any way become illegal; or 
 (k) any
Collateral Document or financing statement after delivery thereof pursuant to Section 3.01 or 5.01 shall for any reason (other than pursuant to the terms thereof) cease to create a valid and perfected first priority lien on and security
interest in the Collateral purported to be covered thereby (subject to Permitted Liens); 
 then, and in any such event, the Administrative
Agent (i) shall at the request, or may with the consent, of the Required Lenders, by notice to the Borrower, declare each Lender’s unused Commitment and the obligation of each Lender to make Advances to be terminated, whereupon the same
shall forthwith terminate, and (ii) shall at the request, or may with the consent, of the Required Lenders, by notice to the Borrower, declare all or any portion of the Notes, all interest thereon and all other amounts payable under this
Agreement to be forthwith due and payable, whereupon the Notes, all such interest and all such amounts shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby
expressly waived by the Borrower; provided, however, that in the event of an actual or deemed entry of an order for relief with respect to the Borrower under clause (e) above, (A) the obligation of each Lender to make
Advances shall automatically be terminated and (B) the Notes, all such interest and all such amounts shall automatically become and be due and payable, without presentment, demand, protest or any notice of any kind, all of which are hereby
expressly waived by the Borrower. 
 ARTICLE VII 
 THE AGENTS 
 Section 7.01 Authorization and Action. (a) Each
Lender hereby appoints and authorizes each Agent to take such action as agent on its behalf and to exercise such powers and discretion under this Agreement and the other Loan Documents as are delegated to the Agent by the terms hereof and thereof,
together with such powers and discretion as are reasonably incidental thereto and authorizes the Collateral Agent to act on the instruction of the Administrative Agent. As to any matters not expressly provided for by the Loan Documents 

  

					
		 	48	 	GyM Credit Agreement

 
(including enforcement or collection of the Obligations of the Loan Parties), no Agent shall be required to exercise any discretion or take any action, but shall be required to act or to refrain
from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Required Lenders, and such instructions shall be binding upon all Lenders and all holders of Notes; provided, however, that
no Agent shall be required to take any action that exposes such Agent to personal liability or that is contrary to any Loan Document or applicable law. Each Agent agrees to give to each Lender prompt notice of each notice given to it by the Borrower
pursuant to the terms of this Agreement. 
 (b) Any Agent may execute any of its duties under this Agreement or any other Loan
Document (including for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents or of exercising any rights and remedies thereunder at the direction of the Collateral Agent) by or
through agents, employees or attorneys-in-fact and shall be entitled to advice of counsel and other consultants or experts concerning all matters pertaining to such duties. The Collateral Agent may also from time to time, when the Collateral Agent
deems it to be necessary or desirable, appoint one or more collateral co-agents, collateral subagents or attorneys-in-fact (each, a “Supplemental Collateral Agent”) with respect to all or any part of the Collateral;
provided, however, that no such Supplemental Collateral Agent shall be authorized to take any action with respect to any Collateral unless and except to the extent expressly authorized in writing by the Collateral Agent;
provided, further, that the Borrower shall not be obligated to pay any incremental expenses of such Supplemental Collateral Agent without its written consent, such consent not to be unreasonably withheld. Should any instrument in
writing from the Borrower or any other Loan Party be required by any Supplemental Collateral Agent so appointed by the Collateral Agent to more fully or certainly vest in and confirm to such Supplemental Collateral Agent such rights, powers,
privileges and duties, the Borrower shall, or shall cause such Loan Party to, execute, acknowledge and deliver any and all such instruments promptly upon request by the Collateral Agent. If any Supplemental Collateral Agent, or successor thereto,
shall die, become incapable of acting, resign or be removed, all rights, powers, privileges and duties of such Supplemental Collateral Agent, to the extent permitted by law, shall automatically vest in and be exercised by the Collateral Agent until
the appointment of a new Supplemental Collateral Agent. No Agent shall be responsible for the negligence or misconduct of any agent, attorney-in-fact or Supplemental Collateral Agent that it selects in accordance with the foregoing provisions of
this Section 7.01(b) in the absence of such Agent’s gross negligence or willful misconduct. 
 Section 7.02
Agent’s Reliance, Etc. Neither any Agent nor any of their respective directors, officers, agents or employees shall be liable for any action taken or omitted to be taken by it or them under or in connection with the Loan Documents,
except for its or their own gross negligence or willful misconduct. Without limitation of the generality of the foregoing, each Agent: (a) may consult with legal counsel (including counsel for any Loan Party), independent public accountants and
other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts, (b) makes no warranty or representation to any Lender
and shall not be responsible to any Lender for any statements, warranties or representations (whether written or oral) made in or in connection with the Loan Documents, (c) shall not have any duty to ascertain or to inquire as to the
performance, observance or satisfaction of any of the terms, covenants or conditions of any Loan Document on the part of any Loan Party or the existence at 

  

					
		 	49	 	GyM Credit Agreement

 
any time of any Default under the Loan Documents or to inspect the property (including the books and records) of any Loan Party, (d) shall not be responsible to any Lender for the due
execution, legality, validity, enforceability, genuineness, sufficiency or value of, or the perfection or priority of any lien or security interest created or purported to be created under or in connection with, any Loan Document or any other
instrument or document furnished pursuant thereto and (e) shall incur no liability under or in respect of any Loan Document by acting upon any notice, consent, certificate or other instrument or writing (which may be by telegram, telecopy or
electronic communication) believed by it to be genuine and signed or sent by the proper party or parties. 
 Section 7.03
BBVA Bancomer, BBVA Continental and Affiliates. With respect to its Commitment, the Advances made by it and the Note issued to it, BBVA Bancomer and BBVA Continental shall have the same rights and powers under this Agreement and, as
applicable, shall be subject to the same obligations as any other Lender and may exercise and, as applicable, must comply with the same as though it were not an Agent; and the term “Lender” or “Lenders” shall, unless otherwise
expressly indicated, include BBVA Bancomer or BBVA Continental in its individual capacity. BBVA Bancomer, BBVA Continental and their respective Affiliates may accept deposits from, lend money to, act as trustee under indentures of, accept investment
banking engagements from and generally engage in any kind of business with, any Loan Party, any of its Subsidiaries and any Person who may do business with or own securities of any Loan Party or any such Subsidiary, all as if BBVA Bancomer or BBVA
Continental were not an Agent and without any duty to account therefor to the Lenders. No Agent shall have any duty to disclose any information obtained or received by it or any of its Affiliates relating to any Loan Party or any of its Subsidiaries
to the extent such information was obtained or received in any capacity other than as Agent. 
 Section 7.04 Lender
Credit Decision. Each Lender acknowledges that it has, independently and without reliance upon any Agent or any other Lender and based on the financial statements referred to in Section 4.01 and such other documents and information as it
has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon any Agent or any other Lender and based on such documents and
information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement. 
 Section 7.05 Indemnification. (a) Each Lender severally agrees to indemnify each Agent (to the extent not reimbursed by the Borrower), ratably according to the respective principal
amounts of the Advances then made by each of them (or if no Advances are at the time outstanding, ratably according to the respective amounts of their Commitments), from and against any and all liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever that may be imposed on, incurred by, or asserted against such Agent in any way relating to or arising out of the Loan Documents or any action taken or
omitted by such Agent under the Loan Documents (collectively, the “Indemnified Costs”); provided that no Lender shall be liable for any portion of the Indemnified Costs resulting from such Agent’s gross negligence
or willful misconduct as found in a final, non-appealable judgment by a court of competent jurisdiction. Without limitation of the foregoing, each Lender agrees to reimburse each Agent promptly upon demand 

  

					
		 	50	 	GyM Credit Agreement

 
for its ratable share of any costs and expenses (including fees and expenses of counsel) payable by the Borrower under Section 8.04, to the extent that such Agent is not promptly reimbursed
for such costs and expenses by the Borrower. In the case of any investigation, litigation or proceeding giving rise to any Indemnified Costs, this Section 7.05 applies whether any such investigation, litigation or proceeding is brought by any
Lender or any other Person. 
 (b) For purposes of this Section 7.05, each Lender’s ratable share of any amount shall
be determined, at any time, according to the sum of (i) the aggregate principal amount of the Advances outstanding at such time and owing to such Lender and (ii) the aggregate unused portions of such Lender’s Term Commitments at such
time. The failure of any Lender to reimburse any Agent promptly upon demand for its ratable share of any amount required to be paid by the Lenders to such Agent as provided herein shall not relieve any other Lender of its obligation hereunder to
reimburse such Agent for its ratable share of such amount, but no Lender shall be responsible for the failure of any other Lender to reimburse such Agent for such other Lender’s ratable share of such amount. Without prejudice to the survival of
any other agreement of any Lender hereunder, the agreement and obligations of each Lender contained in this Section 7.05 shall survive the payment in full of principal, interest and all other amounts payable hereunder and under the other Loan
Documents. 
 Section 7.06 Successor Agent. Any Agent may resign at any time by giving written notice thereof to the
Lenders and the Borrower and may be removed at any time with or without cause by the Required Lenders; provided, however, that any removal of the Administrative Agent will not be effective until it has also been replaced as Collateral
Agent and released from all of its obligations in respect thereof. Upon any such resignation or removal, the Required Lenders shall have the right to appoint a successor Agent. If no successor Agent shall have been so appointed by the Required
Lenders, and shall have accepted such appointment, within 30 days after the retiring Agent’s giving of notice of resignation or the Required Lenders’ removal of the retiring Agent, then the retiring Agent may, on behalf of the Lenders,
appoint a successor Agent, which in the case of the Administrative Agent shall be a commercial bank organized under the laws of the United States of America or of any State thereof and having a combined capital and surplus of at least
U.S.$250,000,000. Upon the acceptance of any appointment as Agent hereunder by a successor Agent and, in the case of a successor Collateral Agent, upon the execution and filing or recording of such financing statements, mortgages, agreements, or
amendments thereto, or other instruments or notices, as may be necessary or desirable, or as the Required Lenders may request, in order to continue the perfection of the Liens granted or purported to be granted by the Collateral Documents, such
successor Agent shall thereupon succeed to and become vested with all the rights, powers, discretion, privileges and duties of the retiring Agent, and the retiring Agent shall be discharged from its duties and obligations under the Loan Documents.
If within 45 days after written notice is given of the retiring Agent’s resignation or removal under this Section no successor Agent shall have been appointed and shall have accepted such appointment, then on such 45th day (a) the retiring
Agent’s resignation or removal shall become effective, (b) the retiring Agent shall thereupon be discharged from its duties and obligations under the Loan Documents and (c) the Required Lenders shall thereafter perform all duties of
the retiring Agent under the Loan Documents until such time, if any, as the Required Lenders appoint a successor Agent as provided above. After any retiring Agent’s resignation or removal hereunder as Agent, the provisions of this
Article VII shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent under the Loan Documents. 

  

					
		 	51	 	GyM Credit Agreement

 ARTICLE VIII 
 MISCELLANEOUS 
 Section 8.01 Amendments, Etc. No amendment or waiver
of any provision of this Agreement or any other Loan Document, nor consent to any departure by any Loan Party therefrom, shall in any event be effective unless the same shall be in writing and signed by the Required Lenders, and then such waiver or
consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that: 
 (a) no amendment, waiver or consent shall, unless in writing and signed by all of the Lenders, do any of the following at any time: 

(i) waive any of the conditions specified in Section 3.01 or, in the case of the initial borrowing hereunder,
Section 3.02; 
 (ii) change the number of Lenders or the percentage of (A) the Commitments or
(B) the aggregate unpaid principal amount of the Advances that, in each case, shall be required for the Lenders or any of them to take any action hereunder; 

(iii) release one or more Guarantors (or otherwise limit such Guarantors’ liability with respect to the Obligations
owing to the Agents and the Lenders under the Guaranties) if such release or limitation is in respect of a material portion of the value of the Guaranties to the Lenders; 

(iv) release any material portion of the Collateral in any transaction or series of related transactions (other than any
release permitted under any Collateral Document); 
 (v) change the order of application of any prepayment of
Advances from the application thereof set forth in the applicable provisions of Section 2.05 or 2.08, respectively; or 
 (vi) amend this Section 8.01; and 
 (b) no amendment, waiver or consent
shall, unless in writing and signed by the Required Lenders and each Lender specified below for such amendment, waiver or consent: 
 (i) increase the Commitments of a Lender without the consent of such Lender; 
 (ii) reduce the principal of, or stated rate of interest on, the Advances owed to a Lender or any fees or other amounts stated to be payable hereunder or under the other Loan Documents to such Lender
without the consent of such Lender; or 
 (iii) postpone any date scheduled for any payment of principal of, or
interest on, the Advances pursuant to Section 2.05 or 2.06 or any date fixed for any payment of fees hereunder, in each case, payable to a Lender without the consent of such Lender; 

  

					
		 	52	 	GyM Credit Agreement

 provided, further, that (A) no amendment, waiver or consent shall, unless in writing and
signed by an Agent in addition to the Lenders required above to take such action, affect the rights or duties of such Agent under this Agreement or the other Loan Documents and (B) anything herein to the contrary notwithstanding, during such
period as a Lender is a Defaulting Lender, to the fullest extent permitted by applicable law such Lender shall not be entitled to vote in respect of amendments and waivers under Sections 8.01(a) and (b) and the Commitments and the outstanding
Advances or other extensions of credit of such Lender hereunder shall not be taken into account in determining whether the Required Lenders or all of the Lenders, as the case may be, have approved any such amendment or waiver (and the definition of
Required Lenders shall automatically be deemed modified accordingly for the duration of such period); provided that any such amendment or waiver that would increase or extend the term of any Commitment of such Defaulting Lender, or extend the
date fixed for the payment of principal or interest owing to such Defaulting Lender hereunder, or reduce the principal amount of any obligation owing to such Defaulting Lender, or reduce the amount of or the rate or amount of interest on any amount
owing to such Defaulting Lender, or alter the terms of this proviso, shall require the consent of such Defaulting Lender. 

Section 8.02 Notices, Etc. (a) All notices and other communications provided for hereunder shall be either (i) in
writing (including telegraphic, telecopy or electronic communication) and mailed, telegraphed, telecopied or delivered or (ii) as and to the extent set forth in Section 8.02(b) and in the proviso to this Section 8.02(a), in an
electronic medium and delivered as set forth in Section 8.02(b), if to any Loan Party, to the Borrower at its address atAv. Paseo de la República 4675, Surquillo, Lima, Perú, Attention: Mónica María Miloslavich Hart
and Claudia Inés Drago Morante, Fax: (511) 213-6590, E-mail Address: mmiloslavich@gym.com.pe and cdrago@gym.com.pe; if to any Initial Lender, at its Applicable Lending Office specified opposite its name on Schedule I; if to any
other Lender, at its Applicable Lending Office specified in the Assignment and Acceptance pursuant to which it became a Lender; and if to the Administrative Agent or the Collateral Agent, at its address at Montes Urales 620 2°piso, Lomas de
Chapultepec, 11000 Mexico, D.F., Attention: Concepción Zuñiga / Martha Patricia Velazquez, Fax: +5255 5201-2317, E-mail Address: c.zuniga@bbva.com / martha.velazquez@bbva.com; or, as to the Borrower, the Administrative Agent or the
Collateral Agent, at such other address as shall be designated by such party in a written notice to the other parties and, as to each other party, at such other address as shall be designated by such party in a written notice to the Borrower and the
Administrative Agent; provided, however, that materials and information described in Section 8.02(b) shall be delivered to the Administrative Agent in accordance with the provisions thereof or as otherwise specified to the
Borrower by the Administrative Agent. All such notices and other communications shall, when mailed, telegraphed, telecopied, or e-mailed, be effective when deposited in the mails, delivered to the telegraph company, transmitted by telecopier or sent
by electronic communication, respectively, except that notices and communications to any Agent pursuant to Article II, III or VII shall not be effective until received by such Agent. Delivery by telecopier or other electronic communication of
an executed counterpart of a signature page to any amendment or waiver of any provision of this Agreement or the Notes shall be effective as delivery of an original executed counterpart thereof. 

  

					
		 	53	 	GyM Credit Agreement

 (b) The Borrower hereby agrees that it will provide to the Administrative Agent all
information, documents and other materials that it is obligated to furnish to the Administrative Agent pursuant to the Loan Documents, including all notices, requests, financial statements, financial and other reports, certificates and other
information materials, but excluding any such communication that (i) relates to the payment of any principal or other amount due under this Agreement prior to the scheduled date therefor, (ii) provides notice of any Default or Event of
Default under this Agreement or (iii) is required to be delivered to satisfy any condition precedent to the effectiveness of this Agreement and/or any Borrowing or other Extension of Credit thereunder (all such non-excluded communications being
referred to herein collectively as “Communications”), by transmitting the Communications in an electronic/soft medium in a format acceptable to the Administrative Agent to an electronic mail address specified by the
Administrative Agent to the Borrower. In addition, the Borrower agrees to continue to provide the Communications to the Administrative Agent in the manner specified in the Loan Documents but only to the extent requested by the Administrative Agent.
The Borrower further agrees that the Administrative Agent may make the Communications available to the Lenders by posting the Communications on IntraLinks or a substantially similar electronic transmission system (the
“Platform”). 
 (c) THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE”. THE AGENT
PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED
OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE AGENT PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR
THE PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT OR ANY OF ITS AFFILIATES OR ANY OF THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, ADVISORS OR REPRESENTATIVES (COLLECTIVELY, “AGENT PARTIES”) HAVE ANY
LIABILITY TO THE BORROWER, ANY LENDER OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF THE
BORROWER’S OR THE ADMINISTRATIVE AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET, EXCEPT TO THE EXTENT THE LIABILITY OF ANY AGENT PARTY IS FOUND IN A FINAL NON-APPEALABLE JUDGMENT BY A COURT OF COMPETENT JURISDICTION TO HAVE
RESULTED PRIMARILY FROM SUCH AGENT PARTY’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. 
 The Administrative Agent agrees that
the receipt of the Communications by the Administrative Agent at its e-mail address set forth above shall constitute effective delivery of the Communications to the Administrative Agent for purposes of the Loan Documents. Each Lender agrees that
notice to it (as provided in the next sentence) specifying that the 

  

					
		 	54	 	GyM Credit Agreement

 
Communications have been posted to the Platform shall constitute effective delivery of the Communications to such Lender for purposes of the Loan Documents. Each Lender agrees to notify the
Administrative Agent in writing (including by electronic communication) from time to time of such Lender’s e-mail address to which the foregoing notice may be sent by electronic transmission and (ii) that the foregoing notice may be sent
to such e-mail address. Nothing herein shall prejudice the right of the Administrative Agent or any Lender to give any notice or other communication pursuant to any Loan Document in any other manner specified in such Loan Document. 

Section 8.03 No Waiver; Remedies. No failure on the part of any Lender or any Agent to exercise, and no delay in exercising,
any right hereunder or under any Note or any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right. The
remedies herein provided are cumulative and not exclusive of any remedies provided by law. 
 Section 8.04 Costs and
Expenses. (a) The Borrower agrees to pay on demand (i) all costs and expenses of each Agent in connection with the preparation, execution, delivery, administration, modification and amendment of, or any consent or waiver under, the
Loan Documents and the other documents to be delivered hereunder (including (A) all due diligence, collateral review, syndication (including printing, distribution and bank meetings), transportation, computer, duplication, appraisal, audit,
insurance, consultant, search, filing and recording fees and expenses, subject to prior approval for the Borrower (such approval not to be unreasonably withheld) for expenses in excess of U.S.$3,000 (or its equivalent in other currencies) in the
aggregate and (B) the reasonable fees and expenses of counsel for each Agent with respect thereto and with respect to advising such Agent as to its rights and responsibilities, or the perfection, protection or preservation of rights or
interests, under the Loan Documents, with respect to negotiations with any Loan Party or with other creditors of any Loan Party arising out of any Default or any events or circumstances that may give rise to a Default and with respect to presenting
claims in or otherwise participating in or monitoring any bankruptcy, insolvency or other similar proceeding involving creditors’ rights generally and any proceeding ancillary thereto) and (ii) all costs and expenses of each Agent and each
Lender in connection with the enforcement of the Loan Documents, whether in any action, suit or litigation, or any bankruptcy, insolvency or other similar proceeding affecting creditors’ rights generally (including the reasonable fees and
expenses of counsel for the Administrative Agent and each Lender with respect thereto). 
 (b) The Borrower agrees to indemnify,
defend and save and hold harmless each Agent and each Lender and each of their Affiliates and their shareholders, officers, directors, employees, agents and advisors (each, an “Indemnified Party”) from and against, and shall
pay, any and all claims, damages, losses, liabilities and expenses (including reasonable fees and expenses of counsel) incurred by or asserted or awarded against any Indemnified Party, in each case arising out of or in connection with or by reason
of (including in connection with any investigation, litigation or proceeding or preparation of a defense in connection therewith) (i) the Notes, this Agreement, any other Loan Document, any of the transactions contemplated herein or the actual
or proposed use of the proceeds of the Advances or (ii) the actual or alleged presence of Hazardous Materials on any property of any Loan Party or any of its Subsidiaries or any Environmental Action relating in any way to any Loan Party or any
of its Subsidiaries, except to 

  

					
		 	55	 	GyM Credit Agreement

 
the extent such claim, damage, loss, liability or expense is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from such Indemnified Party’s
gross negligence or willful misconduct. In the case of an investigation, litigation or other proceeding to which the indemnity in this Section 8.04(b) applies, such indemnity shall be effective whether or not such investigation, litigation or
proceeding is brought by the Borrower, its directors, equityholders or creditors or an Indemnified Party or any other Person, whether or not any Indemnified Party is otherwise a party thereto and whether or not the transactions contemplated hereby
are consummated. The Borrower also agrees not to assert any claim for special, indirect, consequential or punitive damages against any Indemnified Party on any theory of liability arising out of or otherwise relating to the Notes, this Agreement,
any other Loan Document, any of the transactions contemplated herein or the actual or proposed use of the proceeds of the Advances. 
 (c) If any payment of principal of any Advance is made by the Borrower to or for the account of a Lender other than on the last day of the Interest Period for such Advance, as a result of a payment
pursuant to Section 2.08, 2.09 or 2.10, acceleration of the maturity of the Advances pursuant to Section 6.01 or for any other reason, or by an Eligible Assignee to a Lender other than on the last day of the Interest Period for such
Advance upon an assignment of rights and obligations under this Agreement pursuant to Section 8.07 as a result of a demand by the Borrower pursuant to Section 2.16, or if the Borrower fails to make any payment or prepayment of an Advance
for which a notice of prepayment has been given or that is otherwise required to be made, whether pursuant to Section 2.05, 2.08 or 6.01 or otherwise, the Borrower shall, upon demand by such Lender (with a copy of such demand to the
Administrative Agent), pay to the Administrative Agent for the account of such Lender any amounts required to compensate such Lender for any additional losses, costs or expenses that it may reasonably incur as a result of such payment or failure to
pay or prepay, including any loss (excluding loss of anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by any Lender to fund or maintain such Advance. 

(d) If any Loan Party fails to pay when due any costs, expenses or other amounts payable by it under any Loan Document, including fees
and expenses of counsel and indemnities, such amount may be paid on behalf of such Loan Party by the Administrative Agent or any Lender, in its sole discretion. 
 (e) Without prejudice to the survival of any other agreement of the Borrower hereunder or under any other Loan Document, the agreements and obligations of the Borrower contained in Sections 2.09,
2.12 and 8.04 shall survive the payment in full of principal, interest and all other amounts payable hereunder and under any other Loan Document. 
 Section 8.05 Right of Set-off. Upon (a) the occurrence and during the continuance of any Event of Default and (b) the making of the request or the granting of the consent specified
by Section 6.01 to authorize the Administrative Agent to declare the Advances due and payable pursuant to the provisions of Section 6.01, each Agent and each Lender and each of their respective Affiliates is hereby authorized at any time
and from time to time, to the fullest extent permitted by law, to set off and otherwise apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by such Agent,
such Lender or such Affiliate to or for the credit or the account of the 

  

					
		 	56	 	GyM Credit Agreement

 
Borrower against any and all of the Obligations of the Borrower now or hereafter existing under the Loan Documents, irrespective of whether such Agent or such Lender shall have made any demand
under this Agreement and although such Obligations may be unmatured. Each Agent and each Lender agrees promptly to notify the Borrower after any such set-off and application; provided, however, that the failure to give such notice
shall not affect the validity of such set-off and application. The rights of each Agent and each Lender and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of set-off) that such
Agent, such Lender and their respective Affiliates may have. 
 Section 8.06 Binding Effect. This Agreement shall
become effective (other than Section 2.01, which shall only become effective upon satisfaction of the conditions precedent set forth in Section 3.01) when it shall have been executed by the Borrower and the Administrative Agent and when
the Administrative Agent shall have been notified by each Initial Lender that such Initial Lender has executed it and thereafter shall be binding upon and inure to the benefit of the Borrower, the Administrative Agent and each Lender and their
respective successors and assigns, except that the Borrower shall not have the right to assign its rights hereunder or any interest herein without the prior written consent of each Lender. 

Section 8.07 Assignments and Participations. (a) Each Lender may assign to one or more Persons all or a portion of its
rights and obligations under this Agreement (including all or a portion of its Commitment, the Advances owing to it and the Note held by it); provided, however, that (i) each such assignment shall be of a constant, and not a
varying, percentage of all rights and obligations under this Agreement, (ii) except in the case of an assignment to a Person that, immediately prior to such assignment, was a Lender or an assignment of all of a Lender’s rights and
obligations under this Agreement, the amount of the Commitment of the assigning Lender being assigned pursuant to each such assignment (determined as of the date of the Assignment and Acceptance with respect to such assignment) shall in no event be
less than U.S.$5,000,000 or an integral multiple of U.S.$1,000,000 in excess thereof, (iii) each such assignment shall be to an Eligible Assignee, (iv) each such assignment made as a result of a demand by the Borrower pursuant to
Section 2.16 shall be arranged by the Borrower after consultation with the Administrative Agent and shall be either an assignment of all of the rights and obligations of the assigning Lender under this Agreement or an assignment of a portion of
such rights and obligations made concurrently with another such assignment or other such assignments that together cover all of the rights and obligations of the assigning Lender under this Agreement, (v) no Lender shall be obligated to make
any such assignment as a result of a demand by the Borrower pursuant to Section 2.16 unless and until such Lender shall have received one or more payments from either the Borrower or one or more Eligible Assignees in an aggregate amount at
least equal to the amount specified in Section 2.16 and (vi) the parties to each such assignment shall execute and deliver to the Administrative Agent, for its acceptance and recording in the Register, an Assignment and Acceptance,
together with any Note subject to such assignment and a processing and recordation fee of U.S.$3,500; provided, however, that for each such assignment made as a result of a demand by the Borrower pursuant to Section 2.16, the
Borrower shall pay to the Administrative Agent the applicable processing and recordation fee. Upon such execution, delivery, acceptance and recording, from and after the effective date specified in each Assignment and Acceptance, (A) the
assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, have the rights and obligations of a Lender hereunder and (B) the

  

					
		 	57	 	GyM Credit Agreement

 
Lender assignor thereunder shall, to the extent that rights and obligations hereunder have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights (other than its
rights under Sections 2.09, 2.10, 2.12, 2.13 and 8.04 to the extent any claim thereunder relates to an event arising prior to such assignment) and be released from its obligations under this Agreement (and, in the case of an Assignment and
Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto). 
 (b) By executing and delivering an Assignment and Acceptance, the Lender assignor thereunder and the assignee thereunder confirm to and agree with each other and the other parties hereto as follows:
(i) other than as provided in such Assignment and Acceptance, such assigning Lender makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with
any Loan Document or the execution, legality, validity, enforceability, genuineness, sufficiency or value of, or the perfection or priority of any lien or security interest created or purported to be created under or in connection with, any Loan
Document or any other instrument or document furnished pursuant hereto, (ii) such assigning Lender makes no representation or warranty and assumes no responsibility with respect to the financial condition of any Loan Party or the performance or
observance by any Loan Party of any of its obligations under any Loan Document or any other instrument or document furnished pursuant hereto, (iii) such assignee confirms that it has received a copy of this Agreement, together with copies of
the financial statements referred to in Section 4.01 and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance, (iv) such assignee will,
independently and without reliance upon any Agent, such assigning Lender or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking
action under this Agreement, (v) such assignee confirms that it is an Eligible Assignee, (vi) such assignee appoints and authorizes each Agent to take such action as agent on its behalf and to exercise such powers and discretion under the
Loan Documents as are delegated to such Agent by the terms hereof and thereof, together with such powers and discretion as are reasonably incidental thereto and (vii) such assignee agrees that it will perform in accordance with their terms all
of the obligations that by the terms of this Agreement are required to be performed by it as a Lender. 
 (c) The Administrative
Agent shall maintain at its address referred to in Section 8.02 a copy of each Assignment and Acceptance delivered to and accepted by it and a register for the recordation of the names and addresses of the Lenders and the Commitment of, and
principal amount of the Advances owing to, each Lender from time to time (the “Register”). The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrower, each Agent and
the Lenders may treat each Person whose name is recorded in the Register as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower or any Lender at any reasonable time and from time to
time upon reasonable prior notice. 
 (d) Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and
an assignee representing that it is an Eligible Assignee, together with any Note subject to such assignment, the Administrative Agent shall, if such Assignment and Acceptance has been completed and is in substantially the form of Exhibit C,
(i) accept such 

  

					
		 	58	 	GyM Credit Agreement

 
Assignment and Acceptance, (ii) record the information contained therein in the Register and (iii) give prompt notice thereof to the Borrower. Within five Business Days after its
receipt of such notice, the Borrower, at its own expense, shall execute and deliver to the Administrative Agent in exchange for the surrendered Note a new Note to the order of such Eligible Assignee and the relevant Note Filling Agreement and, if
the assigning Lender has retained a Commitment hereunder, a new Note to the order of the assigning Lender and the relevant Note Filling Agreement, in each case, with respect to the Notes, with por aval guarantee executed by each Guarantor.
Each such new Note or Notes and Note Filling Agreement or Note Filling Agreements shall be dated the effective date of such Assignment and Acceptance and shall otherwise be in substantially the form of Exhibit A-1 and Exhibit A-2, respectively.

 (e) Each Lender may sell participations to one or more banks or other entities (other than the Borrower or any of its
Affiliates) in or to all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment, the Advances owing to it and the Note held by it); provided, however, that (i) such
Lender’s obligations under this Agreement (including its Commitment to the Borrower hereunder) shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations,
(iii) such Lender shall remain the holder of any such Note for all purposes of this Agreement, (iv) the Borrower, the Agents and the other Lenders shall continue to deal solely and directly with such Lender in connection with such
Lender’s rights and obligations under this Agreement and (v) no participant under any such participation shall have any right to approve any amendment or waiver of any provision of any Loan Document, or any consent to any departure by the
Borrower therefrom, except to the extent that such amendment, waiver or consent would reduce the principal of, or interest on, the Advances or any fees or other amounts payable hereunder, in each case to the extent subject to such participation, or
postpone any date fixed for any payment of principal of, or interest on, the Advances or any fees or other amounts payable hereunder, in each case to the extent subject to such participation, or release all or substantially all of the Collateral or
the value of the Guaranties. The Borrower agrees that each participant shall be entitled to the benefits of Sections 2.09 and 2.12 (subject to the requirements and limitations therein, including the requirements under Section 2.12(g) (it
being understood that the documentation required under Section 2.12(g) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 8.07(a);
provided that such participant (A) agrees to be subject to the provisions of Section 2.16 as if it were an assignee under Section 8.07(a) and (B) shall not be entitled to receive any greater payment under Section 2.09
or 2.12, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change of Law that occurs after the participant acquired
the applicable participation. 
 (f) Any Lender may, in connection with any assignment or participation or proposed assignment
or participation pursuant to this Section, disclose to the assignee or participant or proposed assignee or participant, any information relating to the Borrower furnished to such Lender by or on behalf of the Borrower; provided that, prior to
any such disclosure, the assignee or participant or proposed assignee or participant shall agree to preserve the confidentiality of any Confidential Information relating to the Borrower received by it from such Lender. 

  

					
		 	59	 	GyM Credit Agreement

 (g) Notwithstanding any other provision set forth in this Agreement, any Lender may at any
time create a security interest in all or any portion of its rights under this Agreement (including the Advances owing to it and the Note held by it) in favor of any Federal Reserve Bank in accordance with Regulation A of the Board of Governors
of the U.S. Federal Reserve System. 
 (h) Notwithstanding anything to the contrary contained herein, any Lender that is a Fund
may create a security interest in all or any portion of the Advances owing to it and any Note held by it to the trustee for holders of obligations owed, or securities issued, by such Fund as security for such obligations or securities;
provided that, unless and until such trustee actually becomes a Lender in compliance with the other provisions of this Section, (i) no such pledge shall release the pledging Lender from any of its obligations under the Loan Documents and
(ii) such trustee shall not be entitled to exercise any of the rights of a Lender under the Loan Documents even though such trustee may have acquired ownership rights with respect to the pledged interest through foreclosure or otherwise.

 Section 8.08 Confidentiality. Neither any Agent nor any Lender shall disclose any Confidential Information to any
Person without the consent of the Borrower, other than (a) to such Agent’s or such Lender’s Affiliates and their officers, directors, employees, agents and advisors and to actual or prospective Eligible Assignees and participants, or
to actual or prospective counterparties in respect of any other arrangement between such Lender or Agent and such counterparty in respect of any securitization, hedge or other transaction under which payments are to be made between such Lender and
such counterparty by reference to this Agreement, and then only on a confidential basis, (b) as required by any law, rule or regulation or judicial process, (c) as requested or required by any state, Federal or foreign authority or
examiner (including the National Association of Insurance Commissioners or any similar organization or quasi-regulatory authority) regulating such Lender, (d) in connection with any litigation or proceeding to which such Agent or such Lender or
any of its Affiliates may be a party or (e) in connection with the exercise of any right or remedy under this Agreement or any other Loan Document. 
 Section 8.09 Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York. 

Section 8.10 Execution in Counterparts. This Agreement may be executed in any number of counterparts and by different parties
hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement
by telecopier or other electronic communication shall be effective as delivery of a manually executed counterpart of this Agreement. 
 Section 8.11 Release of Collateral. Upon the sale, lease, transfer or other disposition of any item of Collateral of any Loan Party (including as a result of the sale, in accordance with the
terms of the Loan Documents, of the Loan Party that owns such Collateral) in accordance with the terms of the Loan Documents, the Collateral Agent will, at the Borrower’s expense, execute and deliver to such Loan Party such documents as such
Loan Party may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under the Collateral Documents in accordance with the terms of the Loan Documents. 

  

					
		 	60	 	GyM Credit Agreement

 Section 8.12 Jurisdiction, Etc. (a) Each of the parties hereto hereby
irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of any New York State court or federal court of the United States sitting in New York City, and any appellate court from any thereof and to
the courts of its own corporate domicile in respect of any actions brought against it as a defendant, in any action or proceeding arising out of or relating to this Agreement or any other Loan Document to which it is a party, or for recognition or
enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in any such New York State court or, to the extent
permitted by law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided
by law. 
 (b) The Borrower hereby irrevocably appoints CT Corporation System (the “Process
Agent”), with an office on the date hereof at 111 Eighth Avenue, 13th Floor, New York, New York 10011, United States, as its agent to receive on behalf of the Borrower and its property service of copies of the summons and complaint and any other process which may be served
in any such action or proceeding. Such service may be made by mailing or delivering a copy of such process to the Borrower in care of the Process Agent at the Process Agent’s above address, and the Borrower hereby irrevocably authorizes and
directs the Process Agent to accept such service on its behalf. As an alternative method of service, the Borrower also irrevocably consents to the service of any and all process in any such action or proceeding by the mailing of copies of such
process to the Borrower at its address specified in Section 8.02. 
 (c) Each of the parties hereto irrevocably and
unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or the Loan
Documents to which it is a party in any New York State or federal court. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or
proceeding in any such court. 
 (d) To the extent that the Borrower has or hereafter may acquire any immunity from jurisdiction
of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its property, the Borrower hereby irrevocably and
unconditionally waives such immunity in respect of its obligations under this Agreement and the other Loan Documents and, without limiting the generality of the foregoing, agrees that the waivers set forth in this subsection (d) shall have the
fullest scope permitted under the Foreign Sovereign Immunities Act of 1976 of the United States and are intended to be irrevocable for purposes of such Act. 
 (e) Nothing in this Section shall affect the right of a Secured Party to serve legal process in any other manner permitted by law or affect the right of the Lender to bring any action or proceeding
against the Borrower or its property in the courts of Perú. 

  

					
		 	61	 	GyM Credit Agreement

 Section 8.13 Judgment Currency. (a) If, for the purposes of obtaining
judgment in any court, it is necessary to convert a sum due hereunder or under the Notes in U.S. Dollars into another currency, the parties hereto agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall be
that at which, in accordance with normal banking procedures, the Administrative Agent could purchase U.S. Dollars with such other currency in New York City on the Business Day preceding that on which final, non-appealable judgment is given.

 (b) The obligations of the Loan Parties in respect of any sum due to the Secured Parties hereunder or under the other Loan
Documents shall, notwithstanding any judgment in a currency other than U.S. Dollars, be discharged only to the extent that on the Business Day following receipt by the Administrative Agent of any sum adjudged to be so due in such other currency, the
Administrative Agent may, in accordance with normal, reasonable banking procedures, purchase U.S. Dollars with such other currency. If the amount of U.S. Dollars so purchased is less than the sum originally due to the Secured Parties, in U.S.
Dollars, the Borrower agrees, to the fullest extent that it may effectively do so, as a separate obligation and notwithstanding any such judgment, to indemnify the Secured Parties against such loss. 

Section 8.14 Patriot Act Notice. Each Lender and Agent (for itself and not on behalf of any Lender) hereby notifies the Loan
Parties that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name and address of such Loan Party and other information that will
allow such Lender or the Administrative Agent, as applicable, to identify such Loan Party in accordance with the Patriot Act. The Borrower shall, and shall cause each of its Subsidiaries to, provide, to the extent commercially reasonable, such
information and take such actions as are reasonably requested by the Administrative Agent or any Lender in order to assist the Administrative Agent and the Lenders in maintaining compliance with the Patriot Act. The Borrower will provide each Lender
and the Administrative Agent with all assistance as may be necessary (including, where relevant, the provision of identification documents) to enable such Lender and the Administrative Agent to comply with its obligations to identify their clients
for anti-money laundering purposes. 
 Section 8.15 Waiver of Jury Trial. Each of the Borrower, the Agents and the
Lenders hereby irrevocably waives all right to trial by jury in any action, proceeding or counterclaim (whether based on contract, tort or otherwise) arising out of or relating to the Loan Documents, the Advances or the actions of any Agent or any
Lender in the negotiation, administration, performance or enforcement thereof. 
 Section 8.16 Affiliate Activities.
The Borrower acknowledges that the Agents (and each of their respective Affiliates) is a full service securities firm engaged, either directly or through affiliates, in various activities, including securities trading, investment banking and
financial advisory, investment management, principal investment, hedging, financing and brokerage activities and financial planning and benefits counseling for both companies and individuals. In the ordinary course of these activities, it may make
or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and/or financial instruments (including bank loans) for its own account and for the accounts of its customers and may at any time
hold long and short positions in such securities and/or 

  

					
		 	62	 	GyM Credit Agreement

 
instruments. Such investment and other activities may involve securities and instruments of the Borrower and its Affiliates, as well as of other entities and persons and their Affiliates which
may (i) be involved in transactions arising from or relating to the engagement contemplated hereby and by the other Loan Documents (ii) be customers or competitors of the Borrower and its Affiliates or (iii) have other relationships
with the Borrower and its Affiliates. In addition, it may provide investment banking, underwriting and financial advisory services to such other entities and persons. It may also co-invest with, make direct investments in, and invest or co-invest
client monies in or with funds or other investment vehicles managed by other parties, and such funds or other investment vehicles may trade or make investments in securities of the Borrower and its Affiliates or such other entities. The transactions
contemplated hereby and by the other Loan Documents may have a direct or indirect impact on the investments, securities or instruments referred to in this paragraph. 
 Section 8.17 No Advisory or Fiduciary Responsibility. In connection with all aspects of the transactions contemplated hereby (including in connection with any amendment, waiver or other
modification hereof or of any other Loan Document), the Borrower acknowledges and agrees, and acknowledges and agrees that it has informed its other Affiliates, that: (i)(A) no fiduciary, advisory or agency relationship between the Borrower and its
Subsidiaries and any Agent is intended to be or has been created in respect of any of the transactions contemplated hereby and by the other Loan Documents, irrespective of whether any such Agent has advised or is advising the Borrower or its
Subsidiaries on other matters, (B) the arranging and other services regarding this Agreement provided by the Agents are arm’s-length commercial transactions between the Borrower and its Subsidiaries, on the one hand, and the Agents, on the
other hand, (C) the Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate and (D) the Borrower is capable of evaluating, and understands and accepts, the terms, risks and
conditions of the transactions contemplated hereby and by the other Loan Documents, (ii)(A) the Agents each are and have been acting solely as principal and, except as may otherwise be expressly agreed in writing by the relevant parties, has not
been, is not, and will not be acting as an advisor, agent or fiduciary for the Borrower or any of its Affiliates, or any other Person and (B) no Agent has any obligation to the Borrower or any of its Affiliates with respect to the transactions
contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents and (iii) the Agents and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from
those of the Borrower and its Affiliates, and no Agent has any obligation to disclose any of such interests and transactions to the Borrower or any of its Affiliates. To the fullest extent permitted by law, the Borrower, on behalf of itself and the
other Loan Parties, hereby waives and releases any claims that it may have against any Agent with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby. 

[Signature Pages Follow.] 

  

					
		 	63	 	GyM Credit Agreement

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
respective officers thereunto duly authorized, as of the date first above written. 
  

					
	 GRAÑA Y MONTERO S.A.A.,
as Borrower

		
	By	 	 /s/ Mario Alvarado Pflucker

		 	Name:	 	MARIO ALVARADO PFLUCKER
		 	Title:	 	Representative
		
	By	 	 /s/ Jose Graña Miro Quesada

		 	Name:	 	JOSE GRAÑA MIRO QUESADA
		 	Title:	 	Representative

  

					
		 	[Signature Page]	 	GyM Credit Agreement

 
					
	 BBVA BANCOMER S.A., INSTITUCIÓN DE BANCA MULTIPLE, GRUPO FINANCIERO BBVA BANCOMER,
as Administrative
Agent

		
	By	 	 /s/ Aida Arana

		 	Name:	 	AIDA ARANA
		 	Title:	 	Legal Representative
		
	By	 	 /s/ Angel Espinosa

		 	Name:	 	ANGEL ESPINOSA
		 	Title:	 	Legal Representative
	
	 BBVA CONTINENTAL,
as Collateral Agent

		
	By	 	 /s/ Guillermo Monjaraz

		 	Name:	 	GUILLERMO MONJARAZ
		 	Title:	 	Representative
		
	By	 	 /s/ Jorge Yataco

		 	Name:	 	JORGE YATACO
		 	Title:	 	Representative

  

					
		 	[Signature Page]	 	GyM Credit Agreement

 Initial Lenders 

 

									
	Commitment	 		 	
			
	U.S.$ 15,000,000.00	 		 	BBVA BANCO CONTINENTAL
				
		 		 	By	 	 /s/ Gustavo Delgado-Aparicio Labarthe

		 		 		 	Name:	 	Gustavo Delgado-Aparicio Labarthe
		 		 		 	Title:	 	Gerente General Adjunto
				
		 		 	By	 	 /s/ Eduardo Torres Llosa V.

		 		 		 	Name:	 	Eduardo Torres Llosa V.
		 		 		 	Title:	 	Director Gerente General

  

					
		 	[Signature Page]	 	GyM Credit Agreement

									
	U.S.$ 15,000,000.00	 		 	BANCOLOMBIA PUERTO RICO INTERNACIONAL INC.
				
		 		 	By	 	 /s/ Pablo Emilio Diaz Moncayo

		 		 		 	Name:	 	Pablo Emilio Diaz Moncayo
		 		 		 	Title:	 	General Manager

  

					
		 	[Signature Page]	 	GyM Credit Agreement

									
	U.S.$ 15,000,000.00	 		 	BANCO LATINOAMERICANO DE COMERCIO EXTERIOR, S.A.
				
		 		 	By	 	 /s/ Fernando M. pompeu

		 		 		 	Name:	 	Fernando M. pompeu
		 		 		 	Title:	 	Vice President
				
		 		 	By	 	 /s/ Hugo Fernández

		 		 		 	Name:	 	Hugo Fernández
		 		 		 	Title:	 	Vice President

  

					
		 	[Signature Page]	 	GyM Credit Agreement

									
	U.S.$ 15,000,000.00	 		 	BANCO ITAU CHILE
				
		 		 	By	 	 /s/ Christian Tauber D.

		 		 		 	Name:	 	Christian Tauber D.
		 		 		 	Title:	 	Gerente Division Itau BBA
				
		 		 	 By
	 	 /s/ Claudio Greve E.

		 		 		 	Name:	 	Claudio Greve E.
		 		 		 	 Title:
	 	Gerente Middle Office, Global Corporate Banking, Banco Itau

  

					
		 	[Signature Page]	 	GyM Credit Agreement

									
	U.S.$ 11,250,000.00	 		 	BANCO DE CREDITO E INVERSIONES, S.A., MIAMI BRANCH
				
		 		 	By	 	 /s/ M. Grisel Vega

		 		 		 	Name:	 	M. Grisel Vega
		 		 		 	Title:	 	General Manager
				
		 		 	By	 	 /s/ Ivan M. Vera

		 		 		 	Name:	 	Ivan M. Vera
		 		 		 	Title:	 	Vice President
		 		 		 		 	Bci Miami Branch

  

					
		 	[Signature Page]	 	GyM Credit Agreement

									
	U.S.$ 11,250,000.00	 		 	BANCO BTG PACTUAL S.A. - CAYMAN BRANCH
				
		 		 	By	 	 /s/ Bruno Duque Horta Noriega

		 		 		 	Name:	 	Bruno Duque Horta Noriega
		 		 		 	Title:	 	Attorney-in-fact
				
		 		 	By	 	 /s/ Carolina Cury Maia Costa

		 		 		 	Name:	 	Carolina Cury Maia Costa
		 		 		 	Title:	 	Attorney-in-fact

  

					
		 	[Signature Page]	 	GyM Credit Agreement

									
	U.S.$ 11,250,000.00	 		 	CORPBANCA, NEW YORK BRANCH
				
		 		 	By	 	 /s/ Fernando Burgos

		 		 		 	Name:	 	Fernando Burgos
		 		 		 	Title:	 	General Manager
		 		 		 		 	CorpBanca New York Branch
				
		 		 	By	 	 /s/ Michael P. Nyberg

		 		 		 	Name:	 	Michael P. Nyberg
		 		 		 	Title:	 	VP Controller

  

					
		 	[Signature Page]	 	GyM Credit Agreement

									
	U.S.$ 11,250,000.00	 		 	HSBC BANK USA, NATIONAL ASSOCIATION
				
		 		 	By	 	 /s/ Scott Regan

		 		 		 	Name:	 	Scott Regan
		 		 		 	Title:	 	Vice President

  

					
		 	[Signature Page]	 	GyM Credit Agreement

									
	U.S.$ 11,250,000.00	 		 	BANCO INTERNATIONAL DEL PERÚ S.A. - INTERBANK
				
		 		 	By	 	 /s/ Carlos Tori Grande

		 		 		 	Name:	 	Carlos Tori Grande
		 		 		 	Title:	 	Gerente de Division Corporativa
				
		 		 	By	 	 /s/ Jorge Miranda Benavides

		 		 		 	Name:	 	Jorge Miranda Benavides
		 		 		 	Title:	 	Abogado

  

					
		 	[Signature Page]	 	GyM Credit Agreement

									
	U.S.$ 11,250,000.00	 		 	BANCO SANTANDER, S.A.
				
		 		 	By	 	 /s/ Nicolas Herrera

		 		 		 	Name:	 	Nicolas Herrera
		 		 		 	Title:	 	Director
				
		 		 	By	 	 /s/ Gaston Plagiaro

		 		 		 	Name:	 	Gaston Plagiaro
		 		 		 	Title:	 	Gerente, Banca Corporativa

  

					
		 	[Signature Page]	 	GyM Credit Agreement

									
	U.S.$ 11,250,000.00	 		 	THE BANK OF NOVA SCOTIA
				
		 		 	By	 	 /s/ James A. Neate

		 		 		 	Name:	 	James A. Neate
		 		 		 	Title:	 	Senior Vice President

  

					
		 	[Signature Page]	 	GyM Credit Agreement

									
	U.S.$ 11,250,000.00	 		 	JPMORGAN CHASE BANK, N.A.
				
		 		 	By	 	 /s/ Christophe Vohmann

		 		 		 	Name:	 	Christopher Vohmann
		 		 		 	Title:	 	Executive Director
			
	U.S.$ 150,000,000	 		 	Total Commitments

  

					
		 	[Signature Page]	 	GyM Credit Agreement

 Schedule I 
 to Credit Agreement 
 APPLICABLE LENDING OFFICES 

 

			
	 Name of Initial Lender
	  	 Lending Office

		
	BBVA Banco Continental	  	 Av. República de Panamá 3055, San Isidro, Lima 27, Lima, Perú

		
	Bancolombia Puerto Rico Internacional Inc.	  	 270 Muñoz Rivera Avenue, suite 502, 00918 San Juan, Puerto Rico

		
	Banco Latinoamericano de Comercio Exterior, S.A.	  	 Torre V Business Park, Ave. La Rotonda, Urb. Costa del Este, Panama, Republic de Panama

		
	Banco Itau Chile	  	 Av. Apoquindo 3457 Las Condes, Santiago, Chile

		
	Banco de Credito e Inversiones, S.A., Miami Branch	  	 701 Brickell Avenue, Suite 2250, Miami, FL 33131

		
	Banco BTG Pactual S.A. - Cayman Branch	  	 Butterfield House, 68 Fort Street, Grand Cayman, Cayman Islands

		
	Corpbanca, New York Branch	  	 845 3rd Avenue, 5th floor, New York, NY 10022

		
	HSBC Bank USA, National Association	  	 452 5th Avenue, New York, NY 10018

		
	Banco International del Perú S.A. - Interbank	  	 Avenida Carlos Villarán 140 Urbanización Santa Catalina La Victoria, Lima, Perú

		
	Banco Santander, S.A.	  	 Julio Herrera y Obes 1365, Montevideo, Uruguay

		
	The Bank of Nova Scotia	  	 720 King Street West, Toronto, Canada

		
	JPMorgan Chase Bank, N.A.	  	 270 Park Avenue, New York, NY 10017

  

					
		 	Sch. I-1	 	GyM Credit Agreement

 Schedule 3.01(b) 
 to Credit Agreement 
 DISCLOSED LITIGATION 

 

	 	A.	Tax proceedings involving the Borrower 

  

	 	a.	Income tax appeals and fines for the years 2007 and 2008 

 The Borrower has filed separate appeals with the Tax Court against resolutions issued by the Administrative Division of the SUNAT that dismissed claims filed by the Borrower against certain Determination
and Fine Resolutions. These resolutions were issued in relation to income tax deductions for the years 2007 and 2008 that were based on losses due to capital reductions in Graña y Montero Edificaciones S.A.C. 

In both of the appealed cases, the Administrative Division confirmed the Determination and Fine resolutions mainly based on its interpretation that the
capital reduction was not mandatory and the share losses were not proven to be irrevocable and irreversible, as argued by the Borrower. The Borrower has also argued that, should the Tax Court confirm the Administrative Division’s resolutions,
interest and penalties were not applicable. 
 The opinion of third-party Peruvian legal counsel for the Borrower is that the contingencies
resulting from these cases are remote. 
 According to the SUNAT debt statement dated December 12, 2012, the total debt of the contested
Determination and Fine resolutions for the 2007 income tax amounts to S/. 12,300,618 (including interest) and for the 2008 income tax amounts to S/. 14,067,713 (including interest). 

 

	 	B.	Tax proceedings involving GyM S.A. 

  

	 	a.	Income tax appeal and fines for the year 1999 

 GyM S.A. has filed a claim against a Determination Resolution and a Fine Resolution issued by SUNAT in relation to income tax for 1999. The resolutions refer, among other matters, to annulled revenues,
unsubstantiated costs, differences in deferred costs and exchange rates and leaseback deductions. GyM S.A. argues that the resolutions are null because the review made by the tax administration did not comply with due process rules. 

Given the tax administration’s delay in issuing a decision on the proceeding, which is interpreted as an implied dismissal, GyM S.A. has filed an
appeal. To date, this appeal is pending. 
 The opinion of third-party Peruvian legal counsel for GyM S.A. is that the outcome of the proceeding
is likely to be favorable to GyM S.A. 
 The claim amounts to S/. 40,950,770, and would eventually reduce GyM S.A.’s carry-forward loss. As
of the date hereof, any applicable fines have been suspended. 

  

					
		 	Sch. 3.01(b)-1	 	GyM Credit Agreement

	 	b.	IGV appeal and fines for the year 1999  

GyM S.A. has filed a tax claim against a Determination Resolution and various Fine Resolutions issued by SUNAT, with regard to the 1999 IGV. The
resolutions refer, among other matters, to unsubstantiated credit notes, untaxed revenues and invoices not qualifying as expenses for income tax purposes. GyM S.A. has accepted a portion of the Determination Resolution, which amounts to S/. 244,380.
Applicable fines have been suspended. 
 Given the tax administration’s delay in issuing a decision on the proceeding, which is interpreted
as an implied dismissal, GyM S.A. has filed an appeal. To date, this appeal is pending. 
 The opinion of third-party Peruvian legal counsel for
GyM S.A. is that the outcome of the proceeding is likely to be favorable to GyM S.A. 
 According to the SUNAT debt statement dated
November 12, 2012, the total debt of the contested Determination Resolution amounts to S/. 13,157,700 (including interest). 
  

	 	c.	Income tax appeal and fine for the year 2001  

 GyM S.A. has filed a tax claim against a Determination Resolution and a Fine Resolution served by SUNAT, with regard to income tax for 2001. The resolutions refer, among other matters, to deferred
revenues, deferred costs of work and deferred financial expenses. GyM S.A. argues that the resolutions are null because certain information requirements were issued by unauthorized officers and certain observations are based on a Determination
Resolution regarding income tax for 1999, which is also being challenged. 
 Given the tax administration’s delay in issuing a decision on
the proceeding, which is interpreted as an implied dismissal, GyM S.A. has filed an appeal. To date, this appeal is pending. 
 The opinion of
third-party Peruvian legal counsel for GyM S.A. is that the outcome of the proceeding is likely to be favorable to GyM S.A. 
 According to the
SUNAT debt statement dated November 12, 2012, the total debt of each of the contested Determination Resolution and Fine Resolution amount to S/. 33,502,971 and S/. 22,237,365, respectively (in both cases, including interest). 

 

	 	d.	IGV appeal and fines for the year 2001 

GyM S.A. has filed a tax claim against various Determination and Fine Resolutions served by SUNAT in relation to the General Sales Tax for 2001. These
resolutions refer to the determination of the taxable base, unduly issued payment receipts, non-interest accruing revenues and fiscal credits for challenged payment receipts. GyM S.A. argues that the resolutions are null because certain information
requirements were issued by unauthorized officers. 
 Given the tax administration’s delay in issuing a decision on the proceeding, which
is interpreted as an implied dismissal, GyM S.A. has filed an appeal. To date, this appeal is pending. 

  

					
		 	Sch. 3.01(b)-2	 	GyM Credit Agreement

 The opinion of third-party Peruvian legal counsel for GyM S.A. is that the outcome of the proceeding is
likely to be favorable to GyM S.A. 
 According to the SUNAT debt statement dated November 12, 2012, the total debt of the contested
Determination and Fine Resolutions amounts to S/. 10,073,004 (including interest). 
  

	 	C.	Tax proceedings involving VIVA GyM S.A. 

  

	 	a.	Income tax claim and fine for the year 2010 

 Viva GyM S.A. has filed a claim against a Determination Resolution and a Fine Resolution served by SUNAT in relation to income tax for 2010. These resolutions refer to deferred expenses and
unsubstantiated administrative expenses. As of the date hereof, the appeal filed by Viva GyM S.A. is pending. 
 The opinion of third-party
Peruvian legal counsel for Viva GyM S.A. is that the outcome of the proceeding is likely to be favorable to Viva GyM S.A. and the contingency resulting from this case is remote. 
 According to the SUNAT debt statement dated January 10, 2013, the total debt of each of the contested Fine Resolution amounts to S/. 217,011 (including interest). The Determination Resolution reduced
Viva GyM S.A.’s credit balance by S/. 1,908,343. 
  

	 	D.	Ongoing tax review of the Borrower 

 SUNAT
initiated a tax review of the Borrower in connection with income tax for 2009. On November 30, 2012, SUNAT served the Borrower with the Requirement Results set forth in Article 75 of the Tax Code. Consequently, Determination and Fine
Resolutions should be issued shortly. The omitted tax amounts to S./ 1,625,986.80, the applicable fine would amount to S./ 812,993.40 and an additional outstanding tax would amount to S/. 38,594.94. 

 

	 	E.	Ongoing tax reviews of GyM S.A. 

 SUNAT
has served GyM S.A. with general information requirements for 2010 and 2011. As of the date hereof, SUNAT has not submitted its conclusions. 

  

					
		 	Sch. 3.01(b)-3	 	GyM Credit Agreement

 Schedule 4.01(a) 
 to Credit Agreement 
 EQUITY INTERESTS IN LOAN PARTIES 

 

									
	 Graña y Montero S.A.A.
	 
	 Shareholder
	  	Shares	 	  	Percentage of capital stock	 
	 GH Holding Group
	  	 	117,538,203	  	  	 	21.05	% 
	 RI-CARTADM
	  	 	65,889,092	  	  	 	11.80	% 
	 IN-CARTADM
	  	 	64,017,772	  	  	 	11.47	% 
	 HO-CARTADM
	  	 	51,470,882	  	  	 	9.22	% 
	 Bethel Enterprises Inc.
	  	 	33,785,285	  	  	 	6.05	% 
	 PR-CARTADM
	  	 	29,965,919	  	  	 	5.37	% 
	 Bryon Development
	  	 	22,432,223	  	  	 	4.02	% 
	 Hernando Graña Acuña
	  	 	15,150,061	  	  	 	2.71	% 
	 Float
	  	 	158,034,753	  	  	 	28.31	% 

  

									
	 Viva GyM S.A.
	 
	 Shareholder
	  	Shares	 	  	Percentage of capital stock	 
	 Graña y Montero S.A.A.
	  	 	133,293,085	  	  	 	59.12055	% 
	 GyM S.A.
	  	 	87,854,874	  	  	 	38.96697	% 
	 Juan Manuel Lambarri Hierro
	  	 	3,093,857	  	  	 	1.37224	% 
	 Rolando Ponce Vergara
	  	 	1,218,017	  	  	 	0.54024	% 

  

									
	 Concar S.A.
	 
	 Shareholder
	  	Shares	 	  	Percentage of capital stock	 
	 Graña y Montero S.A.A.
	  	 	11,043,2675	  	  	 	99.56	% 
	 Jaime Targarona Arata
	  	 	47,692	  	  	 	0.43	% 
	 GyM S.A.
	  	 	255	  	  	 	0.0023	% 

  

									
	 Graña y Montero Petrolera S.A.
	 
	 Shareholder
	  	Shares owned	 	  	Percentage of capital stock	 
	 Graña y Montero S.A.A.
	  	 	96,141,984	  	  	 	95	% 
	 Francisco Dulanto Swayne
	  	 	5,060,105	  	  	 	5	% 

  

					
		 	Sch. 4.01(a)-1	 	GyM Credit Agreement

									
	 GyM S.A.
	 
	 Shareholder
	  	Shares owned	 	  	Percentage of capital stock	 
	 Graña y Montero S.A.A.
	  	 	211,970,734	  	  	 	93.66	% 
	 Juan Manuel Lambarri Hierro
	  	 	5,091,699	  	  	 	2.25	% 
	 Luis Diaz Imiela-Gentimur
	  	 	4,424,091	  	  	 	1.95	% 
	 Alfonso Gálvez Rubio
	  	 	2,212,159	  	  	 	0.98	% 
	 Hugo Rangel Zavala
	  	 	1,691,650	  	  	 	0.75	% 
	 Luis Vinatea Villacorta
	  	 	298,726	  	  	 	0.13	% 
	 Octavio Cabrera García
	  	 	264,101	  	  	 	0.12	% 
	 Julio de la Piedra del Río
	  	 	136,916	  	  	 	0.06	% 
	 Renato Rojas Balta
	  	 	108,854	  	  	 	0.05	% 
	 Eduardo Villa Corta Lucchesi
	  	 	108,854	  	  	 	0.05	% 

  

					
		 	Sch. 4.01(a)-2	 	GyM Credit Agreement

 Schedule 4.01(c) 
 to Credit Agreement 
 EQUITY INTERESTS IN SUBSIDIARIES 

Subsidiaries of Graña y Montero S.A.A. 
  

					
	 Viva GyM S.A.
	 
	 Jurisdiction of incorporation
	  	 	Perú	  
	 Authorized shares
	  	 	225,459,833	  
	 Outstanding shares
	  	 	225,459,833	  
	 Percentage of Equity Interest directly owned by the Borrower
	  	 	59.12	% 
	 Percentage of Equity Interest indirectly owned by the Borrower (through GyM S.A.)
	  	 	36.50	% 
	
	 GyM S.A.
	 
	 Jurisdiction of incorporation
	  	 	Perú	  
	 Authorized shares
	  	 	226,307,784	  
	 Outstanding shares
	  	 	226,307,784	  
	 Percentage of Equity Interest directly owned by the Borrower
	  	 	93.66	% 
	 Percentage of Equity Interest indirectly owned by the Borrower
	  	 	N/A	  
	
	 Concesionaria Via Expresa Sur S.A.
	 
	 Jurisdiction of incorporation
	  	 	Perú	  
	 Authorized shares
	  	 	5,000	  
	 Outstanding shares
	  	 	5,000	  
	 Percentage of Equity Interest directly owned by the Borrower
	  	 	99.98	% 
	 Percentage of Equity Interest indirectly owned by the Borrower (through GyM S.A.)`
	  	 	0.0187	% 
	
	 Concesión Canchaque S.A.
	 
	 Jurisdiction of incorporation
	  	 	Perú	  
	 Authorized shares
	  	 	10,792,474	  
	 Outstanding shares
	  	 	10,792,474	  
	 Percentage of Equity Interest directly owned by the Borrower
	  	 	99.96	% 
	 Percentage of Equity Interest indirectly owned by the Borrower
	  	 	N/A	  
	
	 Concar S.A.
	 
	 Jurisdiction of incorporation
	  	 	Perú	  
	 Authorized shares
	  	 	11,091,222	  
	 Outstanding shares
	  	 	11,091,222	  
	 Percentage of Equity Interest directly owned by the Borrower
	  	 	99.56	% 
	 Percentage of Equity Interest indirectly owned by the Borrower (through GyM S.A.)
	  	 	0.0021	% 

  

					
		 	Sch. 4.01(c)-1	 	GyM Credit Agreement

					
	 Graña y Montero Petrolera S.A.
	 
	 Jurisdiction of incorporation
	  	 	Perú	  
	 Authorized shares
	  	 	101,202,089	  
	 Outstanding shares
	  	 	101,202,089	  
	 Percentage of Equity Interest directly owned by the Borrower
	  	 	95	% 
	 Percentage of Equity Interest indirectly owned by the Borrower
	  	 	N/A	  
	
	 GMD S.A.
	 
	 Jurisdiction of incorporation
	  	 	Perú	  
	 Authorized shares
	  	 	12,814,062	  
	 Outstanding shares
	  	 	12,814,062	  
	 Percentage of Equity Interest directly owned by the Borrower
	  	 	88.68	% 
	 Percentage of Equity Interest indirectly owned by the Borrower
	  	 	N/A	  
	
	 GyM Ferrovías S.A.
	 
	 Jurisdiction of incorporation
	  	 	Perú	  
	 Authorized shares
	  	 	100,105,000	  
	 Outstanding shares
	  	 	100,105,000	  
	 Percentage of Equity Interest directly owned by the Borrower
	  	 	75	% 
	 Percentage of Equity Interest indirectly owned by the Borrower
	  	 	N/A	  
	
	 Generadora Arabesco S.A.
	 
	 Jurisdiction of incorporation
	  	 	Perú	  
	 Authorized shares
	  	 	1,695,447	  
	 Outstanding shares
	  	 	1,695,447	  
	 Percentage of Equity Interest directly owned by the Borrower
	  	 	99	% 
	 Percentage of Equity Interest indirectly owned by the Borrower
	  	 	N/A	  
	
	 Norvial S.A.
	 
	 Jurisdiction of incorporation
	  	 	Perú	  
	 Authorized shares
	  	 	55,136,335	  
	 Outstanding shares
	  	 	55,136,335	  
	 Percentage of Equity Interest directly owned by the Borrower
	  	 	50.10	% 
	 Percentage of Equity Interest indirectly owned by the Borrower
	  	 	N/A	  
	
	 CAM Holding SpA (Chile)
	 
	 Jurisdiction of incorporation
	  	 	Chile	  
	 Authorized shares
	  	 	5,220,000	  
	 Outstanding shares
	  	 	5,220,000	  
	 Percentage of Equity Interest directly owned by the Borrower
	  	 	99.99	% 
	 Percentage of Equity Interest indirectly owned by the Borrower
	  	 	N/A	  

  

					
		 	Sch. 4.01(c)-2	 	GyM Credit Agreement

					
	 Survial S.A.
	 
	 Jurisdiction of incorporation
	  	 	Perú	  
	 Authorized shares
	  	 	9,241,320	  
	 Outstanding shares
	  	 	9,241,320	  
	 Percentage of Equity Interest directly owned by the Borrower
	  	 	99.095	% 
	 Percentage of Equity Interest indirectly owned by the Borrower
	  	 	N/A	  
	
	 GMI S.A.
	 
	 Jurisdiction of incorporation
	  	 	Perú	  
	 Authorized shares
	  	 	8,511,533	  
	 Outstanding shares
	  	 	8,511,533	  
	 Percentage of Equity Interest directly owned by the Borrower
	  	 	89.41	% 
	 Percentage of Equity Interest indirectly owned by the Borrower
	  	 	N/A	  
	
	 Ecotec S.A.
	 
	 Jurisdiction of incorporation
	  	 	Perú	  
	 Authorized shares
	  	 	2,064,236	  
	 Outstanding shares
	  	 	2,064,236	  
	 Percentage of Equity Interest directly owned by the Borrower
	  	 	N/A	  
	 Percentage of Equity Interest indirectly owned by the Borrower (through GMI S.A.)
	  	 	89.39	% 
	
	 GSD S.A.
	 
	 Jurisdiction of incorporation
	  	 	Perú	  
	 Authorized shares
	  	 	4,002,570	  
	 Outstanding shares
	  	 	4,002,570	  
	 Percentage of Equity Interest directly owned by the Borrower
	  	 	N/A	  
	 Percentage of Equity Interest indirectly owned by the Borrower (through GMD S.A.)
	  	 	88.67	% 

  

	*	Borrower’s indirect share ownership in Subsidiaries of the Guarantors is detailed for each such Subsidiary below 

Subsidiaries of Viva GyM S.A. 
  

					
	 Las Lomas S.A.C.
	 
	 Jurisdiction of incorporation
	  	 	Perú	  
	 Authorized shares
	  	 	1,917,791	  
	 Outstanding shares
	  	 	1,917,791	  
	 Percentage of Equity Interest directly owned by Viva GyM S.A.
	  	 	99.99	% 
	 Percentage of Equity Interest directly owned by the Borrower
	  	 	N/A	  
	 Percentage of Equity Interest indirectly owned by the Borrower (through Viva GyM S.A.)
	  	 	95.60	% 

  

					
		 	Sch. 4.01(c)-3	 	GyM Credit Agreement

					
	 Inmobiliaria Almonte S.A.C.
	 
	 Jurisdiction of incorporation
	  	 	Perú	  
	 Authorized shares
	  	 	45,363,685	  
	 Outstanding shares
	  	 	45,363,685	  
	 Percentage of Equity Interest directly owned by Viva GyM S.A.
	  	 	50.44	% 
	 Percentage of Equity Interest directly owned by the Borrower
	  	 	N/A	  
	 Percentage of Equity Interest indirectly owned by the Borrower (through Viva GyM S.A.)
	  	 	48.23	% 
	
	 Inmobiliaria Los Juncos S.A.C.
	 
	 Jurisdiction of incorporation
	  	 	Perú	  
	 Authorized shares
	  	 	1,000	  
	 Outstanding shares
	  	 	1,000	  
	 Percentage of Equity Interest directly owned by Viva GyM S.A.
	  	 	99.99	% 
	 Percentage of Equity Interest directly owned by the Borrower
	  	 	N/A	  
	 Percentage of Equity Interest indirectly owned by the Borrower (through Viva GyM S.A.)
	  	 	95.60	% 
	
	 Promotores Asociados de Inmobiliarias S.A.
	 
	 Jurisdiction of incorporation
	  	 	Perú	  
	 Authorized shares
	  	 	2,824,510	  
	 Outstanding shares
	  	 	2,824,510	  
	 Percentage of Equity Interest directly owned by Viva GyM S.A.
	  	 	85.41	% 
	 Percentage of Equity Interest directly owned by the Borrower
	  	 	N/A	  
	 Percentage of Equity Interest indirectly owned by the Borrower (through Viva GyM S.A.)
	  	 	81.67	% 

 Subsidiaries of Graña y Montero Petrolera S.A. 

 

					
	 Poliductos del Perú S.A.
	   

	 Jurisdiction of incorporation
	  	 	Perú	  
	 Authorized shares
	  	 	6,322,000	  
	 Outstanding shares
	  	 	6,322,000	  
	 Percentage of Equity Interest directly owned by Graña y Montero Petrolera S.A.
	  	 	0.016	% 
	 Percentage of Equity Interest indirectly owned by Graña y Montero Petrolera S.A. (through Oiltanking Andina Services
S.A.C.)
	  	 	49.99	% 
	 Percentage of Equity Interest directly owned by the Borrower
	  	 	N/A	  
	 Percentage of Equity Interest indirectly owned by the Borrower (through Graña y Montero Petrolera S.A.)
	  	 	47.51	% 

  

					
		 	Sch. 4.01(c)-4	 	GyM Credit Agreement

 Subsidiaries of GyM S.A. 

 

					
	 GyM Servicios Mineros S.A.
	 
	 Jurisdiction of incorporation
	  	 	Perú	  
	 Authorized shares
	  	 	370,000	  
	 Outstanding shares
	  	 	370,000	  
	 Percentage of Equity Interest directly owned by GyM S.A.
	  	 	98	% 
	 Percentage of Equity Interest directly owned by the Borrower
	  	 	N/A	  
	 Percentage of Equity Interest indirectly owned by the Borrower (through GyM S.A.)
	  	 	91.79	% 
	
	 GyM Chile SpA
	 
	 Jurisdiction of incorporation
	  	 	Chile	  
	 Authorized shares
	  	 	812,834	  
	 Outstanding shares
	  	 	812,834	  
	 Percentage of Equity Interest directly owned by GyM S.A.
	  	 	100	% 
	 Percentage of Equity Interest directly owned by the Borrower
	  	 	N/A	  
	 Percentage of Equity Interest indirectly owned by the Borrower (through GyM S.A.)
	  	 	93.66	% 
	
	 Stracon GyM S.A.
	 
	 Jurisdiction of incorporation
	  	 	Perú	  
	 Authorized shares
	  	 	11,678,301	  
	 Outstanding shares
	  	 	11,678,301	  
	 Percentage of Equity Interest directly owned by GyM S.A.
	  	 	74.15	% 
	 Percentage of Equity Interest directly owned by the Borrower
	  	 	N/A	  
	 Percentage of Equity Interest indirectly owned by the Borrower (through GyM S.A.)
	  	 	69.45	% 
	
	 GyM Construcciones y Montajes S.A.S.
	 
	 Jurisdiction of incorporation
	  	 	Colombia	  
	 Authorized shares
	  	 	50,000	  
	 Outstanding shares
	  	 	50,000	  
	 Percentage of Equity Interest directly owned by GyM S.A.
	  	 	100	% 
	 Percentage of Equity Interest directly owned by the Borrower
	  	 	N/A	  
	 Percentage of Equity Interest indirectly owned by the Borrower (through GyM S.A.)
	  	 	93.66	% 
	
	 Inversiones y Construcciones GyM Ltda
	 
	 Jurisdiction of incorporation
	  	 	Chile	  
	 Authorized shares
	  	 	120,144,213	  
	 Outstanding shares
	  	 	120,144,213	  
	 Percentage of Equity Interest directly owned by GyM S.A.
	  	 	99.95	% 
	 Percentage of Equity Interest directly owned by the Borrower
	  	 	N/A	  
	 Percentage of Equity Interest indirectly owned by the Borrower (through GyM S.A.)
	  	 	93.61	% 

  

					
		 	Sch. 4.01(c)-5	 	GyM Credit Agreement

					
	 Servisel S.A.
	 
	 Jurisdiction of incorporation
	  	 	Perú	  
	 Authorized shares
	  	 	149,936	  
	 Outstanding shares
	  	 	149,936	  
	 Percentage of Equity Interest directly owned by GyM S.A.
	  	 	99.99	% 
	 Percentage of Equity Interest directly owned by the Borrower
	  	 	N/A	  
	 Percentage of Equity Interest indirectly owned by the Borrower (through GyM S.A.)
	  	 	93.65	% 
	
	 Stracon GyM Internacional S.A.C.
	 
	 Jurisdiction of incorporation
	  	 	Perú	  
	 Authorized shares
	  	 	1,000	  
	 Outstanding shares
	  	 	1,000	  
	 Percentage of Equity Interest directly owned by GyM S.A.
	  	 	N/A	  
	 Percentage of Equity Interest indirectly owned by GyM S.A. (through Stracon GyM S.A.)
	  	 	74	% 
	 Percentage of Equity Interest directly owned by the Borrower
	  	 	N/A	  
	 Percentage of Equity Interest indirectly owned by the Borrower (through GyM S.A.)
	  	 	69.30	% 
	
	 GyM Minería S.A.
	 
	 Jurisdiction of incorporation
	  	 	Chile	  
	 Authorized shares
	  	 	62,061,912	  
	 Outstanding shares
	  	 	62,061,912	  
	 Percentage of Equity Interest directly owned by GyM S.A.
	  	 	N/A	  
	 Percentage of Equity Interest indirectly owned by GyM S.A. (through GyM Chile SpA and GyM Construcciones y Montajes
Ltda)
	  	 	97.15	% 
	 Percentage of Equity Interest directly owned by the Borrower
	  	 	N/A	  
	 Percentage of Equity Interest indirectly owned by the Borrower (through GyM S.A.)
	  	 	90.99	% 
	
	 GyM Construcciones y Montajes Ltda
	 
	 Jurisdiction of incorporation
	  	 	Chile	  
	 Authorized shares
	  	 	821,102,761	  
	 Outstanding shares
	  	 	821,102,761	  
	 Percentage of Equity Interest directly owned by GyM S.A.
	  	 	N/A	  
	 Percentage of Equity Interest indirectly owned by GyM S.A. (through GyM Chile SpA)
	  	 	97.16	% 
	 Percentage of Equity Interest directly owned by the Borrower
	  	 	N/A	  
	 Percentage of Equity Interest indirectly owned by the Borrower (through GyM S.A.)
	  	 	91	% 

  

					
		 	Sch. 4.01(c)-6	 	GyM Credit Agreement

					
	 Ingeniería y Construcción Vial y Vives
S.A.
	 
	 Jurisdiction of incorporation
	  	 	Chile	  
	 Authorized shares
	  	 	133,608,131	  
	 Outstanding shares
	  	 	133,608,131	  
	 Percentage of Equity Interest directly owned by GyM S.A.
	  	 	N/A	  
	 Percentage of Equity Interest indirectly owned by GyM S.A. (through GyM Chile SpA, GyM Construcciones y Montajes Ltda and GyM
Minería S.A.)
	  	 	71.89	% 
	 Percentage of Equity Interest directly owned by the Borrower
	  	 	N/A	  
	 Percentage of Equity Interest indirectly owned by the Borrower (through GyM S.A.)
	  	 	67.33	% 
	
	 Montajes Vial y Vives S.A.
	 
	 Jurisdiction of incorporation
	  	 	Chile	  
	 Authorized shares
	  	 	1,352,800	  
	 Outstanding shares
	  	 	1,352,800	  
	 Percentage of Equity Interest directly owned by GyM S.A.
	  	 	N/A	  
	 Percentage of Equity Interest indirectly owned by GyM S.A. (through GyM Chile SpA, GyM Construcciones y Montajes Ltda, GyM
Minería S.A. and Ingería y Construcciones Vial y Vives S.A.)
	  	 	69.73	% 
	 Percentage of Equity Interest directly owned by the Borrower
	  	 	N/A	  
	 Percentage of Equity Interest indirectly owned by the Borrower (through GyM S.A.)
	  	 	65.31	% 

  

					
		 	Sch. 4.01(c)-7	 	GyM Credit Agreement

 Schedule 4.01(m) 
 to Credit Agreement 
 EXISTING INDEBTEDNESS 

 

							
	 Obligor
	  	 Credit Agreement
	  	Principal outstanding
(in U.S.$)	 
	 Graña y Montero S.A.A.
	  	 Credit agreement with Banco Continental dated September 14, 2007
	  	 	1,556,210	  
	 Graña y Montero S.A.A.
	  	 Credit agreement with Banco Continental dated October 5, 2012
	  	 	60,000,000	  
	 Viva GyM S.A.
	  	 Credit agreement with Banco Internacional del Perú S.A.A. dated March 22, 2012
	  	 	6,649,320.60	  
	 Viva GyM S.A.
	  	 Credit agreement with Banco de Crédito del Perú dated November 28, 2012
	  	 	8,058,359.32	  
	 Viva GyM S.A.
	  	 Credit agreement with BBVA Banco Continental dated September 27, 2010
	  	 	6,440,881.27	  
	 Viva GyM S.A.
	  	 Credit agreement with Banco de Crédito del Perú dated September 17, 2010
	  	 	5,004,786.98	  
	 Graña y Montero Petrolera S.A.
	  	 Credit agreement with Citibank, N.A. dated September 19, 2008
	  	 	27,125	  
	 Graña y Montero Petrolera S.A.
	  	 Credit agreement with BBVA Banco Continental dated July 26, 2010
	  	 	750,000	  

  

					
		 	Sch. 4.01(m)-1	 	GyM Credit Agreement

 Schedule 4.01(o) 
 to Credit Agreement 
 EXISTING LIENS 

 

									
	 Grantor
	  	 Lienholder
	  	Secured principal
amount (in U.S.$)	 	  	 Asset

				
	 Viva GyM S.A.
	  	Banco Internacional del Perú S.A.A. - Interbank	  	 	6,300,000	  	  	Plot of land for project located on Av. 10 de junio, Mz. 20-21 Sublots 2B and 2C of Sublot 2, Urb. San José or Coronel - San Martín de Porres - Partida
12817837
				
	 Viva GyM S.A.
	  	Banco de Crédito del Perú - BCP	  	 	8,000,000	  	  	 •        Plot of land for mall located in lot 1
of Mz. H, Urb. Los Parques de El Agustino - Partida 12219229;
  
 •        Plot of land and building for mall - Partida 12219229; and
  

•        Collection Rights, cash flow and account
balance

				
	 Viva GyM S.A.
	  	Banco Continental - BBVA	  	 	6,261,250.47	  	  	Plot of land located in Fundo Chacra Cerro Comas area - Partida 12546693
				
	 Viva GyM S.A.
	  	Banco de Crédito del Perú - BCP	  	 	5,003,878.98	  	  	 •        Real property located on Calle Uno,
Mz. I Lots 1 and 2, Urb. Los Parques El Agustino - Partida 12836849;
  
 •        Cash flows from disbursements under mortgage loans with BCP and other banks and from the sale of real estate units

				
	 Graña y Montero Petrolera S.A.
	  	Citibank N.A.	  	 	28,000,000	  	  	 •        Cash flows from the sale of gas to
eligible off-takers;
  

•        Equipment and machinery from the gas fractioning plant
located at Km 45 of the Pariñas highway, district of La Brea y Pariñas, Talara, Piura, Perú, Partida 11006191, Predial Registry of the I Registral Zone, Sede Piura, Sullana Registral Office;

 

•        Land where the gas fractioning plant is located, located at
Km 45 of the Pariñas highway, district of La Brea y Pariñas, Talara, Piura, Perú, Partida 11006191, Predial Registry of the I Registral Zone, Sede Piura, Sullana Registral Office; and

 

•        Collection rights under the sale of gas agreements with
eligible off-takers*

  

					
		 	Sch. 4.01(o)-1	 	GyM Credit Agreement

									
	 Grantor
	  	 Lienholder
	  	Secured principal
amount (in U.S.$)	 	  	 Asset

				
	 Graña y Montero Petrolera S.A.
	  	BBVA Banco Continental	  	 	5,000,000	  	  	 •        Collection rights under oil services agreements of U.S.$181,652 per
month

				
	 Graña y Montero Petrolera S.A. (through its participation in the Consorcio Terminales consortium with equal partner
Oiltanking Perú S.A.C.)
	  	Banco de Crédito del Perú	  	 	6,243,528	  	  	Collection rights of Consorcio Terminales from Petróleos del Perú - Petroperú S.A. resulting from the investments made by it in the north and south terminals
of Petróleos del Perú - Petroperú S.A.

  

	*	After the Effective Date, any such Liens on an asset of Graña y Montero Petrolera S.A. granted in favor of Citibank N.A. may be amended to either assign in trust
the same asset currently subject to the Lien as additional security for the same obligation, or to change the form of security arrangement currently being used to an assignment in trust of the same asset currently subject to the Lien, in both cases
without increasing the principal amount secured by the Lien or changing any direct or contingent obligor. 

  

					
		 	Sch. 4.01(o)-2	 	GyM Credit Agreement

 Schedule 4.01(aa) 
 to Credit Agreement 
 LABOR MATTERS 

None. 

  

					
		 	 Sch. 4.01(aa)-1
	 	GyM Credit Agreement

 Schedule 4.01(dd) 
 to Credit Agreement 
 CALCULATION OF CONSOLIDATED EBITDA 

 

									
	 2012 Consolidated Financial Statements
	 
	 	  	2012 EBITDA	 	  	EBITDA %	 
	 Graña y Montero S.A.A.
	  	U.S.$	772,665.89	  	  			
			
	 GyM S.A.
	  	S/.	339,839.38	  	  	 	44	% 
	 Graña y Montero Petrolera S.A.
	  	S/.	138,466.00	  	  	 	18	% 
	 Viva GyM S.A.
	  	S/.	70,781.78	  	  	 	9	% 
	 Concar S.A.
	  	S/.	23,394.00	  	  	 	3	% 
		  	  
	  
	 	  	  
	  
	 
	 Total EBITDA Guarantors
	  	S/.	572,481.16	  	  	 	74.1	% 
		  	  
	  
	 	  	  
	  
	 

  

													
	 Guarantor’s Main Subsidiaries
	  	2012 EBITDA	 	  	% of each
Guarantor’s
EBITDA	 	 	% of
Guarantors’
total
EBITDA	 
	 Stracon GyM S.A.
	  	S/.	27,530.46	  	  	 	8.10	% 	 	 	4.81	% 
	 Inmobiliaria Almonte S.A.C.
	  	S/.	21,217.00	  	  	 	29.98	% 	 	 	3.71	% 
		  	  
	  
	 	  	  
	  
	 	 	  
	  
	 
	 Total
	  	S/.	48,747.46	  	  				 	 	8.52	% 
		  	  
	  
	 	  	  
	  
	 	 	  
	  
	 

  

					
		 	 Sch. 4.01(dd)-1
	 	GyM Credit Agreement

 Schedule 5.02(f) 
 to Credit Agreement 
 INVESTMENTS 

GyM Ferrovías S.A. (Metro de Lima Project) 
 The estimated investment in GyM Ferrovías S.A. amounts to S/. 835 million (approximately U.S.$323.6 million) and comprises mainly: (i) the acquisition of rolling stock (€126.38
million, or approximately S/. 420 million), (ii) the construction of the maintenance workshop (S/. 60 million) and (iii) start-up and working capital expenses, operation and debt service reserve accounts, and expenses related to the
financing of the project. 
 As of December 2012, S/. 389 million have already been invested in this project. 

  

					
		 	 Sch. 5.02(f)-1
	 	GyM Credit Agreement

 Exhibit A-1 
 to Credit Agreement 
 FORM OF PROMISSORY NOTE 

Amount: US$ 
 Place and Date Issued: Lima,
            , 2013 
 Date of Maturity: 

We, GRAÑA Y MONTERO S.A.A., (the “Debtor”) a publicly held corporation duly organized and existing under the laws of the
Republic of Peru, holder of Tax ID Number (RUC) 20332600592, registered under Card 11028652 of Registry of Companies in and for Lima, with principal place of business at Av. Paseo de la República No. 4675, District of Surquillo, Province
and Department of Lima, acting by and through José GRAÑA MIRÓ QUESADA, holder of National Identity Card (DNI) 08266298, and Mario ALVARADO PFLUCKER, holder of National Identity Card (DNI) 08216132, as per Powers of Attorney
registered under Entry C00041, Card 11028652 of the Registry of Companies in and for Lima, commit ourselves to unconditionally pay, in accordance with the provisions established in this promissory note (the “Promissory Note”) on the date
of maturity indicated herein, by means of immediately available funds which are of the same foreign currency indicated in the amount of this Promissory Note, to the order of [Name of Bank] (the “Creditor”) or to whom this Promissory
Note is endorsed or transferred via any legal means, through a deposit to the account of BBVA BANCOMER S.A., Multiple Banking Institution, BBVA Bancomer Financial Group in its capacity as administrative agent (“Administrative Agent”)
opened at JPMorgan Chase New York, 270 Park Avenue, New York 10017, USA, Account Number 400001942, ABA # 021 000 021, name of the account: BBVA Bancomer, S.A., México D.F., Reference: GRAÑA Y MONTERO, Attention:
Concepción ZÚÑIGA, or another account designated by the Creditor, or at the place where this Promissory Note is cashed, before 11 o’clock (New York City time, United States of America) the amount of US$ 

                         
               
(                                         
    and 00/100 United States Dollars) of which US$
                                        
(                                         and
0/100 United States Dollars) correspond to the principal amount due and payable by the Debtor to the Creditor and US$
                                        
(                                         and
00/100 United States Dollars) corresponding to compensatory and default interests accrued up to the date of maturity hereof and any other amount due and payable according to this Promissory Note and the Credit Agreement (as defined herein).

 These amounts are due and payable by the Debtor in favor of the Creditor in accordance with obligations agreed on by virtue of the Credit
Agreement entered into by and between the Debtor, the Administrative Agent, and the Creditor, among others, including the creditors which are party to the Credit Agreement from time to time, on
[        ] [    ], 2013, to the extent said document is amended from time to time (the “Credit Agreement”) and the Promissory Note will be filled in, pursuant to the provisions of
Law 27287, Section 10 - Securities Act (“Securities Act”) in accordance with the document named “Instructions for Completing the Promissory Note” signed by the Debtor and the Creditor on
[        ] [    ] 2013, with the amount the Debtor owes to the Creditor at the time of completion of the Promissory Note. 

  

					
		 	A-1-1	 	GyM Credit Agreement

 The Debtor unconditionally undertakes to pay the Creditor from the date of maturity hereof and until the
date that the payment is completed, the corresponding compensatory interests at an annual nominal rate equivalent to LIBOR rate plus an annual nominal margin of 4.25% (the “Applicable Margin”). 

Moreover, the Debtor undertakes to pay default interests in addition to the compensatory interests. The payment of the default interests begins from the
day after the date of maturity of this Promissory Note and until the date that the total payment is carried out, at a rate equivalent to the compensatory interests plus two annual nominal percentage points (2%). The default interest shall be
automatically applied the day after the date of maturity of this Promissory Note, with no need for previous requirements or notifices on the part of the Creditor. 
 Interests accrued in accordance with this Promissory Note shall be calculated with a three hundred and sixty-day (360) year as its base. 
 LIBOR shall mean the annual rate determined on the basis of the deposit rate for Dollars for a period equal to the corresponding period of annual interest counted from the first day of said period of
interest which appears on the LIBOR01 page published by Reuters at 11:00 am (London time), two (2) Business Days before the interest period. If the indicated rate does not appear on the LIBOR01 page which Reuters publishes (or in some other way
on the page) the “LIBOR Rate” shall be determined according to any other comparable service available to the public for checking Eurodollar rates, to be selected by the Administrative Agent; or, if said services are not available,
according to the rates offered to BBVA BANCOMER for Dollar deposits at, or close to, 11 am (New York time), two (2) Business Days before the beginning of the relevant interest period, in the Eurodollar interbank market, where Eurodollars,
foreign currencies, and exchange operations are carried out for the first day of the relevant interest period for the number of days included. Notwithstanding prior discussion, if, at any moment, the relevant rate according to this definition is
below zero, the “LIBOR Rate” shall be equivalent to zero. 
 As regards this Promissory Note, “Business Day” means any day
on which commercial banks are not authorized or obliged by law to close in New York - State of New York - United States of America; Federal District of Mexico, Mexico; or Lima, Peru, or when said term refers to LIBOR, the term “Business
Day” shall also exclude any day on which commercial banks are not open for operations with United States of America Dollar deposits in the interbank market of London, England. 
 All payments to be made in accordance with this Promissory Note shall have to be made free of and without deduction of present or future taxes, including deductions or withholding from outside parties. If
we are legally obliged to carry out any withholding or deduction, we shall pay the necessary additional amounts so that the net amount received by the Creditor is equivalent to what it would have received if said withholding or deductions had not
been carried out, or we shall take responsibility for the payment of said taxes and shall pay the applicable amounts directly to the Peruvian tax authority when they are taxable, so that the net amount received by

  

					
		 	A-1-2	 	GyM Credit Agreement

 
the Creditor is equal to what it would have received if the law had not obligated us to carry out the withholding or deductions. We are also obliged to pay all the commissions and expenses which
the Creditor incurs or notifies the Debtor of in accordance with what the Credit Agreement stipulates. 
 Likewise, it is established that the
obligations established in this Promissory Note shall not be void even when this Promissory Note is not adhered to by the Creditor, thus making this agreement a contract which does not adhere to what is stipulated in Section 1233 of the Civil
Code. 
 Applied to what is provided for in Section 49 of Securities Act, the Debtor expressly authorizes the Creditor to extend the date
of maturity of this Promissory Note, without requiring the express assent of the Debtor. It will be sufficient to note the extension in this document without the necessity of the Debtor assenting to it in order to make it valid. Without prejudice to
the foregoing, the Creditor shall have to inform the Debtor regarding the new date of maturity in due time and in writing, and not meeting this requirement shall not harm the validity, effectiveness, or executability of the Promissory Note or of its
extension. 
 The principal of this Promissory Note and/or the compensatory and/or default interests, as well as any other amount due and
payable by virtue of this Promissory Note, shall be paid by the Debtor in the same foreign currency which the funds transfer which is established by the Promissory Note is made in, in accordance with Section 50 of the Securities Act, thus
making this contractual agreement not adhere to Section 1237 of the Civil Code. 
 On the supposition that, in the future, some regulation
or ruling comes into existence which establishes that obligations contractually agreed upon to be paid in a foreign currency can no longer be paid in said currency, the Debtor shall not be exempt from the payment of debts contained in this
Promissory Note under any circumstance, and it shall have to pay said debts in the domestic currency, in such a way that the funds received by the Creditor shall be enough to acquire the same amount of foreign currency which the debt obligation due
in the contract stipulated in the foreign currency, thus avoiding that the Creditor suffer exchange losses. 
 The Debtor unconditionally
undertakes to pay collection expenses and notarial fees to the Creditor, as well as any other cost, commissions, in and out of court costs and any other relevant expenses (including attorney’s and advisory fees) and/or any other amount due and
payable to the Creditor in relation to the Promissory Note, being the Debtor obliged to pay the same compensatory and default interests agreed upon in this Promissory Note on said expenses, from the day after its maturity until the full payment of
the amount spent by the Creditor. 
 In accordance with Section 52 of the Securities Act, this Promissory Note does not require to be
protested. Nevertheless, the holder is empowered to protest it if it deems it necessary; in which case, we shall bear the expenses incur in such notarial proceeding or in the corresponding formal proceeding to be performed in substitution thereof.
Protest maybe carried out through notice addressed to the domicile of the Debtor which is specified in this Promissory Note. 
 This Promissory
Note is subject to the rules of the Securities Act and other regulations and laws applicable in the Republic of Peru. 

  

					
		 	A-1-3	 	GyM Credit Agreement

 Any reference to the Creditor in the Promissory Note shall be understood to apply to any holder of the
security, whether the title is acquired through endorsement or any other legal means. Through this agreement, the Debtor declares that it has received a copy of this Promissory Note and that it is completely and entirely satisfied with it. This
Promissory Note shall be canceled and given back after it has been paid in full. 
 We are entirely subject to the jurisdiction and competence
of the judges and tribunals of the Judicial District of Lima Centro, waiving the jurisdiction of our domicile, and we point out that our domicile for the purposes of this agreement is the one specified in this Promissory Note, and it is the place
where all communications and notices must be directed which are diverted from said domicile. 
 This Promissory Note consists of
(        ) pages, which make up a single legal instrument. 
 Place and date of issue: Lima,
[            ] [    ] 2013 
  

	
	  

	GRAÑA Y MONTERO S.A.A.
	Tax ID Number (RUC) N° 20332600592
	Address: Av. Paseo de la República N° 4675, District of Surquillo, Province and Department of Lima
	Name of representative: José GRAÑA MIRÓ QUESADA
	National Identity Card (DNI): 08266298
	Position: Attorney-in-Fact
	Power of Attorney registered under Entry C00041, Card 11028652 of the Registry of Companies in and for Lima
	
	  

	GRAÑA Y MONTERO S.A.A.
	Tax ID Number (RUC) N° 20332600592
	Address: Av. Paseo de la República N° 4675, District of Surquillo, Province and Department of Lima
	Name of representative: Mario ALVARADO PFLUCKER
	National Identity Card (DNI): 08216132
	Position: Attorney-in-Fact
	Power of Attorney registered under Entry C00041, Card 11028652 of the Registry of Companies in and for Lima

  

					
		 	A-1-4	 	GyM Credit Agreement

 GUARANTEE 
 We, GYM S.A., holder of Tax ID Number (RUC) N° 20100154057, with principal place of business at Av. Paseo de la República N° 4675, District of Surquillo, Province and Department of
Lima, acting by and through Mario ALVARADO PFLUCKER, holder of National Identity Card (DNI) 08216132, and Juan Manuel LÁMBARRI HIERRO, holder of National Identity Card (DNI) 08249293, as per Power of Attorney registered under Entry C00655,
Card 11006796 of the Registry of Companies in and for Lima, pursuant to the provisions set forth in the Securities Act, Law 27287, hereby undertake to act as unconditional and irrevocable guarantors of this Promissory Note for all the obligations
therein specified and arising therefrom, provided said obligations have not been fully extinguished, it being understood that this guarantor will be subject to all the terms and conditions of the Promissory Note, without any reserve or limitation
whatsoever. Consequently, the guarantor shall likewise assume the same obligations as GRAÑA Y MONTERO S.A.A. 
 It is expressly
established that our domicile is that indicated herein. All communications and/or notices arising from this Promissory Note shall be addressed to the domicile set forth hereunder. If the original holder of the note or its potential endorsees file
any legal action in order to cash the amount of this Promissory Note, we shall expressly submit ourselves to the jurisdiction and venue of the judges and courts of the Judicial District of Lima Centro, waiving the jurisdiction of our domicile and
resorting for the purposes hereof to the domicile mentioned hereunder. 
 We hereby declare that we are fully empowered to sign this Promissory
Note as guarantors. 
 Lima, [            ] [    ] 2013

  

	
	  

	GYM S.A.
	Tax ID Number (RUC) N° 20100154057
	Address: Av. Paseo de la República N° 4675, District of Surquillo, Province and Department of Lima
	Name of representative: Mario ALVARADO PFLUCKER
	National Identity Card (DNI): 08216132
	Position: Attorney-in-Fact
	Power of Attorney registered under Entry C00655, Card 11006796 of the Registry of Companies in and for Lima.

  

	
	  

	GYM S.A.
	Tax ID Number (RUC) N° 20100154057
	Address: Av. Paseo de la República N° 4675, District of Surquillo, Province and Department of Lima.
	
	Name of representative: Juan Manuel LÁMBARRI HIERRO
	National Identity Card (DNI): 08249293
	Position: Attorney-in-Fact
	Power of Attorney registered under Entry C00655, Card 11006796 of the Registry of Companies in and for Lima.

  

					
		 	A-1-5	 	GyM Credit Agreement

 GUARANTEE 
 We, GRAÑA Y MONTERO PETROLERA S.A., holder of Tax ID Number (RUC) N° 20100153832, with principal place of business at Av. Paseo de la República N° 4675, District of Surquillo,
Province and Department of Lima, acting by and through Mario ALVARADO PFLUCKER, holder of National Identity Card (DNI) 08216132, and Luis Díaz Olivero, holder of National Identity Card (DNI) 07872756, as per Powers of Attorney registered
under Entries C00025 and C00042, respectively of Card 00636592 of the Registry of Companies in and for Lima, pursuant to the provisions set forth in the Securities Act, Law 27287, hereby undertake to act as unconditional and irrevocable guarantors
of this Promissory Note for all the obligations therein specified and arising therefrom, provided said obligations have not been fully extinguished, it being understood that this guarantor will be subject to all the terms and conditions of the
Promissory Note, without any reserve or limitation whatsoever. Consequently, the guarantor shall likewise assume the same obligations as GRAÑA Y MONTERO S.A.A. 
 It is expressly established that our domicile is the one set forth herein. All communications and/or notices arising from this Promissory Note shall be addressed to the domicile set forth hereunder. If
the original holder of the note or its potential endorsees file any legal action in order to cash the amount of this Promissory Note, we shall expressly submit ourselves to the jurisdiction and venue of the judges and courts of the Judicial District
of Lima Centro, waiving the jurisdiction of our domicile and resorting for the purposes hereof to the domicile mentioned hereunder. 
 We hereby
declare that we are fully empowered to sign this Promissory Note as guarantors. 
 Lima,
[            ] [    ] 2013 
  

	
	  

	GRAÑA Y MONTERO PETROLERA S.A.
	Tax ID Number (RUC) N° 20100153832
	Address: Av. Paseo de la República N° 4675, District of Surquillo, Province and Department of Lima.
	Name of representative: Mario ALVARADO PFLUCKER
	National Identity Card (DNI): 08216132
	Position: Attorney-in-Fact
	Power of Attorney registered under Entry C00025, Card 00636592 of the Registry of Companies in and for Lima.

  

	
	  

	GRAÑA Y MONTERO PETROLERA S.A.
	Tax ID Number (RUC) N° 20100153832
	Address: Av. Paseo de la República N° 4675, District of Surquillo, Province and Department of Lima.
	Name of representative: Luis DÍAZ OLIVERO
	National Identity Card (DNI): 07872756
	Position: Attorney-in-Fact
	Power of Attorney registered under Entry C00042, Card 00636592 of the Registry of Companies in and for Lima.

  

					
		 	A-1-6	 	GyM Credit Agreement

 GUARANTEE 
 We, CONCAR S.A., holder of Tax ID Number (RUC) N° 20343443961, with principal place of business at Calle Schell N° 459, District of Miraflores, Province and Department of Lima, acting by
and through Mario ALVARADO PFLUCKER, holder of National Identity Card (DNI) 08216132, and Jaime TARGARONA ARATA, holder of National Identity Card (DNI) 10492436, as per Power of Attorney registered under Entry C00019, Card 03021446 of the Registry
of Companies in and for Lima, pursuant to the provisions set forth in the Securities Act, Law 27287, hereby undertake to act as unconditional and irrevocable guarantors of this Promissory Note for all the obligations therein specified and arising
therefrom, provided said obligations have not been fully extinguished, it being understood that this guarantor will be subject to all the terms and conditions of the Promissory Note, without any reserve or limitation whatsoever. Consequently, the
guarantor shall likewise assume the same obligations as GRAÑA Y MONTERO S.A.A. 
 It is expressly established that our domicile is
the one set forth herein. All communications and/or notices arising from this Promissory Note shall be addressed to the domicile set forth hereunder. If the original holder of the note or its potential endorsees file any legal action in order to
cash the amount of this Promissory Note, we shall expressly submit ourselves to the jurisdiction and venue of the judges and courts of the Judicial District of Lima Centro, waiving the jurisdiction of our domicile and resorting for the purposes
hereof to the domicile mentioned hereunder. 
 We hereby declare that we are fully empowered to subscribe this Promissory Note as guarantors.

 Lima, [            ] [    ] 2013 

 

	
	  

	CONCAR S.A.
	Tax ID Number (RUC) N° 20343443961
	Address: Calle Schell N° 459, District of Miraflores, Province and Department of Lima.
	Name of representative: Mario ALVARADO PFLUCKER
	National Identity Card (DNI): 08216132
	Position: Attorney-in-Fact
	Power of Attorney registered under Entry C00019, Card 03021446 of the Registry of Companies in and for Lima.

  

	
	  

	CONCAR S.A.
	Tax ID Number (RUC) N° 20343443961
	Address: Calle Schell N° 459, District of Miraflores, Province and Department of Lima.
	Name of representative: Jaime TARGARON AARATA
	National Identity Card (DNI): 10492436
	Position: Attorney-in-Fact
	Power of Attorney registered under Entry C00019, Card 03021446 of the Registry of Companies in and for Lima.

  

					
		 	A-1-7	 	GyM Credit Agreement

 GUARANTEE 
 We, VIVA GYM S.A., holder of Tax ID Number (RUC) N° 20493040643, with principal place of business at Av. Paseo de la República N° 4675, District of Surquillo, Province and Department
of Lima, acting by and through Mario ALVARADO PFLUCKER, holder of National Identity Card (DNI) 08216132, and Rolando PONCE VERGARA, holder of National Identity Card (DNI) 08187579, as per Power of Attorney registered under Entry C00023, Card
12169100 of the Registry of Companies in and for Lima, pursuant to the provisions set forth in the Securities Act, Law 27287, hereby undertake to act as unconditional and irrevocable guarantors of this Promissory Note for all the obligations therein
specified and arising therefrom, provided said obligations have not been fully extinguished, it being understood that this guarantor will be subject to all the terms and conditions of the Promissory Note, without any reserve or limitation
whatsoever. Consequently, the guarantor shall likewise assume the same obligations as GRAÑA Y MONTERO S.A.A. 
 It is expressly
established that our domicile is that indicated herein. All communications and/or notices arising from this Promissory Note shall be addressed to the domicile set forth hereunder. If the original holder of the note or its potential endorsees file
any legal action in order to cash the amount of this Promissory Note, we shall expressly submit ourselves to the jurisdiction and venue of the judges and courts of the Judicial District of Lima Centro, waiving the jurisdiction of our domicile and
resorting for the purposes hereof to the domicile mentioned hereunder. 
 We hereby declare that we are fully empowered to subscribe this
Promissory Note as guarantors. 
 Lima, [            ] [    ]
2013 
  

	
	  

	VIVA GYM S.A.
	Tax ID Number (RUC) N° 20493040643
	Address: Av. Paseo de la República N° 4675, District of Surquillo, Province and Department of Lima.
	Name of representative: Mario ALVARADO PFLUCKER
	National Identity Card (DNI): 08216132
	Position: Attorney-in-Fact
	Power of Attorney registered under Entry C00023, Card 12169100 of the Registry of Companies in and for Lima.

  

	
	  

	VIVA GYM S.A.
	Tax ID Number (RUC) N° 20493040643
	Address: Av. Paseo de la República N° 4675, District of Surquillo, Province and Department of Lima.
	Name of representative: Rolando PONCE VERGARA
	National Identity Card (DNI): 08187579
	Position: Attorney-in-Fact
	Power of Attorney registered under Entry C00023, Card 12169100 of the Registry of Companies in and for Lima.

  

					
		 	A-1-8	 	GyM Credit Agreement

 Exhibit A-2 
 to Credit Agreement 
 FORM OF NOTE FILLING AGREEMENT 

INSTRUCTIONS FOR COMPLETING THE PROMISSORY NOTE 
 By means hereof, pursuant to provisions of Section 10 of Law 27287 - Securities Act, GRAÑA Y MONTERO S.A.A. (the “Debtor”) a publicly held corporation duly organized and
existing under the laws of the Republic of Peru, holder of Tax ID Number (RUC) 20332600592, registered under Card 11028652 of the Registry of Companies in and for Lima, with principal place of business at Av. Paseo de la República 4675,
District of Surquillo, Province and Department of Lima, acting by and through José GRAÑA MIRÓ QUESADA, holder of National Identity Card (DNI) 08266298, and Mario ALVARADO PFLUCKER, holder of National Identity Card (DNI)
08216132, as per powers of attorney registered under Entry C00041, Card 11028652 of the Registry of Companies in and for Lima, and [Name of Bank] (the “Creditor”) agree that the Creditor may complete the amount and date of
maturity of the incomplete promissory note issued by the Debtor in favor of the Creditor on[            ] [    ] 2013 (the “Promissory Note”) in
accordance with the terms and conditions of the Credit Agreement entered into by and between the Debtor, the Administrative Agent and the Creditor, among other parties, including the creditors that occasionally be part of it and other creditors on
[        ] [    ] 2013, as amended from time to time (the “Credit Agreement”) pursuant to the instructions detailed herein below: 

 

	1.	The promissory note shall be completed by the Creditor when it fills the date of maturity after the acceleration or noncompliance with the Credit Agreement (the
“Date of Maturity”) and the amount of the applicable obligations as to the Date of Maturity. 

  

	2.	The amount to be incorporated in the Promissory Note shall be that resulting from the settlement made by the Creditor of the total sum of the debtor’s debt before
the Creditor for the Principal, the default and compensatory interests, commissions, expenses and any other amount the debtor has payable to the Creditor for any the concept, pursuant to the Credit Agreement, as to the Date of Maturity (the
“Amount”). 

 Upon performance of the settlement referred to in the preceding paragraph by the
Creditor and upon determination of the Amount as to the Date of Maturity, it shall complete the Promissory Note with the referred amounts. 
  

	3.	In order to complete the Promissory Note, the Creditor shall neither require the approval or consent of the Debtor or any third party, nor resolution or judgment issued
by a judge, court of administrative authority. 

  

	4.	If the Promissory Note is transferred by the Creditor to a third party before being completed, said third party shall become subject to the instructions applicable to
the Creditor herein established. The Debtor expressly acknowledges the mechanisms of protection granted by the law for the issue and acceptance of an incomplete promissory note. Without prejudice to the foregoing, the Promissory Note and the rights
derived therefrom shall only be assigned with the rights derived from Credit Agreement. 

  

	5.	GyM S.A., Graña y Montero Petrolera S.A., Concar S.A. and Viva GyM S.A. participates in this action as guarantors expressing their conformity with the
instructions for completing the promissory note contained in this agreement. 

  

					
		 	A-2-1	 	GyM Credit Agreement

 This document is governed by the laws of the Republic of Peru and the Parties submit themselves to the
jurisdiction and competence of the judges and courts of the judicial District of Lima Centro. 
 This document is signed by the Debtor on
[            ] [    ] 2013. 
  

	
	  

	GRAÑA Y MONTERO S.A.A.
	Tax ID Number (RUC) N° 20332600592
	Address: Av. Paseo de la República N° 4675, District of Surquillo, Province and Department of Lima.
	Name of representative: José GRAÑA MIRÓ QUESADA
	National Identity Card (DNI): 08266298
	Position: Attorney-in-Fact
	Power of Attorney registered under Entry C00041, Card 11028652 of the Registry of Companies in and for Lima.

  

	
	  

	GRAÑA Y MONTERO S.A.A.
	Tax ID Number (RUC) N° 20332600592
	Address: Av. Paseo de la República N° 4675, District of Surquillo, Province and Department of Lima
	Name of representative: Mario ALVARADO PFLUCKER
	National Identity Card (DNI): 08216132
	Position: Attorney-in-Fact
	Power of Attorney registered under Entry C00041, Card 11028652 of the Registry of Companies in and for Lima

 Signed by the Creditors 
  

	
	  

	[                    ]
	
	  

	[                    ]

  

					
		 	A-2-2	 	GyM Credit Agreement

 Signed by the Guarantors 

 

	
	  

	GYM S.A.
	Tax ID Number (RUC) N° 20100154057
	 Address: Av. Paseo de la República N° 4675, District of Surquillo, Province and Department of Lima.

Name of representative: Mario ALVARADO PFLUCKER

National Identity Card (DNI): 08216132
 Position:
Attorney-in-Fact
 Power of Attorney registered under Entry C00655, Card 11006796 of the Registry of Companies in and for
Lima

  

	
	  

	GYM S.A.
	Tax ID Number (RUC) N° 20100154057
	 Address: Av. Paseo de la República N° 4675, District of Surquillo, Province and Department of Lima.

Name of representative: Juan Manuel LÁMBARRI HIERRO
 National Identity Card (DNI): 08249293
 Position: Attorney-in-Fact

Power of Attorney registered under Entry C00655, Card 11006796 of the Registry of Companies in and for Lima.

  

	
	  

	GRAÑA Y MONTERO PETROLERA S.A.
	 Tax ID Number (RUC) N° 20100153832
 Address: Av. Paseo de la República N° 4675, District of Surquillo, Province and Department of Lima.
 Name of representative: Mario Alvarado Pflucker
 National Identity Card (DNI): 08216132

Position: Attorney-in-Fact
 Power of Attorney
registered under Entry C00025, Card 00636592 of the Registry of Companies in and for Lima.

  

					
		 	A-2-3	 	GyM Credit Agreement

	
	  

	GRAÑA Y MONTERO PETROLERA S.A.
	 Tax ID Number (RUC) N° 20100153832
 Address: Av. Paseo de la República N° 4675, District of Surquillo, Province and Department of Lima.
 Name of representative: Luis DÍAZ OLIVERO
 National Identity Card (DNI): 07872756

Position: Attorney-in-Fact
 Power of Attorney
registered under Entry C00042, Card 00636592 of the Registry of Companies in and for Lima.

  

	
	  

	CONCAR S.A.
	 Tax ID Number (RUC) N° 20343443961
 Address: Calle Schell N° 459, District of Miraflores, Province and Department of Lima.
 Name of
representative: Mario ALVARADO PFLUCKER
 National Identity Card (DNI): 08216132
 Position: Attorney-in-Fact
 Power of Attorney registered under Entry C00019, Card 03021446 of the
Registry of Companies in and for Lima.

  

	
	  

	CONCAR S.A.
	 Tax ID Number (RUC) N° 20343443961
 Address: Calle Schell N° 459, District of Miraflores, Province and Department of Lima.
 Name of
representative: Jaime TARGARONA ARATA
 National Identity Card (DNI): 10492436
 Position: Attorney-in-Fact
 Power of Attorney registered under Entry C00019, Card 03021446 of the
Registry of Companies in and for Lima.

  

	
	  

	VIVA GYM S.A.
	 Tax ID Number (RUC) N° 20493040643
 Address: Av. Paseo de la República N° 4675, District of Surquillo, Province and Department of Lima.
 Name of representative: Mario ALVARADO PFLUCKER
 National Identity Card (DNI): 08216132

Position: Attorney-in-Fact
 Power of Attorney
registered under Entry C00023, Card 12169100 of the Registry of Companies in and for Lima.

  

					
		 	A-2-4	 	GyM Credit Agreement

	
	  

	VIVA GYM S.A.
	 Tax ID Number (RUC) N° 20493040643
 Address: Av. Paseo de la República N° 4675, District of Surquillo, Province and Department of Lima.
 Name of representative: Rolando PONCE VERGARA
 National Identity Card (DNI): 08187579

Position: Attorney-in-Fact
 Power of Attorney
registered under Entry C00023, Card 12169100 of the Registry of Companies in and for Lima.

  
  

GVDS- GV/MCP-jcj 
 10749K13 

  

					
		 	A-2-5	 	GyM Credit Agreement

 Exhibit B 
 to Credit Agreement 
 FORM OF NOTICE OF BORROWING 

BBVA Bancomer S.A., Institución de 

Banca Multiple, Grupo Financiero BBVA Bancomer, 

as Administrative Agent for the Lenders party 

to the Credit Agreement 
 referred to below

			
	[—]	  	[Date]

 Attention: [—] 

Ladies and Gentlemen: 
 The
undersigned, Graña y Montero S.A.A., refers to the Credit Agreement, dated as of February 27, 2013 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”;
terms defined therein being used herein as therein defined), among the undersigned, certain Lenders parties thereto, BBVA Continental, as Collateral Agent for the Secured Parties, and BBVA Bancomer S.A., Institución de Banca Multiple, Grupo
Financiero BBVA Bancomer, as Administrative Agent for the Lenders, and hereby gives you notice, irrevocably, pursuant to Section 2.02 of the Credit Agreement that the undersigned hereby requests a Borrowing under the Credit Agreement, and in
that connection sets forth below the information relating to such Borrowing (the “Proposed Borrowing”) as required by 1)a)i) of the Credit Agreement: 

(a) The Business Day of the Proposed Borrowing is [—],
20[—]. 
 (b) The aggregate amount of the
Proposed Borrowing is U.S.$[—]. 
 The undersigned hereby
certifies that the following statements are true on the date hereof, and will be true on the date of the Proposed Borrowing: 
 (i) the representations and warranties contained in Section 4.01 of the Credit Agreement are correct in all material respects (unless any such representation or warranty is qualified by or subject to
a materiality qualification (including “Material Adverse Effect” or similar term of qualification), such representation or warranty shall be correct) on and as of the date of such Proposed Borrowing, before and after giving effect to such
Proposed Borrowing and to the application of the proceeds therefrom, as though made on and as of such date (or, if stated to have been made as of an earlier date, were true and correct (in all material respects, as the case may be) as of such
earlier date); and 
 (ii) no event has occurred and is continuing, or would result from such Proposed Borrowing
or from the application of the proceeds therefrom, that constitutes a Default. 

  

					
		 	B-1	 	GyM Credit Agreement

 
			
	Very truly yours,
	
	GRAÑA Y MONTERO S.A.A.
		
	By	 	  

		 	Name:
		 	Title:

  

					
		 	B-2	 	GyM Credit Agreement

 Exhibit C 
 to Credit Agreement 
 FORM OF ASSIGNMENT AND ACCEPTANCE 

Reference is made to the Credit Agreement, dated as of February 27, 2013 (as amended or modified from time to time, the
“Credit Agreement” ; terms defined therein being used herein as therein defined), among Graña y Montero S.A.A., a sociedad anónima abierta organized under the laws of Perú (the
“Borrower”), the Lenders, BBVA Continental, as Collateral Agent for the Secured Parties, and BBVA Bancomer S.A., Institución de Banca Multiple, Grupo Financiero BBVA Bancomer, as Administrative Agent for the Lenders.

 The “Assignor” and the “Assignee” referred to on Schedule 1 agree as follows: 

1. The Assignor hereby sells and assigns to the Assignee, and the Assignee hereby purchases and assumes from the Assignor,
an interest in and to the Assignor’s rights and obligations under the Credit Agreement as of the date hereof equal to the percentage interest specified on Schedule 1 of all outstanding rights and obligations under the Credit Agreement.
After giving effect to such sale and assignment, the Assignee’s Commitment and the amount of the Advances owing to the Assignee will be as set forth on Schedule 1. 

2. The Assignor (i) represents and warrants that it is the legal and beneficial owner of the interest being assigned
by it hereunder and that such interest is free and clear of any adverse claim, (ii) makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with
the Credit Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of [, or the perfection or priority of any lien or security interest created or purported to be created under or in connection
with,] the Credit Agreement or any other instrument or document furnished pursuant thereto, (iii) makes no representation or warranty and assumes no responsibility with respect to the financial condition of the Borrower or any other Loan
Party or the performance or observance by any Loan Party of any of its obligations under any Loan Document or any other instrument or document furnished pursuant thereto and (iv) attaches the Note held by the Assignor and requests that the
Administrative Agent exchange such Note for a new Note payable to the order of the Assignee or new Notes payable to the order of the Assignee and the Assignor, respectively, as specified on Schedule 1. 

3. The Assignee (i) confirms that it has received a copy of the Credit Agreement, together with copies of the
financial statements referred to in Section 4.01 thereof and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Acceptance, (ii) agrees that it
will, independently and without reliance upon the Administrative Agent, the Assignor or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not
taking action under the Credit Agreement, (iii) confirms that it is a sophisticated investor which has the ability to evaluate the merits and risks of an investment in the Credit Agreement,

  

					
		 	C-1	 	GyM Credit Agreement

 
including the financial and political conditions in Perú as of the date hereof, and the ability to assume the economic risks involved in such an investment and (iv) agrees that it
will perform in accordance with their terms all of the obligations that by the terms of the Credit Agreement are required to be performed by it as a Lender. 
 4. Following the execution of this Assignment and Acceptance, it will be delivered to the Administrative Agent for acceptance and recording by the Administrative Agent. The effective date for this
Assignment and Acceptance (the “Effective Date”) shall be the date of acceptance hereof by the Administrative Agent, unless otherwise specified on Schedule 1. 

5. Upon such acceptance and recording by the Administrative Agent, as of the Effective Date, (i) the Assignee shall
be a party to the Credit Agreement and, to the extent provided in this Assignment and Acceptance, have the rights and obligations of a Lender thereunder and (ii) the Assignor shall, to the extent provided in this Assignment and Acceptance,
relinquish its rights and be released from its obligations under the Credit Agreement. 
 6. Upon such acceptance
and recording by the Administrative Agent, from and after the Effective Date, the Administrative Agent shall make all payments under the Credit Agreement and the other Loan Documents in respect of the interest assigned hereby (including all payments
of principal, interest and facility fees with respect thereto) to the Assignee. The Assignor and Assignee shall make all appropriate adjustments in payments under the Credit Agreement and the other Loan Documents for periods prior to the Effective
Date directly between themselves. 
 7. This Assignment and Acceptance shall be governed by, and construed in
accordance with, the laws of the State of New York. 
 8. This Assignment and Acceptance may be executed in
any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an
executed counterpart of Schedule 1 to this Assignment and Acceptance by telecopier or other electronic communication shall be effective as delivery of a manually executed counterpart of this Assignment and Acceptance. 

[Signature Pages Follow.] 

  

					
		 	C-2	 	GyM Credit Agreement

 IN WITNESS WHEREOF, the Assignor and the Assignee have caused Schedule 1 to be executed
by their officers thereunto duly authorized as of the date specified thereon. 
 Schedule 1 

to 
 Assignment and
Acceptance 
  

					
	Percentage interest assigned:	  		  	[—]%
			
	Assignee’s Commitment:	  		  	U.S.$[—]
			
	Aggregate outstanding principal amount of Advances assigned:	  		  	U.S.$[—]
			
	Effective Date1: [—], 20[—]	  		  	

  

			
	[NAME OF ASSIGNOR], as Assignor
		
	By	 	  

		 	Name:
		 	Title:
	
	Dated: [—],
20[—]
	
	[NAME OF ASSIGNEE], as Assignee
		
	By	 	  

		 	Name:
		 	Title:
	
	Domestic Lending Office:
		 	      [Address]
	
	LIBO Rate Lending Office:
		 	      [Address]

 Accepted this [—] day of [—], 20[—]: 

BBVA BANCOMER S.A., INSTITUCIÓN 

DE BANCA MULTIPLE, 
 GRUPO FINANCIERO
BBVA BANCOMER, 
 as Administrative Agent 
  

			
	By	 	  

		 	Name:
		 	Title:

  

	1 	NTD: This date should be no earlier than five Business Days after the delivery of this Assignment and Acceptance to the Agent. 

  

					
		 	C-3	 	GyM Credit Agreement

 Exhibit D 
 to Credit Agreement 
 You are hereby requested in your capacity as Notary Public to enter into
your Registry of Notarially Recorded Instruments one evidencing a Security Interest Agreement Over Account Balance (hereinafter, the “Collateral Agreement”) entered into by and between: 

In the capacity of Pledgor: 
  

	•	 	 GRAÑA Y MONTERO S.A.A., holder of Tax ID Number (RUC) 20332600592, with principal place of business at Av. Paseo de la República
4675, District of Surquillo, Province and Department of Lima, acting by and through José GRAÑA MIRÓ QUESADA, holder of National Identity Card (DNI) 08266298, and Mario ALVARADO PFLUCKER, holder of National Identity Card (DNI)
08216132, as per powers of attorney registered in Card 11028652 of Registry of Companies in and for Lima (hereinafter, the “Pledgor”); and 

 

	•	 	 BBVA BANCO CONTINENTAL, holder of Tax ID Number (RUC) 20100130204, with principal place of business at Av. República de Panamá
3055, District of San Isidro ,Province and Department of Lima, acting by and through Guillermo José MONJARAZ PERALTA, holder of National Identity Card (DNI) 09397811, and Jorge Moisés YATACO HUAMÁN, holder of National Identity
Card (DNI) 40972909, as per powers of attorney registered in Entries C00332 and C00368, respectively, of Card 11014915 of Registry of Companies in and for Lima, in its capacity as Security Agent under Credit Agreement for the benefit and in interest
of the Secured Parties (hereinafter, the “Collateral Agent”). 

 The Pledgor and the Collateral Agent shall
be jointly referred to as the “Parties” and individually as the “Party”. 
 With the further participation of:

  

	•	 	 BBVA BANCO CONTINENTAL, holder of Tax ID Number (RUC) 20100130204, with principal place of business at Av. República de Panamá
3055, District of San Isidro, Province and Department of Lima, acting by and through Guillermo José MONJARAZ PERALTA, holder of National Identity Card (DNI) 09397811, and Jorge Moisés YATACO HUAMÁN, holder of National Identity
Card                      (DNI) 40972909, as per powers of attorney registered in Entries C00332 and C00368, respectively, of Card 11014915 of
Registry of Companies in and for Lima (hereinafter, the “Bank”). 

  

	•	 	 Servicios Conexos Notreg E.I.R.L., holder of Tax ID Number (RUC) 20511037426, with principal place of business at Calle Yapeyu 120, District of
San Isidro, Province and Department of Lima, acting by and through Mónica Gabriela BRENNEISEN KIMURA, holder of National Identity Card (DNI)
                     No. 09676175 (hereinafter, the “Common Representative”). 

  
 D-1

 under the following terms and conditions: 
 ONE:     DEFINITIONS AND INTERPRETATION 
  

	1.1.	Capitalized words shall have the meaning ascribed hereinbelow, unless defined otherwise or cleary required by the context: 

 

	 	1.1.1	Administrative Agent: BBVA Bancomer S.A., a Multiple Banking Institution, BBVA Bancomer Financial Group, in its capacity of Administrative Agent under the Credit
Agreement, or its future successor. 

  

	 	1.1.2	Collateral Agent: has the meaning set forth in the introduction to the Agreement. 

 

	 	1.1.3	Authority: a national, regional or local authority of the Republic of Peru exercising executive, legislative, judicial or arbitration, regulatory or
administrative functions over any person or subject matter, as per corresponding jurisdiction under the Applicable Law. 

  

	 	1.1.4	Bank: has the meaning set forth in the introductory part of this Agreement. 

 

	 	1.1.5	Pledgor: has the meaning set forth in the introduction to the Agreement. 

 

	 	1.1.6	Credit Agreement: the Credit Agreement dated February 27, 2013, entered into by and between the Pledgor, in its capacity as borrower, the initial
lenders listed in such agreement, BBVA Bancomer S.A., Multiple Banking Institution, BBVA Bancomer Financial Group, in its capacity as administrative agent, the Collateral Agent, in its capacity as collateral agent, and BBVA Securities Inc., in its
capacity as sole lead arranger and book runner, up to the amount of US$ 150,000,000 (One Hundred and Fifty Million US Dollars) as amended from time to time. 

 

	 	1.1.7	Collateral Agreement: The Security Interest Agreement over Account Balance. 

 

	 	1.1.8	Payment Account: The current account in US Dollars No. 0011-0586-0100026551, opened by the Pledgor at the Bank. 

 

	 	1.1.9	Debt Service Reserve Account: The current account in US Dollars No. 0011-0586-0100026578, opened by the Pledgor at the Bank. 

 

	 	1.1.10	Collateral Accounts: jointly means the Payment Account and Debt Service Reserve Account. 

 

	 	1.1.11	Business Day: Any day other than Saturday, Sunday, holiday or nonworking day in the City of Lima, as established by the Authority or Applicable Law. The days in
which the banks in the City of Lima are authorized or obliged not to serve the public are not considered Business Days. 

  
 D-2

	 	1.1.12	Credit Documents: has the meaning ascribed thereto in the term Credit Documents in the Credit Agreement. 

 

	 	1.1.13	US Dollar or US$: means the legal tender in the United States of America. 

 

	 	1.1.14	Enforcement Event: has the meaning ascribed to the term Event of Default in the Credit Agreement and includes any act defined as Enforcement Event in the
Security Agreement. 

  

	 	1.1.15	Closing Date: Execution date of the Collateral Agreement. 

  

	 	1.1.16	Effective Date: has the meaning ascribed to the term Effective Date on the Credit Agreement. 

 

	 	1.1.17	Security Interest: the Security Interest over Account Balance created by the Collateral Agreement. As indicated hereinafter, the Security Interest shall be
considered as created in relation to the existing Account Balances as of the Closing Date, while it has the pre-created character regarding all the Account Balances arising after the date Closing Date. 

 

	 	1.1.18	Irrevocable Instruction: The instruction that the Pledgor shall issue to the Bank in accordance with Article Fourteen. 

 

	 	1.1.19	Security Interest Act: Law 28677, as amended, regulated and supplemented. 

 

	 	1.1.20	Applicable Law: All the laws, decrees, legal rules of any category, hierarchy and nature, applicable in the Republic of Peru, as may be in force at the time of
entering into the Security Agreement and as may be interpreted, amended or substituted in the future. 

  

	 	1.1.21	Encumbrance Amount: has the meaning ascribed in Article Five hereof. 

 

	 	1.1.22	Enforcement Notice: has the meaning assigned in Article Eleven hereof. 

 

	 	1.1.23	Nuevo Sol or S/.: The legal tender in the Republic of Peru. 

  

	 	1.1.24	Secured Obligations: Any and all obligations assumed and owed by the Pledgor arising from or related to the Credit Agreement and the other Credit Documents,
including to the fullest extent possible, but not limited to, any amount of principal, compensation and late interest, penalties, fees, taxes, expenses, court costs and attorney’s fees and expenses owed by the Pledgor under the entering into or
execution of the Credit Agreement, Security Agreement and other Credit Documents, or the fulfillment of any and all obligations of the Pledgor under the Credit Agreement, Security Agreement and other Credit Documents. In order to avoid any doubts,
Secured Obligations also include any amounts owed by the Pledgor as a result of the performance of its obligations under the Security Agreement, as well as any obligation that may be generated under any refinancing or extension that may be granted
to the Pledgor, or any total or partial eventual novation of the Pledgor’s obligations, which may originate from the Credit Agreement and other Credit Documents, as applicable. 

  
 D-3

	 	1.1.25	Parties: jointly means the Pledgor and the Collateral Agent. 

  

	 	1.1.26	Secured Parties: has the meaning ascribed to the term Secured Parties in the Credit Agreement. 

 

	 	1.1.27	Irrevocable Special Power of Attorney: has the meaning granted to such term in Article Eight of the Security Agreement. 

 

	 	1.1.28	Registry of Security Interests: has the meaning granted to such term in the Security Interest Act. 

 

	 	1.1.29	Registration Regulations: Registration Regulations of the Registry of Security Interests and its relations with the Legal Registries of Personal Properties,
approved by Resolution No. 142-2006-SUNARP/SN, as amended, regulated and supplemented. 

  

	 	1.1.30	Common Representative: has the meaning set forth in the introduction to the Security Agreement. 

 

	 	1.1.31	Account Balance: Credit balances existing at any time in the Collateral Accounts. 

 

	 	1.1.32	Debt Service: has the meaning ascribed to the term Debt Service in the Credit Agreement 

 

	1.2.	Unless stated otherwise or clearly required by the context, the following rules shall be noted in order to interpret the Security Agreement: 

 

	 	(i)	The singular includes the plural and vice versa. 

  

	 	(ii)	All references to one gender include the other. 

  

	 	(iii)	A reference to any agreement (including this Security Agreement), document or instrument, specifically refers to such agreement, document or instrument, as may be
amended or regulated from time to time in accordance with the terms contained in each of them. 

  

	 	(iv)	The Security Agreement includes its exhibits. 

  

	 	(v)	Unless the context requires an interpretation to the contrary, a reference to any provision or exhibit shall mean any provision or exhibit of this Security Agreement.

  

	 	(vi)	“Including (and thus, “include”) means that it includes includes but is not limited to the generality of the description preceding the use of said term.

  
 D-4

	 	(vii)	The headings used in each provision of the Security Agreement are only for reference purposes and shall not be considered for purposes of interpretating its content and
scopes. 

  

	 	(viii)	Any reference to a “Party” or “Parties” hereof shall be understood as to the party or parties of this Security Agreement, as applicable.

  

	 	(ix)	Any enumeration or listing of concepts in which the disjunctive conjunction “or” is used comprises some or all the elements of such enumeration or listing.

  

	 	(x)	Any enumeration or listing of concepts in which the copulative conjunction “and” is used comprises each one of the elements in such enumeration.

  

	 	(xi)	This Security Agreement shall be interpreted in accordance with the rules and principles of interpretation contained in the Applicable Law, considering that it is the
will of the Parties that, under no circumstances, the application of such rules of interpretation shall limit in any manner the rights of the Collateral Agent. 

 

	 	(xii)	The Parties agree that the Collateral Agent’s rights deriving from the Security Agreement shall be interpreted to the fullest extent possible, in accordance with
the Applicable Law. 

  

	 	(xiii)	Any reference to the Collateral Agent applies to its successors and assignees. 

 

	 	(xiv)	For the purposes hereof, the term “reasonable” or “reasonably” shall be interpreted considering the characteristics of each of the Parties in the
situation or context in which the term is applicable. 

 TWO:     RECITALS 

 

	2.1	By means of the Credit Agreement, certain lenders have agreed to provide to the Pledgor a loan of up to US$ 150,000,000 (One Hundred and Fifty Million
                     US Dollars). 

  

	2.2	In compliance with the provisions of Sub-point 3.01 (f) of the Credit Agreement, the Pledgor is interested in creating a Security Interest in favor of the
Collateral Agent, acting for the benefit and interest of the Secured Parties, in order to ensure full and timely compliance of the Secured Obligations. 

 THREE:     PURPOSE 
  

	3.1	Pursuant to Security Agreement, and in accordance with the provisions set forth in Section 17 of the Security Interest Act, the Pledgor, in its capacity as sole
and exclusive holder of the Account Balances, create and pre-create, as hereinafter defined, a first and preferential Security Interest over Account Balances in favor of the Collateral Agent, in order to ensure full and timely compliance with of any
and all of the Secured Obligations 

  

	3.2	The Security Interest is deemed to be established in connection with the Account Balances existing in the Closing Date. 

  
 D-5

 In relation to such Account Balances to be generated in the future, the Parties expressly
agree that the Security Interest is deemed to be a pre-created floating collateral, which shall remained established, immediately and without further action as soon as such Account Balances exist. In this regard, and in accordance with the
provisions set forth in Point 2) of Section 21 of the Security Interest Act, all Account Balances to be generated in the future shall be included within the scope of the Security Interest as from the time they exist, being understood, for all
legal purposes, that the Security Interest has been established over such Account Balances. 
  

	3.3	The Parties agree that the Security Interest irrevocably affects any sum of money credited or to be credited in the future in the Collateral Accounts for any person and
under any title, as well as the interests and/or readjustments arising therefrom, and/or any increase they earned or which may be applicable. 

  

	3.4	The Pledgor waives its right to request - in or out of court - the variation or replacement of the Security Interest established under the Security Agreement.

 FOUR:     TERM 
 The Security Interest is established and pre-established, as appropriate, for an indefinite period and shall remain in force until the date in which the Secured Obligations have been fully complied to the
satisfaction of the Collateral Agent. 
 Once the Collateral Agent has certified that all the Secured Obligations have been
fully paid and fulfilled to its satisfaction, it shall, upon Pledgor’s request, execute and deliver all public and private documents which may be needed for the release and cancellation of the Security Interest. The Pledgor shall be responsible
for carrying out the release’s proceeding of the Security Interest in the Registry of Security Interests and for fully assuming any costs or expenses generated by such release. 
 FIVE     ENCUMBRANCE AMOUNT 
  

	5.1	Pursuant to Point 4) Section 19 of the Security Interest Act, the Parties agree that the Security Interest is created and pre-created, as applicable, up to the
determined amount equivalent to the total sum of the Secured Obligations pending payment or fullfilment (hereinafter the “Encumbrance Amount”). 

Notwithstanding the foregoing, the Parties agree to establish, as reference and only for the purposes of determining the
registry rates applicable to the registration of the Security Interest as the Encumbrance Amount, both for the created and pre-created Security Interest, the sum of US$ 150,000,000 (One Hundred and Fifty Million US Dollars). 

However, it shall not be interpreted, construed or considered in any manner that the establishment of this referential
amount limits the total amount secured by the Security Interest, indicated in the first item of this serial number. Neither shall it limit or restrict in any manner the ability of the Collateral Agent to exercise the rights or actions
corresponding thereto in accordance with the terms and conditions of the Security Agreement, other Credit Documents or Applicable Law. 
  

	5.2	The Pledgor expressly waives its right to request in or out-of-court any reduction in the Encumbrance Amount, either because a partial payment or compliance of the
Secured Obligations has been performed, or due to any other reason. 

  
 D-6

 SIX:     INDIVISIBILITLY OF THE SECURITY INTEREST 

The Security Interest is indivisible and ensures the full performance of any and all Secured Obligations. In this regard, the Security
Interest shall continue until all the Secured Obligations have been fully paid and complied to the satisfaction of the Collateral Agent. 
 Consequently, the Pledgor expressly waives its right to request a partial release of the property subject to the Security Interest or the partial payment of the Security Interest. 

SEVEN:     REGISTRATION OF THE SECURITY INTEREST 

 

	7.1	The Security Interest shall be registered in the Registry of Security Interests, being the Pledgor obliged to make such registration within sixty (60) calendar
days following to the Effective Date. This period may only be extended at the sole discretion of the Administrative Agent, to the extent that the Pledgor is performing commercially reasonable efforts to achieve such registration, according to the
following: 

  

	 	7.1.1	On the Closing Date, the Parties shall execute the Notarially Recorded Instrument, previously memorandum in writing (minuta), and the Pledgor shall ensure that a
certified copy of such Notarially Recorded Instrument is delivered to the Collateral Agent. 

  

	 	7.1.2	Within three (3) Business Days following to the execution of the Notarially Recorded Instrument, the notarial reports related to the Notarially Recorded Instrument
shall be submitted before the Registry of Security Interests for registration in accordance with the Security Interest Act and Registration Regulations. 

  

	 	7.1.3	Having obtained the registration certificate of the Security Interest from the Registry of Security Interests, the Pledgor shall deliver to the Collateral Agent, within
the three (3) Business Days following to such registration, a verbatim copy of the corresponding registration entries. 

  

	 	7.2	The Parties agree to execute all public and private documents, and to take all actions that may be reasonably necessary to formalize and register the Security Interest
in the Registry of Security Interests, including the acts necessary for the purpose of rectifying any observation performed by the Registrar concerning the title submitted to the Registry of Security Interests. 

 

	 	7.2	It is hereby agreed that The Pledgor shall be the sole responsible for making the submission and registration proceeding of the Security Interest, and all the costs and
expenses that such submission and registration may require shall be entirely borne by The Pledgor. 

  
 D-7

 EIGHT:     IRREVOCABLE POWER OF ATTORNEY 

 

	8.1	Without prejudice to the obligations assumed by the Pledgor under the Security Agreement, the Pledgor hereby grants, an Irrevocable Special Power of Attorney in favor
of the Collateral Agent, so that - acting through the individual or individuals designated by the Collateral Agent- on behalf of the Pledgor, it may perform all acts, measures and proceedings that the Collateral Agent may deem appropriate, for the
formalization and registration of the Security Interest in the Registry of Security Interests (hereinafter the “Irrevocable Special Power of Attorney”). 

 

	8.2	The Irrevocable Special Power of Attorney also empowers the Collateral Agent to perform all acts, public or private, necessary to maintain at all times the full force
and effect of the Security Interest, including the submission of any communication or notice at the Registry of Security Interests. 

  

	8.3	The Irrevocable Special Power of Attorney granted by the Pledgor in favor of the Collateral Agent pursuant to the provisions set forth in Sections 153, 156 and 166 of
the Civil Code, is irrevocably conferred. 

 The Irrevocable Special Power of Attorney shall be in effect
indefinitely. The Pledgor agrees to register the Irrevocable Special Power of Attorney in Card corresponding to the Pledgor in the Registry of Companies in and for Lima. This registration must be performed no later than sixty (60) days from the
Effective Date. 
  

	8.4	The Pledgor shall maintain the Irrevocable Special Power of Attorney in force throughout the term of the Security Agreement. The Pledgor shall deliver to the Collateral
Agent a valid power of attorney certifying that the Irrevocable Special Power of Attorney is in effect within thirty (30) days following to each anniversary of the Closing Date. The revocation of the Irrevocable Special Power of Attorney or
loss of validity of such Irrevocable Special Power of Attorney shall constitute an Enforcement Event of the Security Interest. 

  

	8.5	All acts and measures necessary for the full force and effect of the Irrevocable Special Power of Attorney are the sole responsibility of the Pledgor. All the costs and
expenses related to the perfection and registration of the Irrevocable Special Power of Attorney shall be entirely borne by the Pledgor. 

 NINE:     REPRESENTATIONS AND WARRANTIES OF THE PLEDGOR 
 The
Pledgor represents and warrants to the Collateral Agent that: (i) at the Closing Date; and (ii) on the date on which the Security Interest is established with respect to the future Account Balances acquiring existence: 

 

	9.1	 The Pledgor is the sole and exclusive owner of the Collateral Accounts and Account Balances, vested with full right, capacity, power and authority to
enter into the Security 

  
 D-8

	 	
Agreement and to affect the Account Balances with the Security Interest in the terms set forth herein without violating any contractual or legal obligation, or of any other type, that the Pledgor
may have before any third party. 

  

	9.2	Except for the Security Interest, which is established and pre-pledged, as applicable, pursuant to the Security Agreement, Account balances are and shall be free from
any charge, encumbrance and, in general, any and all lien, judicial, arbitration, administrative or court measure aimed to limit or restrict the free and full availability or which may grant to any third a higher priority with respect to rights,
than those granted to the Collateral Agent pursuant to the Security Agreement, or which may limit or restrict in any manner whatsoever the property rights that the Pledgor has or may have. 

 

	9.3	The Pledgor has not assigned and it shall not assign to any third party under any title, its ownership over the Collateral Accounts or Account Balances.

  

	9.4	There are no claims, legal actions or pending trials, and the Pledgor is not aware of the existence of any threat of claims, actions or trials against, or involving the
Pledgor, which may affect the ownership of the Pledgor over the Collateral Accounts or Account Balances, or which may limit, restrict, forbid, opposite or prevent the creation or pre-creation of the Security Interest. 

 

	9.5	There is no contractual or legal impediment to formalize and register the Security Interest as first and preferential. 

 

	9.6	The execution and execution of the Security Agreement by the Pledgor: (i) have been duly authorized by the competent corporate bodies of the Pledgor; (ii) is
not contrary to any Applicable Law; and (iii) is not contrary to any legal or contractual restriction that may oblige or affect the Pledgor. 

  

	9.7	The powers of attorney of the Pledgor’s representatives, who execute the Security Agreement have been duly granted by the competent corporate bodies of the
Pledgor; they are fully in force and are registered in the Card that corresponds to the Pledgor in the Registry of Companies in and for Lima; and therefore, these representatives are authorized to bind the Pledgor under the terms and conditions set
forth in the Security Agreement. 

  

	9.8	The Pledgor guarantees the Collateral Agent the existence and enforceability of the Collateral Accounts and the existing Account Balances, and also the existence and
enforceability of the Account Balances arising in the future. In case of execution of the Security Interest, the award of the Account Balances shall imply the transfer to the Collateral Agent, as applicable, of any and all rights and privileges
corresponding to the Account Balances. 

  

	9.9	There is any prohibition, nor is any consent, authorization, approval or any prior registration or other action required, with regard to: 

 

	 	9.9.1	Entering into the Security Agreement and for the creation and pre-creation of the Security Interest; 

 

	 	9.9.2	The exercise by the Collateral Agent of any right, action or remedy that may correspond under the Security Agreement. 

  
 D-9

 TEN:     OBLIGATIONS OF THE PLEDGOR 

Without prejudice to the other obligations assumed pursuant to the Security Agreement and other Credit Documents, during the time the Security Interest
remains in force, the Pledgor agrees to: 
  

	10.1.	Refrain from taxing, encumbering, transferring, or entering into any kind of act on the Collateral Accounts or Account Balances, or in general, entering into any action
to dispose over the Collateral Accounts or Account Balances. 

  

	10.2.	Notify the Collateral Agent of any facts or circumstances which may adversely and substantially affect the Collateral Accounts or the Account Balances, within the
Business Day following the date on which the Pledgor becomes aware of such event or circumstance. 

  

	10.3.	Perform all acts, whether public or private, which may be reasonably required by the Collateral Agent from time to time, so the efficiency and effectiveness of the
Security Interest over the Account Balances are maintained at all times. 

  

	10.4.	Issue, execute and grant all private and public documents, and perform all acts to its responsibility, as may be required to formalize, maintain in force, permit
opposition and/or execute the Security Interest on the Account Balances under the terms set forth in the Security Agreement, as well as to execute all public and private documents and perform all acts required to carry out and formalize the award of
the Account Balances, in the event of execution of the Security Interest. 

  

	10.5.	Oppose the creation of liens, encumbrances or in and out of court measures on the Collateral Accounts and Account Balances, by any Authority or others, being requested
to notify such authorities or third parties about the existence of the Security Agreement and the Security Interest. The Pledgor shall notify the Collateral Agent, as soon as it becomes aware of the alleged creation of liens, encumbrances or in and
out of court measures over the Collateral Accounts and the Account Balances. 

  

	10.6.	Maintain the Collateral Accounts open and operational at all times. 

  

	10.7.	Pay all costs and assume all taxes deriving from or arising as a result of the entering into and execution of the Security Agreement, including, without limitation, all
notary and registration expenses related to the conversion of the Security Agreement into a Notarially Recorded Instrument and registration of the Security Interest in the Registry of Security Interests and of the Irrevocable Special Power of
Attorney in the Register of Companies, as well as those arising from any amendments to the Security Agreement, the Irrevocable Special Power of Attorney renewal and Irrevocable Instruction notice. 

  
 D-10

 ELEVEN:     ENFORCEMENT OF THE SECURITY INTEREST 

 

	11.1.	The Security Interest shall be enforced in accordance with the terms set out in this provision; and in all matters not regulated in this provision, the provisions of
the Security Interest Act and the Applicable Laws shall additionally apply. 

  

	11.2.	If an Enforcement Event occurs, the Collateral Agent is authorized to seek enforcement of the Security Interest over the award of the Account Balances.

 For this purpose, the Collateral Agent shall, in accordance with Point 2) Section 53 of the Security Interest
Act, notify the occurrence of the Enforcement Event to the Pledgor (notarially, using the form included as Exhibit I (a)) and to the Common Representative (via notary, using the form included as Exhibit I (b)), must indicate in such communications
the amount of the Secured Obligations owed, as well as the decision to enforce the Security Interest through the award of the Account Balance (both notices, hereinafter collectively referred to as the “Enforcement Notice”). The submission
of the Enforcement Notice shall be the only requirement to be met by the Collateral Agent to proceed with the implementation of the Security Interest. 
  

	11.3.	Award of Account Balances 

  

	 	11.3.1.	Upon receipt of the Enforcement Notice, the Common Representative shall award the Account Balances in favor of the Collateral Agent, for which the Common Representative
shall, immediately and without requiring additional action, submit to the Bank a written notice (with a copy to the Pledgor), on terms substantially similar to the form included as Exhibit II, stating that the Collateral Agent has assumed, being the
winning bidder, full ownership of the Account Balances, and instruct the Bank to transfer the Account Balances to the account specified for that purpose by the Common Representative. 

 

	 	11.3.2.	The award of the Account Balances shall be conducted by the Common Representative, for which it has an Irrevocable Power of Attorney conferred by the Parties as
provided in Article Thirteen of the Security Agreement. 

  

	 	11.3.3.	The Parties agree that the award by the Collateral Agent of the Account Balances, as provided in this provision, has no full payment effects in respect to the Secured
Obligations, unless otherwise specified by the Collateral Agent in writing. 

  

	 	11.3.4.	For the purposes of award, the Parties agree that the value of the Account Balances, is the nominal value thereof on the date of execution. 

 

	11.4.	From the occurrence of an Enforcement Event, until all of the Secured Obligations have been paid and complied with to the satisfaction of the Collateral Agent, any
amount to be received directly by the Pledgor in the Collateral Accounts shall be transferred by the Bank within one Business Day of having receipt it, to the account stated for such purpose by the Common Representative. 

 

	11.5.	The Pledgor waives its right to make any claim against the Common Representative and/or the Collateral Agent in connection with the award of the Account Balances or, in
general, with respect to any matter relating to the execution of this Security Interest unless it is established that they acted with bad intention or gross negligence, according to a final and conclusive court ruling. 

 

	11.6.	The Pledgor agrees to provide to the Collateral Agent and the Common Representative all the documents and information necessary to formalize the award of the Account
Balances in the course of the execution of the Security Interest. 

  
 D-11

 TWELVE:     PROCEEDS FROM THE SECURITY INTEREST ENFORCEMENT 

 

	12.1.	The proceeds from the Security Interest enforcement shall be applied by the Collateral Agent pursuant to the Credit Agreement and the other Credit Documents.

  

	12.2.	Any balance or surplus generated after applying the proceeds from enforcement under the Credit Agreement and the other Credit Documents shall be returned to the
Pledgor. 

 THIRTEEN:     COMMON REPRESENTATIVE 

 

	13.1.	The Collateral Agent and the Pledgor, by mutual agreement, appoint Servicios Conexos Notreg E.I.R.L., holder of Tax ID Number (RUC) 20511037426, with principal place of
business at Jr. Santo Domingo No. 291, District of Jesús María, Province and Department of Lima, as its Common Representative for the purposes of execution of the Security Interest (hereinafter the “Common
Representative”). For the purposes hereof, the Collateral Agent and the Pledgor agree to grant the Common Representative an Irrevocable and Indefinite Power of Attorney, so it could carry out the following: 

 

	 	a.	Execute the Security Interest upon reception of an Enforcement Notice; and in that context, perform all acts necessary to carry out the award of the Account Balances in
favor of the Collateral Agent, in accordance with the terms of the Security Agreement. 

  

	 	b.	Formalize the transfer of the Account Balances in accordance with the procedure provided in the Security Agreement, being able to such effect - to execute any public or
private document. 

  

	 	c.	Instruct the Bank to perform the transfer of Account Balances in the account specified by the Collateral Agent to that effect. 

 

	 	d.	Issue the award certificate for the corresponding tax purposes. 

  

	13.2.	The irrevocable power of attorney granted under the preceding paragraph shall remain in force during the term of the Security Interest. 

 

	13.3.	The Parties agree to empower the Collateral Agent, so that, acting on behalf of the Parties, it may substitute the Common Representative if: (i) the Common
Representative waives its right; (ii) the Common Representative is dissolved or liquidated; (iii) bankruptcy proceedings are filed by or against the Common Representative; or (iv) there is any other event that prevents the Common
Representative from fulfilling the functions entrusted herein. 

  
 D-12

 In such cases, the Collateral Agent shall be authorized to designate another person to
replace the Common Representative in order to exercise that position under this Security Agreement with the powers granted in this provision. In order to substitute the Common Representative, the Collateral Agent shall notify the Pledgor in writing,
proposing the name of at least three (3) possible substitutes of the Common Representative, attaching the respective quotations. The Pledgor shall have a term of three (3) business days to choose one of the proposed substitutes, by written
notice delivered to the Collateral Agent. Once this communication is received, the Collateral Agent shall appoint the new Common Representative. Likewise, if the Pledgor does not notify his decision to the Collateral Agent within the period
specified above, the Collateral Agent may proceed to unilaterally designate any of the candidates proposed to the Pledgor as the Common Representative. 
 Consequently, the Parties hereby grant the same powers and authority granted to the Common Representative in the Security Agreement, to the person appointed as the new Common Representative. These powers
and authority shall become effective on the date on which the Collateral Agent advises the Pledgor and the substitute Common Representative of the appointment; and from then on, all references to the Common Representative in the Security Agreement
shall refer to this substitute Common Representative. 
  

	13.4.	It is hereby stated that the obligations assumed by the Common Representative under the provisions set forth in this Security Agreement are from means and not from
proceeds; and that according to the aforesaid, they shall be provided by the Common Representative in compliance with the applicable provisions established for such effect in the Security Agreement; and, additionally, by the provisions set forth in
the Security Interest Act and Applicable Law. 

 FOURTEEN:     IRREVOCABLE INSTRUCTIONS

  

	14.1.	The Pledgor hereby irrevocably instructs the Bank to: 

  

	 	14.1.1.	Never make or authorize any withdrawals, charge or transfer of funds from the Collateral Accounts, except for (i) the Debt Service charge under the Credit
Agreement, and (ii) as provided in Article Eleven and Sub-point 14.1.2 below. 

  

	 	14.1.2.	If the Common Representative advises that there has been an Enforcement Event of the Security Interest, proceed to: (i) apply the Account Balances in the payment
of the Secured Obligations, by adjudicating them in favor of the Collateral Agent, pursuant to the instructions of the Common Representative; and (ii) perform the transfers of the remaining funds to the bank account specified by the Common
Representative. 

  

	14.2.	It is hereby agreed that the Irrevocable instructions contained in this provision are given in the interest of the Collateral Agent; thus, it may not be revoked or
modified without the express consent of the Collateral Agent. 

  
 D-13

 FIFTEEN:    STATEMENT OF ACCOUNTS 

 

	15.1	The Pledgor undertakes to ensure that the Bank, in the form and manner provided in the Credit Agreement, will forward the statement of accounts of the Collateral
Accounts to the Collateral Agent. 

  

	15.2	The Pledgor undertakes to ensure that the Bank will allow the Collateral Agent to have access to the Collateral Accounts for inquiry purposes, through remote access
systems. 

 SIXTEEN:    GENERAL PROVISIONS 

 

	16.1.	Expenses and Taxes 

 All
expenses and taxes resulting from the execution and performance of the Security Agreement, including those arising from the registration of the Security Interest and its subsequent execution, and the registration and renewals of the Irrevocable
Special Power of Attorney shall be borne by the Pledgor. 
  

	16.2.	Amendments  

 The Security
Agreement may only be amended, either in whole or in part, by written agreement of the Parties. 
 Any modification or amendment
to the Security Agreement shall be submitted for registration with the Registry of Security Interest, within a maximum period of five (5) Business Days from the signing of the private documents and/or notarially recorded instruments necessary
for registration. Within this same period, the Pledgor shall forward to the Collateral Agent evidence of registration of the respective instruments with the Registry of Security Interest. 

 

	16.3.	Waiver: 

 The failure or
delay of the Collateral Agent in exercising any faculty, power, right or privilege granted in the Security Agreement, shall not be deemed a waiver of the Collateral Agent of such faculty, power, right or privilege, or of other faculties, powers,
rights or privileges which the Collateral Agent may have inder the Security Agreement. In addition, the individual or partial exercise of any of the powers, faculties, rights or privileges conferred on either Party shall not limit any subsequent
exercise extension of the specified right, faculty, power or privilege or the exercise of any other right, faculty, power or privilege, which may be additional to that which was exercised. 

Any waiver of any faculty, power, right or privilege granted to the Parties under the Security Agreement shall be expressly issued, in
writing; otherwise it shall have no effect. 
 The actions prescribed in the Security Agreement are cumulative and not exclusive
of the exercise of any other remedy provided therein, in the other Credit Documents or in the Applicable Laws. 

  
 D-14

	16.4.	Assignment  

  

	 	16.4.1.	The Parties agree that the Collateral Agent may assign, in whole or in part, its rights corresponding thereto by virtue of this Security Agreement, together with the
assignment to be made under the Credit Documents. The Pledgor hereby expressly issues its consent and irrevocable authorization to such transfer in whole or in part. 

 

	 	16.4.2.	In addition, the Parties hereto agree that the Collateral Agent may assign the contract corresponding thereto, by virtue of this Security Agreement, together with the
assignment to be made under the Credit Documents. The Pledgor hereby expressly issues its consent and irrevocable authorization for such assignment. 

  

	 	16.4.3.	All assignments by the Collateral Agent shall be in full force and effect when notices to the Pledgor are issued. 

 

	 	16.4.4.	The Parties agree that the Pledgor may not transfer or assign - for any reason and under any title - any rights or obligations corresponding thereto by virtue of this
Security Agreement, without the prior written authorization of the Collateral Agent. 

  

	16.5.	Effectiveness: 

 The
invalidity or non-enforceability of any provision of the Security Agreement shall not affect in any manner whatsoever the validity or non-non-enforceability of any other provision of the Security Agreement. In the event that any provision is held
invalid or non-enforceable, the Parties shall endeavor to agree on a valid, enforceable provision that has effects substantially equivalent to those of the invalid or unenforceable provision and shall incorporate it into the Security Agreement.

  

	16.6.	Notices: 

 Any notice or
communication required hereunder shall be forwarded in writing and should be notified by either of the following methods: (i) uncertified letter with acknowledgement of receipt requested, or (ii) notarized letter. 

Notices shall be addressed as follows: 
  

					
	The Pledgor	  	:	  	
			
	Address	  	:	  	Av. Paseo de la República No. 4675, Surquillo
		  		  	Lima - Peru
	Attention	  	:	  	Ms. Mónica María Miloslavich Hart and
		  		  	Mrs. Claudia Inés Drago Morante

  
 D-15

					
			
	Collateral Agent	  	:	  	
			
	Address	  	:	  	 Av. República de Panamá No. 3055, San Isidro
 Lima - Peru

	Attention	  	:	  	Ms. Marcela de Romaña
			
	Bank	  	:	  	
	Address	  	:	  	 Av. República de Panamá No. 3055, San Isidro
 Lima - Peru

	Attention	  	:	  	Mr. Bruno Viacava Hooker
			
	Common Representative	  	:	  	
			
	Address	  	:	  	 Calle Yapeyu No. 120, San Isidro

Lima - Peru

	Attention	  	:	  	Ms. Mónica Brenneisen Kimura

 Any changes to the information referred to above shall only be effective to the extent that they have been
notified in writing with no less than fifteen (15) calendar days in advance, it being understood that, in any event, the address of the Pledgor shall be within the area of Metropolitan Lima. 

In the event any of the requirements established in the preceding paragraph are not fulfilled, the change shall not take any effect, and
all notices forwarded pursuant to the terms indicated above shall be considered effectively delivered 
  

	16.7.	Automatic Arrears: 

 If
the Pledgor defaulted on its obligations under the Security Agreement, it shall automatically be classified to be in arrears, without the need for the Collateral Agent to demand compliance therewith in or out of court, in accordance with the
provisions of Section 1333, Point 1) of the Civil Code. 
 SEVENTEEN:    APPLICABLE LAW AND DISPUTE
RESOLUTION 
  

	17.1	This Security Agreement shall be governed by the applicable laws. 

  

	17.2	In the event that any dispute arises as a result of the execution, performance, termination and/or interpretation of this Security Agreement, the Parties hereto
establish that the dispute shall be settled amicably - preferably directly between the Parties. 

  

	17.3	However, in the event that the dispute between the Parties cannot be settled thereby in a friendly and direct manner, within ten (10) days of the service of the
respective notice by the affected party, it shall be settled by a de jure arbitration, in accordance with the Arbitration Rules of the AmCham Peru Arbitration Center (hereinafter, the “Center”) which rules, administration and
decision the Parties unconditionally subject themselves to, declaring to fully know them and accept them. Accordingly, the arising controversy, uncertainty, claim or dispute shall be subject to the jurisdiction and expertise of an arbitration court
consisting of three (3) arbitrators. 

  
 D-16

	17.4	Each Party shall appoint one arbitrator and the third arbitrator shall be appointed jointly by the already appointed arbitrators. The third arbitrator shall preside
over the Arbitration Court. The Party who has forwarded the petition in which the dispute is submitted to arbitration, shall include the designation of an arbitrator. The other Party shall, within fifteen (15) days after receipt of such notice,
appear at the arbitration proceedings and appoint an arbitrator. If a Party fails to appoint its arbitrator within the period of fifteen (15) days or if the arbitrators cannot agree on the appointment of the third arbitrator within fifteen
(15) days, the appointment shall be made by the Center. 

  

	17.5	All members of the Arbitration Court shall be attorneys-at-law and necessarily resolve the dispute in accordance with a de jure arbitration.

  

	17.6	The arbitration proceedings shall be held in the City of Lima, in Spanish language. 

 

	17.7	The award issued by the Arbitration Court shall be final and conclusive. Consequently, the parties expressly waive their right to filing any appeal. The award issued by
the Arbitration Court may only be voided for having incurred in any of the grounds provided in Executive Order (Decreto Legisltivo ) 1071, Section 63, in which case, the judges and courts of the Judicial District of Lima Centro shall be
competent. 

  

	17.8	Any expenses and costs incurred in the arbitration shall be paid according to the arbitration award issued by the Arbitration Court. 

 

	17.9	Anything related to the arbitration proceedings, which is not regulated by this provision shall be governed by the provisions of Executive Order (Decreto Legislativo)
1071, as amended now or in the future. 

  

	17.10	Submission to the arbitration jurisdiction does not limit the right of the Collateral Agent to request out of court execution of the Security Interest, in the form and
manner provided in the Security Agreement and the Applicable Law. 

  
 D-17

	17.11	Without prejudice to submission to the arbitration jurisdiction, the parties shall resort to the judges and courts of the Judicial District of Lima Centro is judicial
intervention is necessary. 

 Lima, February 27, 2013 

 

					
	 GRAÑA Y MONTERO S.A.A.

Pledgor
	 		 	 BBVA BANCO CONTINENTAL
 Collateral Agent

			
	  
	 		 	  

	José Graña Miró Quesada	 		 	Guillermo José Monjaraz Peralta
	 National Identity Card
 (DNI)
No. 08266298
	 		 	 National Identity Card
 (DNI)
No. 09397811

			
	  
	 		 	  

	Mario Alvarado Pflucker	 		 	Jorge Moisés Yataco Huamán
	 National Identity Card
 (DNI)
No. 08216132
	 		 	 National Identity Card
 (DNI)
No. 40972909

			
	 BBVA BANCO CONTINENTAL
 The Bank
	 		 	 Servicios Conexos Notreg E.I.R.L.

Common Representative

			
	  
	 		 	  

	Guillermo José Monjaraz Peralta	 		 	Mónica Gabriela Brenneisen Kimura
	 National Identity Card
 (DNI)
No. 09397811
	 		 	 National Identity Card
 (DNI)
No. 09676175

			
	  
	 		 	
	Jorge Moisés Yataco Huamán	 		 	
	 National Identity Card
 (DNI)
No. 40972909
	 		 	

  
 D-18

 Exhibit I (a) 

Form of Enforcement Notice to Pledgor 
  

			
	Lima, [—] [—],
[—]
	
	GRAÑA Y MONTERO S.A.A.
	[Address]
	[City]
		
	Attention:	 	[Full Name]
		 	[Position]
		
	Subject:	 	Notice of Enforcement of Security Interest

 Dear sirs, 

Reference is made to the Agreement for Pledging of Security Interest on Account Balances, dated February 27, 2013 (hereinafter, the
“Security Agreement”) entered into by and between Graña y Montero S.A.A. (hereinafter, the “Pledgor”) and BBVA Banco Continental (hereinafter, the “Collateral Agent”). 

Capitalized terms not otherwise defined shall have the meaning attributed thereto in the Security Agreement. 

We hereby advice that an Enforcement Event has taken place under such Security Agreement; and, therefore, we made the decision to enforce the Security
Interest. 
 In this regard, we inform that we are simultaneously forwarding the Enforcement Notice to the Common Representative, pursuant to
the provisions of the Security Agreement, in order to proceed with the implementation of the Security Interest. In addition, please note that the outstanding amount of the Secured Obligations to the date of this notice, amounts to US$ [—] without prejudice to any interest accrued up to the date when full payment of the Secured Obligations is made. 
 Pursuant to the provisions of the Security Agreement, the Common Representative shall award any and all Account Balances until full payment of the Secured Obligations is to the satisfaction of the
Collateral Agent. 
 As from the date of receipt of this document: (i) the Collateral Agent shall be the full and exclusive owner of all
Account Balances; and (ii) the Account Balances shall be transferred to the bank account, which is notified to the Bank by the Common Representative. 
  

	
	Yours truly,
	
	  

	BBVA Banco Continental
	Collateral Agent

  
 D-19

 Exhibit I (b) 

Form of Enforcement Notice to the Common Representative 

 

			
	Lima, [—] [—], [—]
	
	[name of Common Representative]
	[Address]
	[City]
		
	Attention:	 	[Full Name]
		 	[Position]
		
	Subject:	 	Enforcement Notice of Security Interest

 Dear sirs, 

Reference is made to the Security Interest Agreement Over Account Balances, dated February 27, 2013 (hereinafter, the “Security
Agreement”) entered into by and between Graña y Montero S.A.A. (hereinafter, the “Pledgor”) and BBVA Banco Continental (hereinafter, the “Collateral Agent”). 

Capitalized terms not otherwise defined shall have the meaning attributed thereto in the Security Agreement. 

We hereby advice that an Enforcement Event has taken place under such Security Agreement; and, therefore, we made the decision to enforce the Security
Interest. 
 In this regard, we request that in accordance with the provisions of the Security Agreement, you will proceed with the execution of
the Security Interest, by immediately awarding to us all the Account Balances, until we report that the Pledgor has paid and complied with the Secured Obligations, which, as of the date of this notice, amount to US$ [—], without prejudice to any interest accrued up to the date when full payment of the Secured Obligations is made. 
 In addition, we hereby request you to proceed and notify the Bank executing the Security Interest, indicating that as from the date of receipt of this document: (i) the Collateral Agent is the full
and exclusive owner of all Account Balances; and (ii) the Account Balances must be transferred to Account [—]. 
  

	
	Yours truly,
	
	  

	BBVA Banco Continental
	Collateral Agent

  
 D-20

 Exhibit II 

Form of Notice to the Bank 
  

			
	Lima, [—] [—],
[—]
		
	[Bank]	 	
	[Address]	 	
	[City]	 	
		
	Attention:	 	[Full Name]
		 	[Position]
		
	Subject:	 	Enforcement of Security Interest 

 Dear sirs, 

Reference is made to the Security Interest Agreement Over Account Balances, dated February 27, 2013 (hereinafter, the “Security
Agreement”) entered into by and between Graña y Montero S.A.A. (hereinafter, the “Pledgor”) and BBVA Banco Continental (hereinafter, the “Collateral Agent”). 

Capitalized terms not otherwise defined shall have the meaning attributed thereto in the Security Agreement. 

Pursuant to the provisions of the Security Agreement, we hereby advise that the Collateral Agent has notified the Common Representative of its intention
to enforce the Security Interest, whereby the Collateral Agent has been awarded full ownership of the Account Balances. 
 Consequently, we
instruct that as from the date of receipt of this document, up to the date when you receive a new notice expressly revoking these instructions, you should transfer the Account Balances, up to the amount of US$
[—] into Account [—]. 
  

	
	Yours truly,
	
	  

	[Common Representative]
	
	  

	GFC/LR-MCP-mch
	010750K13

  
 D-21

 EXECUTION VERSION 

Exhibit E 
 to Credit
Agreement 
 GUARANTY 
 This GUARANTY, dated as of February 27, 2013, is made by GyM S.A., Graña y Montero Petrolera S.A., Concar S.A. and Viva GyM S.A., and each other Subsidiary of the Borrower (the
“Additional Guarantors”) that executes a guaranty supplement in the form of Exhibit A (collectively the “Guarantors” and, individually, each a “Guarantor”), in favor of
the Secured Parties (as defined under the Credit Agreement referred to below), 
 W I T N E
S S E T H: 
 WHEREAS, Graña y Montero S.A.A., a sociedad anónima
abierta organized under the laws of Perú (the “Borrower”), is party to that certain Credit Agreement, dated as of February 27, 2013 (as amended, amended and restated, supplemented or otherwise modified from
time to time, the “Credit Agreement”; capitalized terms used but not otherwise defined herein are used herein as defined therein), with the banks, financial institutions and other institutional lenders party thereto from time
to time (the “Lenders”), BBVA Continental, as collateral agent for the Lenders (the “Collateral Agent”), and BBVA Bancomer S.A., Institución de Banca Multiple, Grupo Financiero BBVA Bancomer, as
administrative agent for the Lenders (the “Administrative Agent”); 
 NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and to comply with the condition precedent to effectiveness under Section 3.01(f)(iv) of the Credit Agreement and the affirmative covenant of the
Borrower under Section 5.01(j) of the Credit Agreement, each Guarantor jointly and severally (solidariamente) with each other Guarantor, hereby agrees as follows: 
 1. Guaranty. (a) Each Guarantor unconditionally guarantees the punctual payment when due, whether upon maturity, by acceleration or otherwise, of all obligations (now or hereafter existing,
including any extensions, modifications, substitutions, amendments or renewals of any or all of the foregoing obligations) of each other Loan Party under any Loan Document, whether direct or indirect, absolute or contingent, and whether for
principal, interest, premium, fees, indemnities, expenses or otherwise, in each case, in accordance with the terms thereof (all such obligations being the “Guaranteed Obligations”). If any Loan Party fails to pay any
Guaranteed Obligation in full when due (whether at stated maturity, by acceleration or otherwise), the Guarantors will promptly pay the same to the Administrative Agent, for the benefit of the Secured Parties. The Guarantors will also pay to the
Administrative Agent, for the benefit of the Secured Parties, any and all expenses (including reasonable legal fees and expenses) incurred by any Secured Party in enforcing such Secured Party’s rights under this Guaranty. This Guaranty is a
guaranty of payment and not merely of collection. 
 (b) Each of the Guarantors, and by its acceptance of this Guaranty, the
Administrative Agent and each other Secured Party, hereby confirms that it is the intention of all such Persons that this Guaranty and the obligations of each Guarantor hereunder not constitute a

  
 GyM
Guaranty 
 E-1 

 
fraudulent transfer or conveyance for purposes of Bankruptcy Law (as hereinafter defined), the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar foreign,
federal or state law, including Law No. 27809 - Ley General del Sistema Concursal of Perú, to the extent applicable to this Guaranty and the obligations of each Guarantor hereunder. To effectuate the foregoing intention,
(i) the Administrative Agent, the Secured Parties and the Guarantors hereby irrevocably agree that the obligations of each Guarantor hereunder at any time shall be limited to the maximum amount as will result in such obligations not
constituting a fraudulent transfer or conveyance and (ii) each Guarantor hereby unconditionally and irrevocably agrees that in the event any payment shall be required to be made to any Secured Party as requested by the Administrative Agent on
behalf of such Secured Party under this Guaranty, such Guarantor will contribute, to the maximum extent permitted by law, such amounts to each other Guarantor so as to maximize the aggregate amount paid to the Secured Parties under or in respect of
the Loan Documents. For purposes hereof, “Bankruptcy Law” means any proceeding of the type referred to in Section 6.01(e) of the Credit Agreement or Title 11, U.S. Code or any similar foreign, federal or state law for
the relief of debtors. 
 2. Guaranty Absolute. (a) Each Guarantor’s liability under this Guaranty is joint and
several (solidaria), irrevocable, absolute and unconditional irrespective of (i) any illegality, lack of validity or enforceability of any Guaranteed Obligation, (ii) any amendment, modification, waiver or consent to departure from
the terms of any Guaranteed Obligation, including any renewal or extension of the time or change of the manner or place of payment, (iii) any exchange, substitution, release, non-perfection or impairment of any collateral securing payment of
any Guaranteed Obligation, (iv) any change in the corporate existence, structure or ownership of any Loan Party, or any insolvency, bankruptcy, reorganization or other similar proceeding affecting any Loan Party or its assets or any resulting
release or discharge of any Guaranteed Obligation, (v) the existence of any claim, set-off or other rights that any Guarantor may have at any time against any other Loan Party, the Secured Parties or any other corporation or Person, whether in
connection herewith or any unrelated transactions; provided that nothing herein will prevent the assertion of any such claim by separate suit or compulsory counterclaim, (vi) any law, regulation, decree or order of any jurisdiction, or
any other event, affecting any term of any Guaranteed Obligation or the Secured Parties’ rights with respect thereto, including: (A) the application of any such law, regulation, decree or order, including any prior approval, which would
prevent the exchange of a Non-USD Currency (as hereinafter defined) for U.S. Dollars or the remittance of funds outside of such jurisdiction or the unavailability of U.S. Dollars in any legal exchange market in such jurisdiction in accordance with
normal commercial practice, (B) a declaration of banking moratorium or any suspension of payments by banks in such jurisdiction or the imposition by such jurisdiction or any Governmental Authority thereof of any moratorium on, the required
rescheduling or restructuring of, or required approval of payments on, any indebtedness in such jurisdiction, (C) any expropriation, confiscation, nationalization or requisition by such country or any Governmental Authority that directly or
indirectly deprives any Loan Party of any assets or its use or of the ability to operate its business or a material part thereof or (D) any war (whether or not declared), insurrection, revolution, hostile act, civil strife or similar events
occurring in such jurisdiction which has the same effect as the events described in clause (A), (B) or (C) above (in each of the cases contemplated in clauses (A) through (D) above, to the
extent occurring or existing on or at any time after the date hereof) and (vii) any other circumstance (including any statute of limitations) or any existence of or reliance on any representation by any Secured Party that might otherwise
constitute a defense available to, or a legal or equitable discharge of, any Loan Party or surety. 

  
 GyM
Guaranty 
 E-2 

 (b) Without limiting the generality of the foregoing, each Guarantor guarantees that it
shall pay the Secured Parties in accordance with the express terms of any document or agreement evidencing any Guaranteed Obligation, including in the amounts and in the currency expressly agreed to thereunder, irrespective of and without giving
effect to any laws of the jurisdiction where any of the Loan Parties is principally located in effect from time to time, or any order, decree or regulation in the jurisdiction where any of the Loan Parties is principally located (except as
enforceability thereof may be limited by the effect of any applicable bankruptcy, insolvency, reorganization, moratorium, or similar law affecting creditors’ rights generally and general principles of equity). The obligations of each Guarantor
under or in respect of this Guaranty are independent of the Guaranteed Obligations of any other Loan Party under or in respect of the Loan Documents, and a separate action or actions may be brought and prosecuted against each Guarantor to enforce
this Guaranty, irrespective of whether any action is brought against the Borrower or any other Loan Party or whether the Borrower or any other Loan Party is joined in any such action or actions. 

(c) It is the intent of this Section 2 that each Guarantor’s obligations hereunder are and shall be absolute and
unconditional under any and all circumstances. 
 3. Waiver. To the extent permitted under applicable law, each Guarantor
hereby waives promptness, diligence, notice of acceptance, notice of dishonor and any other notice with respect to any Guaranteed Obligation and this Guaranty and any requirement that the Secured Parties exercise any right or take any action against
any Loan Party or credit support. 
 4. Reinstatement. This Guaranty will continue to be effective or be reinstated, as
the case may be, if at any time any payment of any Guaranteed Obligation is rescinded or must otherwise be returned by the Secured Parties upon the insolvency, bankruptcy or reorganization of any of the Loan Parties or otherwise, all as though such
payment had not been made; provided, however, that any such reinstatement shall be limited to the amount of the payment so rescinded or returned by such party. 
 5. Subrogation. Until the Guaranteed Obligations and all other amounts payable under this Guaranty have been paid in full in cash and the Commitments shall have expired or been terminated, each
Guarantor hereby unconditionally and irrevocably agrees not to exercise any rights that it may now have or hereafter acquire against the Borrower or any other Loan Party that arise from the existence, payment, performance or enforcement of such
Guarantor’s obligations under or in respect of this Guaranty or any other Loan Document, including any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate in any claim or remedy of any
Secured Party against the Borrower or any other Loan Party or any collateral, whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including the right to take or receive from the Borrower or any other
Loan Party, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of such claim, remedy or right. If any amount shall be paid to any Guarantor in violation of the immediately preceding
sentence at any time prior to the latest of (a) the payment in full in cash of the Guaranteed Obligations and all 

  
 GyM
Guaranty 
 E-3 

 
other amounts payable under this Guaranty and (b) the date of termination in whole of the Commitments, such amount shall be received and held in trust for the benefit of the Secured Parties,
shall be segregated from other property and funds of such Guarantor and shall forthwith be paid or delivered to the Administrative Agent in the same form as so received (with any necessary endorsement or assignment) to be credited and applied to the
Guaranteed Obligations and all other amounts payable under this Guaranty, whether matured or unmatured, in accordance with the terms of the Loan Documents, or to be held as collateral for any Guaranteed Obligations or other amounts payable under
this Guaranty thereafter arising. If (i) any Guarantor shall make payment to any Secured Party of all or any part of the Guaranteed Obligations, (ii) all of the Guaranteed Obligations and all other amounts payable under this Guaranty shall
have been paid in full in cash and (iii) the Commitments shall have been terminated in full, the Secured Parties will, at such Guarantor’s request and expense, execute and deliver to such Guarantor appropriate documents, without recourse
and without representation or warranty, necessary to evidence the transfer by subrogation to such Guarantor of an interest in the Guaranteed Obligations resulting from such payment made by such Guarantor pursuant to this Guaranty. 

6. Taxes. Any and all payments by or on account of any obligation of any Guarantor hereunder or under any other Loan Document
shall be made free and clear of and without reduction or withholding for any Taxes or Other Taxes, on the same terms provided in Section 2.12 of the Credit Agreement, which Section 2.12 is incorporated herein by reference as if set forth
in full, with references to the “Borrower” being deemed references to the Guarantors. 
 7. Place and Currency of
Payment. If any Guaranteed Obligation is payable in U.S. Dollars, each Guarantor will make payment hereunder to the Administrative Agent in U.S. Dollars at the Administrative Agent’s Account. If any Guaranteed Obligation is payable in a
currency other than U.S. Dollars (a “Non-USD Currency”) and/or at a place other than the United States, and such payment is not made as and when agreed, the Guarantors will, at the Administrative Agent’s option, either
(a) make payment in such Non-USD Currency and at the place where such Guaranteed Obligation is payable or (b) pay the Administrative Agent in U.S. Dollars at the Administrative Agent’s Account. In the event of a payment pursuant to
clause (b) above, the Guarantors will pay the Administrative Agent the equivalent of the amount of such Guaranteed Obligation in U.S. Dollars calculated at the rate of exchange at which, in accordance with normal banking procedures, the
Administrative Agent may buy such Non-USD Currency in New York, New York on the date the Guarantors make such payment; provided, however, that the foregoing provisions of this sentence shall not apply to any payments hereunder in
respect of Guaranteed Obligations that have been re-denominated into a Non-USD Currency as a result of the application of any law, order, decree or regulation in any jurisdiction other than the United States, which Guaranteed Obligations shall, for
purposes of this Guaranty, be deemed to remain denominated in U.S. Dollars and payable to the Administrative Agent in accordance with the first sentence of this Section 7. 

8. Set-Off. If any Guarantor fails to pay any of its obligations hereunder when due and payable, each Secured Party and each of
their respective Affiliates is authorized at any time and from time to time, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other Indebtedness at any time owing by such
Secured Party or such Affiliate to or for such Guarantor’s credit or account against any and all of the Guaranteed Obligations, whether or not the Administrative Agent or any other Secured

  
 GyM
Guaranty 
 E-4 

 
Party has made any demand under this Guaranty. Such Secured Party will promptly notify the Guarantors after any such set-off and application; provided that the failure to give such notice
will not affect the validity of such set-off and application. The Administrative Agent’s and each other Secured Party’s rights under this Section 8 are in addition to other rights and remedies (including other rights of
set-off) that the Administrative Agent and such other Secured Party may have. 
 9. Representations and Warranties. Each
Guarantor represents and warrants that: (a) it is a sociedad anónima duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation, (b) the execution, delivery and performance
by such Guarantor of this Guaranty are within its corporate powers, have been duly authorized by all necessary corporate action and do not contravene (i) its charter or by-laws or (ii) any law or any contractual restriction binding on or
affecting such Guarantor, and will not result in the imposition of any Lien on any assets of such Guarantor, (c) no authorization or approval or other action by, and no notice to or filing with, any Governmental Authority or regulatory body or
any other third party is required for the due execution, delivery and performance by such Guarantor of this Guaranty and (d) this Guaranty has been duly executed and delivered by such Guarantor and is its legal, valid and binding obligation,
enforceable against such Guarantor in accordance with its terms (except as enforceability thereof may be limited by the effect of any applicable bankruptcy, insolvency, reorganization, liquidation, moratorium or similar law affecting creditors’
rights generally and general principles of equity). 
 10. Continuing Guaranty. (a) This Guaranty is continuing in
nature and applies to all Guaranteed Obligations whenever arising. This Guaranty is irrevocable and will remain in full force and effect until the payment in full of the Guaranteed Obligations and all amounts payable hereunder and the termination of
all of the agreements relating to the Guaranteed Obligations. 
 (b) Without limiting the generality of clause
(a) above, any Secured Party may assign or otherwise transfer all or any portion of its rights and obligations under the Credit Agreement (including all or any portion of its Commitments, the Advances owing to it and the Note or Notes held
by it) to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to such Secured Party herein or otherwise, in each case, as and to the extent provided in Section 8.07 of the
Credit Agreement. No Guarantor shall have the right to assign its rights hereunder or any interest herein without the prior written consent of the Secured Parties. 
 11. Amendments, Etc. (a) No amendment or waiver of any provision of this Guaranty, and no consent to departure by any Guarantor herefrom, will in any event be effective unless the same is in
writing and signed by the Administrative Agent, and then such waiver or consent will be effective only in the specific instance and for the specific purpose for which given. The effectiveness of any amendment to this Guaranty is subject to the terms
of Section 8.01 of the Credit Agreement. 
 (b) Upon the execution and delivery by any Person of a guaranty supplement in
substantially the form of Exhibit A (each, a “Guaranty Supplement”), (i) such Person shall be referred to as an “Additional Guarantor” and shall become and be a Guarantor hereunder, and

  
 GyM
Guaranty 
 E-5 

 
each reference in this Guaranty to a “Guarantor” shall also mean and be a reference to such Additional Guarantor, and each reference in any other Loan Document to a
“Guarantor” shall also mean and be a reference to such Additional Guarantor and (ii) each reference herein to “this Guaranty”, “hereunder”, “hereof” or words of like import referring to this Guaranty, and
each reference in any other Loan Document to the “Guaranty”, “thereunder”, “thereof” or words of like import referring to this Guaranty, shall mean and be a reference to this Guaranty as supplemented by such Guaranty
Supplement. 
 12. Notices, Etc. All notices and other communications provided for hereunder to any Guarantor shall be
addressed to it in care of the Borrower at the Borrower’s address specified in Section 8.02 of the Credit Agreement and shall be made in the manner and with the effect provided in such Section. All other notices and other communications
provided for hereunder to any Secured Party shall be made at its address specified, in the manner and with the effect provided in Section 8.02 of the Credit Agreement. 
 13. Indemnification. (a)Each Guarantor, jointly and severally, agrees to indemnify, defend and save and hold harmless each Secured Party and each of their Affiliates and their officers, directors,
employees, agents and advisors (each, an “Indemnified Party”) from and against, and shall pay on demand any and all claims, damages, losses, liabilities and expenses (including reasonable fees and expenses of counsel)
incurred by or asserted or awarded against any Indemnified Party, in each case, arising out of or in connection with or by reason of (including in connection with any investigation, litigation or proceeding or preparation of a defense in connection
therewith) this Guaranty or any other Loan Document, except to the extent such claim, damage, loss, liability or expense is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from such Indemnified
Party’s gross negligence or willful misconduct. 
 (b) In the case of an investigation, litigation or other proceeding to
which the indemnity in this Section 13 applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is brought by any Guarantor, its directors, equityholders or creditors or an Indemnified Party
or any other Person, whether or not any Indemnified Party is otherwise a party thereto. Each Guarantor also agrees not to assert any claim for special, indirect, consequential or punitive damages against any Indemnified Party on any theory of
liability arising out of or otherwise relating to this Guaranty or any other Loan Document. 
 (c) Without prejudice to the
survival of any of the other agreements of any Guarantor under this Guaranty or any of the other Loan Documents to which it is a party, the agreements and obligations of each Guarantor contained in Sections 1 (with respect to enforcement
expenses), 2, 6 and this Section 13 shall survive the payment in full of the Guaranteed Obligations and all of the other amounts payable under this Guaranty. 

14. Subordination. Each Guarantor hereby subordinates any and all Indebtedness permitted under the Loan Documents and other
Guaranteed Obligations owed to such Guarantor by each other Loan Party (the “Subordinated Obligations”) to the Guaranteed Obligations to the extent and in the manner hereinafter set forth in this Section 14:

  
 GyM
Guaranty 
 E-6 

 (a) Prohibited Payments, Etc. Except during the continuance of an Event of Default
(including the commencement and continuation of any proceeding under any Bankruptcy Law relating to any other Loan Party), each Guarantor may receive regularly scheduled payments from any other Loan Party on account of the Subordinated Obligations.
After the occurrence and during the continuance of any Event of Default (including the commencement and continuation of any proceeding under any Bankruptcy Law relating to any other Loan Party), however, unless the Administrative Agent otherwise
agrees, no Guarantor shall demand, accept or take any action to collect any payment on account of the Subordinated Obligations. 

(b) Prior Payment of Guaranteed Obligations. In any proceeding under any Bankruptcy Law relating to any other Loan Party, each
Guarantor agrees that the Secured Parties shall be entitled to receive payment in full in cash of all Guaranteed Obligations (including all interest and expenses accruing after the commencement of a proceeding under any Bankruptcy Law, whether or
not constituting an allowed claim in such proceeding (the “Post Petition Interest”) before such Guarantor receives payment of any Subordinated Obligations. 

(c) Administrative Agent Authorization. After the occurrence and during the continuance of any Event of Default (including the
commencement and continuation of any proceeding under any Bankruptcy Law relating to any other Loan Party), the Administrative Agent is authorized and empowered (but without any obligation to so do), in its discretion, (i) in the name of each
Guarantor, to collect and enforce, and to submit claims in respect of, the Subordinated Obligations and to apply any amounts received thereon to the Guaranteed Obligations (including any and all Post Petition Interest) and (ii) to require each
Guarantor (A) to collect and enforce, and to submit claims in respect of, the Subordinated Obligations and (B) to pay any amounts received on such obligations to the Administrative Agent for application to the Guaranteed Obligations
(including any and all Post Petition Interest). 
 15. Guarantor’s Credit Decision, Etc. Each Guarantor has,
independently and without reliance on the Secured Parties and based on such documents and information as such Guarantor has deemed appropriate, made its own credit analysis and decision to enter into this Guaranty. Each Guarantor has adequate means
to obtain from any other Loan Party on a continuing basis information concerning the financial condition, operations and business of such Loan Party, and such Guarantor is not relying on the Secured Parties to provide such information now or in the
future. Each Guarantor acknowledges that it will receive substantial direct and indirect benefit from the extensions of credit contemplated by the Credit Agreement to which this Guaranty relates. 

16. Judgment Currency. If for the purposes of obtaining judgment in any court it is necessary to convert a sum due hereunder in
U.S. Dollars into a Non-USD Currency, each Guarantor agrees that the rate of exchange used will be that at which, in accordance with normal banking procedures, the Administrative Agent could purchase U.S. Dollars with such Non-USD Currency on the
Business Day preceding that on which final, non-appealable judgment is given. The obligation of each Guarantor in respect of any sum due hereunder will, notwithstanding any judgment in a Non-USD Currency, be discharged only to the extent that on the
date each Guarantor makes payment to the Secured Parties of any sum adjudged to be so due in such Non-USD Currency, the Administrative Agent may, in accordance with normal banking procedures, purchase U.S. Dollars with such Non-USD Currency; if the
U.S. Dollars so 

  
 GyM
Guaranty 
 E-7 

 
purchased are less than the sum originally due to the Secured Parties in U.S. Dollars, each Guarantor agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the
Secured Parties against such loss, and if the U.S. Dollars so purchased exceed the sum originally due to the Secured Parties in U.S. Dollars, the Administrative Agent agrees to remit to the Guarantors such excess. 

17. Execution in Counterparts. This Guaranty and each amendment, waiver and consent with respect hereto may be executed in any
number of counterparts and by different parties thereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed
counterpart of a signature page to this Guaranty by telecopier or other electronic communication shall be effective as delivery of an original executed counterpart of this Guaranty. 

18. Governing Law. This Guaranty shall be governed by, and construed in accordance with, the laws of the State of New York.

 19. Jurisdiction, Waiver of Jury Trial, Etc. (a) Each Guarantor, and by its acceptance of this Guaranty, the
Administrative Agent and each other Secured Party, hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of any New York State court or federal court of the United States sitting in New York City,
and any appellate court from any thereof and to the courts of its own corporate domicile in respect of any actions brought against it as a defendant, in any action or proceeding arising out of or relating to this Guaranty, or for recognition or
enforcement of any judgment, and each Guarantor, and by its acceptance of this Guaranty, the Administrative Agent and each other Secured Party, hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding
may be heard and determined in any such New York State court or, to the extent permitted by law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced
in other jurisdictions by suit on the judgment or in any other manner provided by law. 
 (b) Each
Guarantor hereby irrevocably appoints CT Corporation System (the “Process Agent”), with an office on the date hereof at 111 Eighth Avenue, 13th Floor, New York, New York 10011, United States, as its agent to receive on behalf of such Guarantor and its property
service of copies of the summons and complaint and any other process which may be served in any such action or proceeding. Such service may be made by mailing or delivering a copy of such process to such Guarantor in care of the Process Agent at the
Process Agent’s above address, and each Guarantor hereby irrevocably authorizes and directs the Process Agent to accept such service on its behalf. As an alternative method of service, each Guarantor also irrevocably consents to the service of
any and all process in any such action or proceeding by the mailing of copies of such process to the Borrower at its address specified in Section 8.02 of the Credit Agreement. 

(c) Each Guarantor, and by its acceptance of this Guaranty, the Administrative Agent and each other Secured Party, irrevocably and
unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this

  
 GyM
Guaranty 
 E-8 

 
Guaranty or the other Loan Documents to which it is a party in any New York State or federal court. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law,
the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 
 (d) To the extent
that any Guarantor has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with
respect to itself or its property, to the extent permitted by United States federal law, such Guarantor hereby irrevocably and unconditionally waives such immunity in respect of its obligations under this Guaranty and the Loan Documents to which it
is a party and, without limiting the generality of the foregoing, agrees that the waivers set forth in this clause (d) shall have the fullest scope permitted under the Foreign Sovereign Immunities Act of 1976 of the United States and are
intended to be irrevocable for purposes of such Act. 
 (e) Nothing in this Section 19 shall affect the right of any
Secured Party to serve legal process in any other manner permitted by law or affect the right of the Secured Parties to bring any action or proceeding against any Guarantor or its property in the courts of Perú. 

(a) EACH GUARANTOR, AND BY ITS ACCEPTANCE OF THIS GUARANTY, THE ADMINISTRATIVE AGENT AND EACH OTHER SECURED PARTY, IRREVOCABLY WAIVES ALL
RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS GUARANTY OR ANY SECURED PARTY’S ACTIONS IN THE NEGOTIATION, ADMINISTRATION OR ENFORCEMENT HEREOF.

 [Signature Pages Follow.] 

  
 GyM
Guaranty 
 E-9 

 IN WITNESS WHEREOF, each Guarantor has caused this Guaranty to be executed by its officer
thereunto duly authorized, as of the date first above written. 
  

					
	GYM S.A.
		
	By	 	 /s/ Juan Manuel Lambarri

		 	Name:	 	Juan Manuel Lambarri
		 	Title:	 	Representative
		
	By	 	 /s/ Mario Alvarado Pflucker

		 	Name:	 	Mario Alvarado Pflucker
		 	Title:	 	Representative
	
	GRAÑA Y MONTERO PETROLERA S.A.
		
	By	 	 /s/ Luis Diaz Olivero

		 	Name:	 	Luis Diaz Olivero
		 	Title:	 	Representative
		
	By	 	 /s/ Mario Alvarado Pflucker

		 	Name:	 	Mario Alvarado Pflucker
		 	Title:	 	Representative
	
	CONCAR S.A.
		
	By	 	 /s/ Jaime Targarona A.

		 	Name:	 	Jaime Targarona A.
		 	Title:	 	Representative
		
	By	 	 /s/ Mario Alvarado Pflucker

		 	Name:	 	Mario Alvarado Pflucker
		 	Title:	 	Representative
	
	VIVA GYM S.A.
		
	By	 	 /s/ Rolando Ponce Vergara

		 	Name:	 	Rolando Ponce Vergara
		 	Title:	 	Representative

  

					
		 	[Signature Page]	 	GyM Guaranty

 
					
	By	 	 /s/ Mario Alvarado Pflucker

		 	Name:	 	Mario Alvarado Pflucker
		 	Title:	 	Representative

  

					
		 	Signature Page]	 	Gym Guaranty Supplement

 Exhibit A 
 to Guaranty 
 FORM OF GUARANTY SUPPLEMENT 

[—],
20[—] 
 BBVA Continental 

[Address] 
 Attention: [—] 
  

	Re:	Credit Agreement, dated as of February 27, 2013 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among Graña y Montero S.A.A., a sociedad anónima abierta organized and existing under the laws of Perú (the “Borrower”), the banks, financial institutions and other
institutional lenders party thereto from time to time (the “Lenders”), BBVA Continental, as collateral agent for the Lenders (the “Collateral Agent”), and BBVA Bancomer S.A., Institución de
Banca Multiple, Grupo Financiero BBVA Bancomer, as administrative agent for the Lenders (the “Administrative Agent”). 

 Ladies and Gentlemen: 
 Reference is made to the above-captioned Credit Agreement
and to the Guaranty, dated as of February 27, 2013 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Guaranty”; capitalized terms used but not otherwise defined herein are used
herein as defined therein). 
 1. Guaranty; Limitation of Liability. (a)The undersigned hereby unconditionally guarantees
the punctual payment when due, whether at scheduled maturity or by acceleration, demand or otherwise, of all obligations of each other Loan Party (now or hereafter existing, including any extensions, modifications, substitutions, amendments or
renewals of any or all of the foregoing obligations) under or in respect of the Loan Documents (including any extensions, modifications, substitutions, amendments or renewals of any or all of the foregoing obligations), whether direct or indirect,
absolute or contingent, and whether for principal, interest, premium, fees, indemnities, expenses or otherwise (such obligations being the “Guaranteed Obligations”), and agrees to pay to the Administrative Agent, for the
benefit of the Secured Parties, any and all expenses (including reasonable legal fees and expenses) incurred by any Secured Party in enforcing any rights under this guaranty supplement (this “Guaranty Supplement”) or the
Guaranty. If any Loan Party fails to pay any Guaranteed Obligation in full when due (whether at stated maturity, by acceleration or otherwise), the undersigned will promptly pay the same to the Administrative Agent, for the benefit of the Secured
Parties. This Guaranty Supplement is a guaranty of payment and not merely of collection. 
 (b) The undersigned, and by its
acceptance of this Guaranty Supplement, the Administrative Agent and each other Secured Party, hereby confirms that it is the intention of all such Persons that this Guaranty Supplement, the Guaranty and the Guaranteed Obligations of the undersigned
hereunder and thereunder not constitute a fraudulent transfer or conveyance for 

  

					
		 	E-A-1	 	GyM Guaranty

 
purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar foreign, federal or state law, including, but not limited to, Law
No. 27809 - Ley General del Sistema Concursal of Perú, to the extent applicable to this Guaranty Supplement, the Guaranty and the obligations of the undersigned hereunder and thereunder. To effectuate the foregoing intention, the
Administrative Agent, the other Secured Parties and the undersigned hereby irrevocably agree that the obligations of the undersigned under this Guaranty Supplement and the Guaranty at any time shall be limited to the maximum amount as will result in
the obligations of the undersigned under this Guaranty Supplement and the Guaranty not constituting a fraudulent transfer or conveyance. 
 (c) The undersigned hereby unconditionally and irrevocably agrees that in the event any payment shall be required to be made to any Secured Party under this Guaranty Supplement or the Guaranty, the
undersigned will contribute, to the maximum extent permitted by applicable law, such amounts to each other Guarantor so as to maximize the aggregate amount paid to the Secured Parties under or in respect of the Loan Documents. 

2. Obligations Under the Guaranty. The undersigned hereby agrees, as of the date first above written, to be bound as a Guarantor
by all of the terms and conditions of the Guaranty to the same extent as each of the other Guarantors thereunder. The undersigned further agrees, as of the date first above written, that each reference in the Guaranty to an “Additional
Guarantor” or a “Guarantor” shall also mean and be a reference to the undersigned, and each reference in any other Loan Document to a “Guarantor” or a “Loan Party” shall also mean and be a reference to the
undersigned. 
 3. Representations and Warranties. The undersigned hereby makes each representation and warranty set
forth in Sections 9 and 15 of the Guaranty to the same extent as each other Guarantor. 
 4. Delivery by Telecopier.
Delivery of an executed counterpart of a signature page to this Guaranty Supplement by telecopier or other electronic communication shall be effective as delivery of an original executed counterpart of this Guaranty Supplement. 

5. Governing Law; Jurisdiction; Waiver of Jury Trial, Etc. 

(a) This Guaranty Supplement shall be governed by, and construed in accordance with, the laws of the State of New York. 

(b) The undersigned hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive
jurisdiction of any New York State court or federal court of the United States sitting in New York City, and any appellate court from any thereof and to the courts of its own corporate domicile in respect of any actions brought against it as a
defendant, in any action or proceeding arising out of or relating to this Guaranty Supplement or the Guaranty, or for recognition or enforcement of any judgment, and the undersigned hereby irrevocably and unconditionally agrees that all claims in
respect of any such action or proceeding may be heard and determined in any such New York State court or, to the extent permitted by law, in such federal court. The undersigned agrees that a final judgment in any such action or proceeding shall be
conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. The undersigned hereby irrevocably appoints CT Corporation System (the “Process Agent”), with an office on
the date hereof at 111 Eighth Avenue, 13th

  

					
		 	E-A-2	 	GyM Guaranty

 
Floor, New York, New York 10011, United States, as its agent to receive on behalf of itself and its property service of copies of the summons and complaint and any other process which may be
served in any such action or proceeding. Such service may be made by mailing or delivering a copy of such process to the undersigned in care of the Process Agent at the Process Agent’s above address, and the undersigned hereby irrevocably
authorizes and directs the Process Agent to accept such service on its behalf. As an alternative method of service, the undersigned also irrevocably consents to the service of any and all process in any such action or proceeding by the mailing of
copies of such process to the Borrower at its address specified in Section 8.02 of the Credit Agreement. 
 (c) The
undersigned irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to
this Guaranty Supplement, the Guaranty or the other Loan Documents to which it is a party in any New York State or federal court. The undersigned hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum
to the maintenance of such action or proceeding in any such court. 
 (d) To the extent that the undersigned has or hereafter
may acquire any immunity from jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its property, to
the extent permitted by United States federal law, the undersigned hereby irrevocably and unconditionally waives such immunity in respect of its obligations under this Guaranty Supplement, the Guaranty and the Loan Documents to which it is a party
and, without limiting the generality of the foregoing, agrees that the waivers set forth in this clause (d) shall have the fullest scope permitted under the Foreign Sovereign Immunities Act of 1976 of the United States and are intended
to be irrevocable for purposes of such Act. 
 (e) Nothing in this Section 5 shall affect the right of any Secured
Party to serve legal process in any other manner permitted by law or affect the right of the Secured Parties to bring any action or proceeding against the undersigned or its property in the courts of Perú. 

(f) THE UNDERSIGNED IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT,
TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS GUARANTY SUPPLEMENT, THE GUARANTY OR ANY SECURED PARTY’S ACTIONS IN THE NEGOTIATION, ADMINISTRATION OR ENFORCEMENT HEREOF OR THEREOF. 

[Signature Page Follows.] 

  

					
		 	E-A-3	 	GyM Guaranty

 IN WITNESS WHEREOF, the undersigned has caused this Guaranty Supplement to be executed by
its officer thereunto duly authorized, as of the date first above written. 
  

			
	[NAME OF ADDITIONAL GUARANTOR]
		
	By	 	  

		 	Name:
		 	Title:

  

					
		 	E-A-4	 	GyM Guaranty

 Exhibit F 
 to Credit Agreement 
 February 27, 2013 

BBVA BANCOMER S.A., INSTITUCIÓN DE BANCA MÚLTIPLE, 
 GRUPO FINANCIERO BBVA BANCOMER 
 Montes Urales 620, 2nd Floor 

Col. Lomas de Chapultepec 11000 
 Mexico D.F.

 Ladies and Gentlemen: 
 I am the
General Counsel of Graña y Montero S.A.A. (the “Borrower”) and GyM S.A., Graña y Montero Petrolera S.A. Concar S.A. and Viva GyM S.A. (the “Guarantors”) in connection with the US$ 150’000,000.00 Credit
Agreement (the “Credit Agreement”) dated February 27, 2013 entered into and among by the Initial Lenders named therein (the “Lenders”), the Borrower, BBVA Bancomer S.A., Institución Financiera de Banca
Múltiple, Grupo Financiero Bancomer BBVA Bancomer (the “Administrative Agent”), BBVA Continental (the “Collateral Agent”), and BBVA Securities Inc. (the “Sole Lead Arranger and Bookrunner”). 

This opinion letter is provided pursuant to Section 3.01(f)(viii) of the Credit Agreement. Capitalized terms used but not otherwise
defined herein have the meanings assigned thereto in (including by reference in) the Credit Agreement. 
  

	1.	In connection with the opinions expressed below, I have examined the following agreements, instruments and other documents: 

 

	 	(a)	an executed copy of the Credit Agreement; 

  

	 	(b)	an executed copy of the promissory notes issued by the Borrower under the Credit Agreement (the “Notes” or “Pagarés”), the
guaranty (aval) issued by GyM S.A., Graña y Montero Petrolera S.A. Concar S.A. and Viva GyM S.A. (collectively, the “Guarantors”) and the corresponding Note Filling Agreements (“Instrucciones para el llenado del
Pagaré”), all dated February 27, 2013; 

  

	 	(c)	an executed copy of the Guaranty Agreement dated February 27, 2013; 

  

	 	(d)	an executed copy of the Peruvian Account Pledge (Contrato de Constitución de Garantía Mobiliaria sobre Saldos en Cuenta) dated Februrary 27, 2013;

  

	 	(e)	copy of certificate of validity and effectiveness of the powers of attorney granted by the Borrower (Certificado de Vigencia) and recorded in File 11028652 of
the Registry for Companies of Lima, dated February 22, 2013, authorizing Mr. José Graña Miró Quesada, identified with Peruvian ID 08266298, and Mr. Mario Alvarado Pflucker, identified with Peruvian ID 08216132, to
execute the Credit Agreement, the Peruvian Account Pledge and the Pagaré; 

  

	 	(f)	 copy of certificate of validity and effectiveness of the powers of attorney granted by GyM S.A. (Certificado de Vigencia) and recorded in File
11006796 of the Registry for Companies of Lima, dated February 22, 2013, authorizing Mr. Mario 

  
  

					
		 	F-1	 	GyM Guaranty

	 	
Alvarado Pflucker, identified with Peruvian ID 08216132, and Mr. Juan Manuel Lámbarri Hierro, identified with Peruvian ID 08249293, to execute the Pagaré as guarantor and the
Guaranty Agreement; 

  

	 	(g)	copy of certificate of validity and effectiveness of the powers of attorney granted by Graña y Montero Petrolera S.A. (Certificado de Vigencia) and
recorded in File 00636592 of the Registry for Companies of Lima, dated February 22, 2013, authorizing Mr. Mario Alvarado Pflucker, identified with Peruvian ID 08216132, and Mr. Luis Díaz Olivero, identified with Peruvian ID
07872756, to execute the Pagaré as guarantor and the Guaranty Agreement; 

  

	 	(h)	copy of certificate of validity and effectiveness of the powers of attorney granted by Concar S.A. (Certificado de Vigencia) and recorded in File 03021446 of the
Registry for Companies of Lima, dated February 22, 2013, authorizing Mr. Mario Alvarado Pflucker, identified with Peruvian ID 08216132, and Mr. Jaime Targarona Arata, identified with Peruvian ID 10492436, to execute the Pagaré
as guarantor and the Guaranty Agreement; 

  

	 	(i)	copy of certificate of validity and effectiveness of the powers of attorney granted by Viva GyM S.A. (Certificado de Vigencia) and recorded in File 12169100 of
the Registry for Companies of Lima, dated February 22, 2013, authorizing Mr. Mario Alvarado Pflucker, identified with Peruvian ID 08216132, and Mr. Rolando Ponce Vergara, identified with Peruvian ID 08187579, to execute the Pagare as
guarantor and the Guaranty Agreement; 

 The documents listed in (a), (b), (c) and (d) above are herein
referred to as the “Documents”. 
  

	2.	The opinions set out in this letter relate only to the laws of the Republic of Peru as in force at the date hereof and I do not express any opinion as to the laws of
any other jurisdiction. 

  

	3.	Upon the basis of the foregoing, I am of the opinion that: 

  

	 	(a)	The Borrower is a sociedad anónima abierta duly organized, validly existing and in good standing under the laws of Peru. 

 

	 	(b)	Each of the Guarantors is a sociedad anónima duly organized, validly existing and in good standing under the laws of the Republic of Peru.

  

	 	(c)	Each of the Loan Parties has all necessary corporate power and authority to execute and deliver, and to perform all of its obligations under, each of the Documents to
which it is a party and to consummate the transactions contemplated therein. 

  

	 	(d)	Each of the Loan Parties has duly authorized each of the Documents to which it is a party, and each of such Documents has been executed and delivered by duly authorized
representatives of the respective Borrower or Guarantor with the authority and capacity to execute such documents on such Loan Party’s behalf. 

  

	 	(e)	 The execution and delivery of the Documents under which the Loan Parties are a party (i) constitute a legal, valid and binding obligation of the
Loan Parties, enforceable against it in accordance with the terms therein, except as may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, liquidation,

  
  

					
		 	F-2	 	GyM Guaranty

	 	
moratorium or other similar laws relating to or affecting the rights and remedies of creditors generally, and (ii) are in proper legal form for purposes of any legal proceeding in Peru, for
the enforcement thereof against the Loan Parties. It is not necessary that any of the Documents be filed or recorded with any court or other authority in the Republic of Peru. Neither the execution and delivery of the Documents by the Borrower or
the Guarantors nor compliance by them with the terms thereof, will violate or conflict with any law, statute, regulation, rule, decree or their by- laws (Estatuto). 

 

	 	(f)	The execution, delivery and performance by each of the Loan Parties of the Documents to which it is a party do not contravene the laws of Peru applicable to such Loan
Party. 

  

	 	(g)	Each of the Notes governed by Peruvian law (i) was duly executed by the Borrower and the Guarantors (as avalista) (ii) is in proper legal form under
the laws of the Republic of Peru for its enforcement against the Loan Parties through appropriate legal proceedings filed before the competent judges in the Republic of Peru, and (iii) represents a legal, valid and binding obligation of
Borrower and the Guarantors (as avalista), enforceable against them in accordance with the terms therein. 

Since each of the Notes is a pagaré incompleto under Peruvian law, you must follow the corresponding Note Filling Agreement
(Instrucciones para el llenado del Pagaré) before any enforcement against the Borrower or the Guarantors. 
  

	 	(h)	The Peruvian Account Pledge constitutes a valid and perfected first priority Lien in favor of the Collateral Agent, for the benefit of the Secured Parties, as purported
to be granted thereby, that will be effective erga omnes upon the recording of the Peruvian Account Pledge with the Contracts Registry (Registro Mobiliario de Contratos). 

 

	 	(i)	A judgment of a court of Peru may be expressed in a currency other than Peruvian currency if the parties to the relevant agreement convened in paying the obligations
arising thereunder in such foreign currency. 

  

	 	(j)	No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Peruvian governmental authority is necessary or required
(i) in connection with the execution, delivery or performance of the Documents by, or enforcement against, the Borrower or the Guarantors, or (ii) for the granting by the Borrower of first priority perfected Lien in favor of the Collateral
Agent, for the benefit of the Secured Parties, purported to be granted by or pursuant to the Peruvian Account Pledge, other than the recording of the Peruvian Account Pledge with the Contracts Registry (Registro Mobiliario de Contratos) for
purposes of its effectiveness erga omnes. 

  

	 	(k)	There is no foreign exchange or other restrictions in effect in Peru adversely affecting the ability or right of the Borrower or the Guarantors to acquire and to remit
to you Dollars to pay and satisfy its obligations under the Documents. 

  

	 	(l)	 No fees or taxes, including without limitation, stamp, transaction, registration or similar fees and taxes, are required to be paid for the legality,
validity, enforceability of the Documents; provided that (i) the admissibility in evidence and the enforceability before a Peruvian court of the Documents executed in a language other than Spanish requires such documents to be officially
translated 

  
  

					
		 	F-3	 	GyM Guaranty

	 	
into Spanish by a duly authorized public translator in the Republic of Peru, and (ii) the fees (tasas judiciales) to be paid for the admissibility before a Peruvian court of any
Document. 

  

	 	(m)	Except for those parties that are domiciled in Peru, no party to the Documents will be deemed to be domiciled in Peru, nor will any party be considered to be performing
or transacting business in Peru by reason only of the execution, delivery, performance and enforcement of the Documents. 

  

	 	(n)	No withholding or other tax under the laws of Peru is required to be paid or withheld on or by virtue of the execution, delivery or performance by the Borrower of the
Documents, except for obligations with respect to (a) the withholding of income tax (Impuesto a la Renta) at a rate of 30% or 4.99%, if applicable, on interest, fees, commissions, premiums and any other amount of money paid by the Borrower
under the Credit Agreement, (b) payment of the Peruvian Value Added Tax (Impuesto General a las Ventas) at a rate of 18% in connection with fees and interest payments made by the Borrower under the Credit Agreement (which obligation is
currently exempted to the extent that the applicable lender is a local or foreign bank, or financial institution), and (c) payment by the Borrower of the Peruvian Financial Transactions Tax (Impuesto a las Transacciones Financieras) at a rate
of 0.005%. 

  

	 	(o)	Not being a financing granted directly to them, the Guarantors will have no obligation to withhold income tax (Impuesto a la Renta) or pay Value Added Tax
(Impuesto General a las Ventas) on interest, commissions, premiums and other financial expenses paid under the Documents. Other than payment of the Peruvian Financial Transactions Tax (Impuesto a las Transacciones Financieras) created
by Law No. 28194 and regulated by its Single Unified Text (Texto Único Ordenado) approved by Supreme Decree No. 150-2007-EF, which would apply if funds are wired to or from a Peruvian bank account, no tax is required to be
paid in Peru in respect of, or deducted from, any payment required to be made pursuant to the Documents. 

  

	 	(p)	The choice of New York law under the Credit Agreement and the Guaranty Agreement is a valid choice of law, and will be recognized by the courts of the Republic of Peru,
except for the limitations of (i) Article 2049° of the Peruvian Civil Code, under which provisions of foreign law shall be excluded if they are incompatible with international public policy or good morals; (ii) Article 2088° of the
Peruvian Civil Code, by virtue of which the creation, content and extinction of security interests on tangible assets located in Peru is governed by Peruvian law; and (iii) Article 2.1 of the Peruvian Insolvency System General Act, Law
No. 27809, according to which any insolvency, bankruptcy, moratorium, fraudulent conveyance or transfer involving entities domiciled in Peru shall be governed by Peruvian law. In any such scenario, the laws of Peru will apply.

 The submission by the Borrower to the jurisdiction expressly set forth in the Credit Agreement and the Guaranty
Agreement is a legal and valid submission to jurisdiction in accordance with its terms. The appointment of the process agent contemplated in the Credit Agreement and the Guaranty Agreement is valid and effective under Peruvian law. 

A final, non-appealable judgment against the Borrower and the Guarantors obtained from the United States District Court of the Southern
District of New York or any New York State court or state court sitting in the State of New York 

  
  

					
		 	F-4	 	GyM Guaranty

 
will be recognizable and enforceable against the Borrower and the Guarantors in the competent courts of the Republic of Peru without re-examination, review of the merits of the cause of action in
respect of which such judgment was given, or relitigation of the merits adjudicated upon, provided that the following conditions are met: 
  

	 	(i)	such judgment does not resolve matters under the exclusive jurisdiction of Peruvian courts; 

 

	 	(ii)	the court rendering such judgment had jurisdiction under its own conflicts of law rules and under international rules on jurisdiction; 

 

	 	(iii)	the defendant was served with process in accordance with the laws of the place where such court sits, was granted a reasonable opportunity to appear before such foreign
courts and was guaranteed due process rights; 

  

	 	(iv)	the judgment has the status of res judicata in the jurisdiction of the court rendering such judgment; 

 

	 	(v)	there is no pending litigation in Peru between the same parties for the same dispute, which shall have been initiated before the commencement of the proceeding that
concluded with the foreign judgment; 

  

	 	(vi)	such judgment is not incompatible with another enforceable judgment in Peru unless such foreign judgment was rendered first; 

 

	 	(vii)	such judgment is not contrary to the public order or good morals of Peru; and 

 

	 	(viii)	there is a treaty between Peru and the country in which such judgment has been rendered, and the provisions of such treaty shall apply. In the absence of a treaty, the
reciprocity rule is applicable (such reciprocity being presumed), under which a judgment given by a foreign competent court will be admissible in the Peruvian courts and will be enforceable thereby, except if according to such foreign law
(a) judgments issued by Peruvian courts are not admissible in such foreign country, or (b) judgment issued by Peruvian courts are subject to re-examination by such competent court of the issues dealt with therein. 

As of this date, there is no treaty between Peru and the United States of America on the enforcement of foreign judicial resolutions.
However, we have no reason to believe that any obligation under the Credit Agreement and the Guaranty Agreement would be contrary to Peruvian public policy and international treaties to which Peru is subject or generally accepted principles of
international law. 
 Assuming that the foreign final judgment complies with the standards set forth in this opinion, and in the
absence of any condition referred to above which would render a foreign judgment unenforceable, the respective parties would be entitled to enforce such judgment in Peru by proceedings for the enforcement of a foreign final judgment under the laws
of Peru. 
  

	 	(q)	 Neither the Borrower, nor the Guarantors nor their properties enjoy any right of immunity from set-off, suit or execution with respect to their assets
or their 

  
  

					
		 	F-5	 	GyM Guaranty

	 	
obligations under any of the Documents. The Loan Parties are subject to civil and commercial law with respect to their obligations under the Documents, and the execution, delivery and performance
of their obligations thereunder constitute private and commercial acts rather than public or governmental acts. 

Sincerely, 
  

	
	 /s/ Claudia Drago

	Claudia Drago
	General Counsel

  
  

					
		 	F-6	 	GyM Guaranty

 Exhibit G 
 to Credit Agreement 
 MILBANK, TWEED, HADLEY & McCLOY LLP 

1 CHASE MANHATTAN PLAZA 
  

					
	LOS ANGELES	  	NEW YORK, NY 10005-1413	  	BEIJING
	213-892-4000	  		  	8610-5969-2700
	FAX: 213-629-5063	  	                          
      	  	FAX: 8610-5969-2707
			
	 WASHINGTON, D.C.
 202-835-7500
 FAX: 202-835-7586
	  	212-530-5000	  	 HONG KONG
 852-2971-4888
 FAX: 852-2840-0792

	  	  
 FAX: 212-530-5219
	  
	  		  
	LONDON	  		  	SINGAPORE
	44-20-7615-3000	  		  	65-6428-2400
	FAX: 44-20-7615-3100	  		  	FAX: 65-6428-2500
			
	FRANKFURT	  		  	TOKYO
	49-(0)69-71914-3400	  		  	813-5410-2801
	FAX: 49-(0)69-71914-3500	  		  	FAX: 813-5410-2891
			
	MUNICH	  		  	SÃO PAULO
	49-89-25559-3600	  		  	55-11-3927-7700
	FAX: 49-89-25559-3700	  		  	FAX: 55-11-3927-7777

 February 27, 2013 

To the Lenders that are parties to the 
 Credit Agreement referred to below, 
 BBVA Bancomer S.A., Institución de
Banca Múltiple 
 Grupo Financiero BBVA Bancomer, as Administrative Agent 

for such Lenders (the “Administrative Agent”) 
 and BBVA Continental, as Collateral Agent 
 for such Lenders (the
“Collateral Agent”) 
 Ladies and Gentlemen: 
 We have acted as special New York counsel to Graña y Montero S.A.A. (the “Borrower”) in connection with the Credit Agreement dated as of February 27, 2013 (the “Credit
Agreement”), among the Borrower, the financial institutions referred to as “Lenders” in the Credit Agreement (the “Lenders”), the Administrative Agent and the Collateral Agent. Terms defined in the Credit
Agreement have the same respective defined meanings when used herein. 
 In rendering the opinions expressed below, we have
examined 
  

	 	(a)	an executed counterpart of the Credit Agreement; 

  

					
		 	G-1	 	GyM Guaranty

	 	(b)	an executed counterpart of the Guaranty dated as of February [    ], 2013 (the “Guaranty”), among the Guarantors party thereto (the
“Guarantors” and, together with the Borrower, the “Obligors”); and 

  

	 	(c)	such other records of the Obligors and such other agreements, instruments, certificates and other documents as we have deemed necessary as a basis for the opinions
expressed below. 

 For the purposes of this opinion letter, (i) “Opinion Documents” means
the documents described in clauses (a) and (b) above and (ii) “Applicable Law” means, collectively, any Federal law of the United States, any law of the State of New York and any rule or regulation thereunder that, in
each case, in our experience, is customarily recognized to apply to transactions of the kind contemplated by the Opinion Documents. 
 In our examination, we have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals and the conformity with authentic original documents of all documents
submitted to us as copies. When relevant facts were not independently established, we have relied upon representations made in or pursuant to the Opinion Documents or in certificates delivered by or on behalf of the Obligors pursuant thereto. We
have also assumed (i) that each of the Opinion Documents has been duly authorized, executed and delivered by all of the parties thereto, that all signatories thereto have been duly authorized and that all such parties are duly organized and
validly existing and have the power and authority (corporate or limited liability company or other) to execute, deliver and perform the same, (ii) (except, to the extent set forth below, as to the Obligors) that each of the Opinion Documents
constitutes a legal, valid, binding and enforceable obligation of all of the parties thereto, and (iii) that all authorizations, approvals or consents of (including without limitation all foreign exchange controls), and all filings or
registrations with, any governmental or regulatory authority or agency of Perú (including the central bank of Perú) required for the making and performance by each Obligor of the Opinion Documents to which it is a party have been
obtained or made and are in effect. 
 Based upon and subject to the foregoing and subject also to the comments and
qualifications set forth below, and having considered such questions of law as we have deemed necessary as a basis for the opinions expressed below, we are of the opinion that: 

(1) Each of the Opinion Documents constitutes a legal, valid and binding obligation of each Obligor party thereto, enforceable against
such Obligor in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or other similar laws relating to or affecting the rights of creditors generally, and
subject to the possible judicial application of foreign laws or governmental action affecting the rights of creditors generally, and except as the enforceability of each of the Opinion Documents is subject to the application of general
principles of equity (regardless of whether considered in a proceeding in equity or at law), including without limitation (i) the possible unavailability of specific performance, injunctive relief or any other equitable remedy and
(ii) concepts of materiality, reasonableness, good faith and fair dealing. 

  

					
		 	G-2	 	GyM Guaranty

 (2) The execution and delivery by each Obligor of the Opinion Documents to which it is a
party do not, and the performance by such Obligor of its obligations under the Opinion Documents to which it is a party will not, violate any Applicable Law. 
 (3) No authorization, approval or other action by, and no notice to or filing with, any governmental or regulatory body or instrumentality under Applicable Law is required for the due execution, delivery
or performance by any Obligor of any Opinion Document to which it is a party. 
 The foregoing opinions are also subject to the
following comments and qualifications: 
 (A) The enforceability of provisions in the Opinion Documents to the
effect that terms may not be waived or modified except in writing may be limited under certain circumstances. 

(B) The enforceability of provisions in the Opinion Documents providing for indemnification, contribution or exculpation
may be limited by (i) laws rendering unenforceable indemnification contrary to law or the public policy underlying such law, and (ii) laws limiting the enforceability of provisions exculpating or exempting a party from, or requiring
indemnification of a party for, liability for its own action or inaction, to the extent the action or inaction involves gross negligence, recklessness, willful misconduct or unlawful conduct. 

(C) We express no opinion as to (i) the effect of the laws of any jurisdiction in which any Lender is located (other
than New York) that limits the interest, fees or other charges it may impose for the loan or use of money or other credit, (ii) Section 8.05 of the Credit Agreement or Section 8 of the Guaranty, (iii) the last sentence of
Section 2.13 of the Credit Agreement (or any similar provision in any Opinion Document) insofar as such sentence relates to the right of set-off of any Lender purchasing a participation from another Lender, (iv) the first sentence of
Section 8.12(a) of the Credit Agreement or Section 19(a) of the Guaranty insofar as such sentence relates to the subject-matter jurisdiction of the federal courts of the United States sitting in New York City to adjudicate any controversy
related to the Credit Agreement or any other Loan Document, (v) the waiver of inconvenient forum set forth in Section 8.12(c) of the Credit Agreement or Section 19(c) (or any similar provision in any Opinion Document) with respect to
proceedings in any federal court of the United States sitting in New York City, (vi) Section 8.13 of the Credit Agreement or Section 16 of the Guaranty (or any similar provision of any Opinion Document) or
(vii) Section 8.12(d) of the Credit Agreement or Section 19(d) of the Guaranty to the extent it relates to immunity acquired after the date of execution and delivery of the Credit Agreement or Guaranty, as applicable. 

(D) Paragraph (a)(ii) of Section 2 of the Guaranty may not be enforceable to the extent that the Guaranteed
Obligations as defined therein are materially modified. 

  

					
		 	G-3	 	GyM Guaranty

 (E) We express no opinion as to the applicability to the obligations of the
respective Guarantors under Section 1 of the Guaranty of (or the enforceability of such obligations under) Section 548 of the Bankruptcy Code, Article 10 of the New York Debtor and Creditor Law or any other provision of law relating to
fraudulent conveyances, transfers or obligations, or the provisions of the law of the jurisdiction of incorporation of the Guarantors restricting dividends, loans or other distributions by a corporation for the benefit of its stockholders.

 (F) We express no opinion as to any Federal or state securities laws. 

The foregoing opinions are limited to matters involving the Federal laws of the United States and the law of the State of New York, and
we do not express any opinion as to the law of any other jurisdiction. Without limiting the foregoing, we do not hold ourselves out as experts on, or purport to advise on, the laws of Perú and have rendered no opinion with respect to the
foregoing. 
 This opinion letter is provided to you by us as special New York counsel to the Borrower pursuant to the Credit
Agreement and may not be relied upon by any other person or for any purpose other than in connection with the transactions contemplated by the Credit Agreement without our prior written consent in each instance. 

 

	
	Very truly yours,
	 /s/ Milbank, Tweed, Hadley & McCloy LLP

  

					
		 	G-4	 	GyM Guaranty

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