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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001013131-04-000002.txt : 20040227
<SEC-HEADER>0001013131-04-000002.hdr.sgml : 20040227
<ACCEPTANCE-DATETIME>20040227112215
ACCESSION NUMBER:		0001013131-04-000002
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031231
FILED AS OF DATE:		20040227

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BUENAVENTURA MINING CO INC
		CENTRAL INDEX KEY:			0001013131
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14370
		FILM NUMBER:		04633204

	BUSINESS ADDRESS:	
		STREET 1:		AVE CARLOS VILLARAN 790
		CITY:			LIMA
		STATE:			R5
		ZIP:			13
		BUSINESS PHONE:		5114192538

	MAIL ADDRESS:	
		STREET 1:		AV. CARLOS VILLARAN 790
		CITY:			LIMA
		STATE:			R5
		ZIP:			13
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>bvnpr260204.htm
<TEXT>
<HTML>
</HEAD>
<BODY LINK="#0000ff" VLINK="#800080">

<U><FONT SIZE=2><P ALIGN="CENTER">FORM 6-K</P>
</U><P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">SECURITIES AND EXCHANGE COMMISSION</P>
<P ALIGN="CENTER">Washington, D.C. 20549</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">Report of Foreign Issuer</P>
<P ALIGN="CENTER">Pursuant to Rule 13a-16 or 15d-16 of the</P>
<P ALIGN="CENTER">Securities Exchange Act of 1934</P>
<P ALIGN="CENTER">For the month of December 2004</P>
<P ALIGN="CENTER">BUENAVENTURA MINING COMPANY INC.</P>
<P ALIGN="CENTER">(Translation of Registrant's Name into English)</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">CARLOS VILLARAN 790</P>
<P ALIGN="CENTER">SANTA CATALINA, LIMA 13, PERU</P>
<P ALIGN="CENTER">(Address of Principal Executive Offices)</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</P>
<P ALIGN="CENTER">Form 20-F <U>X </U>&#9;&#9;Form 40-F ___</P>
<P>&nbsp;</P>
<P>Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</P>
<P ALIGN="CENTER">Yes ___&#9;&#9;&#9;&#9;No <U>X&#9;</U> </P>
<P>&nbsp;</P>
<P>If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-________________.</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>This report consists of consolidated Financial Statements issued by Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries on February 27, 2004, announcing the Company's Fourth Quarter and cumulative 2003 results</P>
<P>&nbsp;</P>
</FONT><B><P ALIGN="RIGHT">For Immediate Release </P>
<FONT SIZE=4><P ALIGN="CENTER">Compa&ntilde;&iacute;a de Minas Buenaventura Announces Fourth Quarter and Twelve-Month 2003 Results</P>
</B></FONT><P>Lima, Peru, February 26th, 2004 - <B>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. </B>("Buenaventura" or "the Company") (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru's largest publicly-traded precious metals mining company, announced today its results for the fourth quarter and for the year ended December 31, 2003. All figures have been prepared in Peruvian GAAP and are stated in Peruvian nuevos soles (S/.) and in U.S. dollars (US$) at a rate of S/3.464 per US$1 for the convenience of the reader. </P>
<B><P>Comments from the Chief Executive Officer: </P>
</B><P>Roque Benavides, Chief Executive Officer of Buenaventura stated: "This quarter, Buenaventura's actual net income was S/.263.7million, or US$ 76.1 million, an increase of 55% over the 4Q2002 (Net income S/.170.1 million). However, due to a provision of S/.324.2 million, or US$ 93.7 million, (in accordance with IAS39 for derivative instruments) the final result is a net income of S/.54.9 million, or US$15.9 million. </P>
<P>Our operating income this quarter was S/.27.5 million, or US$7.9 million, 65% higher than 4Q2002 (S/.16.6 million). EBITDA was S/.272.6 million, or US$ 78.7 million, a 10% increase when compared to 4Q2002. </P>
<P>It is important to mention that 2003 was a record year in terms of net profits, operating profits and EBITDA. The actual accumulated net income was S/.543.0 million, or US$156.9 million, a 37% increase as compared to 2002 (S/. 396.3 million), but due to the provision for derivative instruments, mentioned above, (S/.617.0 million, full year amount) the reported net income was S/. 167.0 million, or US$48.2 million. During 2003, EBITDA was S/.1,153.5 million or US$333.0 million, representing an increase of 47% compared to 2002 (US$227.2 million). </P>
<P>These results were mainly due to improvements in our operations at Uchucchacua, cost-cutting efforts, and at Orcopampa and Antapite --- where gold production rose 14% to 265,087 ounces while our total average realized price of gold increased 21%, from US$323.62 to US$ 391.29/oz.Au. At Yanacocha, our largest affiliate, production in 4Q2003 was 4% lower than during the same quarter of 2002. For the full year 2003, however, production was 2.85 million ounces of gold, a new historical record and a 25% increase compared to 2002. </P>
<B><P>Financial Highlights (in millions of US$, except Income per ADR): </P></B>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=453>
<TR><TD WIDTH="33%" VALIGN="MIDDLE">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#808000">
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">4Q03</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" BGCOLOR="#808000">
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">4Q02</B></FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" BGCOLOR="#808000">
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Var</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" BGCOLOR="#808000">
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">FY03</B></FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" BGCOLOR="#808000">
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">FY02</B></FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" BGCOLOR="#808000">
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Var</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="MIDDLE" HEIGHT=24>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Operating Revenues</B></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=24>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">64.3</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=24>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">47.3</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=24>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">36%</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=24>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">234.5</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=24>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">181.3</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=24>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">29%</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="MIDDLE" HEIGHT=23>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Operating Income</B></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">7.9</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">4.8</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">65%</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">48.6</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">28.4</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">71%</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="MIDDLE">
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">EBITDA</P>
<P ALIGN="CENTER">(BVN Direct Operations)</B></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">16.8</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">12.6</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">29%</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">75.5</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">59.3</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">27%</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="MIDDLE">
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">EBITDA</P>
<P ALIGN="CENTER">(including Yanacocha)</B></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">78.7</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">71.7</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">10%</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">333.0</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">227.2</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">47%</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="MIDDLE" HEIGHT=29>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Net Income (without mark to market effect)</B></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=29>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">76.1</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=29>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">49.1</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=29>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">55%</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=29>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">156.9</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=29>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">114.4</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=29>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">37%</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="MIDDLE" HEIGHT=26>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">EPS (without Mark to market effect)</B></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=26>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.60</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=26>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.39</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=26>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">55%</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=26>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">1.23</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=26>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.90</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=26>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">37%</FONT></TD>
</TR>
</TABLE>

<B><P>Operating Highlights:</P></B>
<TABLE BORDER CELLSPACING=2 CELLPADDING=4 WIDTH=610>
<TR><TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1 COLOR="#808000"><P ALIGN="CENTER">&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">4Q03</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">4Q02</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Var</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">FY03</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">FY02</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Var</B></FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="MIDDLE" HEIGHT=25>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Total Sales (million of US$)</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=25>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">56.2</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=25>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">40.4</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=25>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">39%</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=25>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">202.4</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=25>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">158.8</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=25>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">28%</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="MIDDLE" HEIGHT=33>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Average Realized Price Gold (US$/oz.)</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=33>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">391.3</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=33>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">323.6</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=33>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">21%</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=33>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">364.9</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=33>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">309.4</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=33>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">18%</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="MIDDLE" HEIGHT=34>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Average Realized Price Silver (US$/oz.)</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">5.2</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">4.5</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">15%</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">4.9</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">4.7</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">5%</FONT></TD>
</TR>
</TABLE>

<P>&nbsp;</P>
<B><P>Operating Revenue </P>
</B><P>In 4Q2003, operating revenue was S/.222.6 million, or US$64.3 million, an increase of 36% when compared to 4Q2002 (S/.163.9 million). This was a result of a 39% increase in net sales and a 15% increase in royalties. </P>
<P>Accumulated operating revenue for 2003 was S/.812.4 million, or US$234.5 million, a 29% increase compared to 2002 (S/.627.3 million), due to a 28% increase in net sales and a 42% increase in royalty income. </P>
<P>- Net sales increased 39% in 4Q2003 versus 4Q2002 mainly due to a 90% increase in gold sales contribution, due to a 57% increase in volume of gold sold and a 21% increase in the price of gold. For the full year 2003, net sales were 28% higher than 2002, explained by a 55% increase in the value of gold sales (31% increase in gold ounces sold and 18% increase in the price of gold). </P>
<B><P>Sales Content: </P></B>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=526>
<TR><TD WIDTH="22%" VALIGN="MIDDLE" HEIGHT=18><P></P></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">4Q03</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">4Q02</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Var%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">FY03</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">FY02</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Var%</B></FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Gold (in oz)</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">90,499</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">57,693</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">57%</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">323,801</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">247,010</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">31%</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Silver (in oz)</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2,765,783</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">3,207,889</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-14%</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">11,105,174</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">11,777,339</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-6%</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Lead (in MT)</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">5,851</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">7,383</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-21%</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">24,038</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">23,081</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">4%</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Zinc (in MT)</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">11,831</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">14,787</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-20%</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">50,933</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">52,493</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-3%</FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<B><P ALIGN="CENTER">&nbsp;</P>
<P>Production and Operating Costs </P>
</B><P>Buenaventura's equity production in 4Q2003 was 75,700 ounces of gold, 13% higher than 4Q2002 (67,196 ounces) and 2,976,520 ounces of silver, an increase of 3% as compared to 4Q2002 (2,884,791 ounces). </P>
<P>Equity production(1) for the full year of 2003 was 289,886 ounces of gold and 11,787,729 oz of silver. This represents an increase of 14% in gold production and a 1% increase in silver production as compared to 2002. </P>
<P>(1) Includes 100% of its operating units, 78.06% of production at Ishihuinca and Antapite, 32.77% of production in El Brocal, 100% of production at CEDIMIN and 51% of production in Paula. </P>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=548>
<TR><TD VALIGN="MIDDLE" COLSPAN=7 BGCOLOR="#808000" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Equity Production<SUP>1</B></SUP></FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=18><P></P></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">4Q03</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">4Q02</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Var</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">FY03</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">FY02</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Var</B></FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P>Gold (in oz)</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">75,700</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">67,196</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">13%</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">289,886</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">255,212</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">14%</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P>Silver (in oz)</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2,976,520</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2,884,791</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">3%</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">11,787,729</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">11,684,396</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1%</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P>Lead (in MT)</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">3,171</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">3,557</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-11%</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">13,155</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">12,941</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2%</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P>Zinc (in MT)</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">5,439</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6,657</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-18%</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">23,795</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">28,072</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-15%</FONT></TD>
</TR>
</TABLE>
</P>

<P>In <B>Orcopampa</B> (100%), total production value in 4Q2003 was US$15.6 million, an increase of 41% compared to 4Q2002 (US$11.0 million), due to a 9% increase in gold production (47,084 ounces in 4Q2003) and a 21% increase in the price of gold. </P>
<P>For the full year 2003, total gold production was 180,725 ounces, a 13% increase when compared to 2002 (160,017 ounces). </P>
<P>Cash operating cost in 4Q2003 was US$178.8/oz of gold, an increase of 8% compared to 4Q2002 (US$165.7/oz of gold). The higher cash cost is explained by an important exploration effort carried out not only in 4Q2003, but throughout the entire year, which permitted an increase in Orcopampa's gold reserves to 539,000 ounces, 77% higher than 2002 (304,000 ounces). </P>
<P>In <B>Uchucchacua</B> (100%), total production value in 4Q2003 was US$10.7 million, an increase of 32% compared with 4Q2002 (US$8.1 million). This increase is not only due to a 4% increase in silver production (2,369,463 ounces in the 4Q2003), but also to the increase in metal prices as compared to 4Q2002 (16% in silver, 41% in lead and 15% in zinc). For the full year 2003, total production was 9,576,162 ounces of silver, a 2% increase as compared to 2002 production (9,387,090 ounces of silver). </P>
<P>Uchucchacua's efforts in production procedures and control permitted an increase in the productivity of contractors, labor efficiency and supply savings. As a consequence, it was possible not only to reduce the cash operating cost to US$2.95/oz of silver, 11% lower than 4Q2002 (US$3.3/oz of silver), but also to increase silver reserves by 33%, from 48.7 million ounces to 64.6 million ounces. </P>
<P>In <B>Antapite</B> (78%), total production value in 4Q2003 was US$9.1 million, an increase of 56% compared to 4Q2002 (US$5.8 million) due to a 28% increase in gold production (from 18,221 ounces in 4Q2002 to 23,454 ounces in 4Q2003) and a 21% increase in the price of gold. </P>
<P>During the 2003 year, total production was 84,261 ounces of gold, a 16% increase as compared to 2002 (72,742 ounces). </P>
<P>Cash operating cost in 4Q2003 was US$162.6/oz of gold, an 8% decrease as compared to 4Q2002 (US$177.2/oz of gold), due to higher gold production. </P>
<P>In <B>Ishihuinca</B> (78%), total production value in 4Q2003 was US$2.5 million, an increase of 72% compared to 4Q2002 (US$ 1.5 million), due to a 42% increase in gold production (from 4,509 ounces in 4Q2002 to 6,404 ounces in 4Q2003). </P>
<P>For 2003, total production was 25,287 ounces of gold, a 61% increase when compared to 2002 (15,694 ounces). </P>
<P>Cash operating cost in 4Q2003 was US$264.7/oz of gold, similar to 4Q2002 (US$264.4). </P>
<P>In <B>Colquijirca</B> (32.77%), total production value in 4Q2003 was US$9.0 million, an increase of 22% compared to 4Q2002 (US$7.41 million), due mainly to the increase in metal prices as compared to 4Q2002 (16% in silver, 41% in lead and 15% in zinc). Lead production in 4Q2003 was 5,050 ST, a 19% decrease versus 4Q2002 (6,215 ST). Silver production was 777,614 ounces in 4Q2003, a 14% decrease compared with 4Q2002 (901,079 ounces) and zinc production was 13,695 ST, a 21% decrease compared with 4Q2002 (17,426 ST). </P>
<B><P>Operating Expenses </P>
</B><P>- General and administrative expenses in 4Q2003 were S/.45.7 million, or US$13.2 million, a 111% increase compared to 4Q2002 (S/.21.7 million) due to a S/. 26.5 million provision for the Long-Term Management Compensation Program. For the year 2003, accumulated general and administrative expenses were S/.117.4 million, or US$33.9 million, an increase of 55% compared to 2002 (S/.75.6 million). </P>
<P>- Exploration costs in non-operational mining areas in 4Q2003 increased 13% to S/.19.5 million, or US$5.6 million (S/.17.4 million in 4Q2002), due to higher expenditures in new generative prospects in Huancavelica, and in the La Zanja and Poracota Projects. For the year 2003, exploration costs in non-operational mining areas were S/.56.5 million, or US$16.3 million, a 47% increase when compared to 2002 (S/.38.4 million). </P>
<P>&nbsp;</P>
<B><P>Operating Income </P>
</B><P>Operating income was S/.27.5 million, or US$ 7.9 million, a 65% increase compared to 4Q2002 (S/.16.6 million). This was primarily a result of the 36% increase in operating revenues, due to a higher volume of gold sold and metal prices, while operating costs increased only 13%. </P>
<P>For 2003, operating income increased 71% reaching S/.168.5 million, or US$48.6 million. </P>
<B><P>Income from Non-consolidated Affiliates</P>
</B><P>Buenaventura's income from Non-Consolidated Affiliates in 4Q2003 was S/.179.0 million, or US$51.7 million, an increase of 5% compared to 4Q2002 (S/.170.3 million). For the year 2003, accumulated income from Non-Consolidated Affiliates was S/.531.5 million, or US$153.4 million, a 58% increase compared with 2002 (S/.337.4 million), mainly attributed to our participation in Yanacocha. </P>
<P>In <B>Yanacocha</B> (43.65%) 4Q2003 gold production decreased 4% to 667,286 ounces (291,276 ounces Buenaventura's share) compared with the same period of 2002, while total 2003 production increased 25% to 2,851,100 ounces of gold (1,244,503 ounces Buenaventura's equity) from 2,285,584 ounces in 2002. This result was due to an increase of 18% in the grade and gold recoveries. </P>
<P>Due to the lower production in 4Q2003, cash operating cost in Yanacocha was US$136.0/oz of gold, an 11% increase as compared with 4Q2002, while the average cash cost for entire year 2003 was US$129.0/oz of gold, 4% lower than in 2002. </P>
<P>Net income for the full year of 2003 was US$320.4 million and the operating cash flow was US$542.1 million, compared to US$197.9 million and US$319.4 million, respectively. </P>
<P>Yanacocha's Capital Expenditures in 2003 was US$194.2 million, mainly due to the expansion of the leach pads and sediment controls. </P>
<P>At the end of year 2003, Yanacocha's reserves were of 31.7 million ounces. </P>
<B><P>Net Income </P>
</B><P>This quarter Buenaventura's net income was S/.263.7 million, or US$76.1 million, representing an increase of 55% compared to 4Q2002. However, due to a provision for mark-to-market value variation of S/.324.2 million, or US$93.6 million, in accordance with IAS39, for derivative instruments, net income reported in 4Q2003 was S/.54.9 million, or US$15.9 million. </P>
<P>Earnings per share (EPS) without considering the provision for mark-to-market value variation in 4Q2003 was S/.2.07, or US$0.60. For the year 2003, accumulated EPS were S/.4.27, or US$1.23. </P>
<P>Earnings per share (EPS) considering provisions for mark-to-market value variation in 4Q2003 were S/.0.43, or US$0.12. For the year 2003, accumulated EPS were S/.1.31, or US$0.38. </P>
<B><P>Hedging Operations </P>
</B><P>During the 4Q2003 the Company reported a net loss of S/.15 million, or US$4.3 million in derivative instruments, as a result of the execution of 83,000 ounces of gold and 750,000 ounces of silver. The annual result of hedging operations is a net loss of S/.20, or US$5.7 million, for the execution of 251,500 ounces of gold and 3,000,000 ounces of silver. </P>
<P>In order to avoid the volatility introduced by continuous variations of "mark-to-market value", Buenaventura has converted two thirds (2/3) of its hedge book from derivatives into normal sales. </P>
<P>In summary, the effects of hedging operations in Buenaventura's financial statements are: </P>
<P>- In the Consolidated Statements of Income: </P>
<P>1) A loss due to mark-to-market variation of S/.617.0 million, or US$178.1 million. </P>
<P>2) A gain in "Income tax" and "Workers Profit Sharing" of S/.240.9 million, or US$69.6 million, linked to the above-mentioned loss. </P>
<P>All above transactions have no cash effects. </P>
<P>- As of December 2003, the Balance Sheet shows: </P>
<P>1) A liability for future normal sales "Deferred revenue from future sale" (short and long term) of S/.676.8, or US$195.38 million. </P>
<P>2) A liability due to "Derivative instruments" (short and long term) of S/.388.7 million, or US$112.2 million. </P>
<P>3) An asset of S/.240.9, or US$69.6 million, included in the amount reported as a "Deferred income tax and workers profit sharing". </P>
<P>&nbsp;</P>
<P>Finally, in an effort to de-hedge its gold production, in January 2004, Buenaventura purchased 120,000 ounces of gold committed at the lowest price of its hedge book, due on 2004 and 2005. This operation represented a disbursement of US$10.4 million. </P>
<P>More detailed information is available in Appendices 4 and 5. </P>
<B><P>Explorations </P>
</B><P>Buenaventura's total expenditures in exploration activities in 2003 were of US$ 10.8 million; in addition US$6.4 million was invested by our partners. Highlights during the year included continuing positive results in the La Zanja, Marcapunta and Poracota projects. Other interesting precious metal prospects are Arenizo in Ayacucho, Jatun Orcco and Minasnioc in Huancavelica, Pampa Andino in Ica and both, Los Pircos and Tantahuatay, in Cajamarca. </P>
<P>LA ZANJA </P>
<P>This project will begin operations at the end of 2005 with a production of 100,000 ounces of gold per year. At this stage, La Zanja is projected to be a five-year, open-pit and heap leach oxide gold operation. This is a joint venture with Newmont Mining Corp. (47%). </P>
<P>At the end of 2003, reserves from Pampa Verde and San Pedro Sur added up to 17.2 MT with 1.02 gr/ton of gold and 6.92 gr/ton of silver. </P>
<P>MARCAPUNTA </P>
<P>During 2003 we totaled 12,600mts in 30 diamond drill holes. This showed that in Marcapunta West there is oxide gold mineralization overlying a sizeable deposit of copper sulfides with variable gold and arsenic contents. </P>
<P>We have evidenced 70% to 80% cyanide-extractable gold oxides in the order of 11.5 MT with 2.12 gr/ton of gold and 65.00 gr/ton of silver. Sulfides dominated by chalcocite reached 7.9 MT with 2.19% of copper, 0.3 gr/ton of gold and 0.05% of arsenic. Arsenical copper-gold sulfide resources in Marcapunta have more than doubled last year's inventory to 117.2 MT with 1.7% of copper, 0.6 gr/ton of gold, 24 gr/ton of silver and 0.5% of arsenic.</P>
<P>PORACOTA </P>
<P>The 6,700mts diamond drill holes program carried out in the Central Zone or Huamanihuayta demonstrated a resource in the order of 1.6 MT with 10.8 g/t Au and a variable width of 5.0mts to 7.5mts. </P>
<P>Based on three initial laboratory tests, we envision metallurgical treatment of the Poracota high-grade ores by gravity, followed by flotation and then cyanidation of the concentrates. </P>
<B><P>Project Development </P>
</B><P>UCHUCCHACUA </P>
<P>In December 2003, the Paton Tunnel connected with the level 4120 of the Carmen mine. This tunnel, 4.5 Km long, has a capacity of 1m3/sec and the main objectives are to drain and improve the ventilation of the mine. As a result, additional energy will be generated by the Paton hydro electrical plant. This will mean an annual savings of US$1 million. As a collateral effect, the construction of this tunnel permitted us to make some explorations and discover 4 mineralized structures which will be explored this year. </P>
<P>ORCOPAMPA </P>
<P>During the first quarter of 2004, the new cyanidation plant in Orcopampa should start operations. This will permit an increase of the gold recovery by about 10% and reduce sales expenses by producing "Dore" instead of gold concentrates. </P>
<P>Finally, La Zanja's feasibility study has been completed and the objective is to start operations in the second semester of 2005 with a total investment of US$35 million. </P>
<B><P>Board Resolutions </P>
</B><P>During today's meeting, February 26th, 2004 the Board of Directors decided to call a shareholder's meeting for March 26th, 2004 to: </P>
<P>1. Approve the annual report and the financial statements for the year ended December 31st, 2003. </P>
<P>2. Approve the proposed cash dividend payment of US$0.16 per share*. </P>
<P>3. Appoint external auditors. </P>
<P>(*) 1 common share equals 1 ADS </P>
<P>* * *</P>
<B><P>Company Description </P>
</B><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. is Peru's largest, publicly-traded precious metals company and a major holder of mining rights in Peru. The Company is engaged in the mining, processing, development and exploration of gold and silver and other metals via wholly-owned mines as well as through its participation in joint exploration projects. </P>
<P>Buenaventura currently operates three mines in Peru and also has controlling interests in four mining companies as well as a minority interest in several other mining companies in Peru. The Company owns 43.65% in Minera Yanacocha S.R.L. (a joint venture with Newmont Mining Corporation) and is one of the ten top precious metal producers in the world. </P>
<P>&nbsp;</P>
<B><P>Note on Forward-Looking Statements </P>
</B><P>This press release may contain forward-looking information (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including those concerning the Company's and Yanacocha's costs and expenses, results of exploration, the continued improving efficiency of operations, prevailing market prices of gold, silver and other metals mined, the success of joint ventures, estimates of future explorations, development and production, subsidiaries' plans for capital expenditures, estimates of reserves and Peruvian political, economical and legal developments. These forward-looking statements reflect the Company's view with respect to the Company and Yanacocha's future financial performance. Actual results could differ materially from those projected in the forward-looking statements as a result of a variety of factors discussed elsewhere in this Press Release. </P>
<P>** Tables to follow</P>
<B><P>Appendix 1. </P></B>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=2 WIDTH=576>
<TR><TD VALIGN="TOP" COLSPAN=5 BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=2 COLOR="#ffffff"><P ALIGN="CENTER">Equity Participation in </P>
<P ALIGN="CENTER">Affiliates and Subsidiaries</B></FONT></TD>
</TR>
<TR><TD WIDTH="0%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="18%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">BVN</B></FONT></TD>
<TD WIDTH="49%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Operating</B></FONT></TD>
</TR>
<TR><TD WIDTH="0%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="18%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Equity %</B></FONT></TD>
<TD WIDTH="49%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Mines</B></FONT></TD>
</TR>
<TR><TD WIDTH="0%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Minera Yanacocha</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="18%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">43.65</FONT></TD>
<TD WIDTH="49%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Yanacocha</FONT></TD>
</TR>
<TR><TD WIDTH="0%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Sociedad Minera El Brocal*</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="18%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">32.42</FONT></TD>
<TD WIDTH="49%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Colquijirca</FONT></TD>
</TR>
<TR><TD WIDTH="0%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Inversiones Mineras Del Sur*</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="18%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">78.06</FONT></TD>
<TD WIDTH="49%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Antapite / Ishihuinca</FONT></TD>
</TR>
<TR><TD WIDTH="0%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Cedimin*</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="18%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">100.00</FONT></TD>
<TD WIDTH="49%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Shila / Paula</FONT></TD>
</TR>
<TR><TD WIDTH="0%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Buenaventura Ingenieros*</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="18%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">100.00</FONT></TD>
<TD WIDTH="49%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-</FONT></TD>
</TR>
<TR><TD WIDTH="0%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Consorcio Energetico de Huancavelica*</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="18%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">100.00</FONT></TD>
<TD WIDTH="49%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-</FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<B><P>Appendix 2. Buenaventura Production Summary </P></B>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=2 CELLPADDING=4 WIDTH=703>
<TR><TD WIDTH="25%" VALIGN="BOTTOM" HEIGHT=29><P></P></TD>
<TD WIDTH="75%" VALIGN="BOTTOM" COLSPAN=8 BGCOLOR="#808000" HEIGHT=29>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">GOLD PRODUCTION</B></FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="40%" VALIGN="BOTTOM" COLSPAN=4 BGCOLOR="#808000" HEIGHT=26>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">Three Months Ended December 31st</B></FONT></TD>
<TD WIDTH="35%" VALIGN="BOTTOM" COLSPAN=4 BGCOLOR="#808000" HEIGHT=26>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">Year Ended December 31st</B></FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
<TD WIDTH="21%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=21>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Orcopampa</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=21>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Antapite</B></FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=21>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Orcopampa</B></FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=21>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Antapite</B></FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2003</B></FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="BOTTOM" HEIGHT=20><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=20><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=20><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial"><P>Tons Milled DST</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">90,834</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">101,398</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">32,754</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">44,979</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">350,903</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">394,068</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">121,953</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">155,493</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial"><P>AVG Ore Grade OZ/ST</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">0.55</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">0.52</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">0.61</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">0.57</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">0.53</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">0.53</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">0.64</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">0.59</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial"><P>AVG Recovery Rate %</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">86.66%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">88.85%</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">91.26%</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">91.92%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">86.09%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">86.75%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">92.68%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">91.44%</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="BOTTOM" HEIGHT=22>
<B><FONT FACE="Arial"><P>Ounces Produced</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">43,151</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">47,084</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">18,266</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">23,454</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">160,017</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">180,726</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">72,742</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">84,361</B></FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<P ALIGN="CENTER"></P>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=2 CELLPADDING=4 WIDTH=670>
<TR><TD WIDTH="25%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="75%" VALIGN="BOTTOM" COLSPAN=8 BGCOLOR="#808000" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">SILVER PRODUCTION</B></FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="36%" VALIGN="BOTTOM" COLSPAN=4 BGCOLOR="#808000" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Three Months Ended December 31st</B></FONT></TD>
<TD WIDTH="40%" VALIGN="BOTTOM" COLSPAN=4 BGCOLOR="#808000" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Year Ended December 31st</B></FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="20%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Uchucchacua</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Colquijirca</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Uchucchacua</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Colquijirca</B></FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Tons Milled DST</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">182,509</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">188,399</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">346,188</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">353,028</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">744,683</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">747,183</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,322,929</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,409,094</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=1><P>AVG Ore Grade OZ/ST</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">16.78</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">16.97</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">3.56</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">3.19</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">16.95</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">17.25</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2.85</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">3.02</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=1><P>AVG Recovery Rate %</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">74.09%</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">74.12%</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">73.10%</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">69.02%</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">74.36%</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">74.30%</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">64.28%</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">68.06%</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P>Ounces Produced</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2,268,568</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2,369,463</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">901,079</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">777,614</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">9,387,090</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">9,576,162</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2,420,034</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2,895,721</FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<P ALIGN="CENTER"></P>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=2 CELLPADDING=4 WIDTH=652>
<TR><TD WIDTH="25%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
<TD WIDTH="75%" VALIGN="BOTTOM" COLSPAN=8 BGCOLOR="#808000" HEIGHT=34>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">ZINC PRODUCTION</B></FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="35%" VALIGN="BOTTOM" COLSPAN=4 BGCOLOR="#808000" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Three Months Ended December 31st</B></FONT></TD>
<TD WIDTH="39%" VALIGN="BOTTOM" COLSPAN=4 BGCOLOR="#808000" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Year Ended December 31st</B></FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="18%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Uchucchacua</B></FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Colquijirca</B></FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Uchucchacua</B></FONT></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Colquijirca</B></FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Tons Milled DST</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">182,509</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">188,399</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">346,188</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">353,028</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">744,683</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">747,183</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,322,929</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,409,094</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>AVG Ore Grade %</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1.46%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1.33%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.36%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">4.94%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1.56%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1.41%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.00%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">5.62%</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>AVG Recovery Rate %</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">63.40%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">62.05%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">79.12%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">78.47%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">66.72%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">58.83%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">76.75%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">77.96%</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P>ST Produced</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,689</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,556</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">17,426</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">13,695</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">7,759</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6,216</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">60,968</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">61,733</FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<B><P>Appendix 3. Proven and Probable Reserves as of December 31st, 2003 </P></B>
<TABLE BORDER CELLSPACING=2 CELLPADDING=4 WIDTH=547>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P>GOLD</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">BVN %</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">BVN</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Equity</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">DST (000)</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Oz / DST</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Ounces (000)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Ounces (000)</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>Orcopampa</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1043</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.517</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>539 </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>539 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>Shila</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">26</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.441</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>12 </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>12 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>Paula</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">51.00</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">113</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.608</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>69 </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>35 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>Antapite</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">78.04</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">448</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.470</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>211 </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>164 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>Ishihuinca</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">78.04</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">75</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.531</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>40 </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>31 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>Yanacocha</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">43.65</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>1,047,049 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.030</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>31,710 </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>13,841 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>La Zanja (<B>**)</B> </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">53.06</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>18,850 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.030</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>563 </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>299 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P>Jatun Orcco</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P>18 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.493</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P>9 </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P>9 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>Total gold reserves</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>1,067,623 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.031</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>33,153 </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>14,931 </FONT></TD>
</TR>
</TABLE>


<TABLE BORDER CELLSPACING=2 CELLPADDING=4 WIDTH=547>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P>SILVER</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">BVN %</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">BVN</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Equity</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">DST (000)</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Oz / DST</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Ounces (000)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Ounces (000)</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>Orcopampa</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1043</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.20</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>209 </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>209 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>Uchucchacua</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>3,799 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">17.00</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>64,585 </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>64,585 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>Julcani</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>39 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">19.90</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>772 </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>772 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>Shila</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">26</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">16.30</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>431 </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>431 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>Paula</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">51.00</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">113</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">4.30</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>486 </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>248 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>El Brocal</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">32.42</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>10,207 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">2.58</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>26,335 </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>8,538 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P>Jatun Orcco</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P>18 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">6.04</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P>110 </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P>110 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>Total silver reserves</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>15,247 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">6.10</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>92,928 </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>74,893 </FONT></TD>
</TR>
</TABLE>


<TABLE BORDER CELLSPACING=2 CELLPADDING=4 WIDTH=520>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P>ZINC</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">BVN %</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">BVN</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Equity</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">DST (000)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">%</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">DST (000)</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">DST (000)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>Uchucchacua</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>3,799 </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">2.18</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>83 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>83 </FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P>El Brocal</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">32.42</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P>10,207 </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">6.09</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P>622 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P>202 </FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>Total zinc reserves</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>14,007 </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">5.03</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>704 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>284 </FONT></TD>
</TR>
</TABLE>


<TABLE BORDER CELLSPACING=2 CELLPADDING=4 WIDTH=520>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P>LEAD</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">BVN %</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">BVN</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Equity</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">DST (000)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">%</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">DST (000)</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">DST (000)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>Uchucchacua</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>3,799 </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>1.65 </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>63 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>63 </FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>Julcani</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>39 </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>1.10 </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>0.4 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>0.4 </FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P>El Brocal</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">32.42</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P>10,207 </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P>2.32 </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P>237 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P>77 </FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>Total lead reserves</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>14,045 </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>2.14 </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>300 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>140 </FONT></TD>
</TR>
</TABLE>


<TABLE BORDER CELLSPACING=2 CELLPADDING=4 WIDTH=520>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P>COPPER</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">BVN %</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">BVN</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Equity</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">DST (000)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">%</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">DST (000)</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">DST (000)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">&nbsp;</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">&nbsp;</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=22>
<FONT FACE="Arial" SIZE=2><P>Cerro Verde</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=22>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">9.00</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=22>
<FONT FACE="Arial" SIZE=2><P>724,774 </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=22>
<FONT FACE="Arial" SIZE=2><P>0.59 </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=22>
<FONT FACE="Arial" SIZE=2><P>4,276 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=22>
<FONT FACE="Arial" SIZE=2><P>385 </FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>Total copper reserves</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>724,774 </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>0.59 </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>4,276 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>385 </FONT></TD>
</TR>
</TABLE>

<P>(**) Environmental impact studies in progress</P>
<B><P>Appendix 4. Gold Hedge Book as of January 15th, 2004 </P>
<P>Total Gold Commitments as of 01/15/2004</P></B>
<TABLE BORDER CELLSPACING=1 CELLPADDING=4 WIDTH=680>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2006</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2007</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2008</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2009</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2010</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2011</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Total</B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">285</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">198,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">350,500 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">428,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">452,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,094,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">314.12 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">313.65 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">314.91 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">313.90 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">297.83 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">294.03 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">285.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">285.00 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">304.83 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">290</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">198,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">350,500 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">428,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">452,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,094,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">333.94 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">332.64 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">327.34 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">326.03 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">309.74 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">305.91 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">321.20 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">300</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">198,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">350,500 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">428,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">452,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,094,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">335.71 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">334.57 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">330.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328.88 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">316.05 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">313.08 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">325.31 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">340</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">198,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">358,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">458,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">482,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">90,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">82,500 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,214,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">341.82 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">340.72 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.52 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.16 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">341.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">341.95 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">346.67 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">346.82 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">340.86 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">345</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">198,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">358,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">458,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">482,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">90,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">82,500 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,214,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">341.82 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">340.72 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.52 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.16 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.62 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.31 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">346.67 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">346.82 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">342.14 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">350</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">302,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">312,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">448,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">468,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">568,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">552,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">120,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">105,000 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,875,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">342.78 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">342.02 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">340.42 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">339.90 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.72 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">348.06 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">346.25 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">346.43 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">343.73 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">385</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">362,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">372,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">448,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">468,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">568,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">552,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">120,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">105,000 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,995,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">349.78 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">348.95 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">340.42 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">339.90 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">360.51 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">368.61 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">346.25 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">346.43 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">351.98 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">400</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">362,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">372,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">448,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">468,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">568,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">552,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">120,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">105,000 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,995,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">349.78 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">348.95 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">340.42 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">339.90 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">366.85 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">377.41 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">346.25 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">346.43 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">354.80 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">420</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">362,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">372,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">448,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">468,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">628,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">552,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">120,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">105,000 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">3,055,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=17>
<FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">349.78 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">348.95 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">340.42 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">339.90 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">371.93 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">386.21 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">346.25 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">346.43 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">357.67 </B></FONT></TD>
</TR>
</TABLE>

<P>&nbsp;</P>
<B><P>Future Gold Sales as of 01/15/2004</P></B>
<TABLE BORDER CELLSPACING=1 CELLPADDING=4 WIDTH=680>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2006</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2007</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2008</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2009</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2010</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2011</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Total</B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">285</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">198,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">428,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">452,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,042,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">314.12 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">313.65 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">311.98 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">311.77 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">297.83 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">294.03 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">285.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">285.00 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">303.80 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">290</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">198,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">428,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">452,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,042,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">333.94 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">332.64 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">325.62 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">324.73 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">309.74 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">305.91 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">320.59 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">300</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">198,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">428,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">452,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,042,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">335.71 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">334.57 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328.54 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">327.77 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">316.05 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">313.08 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">324.80 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">340</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">198,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">428,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">452,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,042,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">341.82 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">340.72 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">340.72 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">341.75 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">340.51 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">345</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">198,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">428,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">452,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,042,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">341.82 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">340.72 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.53 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.33 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">341.90 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">350</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">198,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">428,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">452,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,042,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">341.82 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">340.72 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">346.33 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">348.92 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">343.28 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">385</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">198,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">428,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">452,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,042,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">341.82 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">340.72 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">365.96 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">374.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">352.94 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">400</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">198,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">428,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">452,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,042,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">341.82 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">340.72 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">374.37 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">384.76 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">357.09 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">420</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">198,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">428,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">452,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,042,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">341.82 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">340.72 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">374.37 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">395.51 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">359.47 </B></FONT></TD>
</TR>
</TABLE>

<B><P>Gold Derivatives as of 01/15/2004</P></B>
<TABLE BORDER CELLSPACING=1 CELLPADDING=4 WIDTH=680>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2006</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2007</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2008</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2009</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2010</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2011</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Total</B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">285</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">30,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">22,500 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">52,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">345.00 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">290</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">30,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">22,500 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">52,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">345.00 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">300</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">110,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">102,500 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">40,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">492,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.55 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.44 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">343.21 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">340</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">110,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">110,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">110,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">70,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">30,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">22,500 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">612,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.55 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.55 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.55 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.86 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">343.57 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">345</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">110,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">110,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">110,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">70,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">30,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">22,500 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">612,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.55 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.55 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.55 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.86 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">343.57 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">350</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">104,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">104,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">45,000 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">833,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">344.62 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">344.62 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">346.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.46 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.86 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">344.20 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">344.86 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">385</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">164,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">164,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">45,000 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">953,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">359.39 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">359.39 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">346.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.46 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.86 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">344.20 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">349.92 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">400</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">164,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">164,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">45,000 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">953,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">359.39 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">359.39 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">346.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.46 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.86 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">344.20 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">349.92 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">420</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">164,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">164,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">200,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">45,000 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">1,013,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">359.39 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">359.39 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">346.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.46 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">366.70 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">344.20 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">354.07 </B></FONT></TD>
</TR>
</TABLE>

<B><P>Appendix 5. Silver Hedge Book as of January 15th, 2004 </P>
<P>Silver derivatives as of 01/15/2004</P></B>
<TABLE BORDER CELLSPACING=3 CELLPADDING=2 WIDTH=727>
<TR><TD WIDTH="6%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">A US $ 4.00</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">A US $ 4.15</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">A US $ 6.20</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">A US $ 6.33</B></FONT></TD>
<TD WIDTH="17%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">A US $ 6.50</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">A US $ 7.00</B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Year</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Ounces</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Ounces</B></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Ounces</B></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Ounces</B></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Ounces</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Ounces</B></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">300,000</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,500,000</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">5.84</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,560,000</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.15</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,794,000</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.16</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2,100,000</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.16</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">3,000,000</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.16</FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">300,000</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,400,000</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">5.84</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,460,000</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.15</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,677,750</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.15</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,962,500</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.15</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2,800,000</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.16</FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2006</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">200,000</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">200,000</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">240,000</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">266,000</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">300,000</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">400,000</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.00</FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">800,000</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">6.00</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">3,100,000</B></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">5.85</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">3,260,000</B></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">6.14</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">3,737,750</B></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">6.14</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">4,362,500</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">6.14</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">6,200,000</B></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">6.15</B></FONT></TD>
</TR>
</TABLE>

<B><P>Appendix 6. Consolidated Financial Statements </P>
<FONT FACE="Arial"><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</P>
</B></FONT><FONT FACE="Arial" SIZE=4><P>Consolidated Balance Sheets</P>
</FONT><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">As of December 31, 2002 and 2003</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=608>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=5><DIR>

<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</DIR>
</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Assets</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Current asset</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Cash and cash equivalents</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>91,447</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>379,934</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>109,681</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Investment funds</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>52,317</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>15,103</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Trade accounts receivable</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>69,214</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>70,797</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>20,438</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Other accounts receivable, net</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>17,456</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>25,471</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>7,354</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Accounts receivable from affiliates</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>30,934</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>35,937</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>10,374</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Inventories, net</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>75,069</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>73,624</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>21,254</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Current portion of prepaid taxes and expenses</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>31,134</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>43,417</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>12,534</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=2><P>_________ </B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=2><P>_________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=2><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Total current assets</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>315,254</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>681,497</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>196,738</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Long-term account receivable</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>9,048</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>915</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>264</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Prepaid taxes and expenses</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>13,350</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>7,199</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2,078</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Investments in shares</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,195,191</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,375,852</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>397,186</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Property, plant and equipment, net</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>367,523</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>376,528</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>108,697</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Development costs and mineral lands, net</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>114,843</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>131,350</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>37,919</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Deferred stripping costs</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>39,777</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>53,437</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>15,426</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Mining concessions and goodwill, net</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>175,293</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>160,276</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>46,269</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Deferred income tax and workers' profit sharing, net</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>283,547</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>81,855</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=2><P>_________ </B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=2><P>_________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=2><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Total assets</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2,230,279</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>3,070,601</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>886,432</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><U><FONT FACE="Book Antiqua" SIZE=1><P>_________ </B></U></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=4><P>&nbsp;</P>
<P>Consolidated Balance Sheets </FONT><FONT FACE="Arial" SIZE=1>(Continued)</P>
<P>&nbsp;</P>
<P>&nbsp;</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=608>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Liabilities and shareholders' equity, net</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Current liabilities</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Bank loans</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>44,215</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>22,365</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>6,456</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Accounts payable to affiliates</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>36,667</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>50,237</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>14,503</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Other current liabilities</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>49,617</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>82,061</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>23,689</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Derivative instruments</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>95,227</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>27,490</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Deferred revenue from future sale</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>65,625</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>18,945</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Current portion of long-term debt</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>17,345</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>67,162</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>19,389</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=2><P>_________ </B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=2><P>_________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=2><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Total current liabilities</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>147,844</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>382,677</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>110,472</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=2><P>_________ </B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=2><P>_________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=2><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Other long-term liabilities</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>14,607</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>73,263</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>21,150</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Derivative instruments</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>293,447</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>84,713</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Deferred revenue from future sale</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>611,174</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>176,436</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Deferred income tax and workers'profit sharing</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>17,619</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Long-term debt</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>114,337</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>43,344</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>12,513</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=2><P>_________ </B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=2><P>_________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=2><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Total liabilities</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>294,407</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,403,905</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>405,284</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=2><P>_________ </B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=2><P>_________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=2><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Minority interest</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>46,395</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>46,166</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>13,327</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=2><P>_________ </B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=2><P>_________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=2><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Shareholders' equity, net</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Capital stock, net of treasury shares by S/47,339,000 in 2002 and 2003</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>568,880</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>568,880</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>164,226</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Investment shares, net of treasury shares by S/63,000 in 2002 and 2003</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,604</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,604</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>463</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Additional capital</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>582,134</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>582,134</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>168,053</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Legal reserve</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>77,733</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>94,653</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>27,325</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Retained earnings</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>652,102</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>207,958</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>60,034</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Cumulative translation adjustment</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>7,024</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(28,023)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(8,090)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Unrealized gain of investments in shares carried at fair value</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>199,373</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>57,556</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Unrealized loss from derivative instruments</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(6,049)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(1,746)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=2><P>_________ </B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=2><P>_________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=2><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Total shareholders' equity, net</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,889,477</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,620,530</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>467,821</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=2><P>_________ </B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=2><P>_________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=2><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Total liabilities and shareholders' equity, net</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2,230,279</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>3,070,601</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>886,432</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=2><P>_________ </B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=2><P>_________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=2><P>_________</B></FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=1><P>&nbsp;</P>
</FONT><B><FONT FACE="Arial"><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</P>
</B></FONT><FONT FACE="Arial" SIZE=4><P>Consolidated Statements of Income</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=689>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the three-month <BR>
period ended December 31,</B></FONT></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the twelve-month <BR>
period ended December 31,</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="CENTER">__________________________________</B></FONT></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="CENTER">__________________________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Operating revenues</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Net sales</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">139,690</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">194,712</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">56,210</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">548,815</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">700,959</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">202,355</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Royalty income</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">24,173</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">27,879</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">8,048</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">78,503</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">111,398</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">32,159</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Total revenues</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">163,863</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">222,591</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">64,258</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">627,318</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">812,357</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">234,514</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Costs of operation</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Operating costs</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">66,436</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">72,417</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">20,906</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">262,945</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">290,278</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">83,798</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Depreciation</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">9,616</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">14,929</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,310</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">39,134</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">44,984</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">12,986</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Exploration and development costs in operational mining sites</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">21,681</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">23,122</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">6,675</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">74,032</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">81,711</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">23,589</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Total costs of operation</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">97,733</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">110,468</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">31,891</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">376,111</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">416,973</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">120,373</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Gross margin</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">66,130</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">112,123</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">32,367</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">251,207</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">395,384</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">114,141</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Operating expenses</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>General and administrative</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">21,670</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">45,715</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">13,197</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">75,594</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">117,408</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">33,894</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Exploration costs in non-operational mining areas</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">17,356</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">19,546</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">5,643</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">38,426</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">56,487</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">16,307</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Selling</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">5,833</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">6,867</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,982</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">23,178</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">24,572</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">7,094</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Royalties</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,102</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">8,062</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,327</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">13,995</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">23,968</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">6,919</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Assets impairment loss and write off</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,558</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,472</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,291</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,558</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,472</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,291</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Total operating expenses</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">49,519</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">84,662</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">24,440</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">152,751</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">226,907</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">65,505</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Operating income</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">16,611</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">27,461</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">7,927</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">98,456</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">168,477</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">48,636</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Other income (expenses)</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Share in affiliated companies, net</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">170,348</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">178,994</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">51,673</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">337,429</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">531,514</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">153,439</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Gain (loss) from change in the fair value of derivative instruments</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(324,235)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(93,601)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(616,986)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(178,114)</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Realized gain (loss) in derivative instruments</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">6,580</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(14,951)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(4,316)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">42,669</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(19,840)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(5,727)</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Gain (loss) from exposure to inflation </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,038</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,330</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">672</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(3,157)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">306</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">89</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Interest income</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,376</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,833</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">818</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">8,785</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">7,421</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,142</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Interest expense</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(3,837)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(2,392)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(691)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(15,922)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(8,281)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(2,391)</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Amortization of mining concessions and goodwill</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(2,961)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(2,823)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(815)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(16,626)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(14,850)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(4,287)</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Loss from sale of subsidiary's shares</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(6,739)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Other, net</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(1,321)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(10,134)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(2,926)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,816</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(12,206)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(3,523)</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Total other income (expenses), net</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">174,223</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(170,378)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(49,186)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">349,255</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(132,922)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(38,372)</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">&nbsp;</P>
<P>&nbsp;</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=689>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the three-month <BR>
period ended December 31,</B></FONT></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the twelve-month <BR>
period ended December 31,</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="CENTER">__________________________________</B></FONT></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="CENTER">__________________________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Income (loss) before income tax, workers' profit sharing, minority interest and cumulative effect of changes in accounting principle</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>190,834</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(142,917)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(41,259)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>447,711</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>35,555</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>10,264</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Workers' profit sharing</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(1,538)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">61,560</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">17,771</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(1,538)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">59,949</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">17,306</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Income tax</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(7,928)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">216,241</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">62,425</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(25,604)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">189,024</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">54,568</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Income (loss) before minority interest and cumulative effect of changes in accounting principle</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">181,368</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">134,884</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">38,937</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">420,569</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">284,528</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">82,138</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Minority interest</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(11,225)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(11,031)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(3,184)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(24,272)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(48,640)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(14,042)</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Income (loss) before cumulative effect of changes in accounting principle</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">170,143</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">123,853</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">35,753</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">396,297</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">235,888</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">68,096</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Cumulative effect of changes in accounting principle</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(68,918)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(19,895)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(68,918)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(19,895)</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Net income</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">170,143</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">54,935</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">15,858</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">396,297</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">166,970</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">48,201</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Basic and diluted earnings per share before cumulative effect of changes in accounting principle, stated in Peruvian Nuevos Soles and U.S. dollars</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1.34</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">0.97</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">0.28</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3.12</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1.85</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">0.54</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Cumulative effect of accounting changes in basic and diluted earnings per share</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(0.54)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(0.16)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(0.54)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(0.16)</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Basic and diluted earnings per share, stated in Peruvian Nuevos Soles and U.S. dollars</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1.34</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">0.43</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">0.12</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3.12</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1.31</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">0.38</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Weighted average number of shares outstanding</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">127,236,219</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">127,236,219</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">127,236,219</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">127,236,219</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">127,236,219</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">127,236,219</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>__________</B></FONT></TD>
</TR>
</TABLE>

<B><FONT FACE="Arial"><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</P>
</B></FONT><FONT FACE="Arial" SIZE=4><P>Consolidated Statements of Cash Flows </P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=693>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="31%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the three-month <BR>
period ended December 31,</B></FONT></TD>
<TD WIDTH="31%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the twelve-month <BR>
period ended December 31,</B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="31%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="CENTER">_________________________________</B></FONT></TD>
<TD WIDTH="31%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="CENTER">_________________________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Operating activities</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Collection from customers</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>132,716</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>199,561</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>57,610</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>540,097</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>699,377</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>201,899</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Collection of dividends</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>79,216</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>205,863</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>59,429</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>79,216</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>459,509</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>132,653</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Collection of royalties </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>29,545</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>35,612</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>10,281</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>76,797</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>107,106</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>30,920</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Collection of interest</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>244</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>2,697</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>779</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>8,811</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>8,415</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>2,429</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Payments to suppliers and third parties</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(56,663)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(109,131)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(31,506)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(276,290)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(330,895)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(95,525)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Payments of exploration expenditures</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(40,809)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(43,009)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(12,416)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(94,006)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(122,673)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(35,414)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Payments to employees</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(24,382)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(5,716)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(1,650)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(97,281)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(96,882)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(27,968)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Payments of income tax</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(13,223)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(325)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(94)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(29,430)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(36,710)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(10,596)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Payments of royalties</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(3,196)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(8,385)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(2,421)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(12,714)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(24,763)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(7,149)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Payments of interest</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(2,148)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(837)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(242)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(13,781)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(8,281)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(2,391)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P>________</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Net cash provided by operating activities</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>101,300</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>276,330</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>79,770</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>181,419</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>654,203</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>188,858</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P>________</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Investing activities</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Purchase of plant and equipment</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(20,497)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(26,614)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(7,683)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(63,401)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(64,646)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(18,662)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Increase of investment fund</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(50,589)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(14,604)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Development expenditures</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(4,062)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(14,628)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(4,223)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(22,877)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(36,705)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(10,596)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Proceeds (payments) from derivative instruments settled, net</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>6,580</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(14,951)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(4,316)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>42,669</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(19,840)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(5,727)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Purchase of investments in shares</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(2,573)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(743)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(11,370)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(4,445)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(1,283)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Proceeds from sale of shares</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>1,235</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>2,916</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>842</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>4,121</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>2,916</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>841</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Proceeds from sale of plant and equipment</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>961</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>1,290</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>372</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>961</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>2,348</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>678</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P>________</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Net cash used in investing activities</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(15,783)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(54,560)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(15,751)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(49,897)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(170,961)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(49,353)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P>________</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Net cash used in financing activities</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(92,344)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(60,080)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(17,344)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(127,184)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(194,755)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(56,223)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P>________</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Net increase (decrease) in cash during the period</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(6,827)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>161,690</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>46,675</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>4,338</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>288,487</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>83,282</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Cash at beginning of period</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>98,274</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>218,244</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>63,006</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>87,109</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>91,447</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>26,399</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P>________</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Cash at period-end</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>91,447</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>379,934</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>109,681</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>91,447</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>379,934</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>109,681</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">&nbsp;</P>
<B><P>&nbsp;</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=693>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="31%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the three-month <BR>
period ended December 31,</B></FONT></TD>
<TD WIDTH="31%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the twelve-month <BR>
period ended December 31,</B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="31%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="CENTER">_________________________________</B></FONT></TD>
<TD WIDTH="31%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="CENTER">_________________________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=41>
<B><FONT FACE="Arial" SIZE=1><P>Reconciliation of net income (loss) to net cash provided by operating activities</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=41><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=41><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=41><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=41><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=41><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=41><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Net income (loss)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>170,143</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>54,935</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>15,858</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>396,297</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>166,970</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>48,201</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Add (deduct)</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Loss from change in the fair value of derivative instruments</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>324,235</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>93,601</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>616,986</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>178,114</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Cumulative effect of accounting changes</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>68,918</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>19,895</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>68,918</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>19,895</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Minority interest</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>11,225</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>11,031</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>3,184</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>24,272</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>48,640</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>14,042</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Depreciation</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>11,520</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>16,299</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>4,705</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>41,259</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>47,961</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>13,846</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Long-term officers' compensation (*)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>5,989</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>26,459</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>7,638</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>6,429</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>47,277</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>13,648</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Amortization of development costs and mineral lands in operational mining sites</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>3,246</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>3,054</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>882</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>16,328</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>17,517</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>5,057</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Amortization of mining concessions and goodwill</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2,961</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2,823</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>815</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>16,626</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>14,850</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>4,287</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Loss (gain) from exposure to inflation</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(3,038)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(2,330)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(672)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>3,157</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(306)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(89)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Write-off of development cost and mineral lands in operational mining sites</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>7,380</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2,130</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>7,380</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2,130</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Net cost of retired plant and equipment</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>5,424</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>3,801</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,097</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>8,105</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>6,187</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,786</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Loss from the change in the fair value of long-lived assets retirement obligation</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>4,503</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,300</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>4,503</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,300</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Assets improvement loss and write-off </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,558</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>4,472</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,291</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,558</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>4,472</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,291</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Deferred income tax and workers' profit sharing</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(10)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(289,441)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(83,557)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>3,386</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(287,874)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(83,105)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Share in affiliated companies, net of dividends received</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(91,132)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>26,869</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>7,756</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(258,213)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(72,005)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(20,786)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Gain on sale of plant and equipment</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,015</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(1,114)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(322)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(856)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(2,033)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(587)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Unrealized gain in investment fund costs</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(124)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(36)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(1,728)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(499)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Loss (gain) in sale of shares</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,346</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(255)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(74)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,346</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(255)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(74)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Loss from sale of subsidiary's shares</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>6,739</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Allowance for doubtful accounts receivable </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>314</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>5,674</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,638</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>314</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>5,674</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,638</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Net changes in assets and liabilities accounts</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Decrease (increase) of operating assets -</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Trade and other accounts receivable</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(11,737)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>3,239</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>935</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(70,399)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(15,271)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(4,408)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Deferred stripping costs</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(4,890)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(1,412)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(11,916)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(13,660)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(3,944)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Prepaid taxes and expenses</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>3,115</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(3,722)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(1,074)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,568</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(6,132)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(1,770)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Inventories</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(311)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(1,076)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(311)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>806</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,127</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>325</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Increase (decrease) of operating liabilities -</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Accounts payable</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(10,328)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>15,590</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>4,503</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(5,387)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(4,995)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(1,440)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Book Antiqua" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Book Antiqua" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Book Antiqua" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Book Antiqua" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Net cash provided by operating activities</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>101,300</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>276,330</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>79,770</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>181,419</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>654,203</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>188,858</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=1><P>_________</B></FONT></TD>
</TR>
</TABLE>
<DIR>

<FONT FACE="Arial" SIZE=1><P>(*)&#9;This provision, which covers until the year 2012, corresponds to a long-term compensation program granted by the Company to certain officers, as further explained in Note 17 to the 2003 consolidated financial statements. </P>
<P>&nbsp;</P>
<B><P>&nbsp;</P></DIR>

</B></FONT><FONT SIZE=2><P ALIGN="CENTER">Signature</P>
<P>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P><DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

<P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A.</P>
<P>&nbsp;</P><DIR>
<DIR>

<U><P>/s/ CARLOS E. GALVEZ PINILLOS</P>
</U><P>Carlos E. G&aacute;lvez Pinillos</P>
<P>Chief Financial Officer</P>
<P>&nbsp;</P></DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>

<P>Date: February 27, 2004</P>
<P>&nbsp;</P>
<P>&nbsp;</P></FONT></BODY>
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</TEXT>
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