-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 LYd+T8nTdifx3n15WgNdZIlISthQdMNuiHFYMaFRrccOb0jyX5mGYbueSfqP2xlF
 zZ9auguUYAvl+p/Yw5BIVA==

<SEC-DOCUMENT>0001013131-04-000006.txt : 20040426
<SEC-HEADER>0001013131-04-000006.hdr.sgml : 20040426
<ACCEPTANCE-DATETIME>20040423192041
ACCESSION NUMBER:		0001013131-04-000006
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040331
FILED AS OF DATE:		20040426

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:		04752347

	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>bvnpr230404.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>FORM 6-K</TITLE>
</HEAD>

<BODY>


<P ALIGN="CENTER">FORM 6-K</P>
<P ALIGN="CENTER"></P>
<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"></P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">Report of Foreign Issuer</P>
<P ALIGN="CENTER"></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"></P>
<P ALIGN="CENTER">For the month of March 2004</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">BUENAVENTURA MINING COMPANY INC.</P>
<P ALIGN="CENTER">(Translation of Registrant's Name into English)</P>
<P ALIGN="CENTER"></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   X &#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   X&#9; </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 a press release issued by Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries on April 23, 2004, announcing the Company's First Quarter 2004 results.</P>
<FONT SIZE=2>




<B><FONT FACE="Tahoma" SIZE=2><P ALIGN="RIGHT">For Immediate Release</P>
</FONT><FONT FACE="Tahoma" SIZE=4 COLOR="#808000"><P ALIGN="JUSTIFY">Compa&ntilde;&iacute;a de Minas Buenaventura Announces</P>
<P ALIGN="CENTER">First Quarter 2004 Results</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2 COLOR="#808000"><P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Lima, Peru, April 23, 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 first quarter 2004.
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/.3.461 per US$1 for the convenience of the reader.</P>
<B><P ALIGN="JUSTIFY">Comments from the Chief Executive Officer:</P>
</B><P ALIGN="JUSTIFY">Roque Benavides, Chief Executive Officer of Buenaventura stated: "This quarter, Buenaventura's net income was S/.173.6 million, or US$50.2 million, a decrease of 10% as compared to 1Q03 (Net income S/.193.1 million). The main difference corresponds to a credit of S/.95.0 million stated during 1Q03, related to the provision for derivative instruments, compared to a credit of S/.8.5 million in 1Q04. </P>
<P ALIGN="JUSTIFY">The two remarkable facts this quarter are: a 43% increase in operating income (S/.78.7 million in 1Q04 versus S/.54.9 million in 1Q03) and a 149% increase in non-consolidated affiliates' results (S/.167.6 million in 1Q04, versus S/.67.3 million in 1Q03) mainly, attributed to Yanacocha.</P>
<P ALIGN="JUSTIFY">EBITDA for 1Q04, was S/.361.0 million, or US$ 104.3 million, a 59% increase when compared to 1Q03 (S/.226.4 million). </P>
<P ALIGN="JUSTIFY">These results were mainly attributed to our cost-cutting improvements at Orcopampa, Uchucchacua and Antapite, an increase of 67% and 64% in silver and lead sales, respectively, and to higher metal realized prices".</P>
<B><P ALIGN="JUSTIFY">Financial Highlights (in millions of US$, except Income per ADR):</P>
</B></FONT><FONT FACE="Tahoma" SIZE=1 COLOR="#808000"><P ALIGN="JUSTIFY">&nbsp;</P></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=431>
<TR><TD WIDTH="41%" VALIGN="MIDDLE" HEIGHT=29><P></P></TD>
<TD WIDTH="20%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=29>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">1Q04</B></FONT></TD>
<TD WIDTH="20%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=29>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">1Q03</B></FONT></TD>
<TD WIDTH="20%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=29>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Var%</B></FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="MIDDLE" HEIGHT=32>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Operating Revenues</B></FONT></TD>
<TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=32>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">67.9</FONT></TD>
<TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=32>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">54.3</FONT></TD>
<TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=32>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">25%</B></FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Operating Income</B></FONT></TD>
<TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">22.7</FONT></TD>
<TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">15.9</FONT></TD>
<TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">43%</B></FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="MIDDLE" HEIGHT=36>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">EBITDA</P>
<P ALIGN="CENTER">(BVN Direct Operations)</B></FONT></TD>
<TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=36>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">14.8<SUP>(1)</SUP></FONT></TD>
<TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=36>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">19.6</FONT></TD>
<TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=36>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-24%</B></FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="MIDDLE" HEIGHT=35>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">EBITDA</P>
<P ALIGN="CENTER">(including Yanacocha)</B></FONT></TD>
<TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=35>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">104.3<SUP>(1)</SUP></FONT></TD>
<TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=35>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">65.4</FONT></TD>
<TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=35>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">59%</B></FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="MIDDLE" HEIGHT=24>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Net Income </B></FONT></TD>
<TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=24>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">50.2<SUP>(1)</SUP></FONT></TD>
<TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=24>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">55.8</FONT></TD>
<TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=24>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-10%</B></FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="MIDDLE" HEIGHT=36>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Net Income (without mark to market effect)</B></FONT></TD>
<TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=36>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">43.7<SUP>(1)</SUP></FONT></TD>
<TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=36>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">28.4</FONT></TD>
<TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=36>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">54%</B></FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="MIDDLE" HEIGHT=25>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">EPS </B></FONT></TD>
<TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=25>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.39</FONT></TD>
<TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=25>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.44</FONT></TD>
<TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=25>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-10%</B></FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="MIDDLE" HEIGHT=37>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">EPS (without Mark to market effect)</B></FONT></TD>
<TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=37>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.34</FONT></TD>
<TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=37>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.22</FONT></TD>
<TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=37>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">54%</B></FONT></TD>
</TR>
</TABLE>

<FONT FACE="Tahoma" SIZE=1><P ALIGN="JUSTIFY">(1) Includes a US$10.4 million expense of buying back 120,000 oz of gold in January 2004</FONT><FONT FACE="Tahoma" SIZE=2>.</P>
<B><P ALIGN="JUSTIFY">Operating Highlights:</P></B></FONT>
<TABLE BORDER CELLSPACING=2 CELLPADDING=4 WIDTH=550>
<TR><TD WIDTH="46%" VALIGN="BOTTOM" HEIGHT=29>
<FONT FACE="Tahoma" SIZE=1 COLOR="#808000"><P ALIGN="CENTER">&nbsp;</FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=29>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">1Q04</B></FONT></TD>
<TD WIDTH="19%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=29>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">1Q03</B></FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=29>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Var%</B></FONT></TD>
</TR>
<TR><TD WIDTH="46%" VALIGN="MIDDLE" HEIGHT=34>
<B><FONT FACE="Tahoma" SIZE=1><P>Total Sales (million of US$)</B></FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">58.2</FONT></TD>
<TD WIDTH="19%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">47.0</FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">24%</FONT></TD>
</TR>
<TR><TD WIDTH="46%" VALIGN="MIDDLE" HEIGHT=34>
<B><FONT FACE="Tahoma" SIZE=1><P>Average Realized Price Gold (US$/oz.)</B></FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">365.91</FONT></TD>
<TD WIDTH="19%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">349.80</FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">5%</FONT></TD>
</TR>
<TR><TD WIDTH="46%" VALIGN="MIDDLE" HEIGHT=35>
<B><FONT FACE="Tahoma" SIZE=1><P>Average Realized Price Silver (US$/oz.)</B></FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" HEIGHT=35>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">6.21</FONT></TD>
<TD WIDTH="19%" VALIGN="MIDDLE" HEIGHT=35>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">4.67</FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" HEIGHT=35>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">33%</FONT></TD>
</TR>
<TR><TD WIDTH="46%" VALIGN="MIDDLE" HEIGHT=35>
<B><FONT FACE="Tahoma" SIZE=1><P>Average Realized Price Lead (US$/TM.)</B></FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" HEIGHT=35>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">862.32</FONT></TD>
<TD WIDTH="19%" VALIGN="MIDDLE" HEIGHT=35>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">459.45</FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" HEIGHT=35>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">88%</FONT></TD>
</TR>
<TR><TD WIDTH="46%" VALIGN="MIDDLE" HEIGHT=35>
<B><FONT FACE="Tahoma" SIZE=1><P>Average Realized Price Zinc (US$/TM.)</B></FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" HEIGHT=35>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">1,048.99</FONT></TD>
<TD WIDTH="19%" VALIGN="MIDDLE" HEIGHT=35>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">785.96</FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" HEIGHT=35>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">33%</FONT></TD>
</TR>
</TABLE>

<B><FONT FACE="Tahoma"><P ALIGN="JUSTIFY">Operating Revenue</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Operating revenue reached S/.235.1 million, or US$67.9 million, a 25% increase when compared to 1Q03 (S/.187.9 million). This was a result of a 24% increase in net sales and a 35% increase in royalties.</P>
<B><P ALIGN="JUSTIFY">Net sales</B> increased 24% during 1Q04 versus 1Q03 mainly due to a significant increase in metal realized prices of silver (33%), zinc (33%) and lead (88%); and volumes sold of silver (67%) and lead (64%). </P>
<P ALIGN="JUSTIFY">The volume of gold sold decreased 11% due to a delay in gold delivery. However, gold production in 1Q04 was 12% higher than in 1Q03.</P>
<B><P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><FONT FACE="Tahoma" SIZE=1><P>&nbsp;</P></B></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=420>
<TR><TD VALIGN="MIDDLE" COLSPAN=4 BGCOLOR="#808000" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Sales Content</B></FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="MIDDLE" HEIGHT=27><P></P></TD>
<TD WIDTH="25%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">1Q04</B></FONT></TD>
<TD WIDTH="25%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">1Q03</B></FONT></TD>
<TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Var%</B></FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="MIDDLE" HEIGHT=26>
<B><FONT FACE="Tahoma" SIZE=1><P>Gold (in oz)</B></FONT></TD>
<TD WIDTH="25%" VALIGN="MIDDLE" HEIGHT=26>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">68,217</FONT></TD>
<TD WIDTH="25%" VALIGN="MIDDLE" HEIGHT=26>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">76,668</FONT></TD>
<TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=26>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-11%</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="MIDDLE" HEIGHT=25>
<B><FONT FACE="Tahoma" SIZE=1><P>Silver (in oz)</B></FONT></TD>
<TD WIDTH="25%" VALIGN="MIDDLE" HEIGHT=25>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">3,448,473</FONT></TD>
<TD WIDTH="25%" VALIGN="MIDDLE" HEIGHT=25>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">2,062,064</FONT></TD>
<TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=25>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">67%</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="MIDDLE" HEIGHT=26>
<B><FONT FACE="Tahoma" SIZE=1><P>Lead (in MT)</B></FONT></TD>
<TD WIDTH="25%" VALIGN="MIDDLE" HEIGHT=26>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">7,480</FONT></TD>
<TD WIDTH="25%" VALIGN="MIDDLE" HEIGHT=26>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">4,565</FONT></TD>
<TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=26>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">64%</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="MIDDLE" HEIGHT=26>
<B><FONT FACE="Tahoma" SIZE=1><P>Zinc (in MT)</B></FONT></TD>
<TD WIDTH="25%" VALIGN="MIDDLE" HEIGHT=26>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">11,834</FONT></TD>
<TD WIDTH="25%" VALIGN="MIDDLE" HEIGHT=26>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">13,603</FONT></TD>
<TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=26>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-13%</FONT></TD>
</TR>
</TABLE>

<I><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
</I></FONT><B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">&nbsp;</P>
</FONT><FONT FACE="Tahoma"><P ALIGN="JUSTIFY">Production and Operating Costs</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Buenaventura's equity production in 1Q04 was 75,173 ounces of gold, 11% higher than 1Q03 (67,654 ounces) and 2,991,425 ounces of silver, an increase of 3% compared to 1Q03 (2,911,776 ounces). </P>
<P ALIGN="JUSTIFY">&nbsp;</P></FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=588>
<TR><TD VALIGN="MIDDLE" COLSPAN=4 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="29%" VALIGN="MIDDLE" HEIGHT=18><P></P></TD>
<TD WIDTH="25%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">1Q04</B></FONT></TD>
<TD WIDTH="25%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">1Q03</B></FONT></TD>
<TD WIDTH="22%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Var%</B></FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="MIDDLE" HEIGHT=23>
<B><FONT FACE="Tahoma" SIZE=1><P>Gold (in oz)</B></FONT></TD>
<TD WIDTH="25%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">75,173</FONT></TD>
<TD WIDTH="25%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">67,654</FONT></TD>
<TD WIDTH="22%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">11%</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="MIDDLE" HEIGHT=23>
<B><FONT FACE="Tahoma" SIZE=1><P>Silver (in oz)</B></FONT></TD>
<TD WIDTH="25%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2,991,425</FONT></TD>
<TD WIDTH="25%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2,911,776</FONT></TD>
<TD WIDTH="22%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">3%</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="MIDDLE" HEIGHT=23>
<B><FONT FACE="Tahoma" SIZE=1><P>Lead (in MT)</B></FONT></TD>
<TD WIDTH="25%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">3,851</FONT></TD>
<TD WIDTH="25%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">3,438</FONT></TD>
<TD WIDTH="22%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">12%</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="MIDDLE" HEIGHT=22>
<B><FONT FACE="Tahoma" SIZE=1><P>Zinc (in MT)</B></FONT></TD>
<TD WIDTH="25%" VALIGN="MIDDLE" HEIGHT=22>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">5,842</FONT></TD>
<TD WIDTH="25%" VALIGN="MIDDLE" HEIGHT=22>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">6.361</FONT></TD>
<TD WIDTH="22%" VALIGN="MIDDLE" HEIGHT=22>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">-8%</FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">In <B>Orcopampa</B> (100%) total gold production increased 8% to 47,288 oz in 1Q04 from 43,622 oz in 1Q03. Cash operating cost in 1Q04 was US$145.37/oz of gold, a decrease of 9% compared to 1Q03 (US$159.29/oz of gold). As it was announced, the cyanidation plant began full operations in March permitting increasing recovery and reduction of sales expenses, deductions and penalties by producing dore instead of ore concentrates. As a matter of fact, the cash operating cost in March was US$115.61/oz, which confirms our expectations regarding the new process.</P>
<P ALIGN="JUSTIFY">In <B>Uchucchacua</B> (100%), silver production was 2,347,727 oz , similar to 1Q03 production. Cash operating cost in 1Q04 was US$3.00/oz of silver, a decrease of 3% compared to 1Q03 (US$3.10/oz) explained by a higher by-products contribution such as zinc and lead, which experienced strong price increases.</P>
<P ALIGN="JUSTIFY">In <B>Antapite</B> (78.04%), gold production increased 31%, from 17,973 oz in 1Q03 to 23,567 oz in 1Q04, due to the expansion of the cyanidation plant. Cash operating cost in 1Q04 was US$154.11/oz of gold, a 5% decrease as compared to 1Q03 (US$163.92/oz of gold), due to the higher gold production. </P>
<P ALIGN="JUSTIFY">In <B>Ishihuinca</B> (78.04%), gold production was 5,960 oz, a 1% decrease when compared to 1Q03 (6,044 oz). Cash operating cost for the quarter was US$265.09/oz of gold, 29% higher compared with 1Q03 (US$205.98/oz) due to exploration efforts to increase gold reserves and an increase in mine preparation costs.</P>
<P ALIGN="JUSTIFY">In <B>Colquijirca (El Brocal)</B> (32.78%) lead production in 1Q04 was 6,764 ST, an increase of 22% versus 1Q03 (5,528 ST). Silver production was 724,393 ounces, a 10% decrease compared with 1Q03 (808,600 oz) and zinc production was 14,619 ST, an 11% decrease compared with 1Q03 (16,397 ST). Cash operating cost for the period was US$867.28/TM of zinc, a 26% increase versus US$687.82/TM in 1Q03 explained by a decrease in zinc recovery due to higher oxide contents in ore.</P>
</FONT><B><FONT FACE="Tahoma" SIZE=1><P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><FONT FACE="Tahoma"><P ALIGN="JUSTIFY">Operating Expenses</P>
</FONT><FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">&nbsp;</P>

<UL>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY"><LI>General and administrative expenses in 1Q04 were S/.20.6 million, or US$6.0 million, a 19% increase compared to 1Q03 (S/.17.4 million) due to higher legal expenses and a provision for the Long-Term Management Compensation Program after incorporating the year 2004 program which covers until year 2013.</LI></P>
<P ALIGN="JUSTIFY"><LI>Exploration costs in non-operational mining areas in during the period increased 13% to S/.10.1 million, or US$2.9 million (S/.9.0 million in 1Q03), due to higher expenditures in the La Zanja project.</LI></P></UL>

<B><P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><FONT FACE="Tahoma"><P ALIGN="JUSTIFY">Operating Income</P>
</FONT><FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">&nbsp;</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Operating income was S/.78.7 million, or US$ 22.7 million, a 43% increase compared to 1Q03 (S/.54.9 million). This was primarily a result of the 25% increase in operating revenues while operating costs increased only 20%. </P>
</FONT><B><FONT FACE="Tahoma"><P ALIGN="JUSTIFY">Income from Non-Consolidated Affiliates</P>
</B></FONT><FONT FACE="Arial Narrow" SIZE=1><P>&nbsp;</P>
</FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Buenaventura's income from Non-Consolidated Affiliates during 1Q04 was S/.167.6 million, or US$48.4 million, an increase of 149% compared to 1Q03 (S/.67.3 million) mainly attributed to our participation in Yanacocha.</P>
<P ALIGN="JUSTIFY">In<B> Yanacocha </B>(43.65%) 1Q04 gold production increased 26% to 803,558 ounces (350,753 ounces Buenaventura's share) compared with the same period of 2003. This result was due to an increase in the gold recoveries. </P>
<P ALIGN="JUSTIFY">Cash operating cost in Yanacocha was US$144/oz of gold, a 7% increase compared with US$134/oz in 1Q03.</P>
<P ALIGN="JUSTIFY">Net income in 1Q04 was US$110.6 million and operating cash flow was US$193.2 million, compared to US$43.6 million and US$143.1 million, respectively, in 1Q03.</P>
<P ALIGN="JUSTIFY">Yanacocha's capital expenditures for 1Q04 were US$44.6 million.</P>
<B><P ALIGN="JUSTIFY">&nbsp;</P>
</B></FONT><FONT SIZE=2><P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><B><FONT FACE="Tahoma"><P ALIGN="JUSTIFY">Net Income</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">This quarter Buenaventura's net income was S/.173.6 million, or US$50.2 million, representing a decrease of 10% compared to 1Q03 (S/.193.1 million). In 1Q03 a credit of S/.95.0 million, or US$27.4 million due to a provision for mark-to-market value variation was considered. On the other hand, during 1Q04, the corresponding credit was only of S/.8.5 million plus a realized deferred income of S/.13.9 million, or US$4.0 million.</P>
<P ALIGN="JUSTIFY">Earnings per share (EPS) for 1Q04 were S/.1.36, or US$0.39, a decrease of 10% compared with 1Q03 (S/.1.52 or US$0.44). </P>
<P ALIGN="JUSTIFY">Eliminating mark to market effect, net income in 1Q04 was US$43.7, an increase of 54% when compared with 1Q03 (US$28.4 million). Likewise, EPS increased 54% from US$0.22 in 1Q03 to US$0.34 in 1Q04. </P>
<P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><B><FONT FACE="Tahoma"><P ALIGN="JUSTIFY">Hedging Operations</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">During the quarter the Company reported a net loss of S/.45.7 million, or US$13.2 million in derivative instruments, as a result of the execution of 41,000 ounces of gold and 515,823 ounces of silver. </P>
<B><P ALIGN="JUSTIFY">&nbsp;</P>
</B></FONT><FONT SIZE=2><P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><B><FONT FACE="Tahoma"><P ALIGN="JUSTIFY">Project Development</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">UCHUCCHACUA</P>
<P ALIGN="JUSTIFY">During 1Q04, the Company started the engineering studies for the construction of the flotation-cyanidation plant for treating tails. </P>
<P ALIGN="JUSTIFY">CONSORCIO ENERGETICO DE HUANCAVELICA</P>
<P ALIGN="JUSTIFY">During 1Q04, the Company began construction of a 104km transmission line running between the districts of Callalli and Ares at 138kv to improve the energy supply for Orcopampa, Shila and Paula as well as Poracota. Total investment has been estimated at US$7 million.</P>
<P ALIGN="JUSTIFY">LA ZANJA</P>
<P ALIGN="JUSTIFY">This project is progressing in terms of permitting and development. </P>
</FONT><B><I><FONT FACE="Arial Narrow" SIZE=2><P ALIGN="CENTER">* * *</P>
</I></FONT><FONT FACE="Tahoma" SIZE=2 COLOR="#808000"><P ALIGN="JUSTIFY">Company Description</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">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 ALIGN="JUSTIFY">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 partnership with Newmont Mining Corporation) and is one of the main precious metal producers in the world.</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><B><FONT FACE="Tahoma" COLOR="#808000"><P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><FONT FACE="Tahoma" SIZE=1><P ALIGN="JUSTIFY">Note on Forward-Looking Statements</P>
</B><P ALIGN="JUSTIFY">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>
</FONT><B><FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">**Tables to follow**</P>
</FONT><U><FONT FACE="Tahoma"><P ALIGN="CENTER">&nbsp;</P>
</U></FONT><FONT FACE="Tahoma" SIZE=1><P>Appendix 1. </P></B></FONT>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=2 WIDTH=577>
<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">32.78</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">78.04</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><FONT FACE="Tahoma" SIZE=1><P ALIGN="RIGHT">*Consolidates</P>
<P>Appendix 2.</P>
</B></FONT><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;</P>
</FONT><B><FONT FACE="Tahoma" SIZE=1><P>&nbsp;BVN PRODUCTION SUMMARY</P></B></FONT>
<TABLE BORDER CELLSPACING=1 BORDERCOLOR="#000000" CELLPADDING=2 WIDTH=654>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="29%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">GOLD PRODUCTION</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="40%" VALIGN="TOP" COLSPAN=4 BGCOLOR="#808000" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Three Months Ended March 31st</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="18%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Orcopampa</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" COLSPAN=2 HEIGHT=21><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Antapite</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=21><P></P></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="18%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" COLSPAN=2 HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">%</B></FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P>Ore Milled  DST</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">102,760</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" COLSPAN=2 HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">91,408</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">12.42%</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">44,875</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">30,387</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">47.68%</FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P>AVG Ore Grade OZ/ST</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">0.49</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" COLSPAN=2 HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">0.56</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">-11.75%</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">0.56</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">0.65</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">-12.93%</FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P>AVG Recovery Rate %</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">93.48%</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" COLSPAN=2 HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">85.55%</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">7.93%</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">93.39%</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">91.57%</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">1.82%</FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P>Ounces Produced</B></FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">47,288</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" COLSPAN=2 HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">43,622</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">8.41%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">23,567</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">17,973</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">31.13%</B></FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="29%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">SILVER PRODUCTION</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="40%" VALIGN="TOP" COLSPAN=4 BGCOLOR="#808000" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Three Months Ended March 31st</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="18%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Uchucchacua</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" COLSPAN=2 HEIGHT=21><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Colquijira</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=21><P></P></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="18%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" COLSPAN=2 HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">%</B></FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P>Ore Milled  DST</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">188,898</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" COLSPAN=2 HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">182,288</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">3.63%</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">370,153</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">338,027</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">9.50%</FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P>AVG Ore Grade OZ/ST</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">16.93</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" COLSPAN=2 HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">17.59</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">-3.76%</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">2.87</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">3.25</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">-11.59%</FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P>AVG Recovery Rate %</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">73.40%</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" COLSPAN=2 HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">73.83%</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">-0.44%</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">68.15%</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">73.64%</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">-5.49%</FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P>Ounces Produced</B></FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2,347,727</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" COLSPAN=2 HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2,368,140</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">-0.86%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">724,393</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">808,600</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">-10.41%</B></FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="28%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">ZINC PRODUCTION</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="40%" VALIGN="TOP" COLSPAN=4 BGCOLOR="#808000" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Three Months Ended March 31st</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="18%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Uchucchacua</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" COLSPAN=2 HEIGHT=21><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Colquijira</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=21><P></P></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="18%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" COLSPAN=2 HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">%</B></FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P>Ore Milled  DST</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">188,898</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">182,288</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" COLSPAN=2 HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">3.63%</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">370,153</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">338,027</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">9.50%</FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P>AVG Ore Grade %</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">1.38%</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">1.55%</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" COLSPAN=2 HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">-11.20%</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">5.53%</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">6.14%</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">-9.94%</FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P>AVG Recovery Rate %</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">63.21%</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">59.85%</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" COLSPAN=2 HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">3.35%</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">71.43%</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">79.01%</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">-7.58%</FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P>ST Produced</B></FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">1,648</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">1,696</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" COLSPAN=2 HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">-2.83%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">14,619</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">16,397</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">-10.84%</B></FONT></TD>
</TR>
</TABLE>

<B><FONT FACE="Tahoma" SIZE=1><P>&nbsp;</P>
<P>Appendix 3.</P>
</B></FONT><FONT SIZE=2><P>&nbsp;</P>
</FONT><B><FONT FACE="Tahoma" SIZE=1><P>Total Gold Commitmets</P>
<P>As of 04/01/04</P></B></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=2 WIDTH=947>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2006</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2007</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2008</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2009</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2010</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2011</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Total</B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial" SIZE=4><P ALIGN="CENTER">285</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">246,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">338,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">350,500 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">428,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">452,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">2,142,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">US$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">307.23 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">313.65 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">314.91 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">313.90 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">297.83 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">294.03 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">285.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">285.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">304.25 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial" SIZE=4><P ALIGN="CENTER">290</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">246,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">338,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">350,500 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">428,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">452,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">2,142,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">US$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">322.99 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">332.64 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">327.34 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">326.03 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">309.74 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">305.91 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">320.23 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial" SIZE=4><P ALIGN="CENTER">300</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">216,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">288,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">418,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">430,500 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">508,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">492,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">2,472,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">US$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">339.17 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">336.91 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">332.49 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">331.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">320.30 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">315.51 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">328.26 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial" SIZE=4><P ALIGN="CENTER">340</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">216,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">288,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">418,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">438,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">538,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">522,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">90,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">82,500 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">2,592,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">US$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">342.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">341.35 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">339.38 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">339.04 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">341.30 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">342.03 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">346.67 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">346.82 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">341.22 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial" SIZE=4><P ALIGN="CENTER">345</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">216,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">288,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">418,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">438,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">538,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">522,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">90,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">82,500 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">2,592,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">US$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">342.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">341.35 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">339.38 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">339.04 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.53 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.13 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">346.67 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">346.82 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">342.31 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial" SIZE=4><P ALIGN="CENTER">350</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">234,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">312,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">448,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">468,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">568,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">552,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">120,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">105,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">2,807,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">US$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.08 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">342.02 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">340.42 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">339.90 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.72 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">348.06 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">346.25 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">346.43 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">343.78 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial" SIZE=4><P ALIGN="CENTER">385</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">279,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">372,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">448,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">468,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">568,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">552,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">120,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">105,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">2,912,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">US$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">349.84 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">348.95 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">340.42 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">339.90 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">360.51 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">368.61 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">346.25 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">346.43 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">352.05 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial" SIZE=4><P ALIGN="CENTER">400</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">279,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">372,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">448,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">468,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">568,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">552,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">120,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">105,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">2,912,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">US$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">349.84 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">348.95 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">340.42 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">339.90 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">366.85 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">377.41 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">346.25 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">346.43 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">354.95 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial" SIZE=4><P ALIGN="CENTER">420</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">279,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">372,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">448,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">468,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">628,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">552,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">120,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">105,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">2,972,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="CENTER">US$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="RIGHT">349.84 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="RIGHT">348.95 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="RIGHT">340.42 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="RIGHT">339.90 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="RIGHT">371.93 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="RIGHT">386.21 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="RIGHT">346.25 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="RIGHT">346.43 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">357.90 </B></FONT></TD>
</TR>
</TABLE>

<B><FONT FACE="Tahoma" SIZE=1><P>&nbsp;</P>
<P>Phsysical Gold Delivery</P>
<P>As of 04/01/04</P>
</B></FONT><FONT SIZE=2></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=2 WIDTH=947>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2006</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2007</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2008</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2009</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2010</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2011</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Total</B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial" SIZE=4><P ALIGN="CENTER">285</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">156,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">428,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">452,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">2,000,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">US$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">311.39 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">313.65 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">311.98 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">311.77 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">297.83 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">294.03 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">285.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">285.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">303.37 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial" SIZE=4><P ALIGN="CENTER">290</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">156,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">428,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">452,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">2,000,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">US$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">336.26 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">332.64 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">325.62 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">324.73 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">309.74 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">305.91 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">320.49 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial" SIZE=4><P ALIGN="CENTER">300</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">156,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">428,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">452,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">2,000,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">US$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">337.70 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">334.57 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">328.54 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">327.77 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">316.05 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">313.08 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">324.73 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial" SIZE=4><P ALIGN="CENTER">340</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">156,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">428,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">452,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">2,000,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">US$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">342.31 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">340.72 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">340.72 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">341.75 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">340.52 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial" SIZE=4><P ALIGN="CENTER">345</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">156,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">428,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">452,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">2,000,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">US$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">342.31 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">340.72 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.53 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.33 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">341.94 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial" SIZE=4><P ALIGN="CENTER">350</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">156,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">428,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">452,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">2,000,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">US$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">342.31 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">340.72 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">346.33 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">348.92 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">343.35 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial" SIZE=4><P ALIGN="CENTER">385</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">156,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">428,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">452,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">2,000,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">US$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">342.31 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">340.72 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">365.96 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">374.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">353.21 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial" SIZE=4><P ALIGN="CENTER">400</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">156,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">428,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">452,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">2,000,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">US$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">342.31 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">340.72 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">374.37 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">384.76 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">357.45 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial" SIZE=4><P ALIGN="CENTER">420</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">156,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">428,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">452,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">2,000,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="CENTER">US$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="RIGHT">342.31 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="RIGHT">340.72 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="RIGHT">374.37 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="RIGHT">395.51 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">359.88 </B></FONT></TD>
</TR>
</TABLE>

<B><FONT FACE="Tahoma" SIZE=1><P>&nbsp;</P>
<P>Gold Derivatives</P>
<P>As of 04/01/04</P>
</B></FONT><FONT SIZE=2><P>&nbsp;</P>
<P>&nbsp;</P></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=2 WIDTH=947>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2006</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2007</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2008</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2009</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2010</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2011</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Total</B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial" SIZE=4><P ALIGN="CENTER">285</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">90,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">30,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">22,500 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">142,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">US$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">300.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">316.58 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial" SIZE=4><P ALIGN="CENTER">290</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">90,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">30,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">22,500 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">142,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">US$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">300.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">316.58 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial" SIZE=4><P ALIGN="CENTER">300</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">110,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">102,500 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">40,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">472,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">US$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.55 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.44 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">343.22 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial" SIZE=4><P ALIGN="CENTER">340</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">110,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">110,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">110,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">70,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">30,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">22,500 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">592,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">US$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.55 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.55 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.55 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.86 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">343.59 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial" SIZE=4><P ALIGN="CENTER">345</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">110,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">110,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">110,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">70,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">30,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">22,500 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">592,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">US$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.55 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.55 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.55 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.86 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">343.59 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial" SIZE=4><P ALIGN="CENTER">350</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">78,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">104,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">100,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">45,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">807,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">US$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">344.62 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">344.62 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">346.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.46 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.86 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">344.20 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">344.87 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial" SIZE=4><P ALIGN="CENTER">385</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">123,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">164,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">100,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">45,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">912,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">US$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">359.39 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">359.39 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">346.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.46 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.86 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">344.20 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">349.49 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial" SIZE=4><P ALIGN="CENTER">400</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">123,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">164,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">100,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">45,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">912,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">US$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">359.39 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">359.39 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">346.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.46 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.86 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">344.20 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">349.49 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial" SIZE=4><P ALIGN="CENTER">420</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">123,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">164,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">200,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">100,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial"><P ALIGN="RIGHT">45,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">972,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="CENTER">US$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="RIGHT">359.39 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="RIGHT">359.39 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="RIGHT">346.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.46 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="RIGHT">366.70 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="RIGHT">344.20 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="RIGHT">353.84 </B></FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
</FONT><B><FONT FACE="Tahoma" SIZE=1><P>Appendix 4.</P>
<P>Silver Derivatives</P>
<P>As of 04/01/04</P>
</B></FONT><FONT SIZE=2><P>&nbsp;&nbsp;</P></FONT>
<TABLE BORDER CELLSPACING=3 CELLPADDING=2 WIDTH=1139>
<TR><TD WIDTH="5%" VALIGN="TOP" HEIGHT=27><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=27>
<B><FONT FACE="Arial" SIZE=4><P ALIGN="CENTER">At US $  4.00</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=27>
<B><FONT FACE="Arial" SIZE=4><P ALIGN="CENTER">At US $  4.15</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=27>
<B><FONT FACE="Arial" SIZE=4><P ALIGN="CENTER">At US $  6.20</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=27>
<B><FONT FACE="Arial" SIZE=4><P ALIGN="CENTER">At US $  6.33</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=27>
<B><FONT FACE="Arial" SIZE=4><P ALIGN="CENTER">At US $  6.50</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=27>
<B><FONT FACE="Arial" SIZE=4><P ALIGN="CENTER">At US $  7.00</B></FONT></TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Year</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Ounces</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Ounces</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Ounces</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Ounces</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Ounces</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Ounces</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial"><P ALIGN="CENTER">2004</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial"><P ALIGN="CENTER">225,000</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial"><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial"><P ALIGN="CENTER">1,125,000</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial"><P ALIGN="CENTER">5.84</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial"><P ALIGN="CENTER">1,170,000</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial"><P ALIGN="CENTER">6.15</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial"><P ALIGN="CENTER">1,345,500</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial"><P ALIGN="CENTER">6.16</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial"><P ALIGN="CENTER">1,575,000</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial"><P ALIGN="CENTER">6.16</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial"><P ALIGN="CENTER">2,250,000</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial"><P ALIGN="CENTER">6.16</FONT></TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="CENTER">2005</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="CENTER">300,000</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="CENTER">1,400,000</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="CENTER">5.84</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="CENTER">1,460,000</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="CENTER">6.15</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="CENTER">1,677,750</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="CENTER">6.15</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="CENTER">1,962,500</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="CENTER">6.15</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="CENTER">2,800,000</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="CENTER">6.16</FONT></TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial"><P ALIGN="CENTER">2006</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial"><P ALIGN="CENTER">200,000</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial"><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial"><P ALIGN="CENTER">200,000</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial"><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial"><P ALIGN="CENTER">240,000</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial"><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial"><P ALIGN="CENTER">266,000</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial"><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial"><P ALIGN="CENTER">300,000</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial"><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial"><P ALIGN="CENTER">400,000</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial"><P ALIGN="CENTER">6.00</FONT></TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="TOP" HEIGHT=24><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial"><P ALIGN="CENTER">725,000</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial"><P ALIGN="CENTER">6.00</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2,725,000</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial"><P ALIGN="CENTER">5.85</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2,870,000</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial"><P ALIGN="CENTER">6.14</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial"><P ALIGN="CENTER">3,289,250</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial"><P ALIGN="CENTER">6.14</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial"><P ALIGN="CENTER">3,837,500</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial"><P ALIGN="CENTER">6.14</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial"><P ALIGN="CENTER">5,450,000</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial"><P ALIGN="CENTER">6.15</B></FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</FONT><B><FONT FACE="Tahoma" SIZE=1>Appendix 5.</P>
</FONT><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, 2003 (audited) and March 31, 2004 (unaudited)</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=623>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Assets</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Current assets</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>Cash and cash equivalents</TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>390,572</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>472,998</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>136,665</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>Investment funds</TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>53,782</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>53,485</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>15,454</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>Trade accounts receivable</TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>72,779</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>57,951</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>16,744</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>Other accounts receivable</TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>25,777</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>20,386</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>5,890</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>Accounts receivable from affiliates</TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>36,943</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>45,229</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>13,068</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>Inventories, net</TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>75,685</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>81,090</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>23,430</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>Income tax credit</TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>28,408</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>26,790</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>7,741</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>Current portion of prepaid value added tax and expenses</TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>17,958</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>29,959</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>8,656</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Total current assets</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>701,904</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>787,888</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>227,648</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>Long - term accounts receivable</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>941</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>844</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>244</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>Prepaid value added tax and expenses</TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>5,668</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>3,938</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>1,138</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Investments in shares</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>1,414,727</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>1,531,604</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>442,532</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>Property, plant and equipment, net</TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>387,071</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>391,633</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>113,156</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>Development costs and mineral lands, net</TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>135,028</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>139,855</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>40,409</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>Deferred stripping costs</TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>54,933</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>54,933</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>15,872</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>Mining concessions and goodwill, net</TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>164,820</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>161,838</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>46,760</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>Deferred income tax and workers' profit sharing, net</TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>291,486</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>273,335</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>78,975</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Total assets</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>3,156,578</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>3,345,868</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>966,734</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</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>
</FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=623>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Liabilities and shareholders' equity, net</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Current liabilities</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>Bank loans</TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>22,991</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>24,798</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>7,165</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>Trade accounts payable</TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>51,644</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>54,380</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>15,712</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>Other current liabilities</TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>84,267</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>184,785</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>53,391</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>Fair value of derivative instruments</TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>97,893</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>92,680</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>26,778</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>Current portion of long-term debt</TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>69,043</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>62,140</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>17,954</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>Deferred revenue from future sale</TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>67,463</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>67,463</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>19,492</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Total current liabilities</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>393,301</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>486,246</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>140,492</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Other long-term liabilities </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>75,314</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>58,384</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>16,869</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Fair value of derivative instruments</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>301,664</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>286,111</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>82,667</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>Long-term debt</TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>44,558</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>35,786</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>10,340</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>Deferred revenue from future sale</TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>628,287</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>614,367</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>177,512</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Total liabilities</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>1,443,124</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>1,480,894</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>427,880</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Minority interest</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>47,459</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>56,568</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>16,344</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Shareholders' equity, net</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>Capital stock, net of treasury shares by S/48,881,000 in 2003 and 2004</TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>584,809</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>584,809</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>168,971</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>Investment shares, net of treasury shares by 65,000 in 2003 and 2004</TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>1,649</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>1,649</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>476</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>Additional paid-in capital</TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>598,434</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>598,434</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>172,908</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>Legal reserve</TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>97,383</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>114,522</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>33,089</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Retained earnings</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>213,804</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>299,807</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>86,625</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>Cumulative translation adjustment</TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>(28,818)</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>(63,602)</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>(18,377)</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>Unrealized gain of investments in shares carried at fair value</TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>204,955</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>278,550</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>80,483</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>Unrealized loss from derivative instruments</TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>(6,221)</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>(5,763)</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>(1,665)</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Total shareholders' equity</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>1,665,995</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>1,808,406</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>522,510</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<B><P>Total liabilities and shareholders' equity, net</B></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>3,156,578</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>3,345,868</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>966,734</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=1>
</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 (unaudited)</P>
</FONT><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">For the three-month periods ended March 31, 2003 and 2004</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=661>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Operating revenues</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1>
<P>Net sales</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>162,780</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>201,298</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>58,162</TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1>
<P>Royalty income</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>25,091</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>33,753</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>9,752</TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Total revenues</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>187,871</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>235,051</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>67,914</TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1>
<B><P>Costs of operation</B></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1>
<P>Operating costs</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>72,827</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>81,214</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>23,465</TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1>
<P>Depreciation</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>8,615</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>11,480</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>3,317</TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1>
<P>Exploration and development costs in operational mining sites</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>15,369</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>23,464</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>6,779</TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1>
<B><P>Total costs of operation</B></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>96,811</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>116,158</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>33,561</TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1>
<B><P>Gross margin</B></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>91,060</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>118,893</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>34,353</TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Operating expenses</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1>
<P>General and administrative</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>17,377</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>20,609</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>5,955</TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1>
<P>Exploration costs in non-operational mining areas</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>8,988</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>10,117</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>2,923</TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1>
<P>Selling</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>5,088</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>5,020</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>1,450</TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1>
<P>Royalties</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>4,744</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>4,447</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>1,285</TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Total operating expenses</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>36,197</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>40,193</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>11,613</TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Operating income</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>54,863</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>78,700</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>22,740</TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Other income (expenses)</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1>
<P>Share in affiliated companies, net</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>67,309</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>167,557</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>48,413</TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1>
<P>Realized deferred revenue from future sale </TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>-</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>13,920</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>4,022</TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1>
<P>Gain from change in the fair value of derivative instruments</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>95,010</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>8,556</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>2,472</TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1>
<P>Realized loss in derivative instruments</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>(1,336)</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>(45,721)</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>(13,210)</TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1>
<P>Interest income </TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>1,230</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>2,849</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>823</TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1>
<P>Gain (loss) from exposure to inflation </TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>888</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>(4,821)</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>(1,393)</TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1>
<P>Interest expense</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>(2,395)</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>(1,814)</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>(524)</TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1>
<P>Amortization of mining concessions and goodwill</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>(4,122)</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>(2,982)</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>(862)</TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1>
<P>Other, net</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>2,201</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>(1,083)</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>(312)</TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1>
<B><P>Total other income (expenses), net</B></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>158,785</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>136,461</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>39,429</TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1>
<B><P>Income before worker's profit sharing, income tax and <BR>
minority interest </B></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>213,648</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>215,161</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>62,169</TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1>
<P>Workers' profit sharing</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>(39)</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>(3,804)</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>(1,099)</TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1>
<P>Income tax</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>(6,640)</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>(22,212)</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>(6,418)</TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1>
<B><P>Income before minority interest </B></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>206,969</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>189,145</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>54,652</TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1>
<P>Minority interest</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>(13,823)</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>(15,572)</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>(4,499)</TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Net income</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>193,146</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>173,573</TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<P>50,153</TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="57%" 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="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1.52</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1.36</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.39</FONT></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Weighted average number of shares outstanding</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">127,236,219</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">127,236,219</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">127,236,219</FONT></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">____________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">____________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</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 (unaudited)</P>
</FONT><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">For the three-month periods ended March 31, 2003 and 2004</P>
<P ALIGN="JUSTIFY"></P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=604>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Operating activities</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<P>Collection from customers</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">182,941</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">216,126</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">62,446</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<P>Collection of dividends</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">-</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">95,366</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">27,554</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<P>Collection of royalties </TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">24,974</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">28,119</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">8,124</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<P>Collection of interest</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">2,530</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">2,849</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">823</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<P>Payments to suppliers and third parties</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(80,307)</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(89,240)</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(25,784)</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<P>Payments to employees</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(33,281)</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(32,758)</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(9,465)</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<P>Payments of exploration expenditures</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(19,843)</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(29,171)</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(8,428)</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<P>Payments of income tax</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(11,236)</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(14,498)</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(4,189)</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<P>Payments of royalties</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(6,602)</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(5,708)</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(1,649)</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<P>Payments of interest</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(3,965)</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(1,517)</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(438)</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Net cash provided by operating activities</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">55,211</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">169,568</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">48,994</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Investing activities</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<P>Payments by derivative instruments settled, net</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(1,336)</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(45,721)</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(13,210)</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<P>Purchase of plant and equipment</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(11,216)</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(14,825)</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(4,283)</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<P>Development expenditures</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(6,256)</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(9,735)</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(2,813)</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<P>Increase of accounts receivable from affiliate </TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">-</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(2,652)</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(766)</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<P>Payments by investments in shares</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(1,556)</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(1,244)</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(359)</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<P>Proceeds from sale of plant and equipment</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">407</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">903</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">261</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Net cash used in investing activities</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(19,957)</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(73,274)</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(21,170)</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Net cash used in  financing activities</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(15,843)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(13,868)</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(4,007)</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<P>Net increase in cash during the period</TD>
<TD WIDTH="16%" VALIGN="MIDDLE" HEIGHT=1>
<P ALIGN="JUSTIFY">19,411</TD>
<TD WIDTH="16%" VALIGN="MIDDLE" HEIGHT=1>
<P ALIGN="JUSTIFY">82,426</TD>
<TD WIDTH="16%" VALIGN="MIDDLE" HEIGHT=1>
<P ALIGN="JUSTIFY">23,817</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<P>Cash at beginning of period</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">93,996</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">390,572</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">112,848</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Cash at period-end</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">113,407</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">472,998</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">136,665</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="16%" 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>&nbsp;</P>
<B><P>&nbsp;</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=642>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM" HEIGHT=41>
<B><P>Reconciliation of net income to net cash provided by operating activities</B></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=41><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=41><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=41><P></P></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<P>Net income </TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>193,146</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>173,573</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>50,153</TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Add (deduct)</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<P>Gain from change in the fair value of derivative instruments</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>(95,010)</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>(8,556)</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>(2,472)</TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<P>Share in affiliated companies, net of dividends received</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>(67,309)</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>(76,966)</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>(22,238)</TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<P>Minority interest</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>13,823</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>15,572</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>4,499</TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<P>Depreciation</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>9,116</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>11,908</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>3,441</TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<P>Expense from deferred income tax and workers' profit sharing </TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>161</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>9,922</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>2,867</TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<P>Loss (gain) from exposure to inflation</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>(888)</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>4,821</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>1,393</TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<P>Amortization of development costs in operative mining sites</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>4,013</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>4,202</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>1,214</TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<P>Amortization of mining concessions and goodwill</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>4,122</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>2,982</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>862</TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<P>Long-term officers' compensation (*)</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>1,204</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>2,054</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>593</TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<P>Accretion expense</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>-</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>986</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>284</TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<P>Loss (gain) on sale of plant and equipment</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>38</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>(624)</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>(180)</TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<P>Unrealized loss in investment fund costs</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>-</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>297</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>86</TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<P>Net cost of retired plant and equipment</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>1,407</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>-</TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Net changes in assets and liabilities accounts</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<P>Decrease (increase) of operating assets -</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<P>   Trade and other accounts receivable</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>8,543</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>20,219</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>5,842</TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<P>   Inventories</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>(3,727)</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>(3,598)</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>(1,039)</TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<P>   Income tax credit and value added tax and expenses</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>(1,778)</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>(8,653)</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>(2,500)</TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<P>   Deferred stripping costs</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>(1,441)</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>-</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>-</TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<P>Increase (decrease) of operating liabilities -</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<P>   Accounts payable</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>(10,209)</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>21,429</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>6,189</TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Book Antiqua" SIZE=1><P>________</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Book Antiqua" SIZE=1><P>________</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Net cash provided by operating activities</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>55,211</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>169,568</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>48,994</TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=1><DIR>

<P>(*)&#9;This provision, which covers until the year 2013, 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>
</FONT><FONT FACE="Arial" SIZE=1>
<P>&nbsp;</P>
</FONT><B><FONT FACE="Tahoma" SIZE=1><P>&nbsp;</P></DIR>
</B></FONT>


</FONT><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: April 23, 2004</P>
<FONT SIZE=2>
<P>&nbsp;</P>
<P>&nbsp;</P></FONT></BODY>
</HTML>


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
