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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001013131-04-000008.txt : 20040727
<SEC-HEADER>0001013131-04-000008.hdr.sgml : 20040727
<ACCEPTANCE-DATETIME>20040723122213
ACCESSION NUMBER:		0001013131-04-000008
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040630
FILED AS OF DATE:		20040723

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:		04928325

	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>bvnpr220704.htm
<TEXT>
<HTML>
<HEAD>

<TITLE>For Immediate Release</TITLE>

</HEAD>
<BODY>


<U><FONT SIZE=2><P ALIGN="CENTER">FORM 6-K</P>
</U><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 June 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  <U> X </U>&#9;&#9;Form 40-F  ___</P>

<P>&nbsp;</P>
<P>Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</P>

<P ALIGN="CENTER">Yes ___&#9;&#9;&#9;&#9;No  <U> X&#9;</U> </P>

<P>&nbsp;</P>
<P>If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):  82-________________.</P>

<P>&nbsp;</P>
<P>&nbsp;</P>
<P>This report consists of consolidated Financial Statements issued by Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries on July 22, 2004, announcing the Company's Second Quarter and cumulative period ended on June 30, 2004 results</P>

</FONT>


<B><FONT FACE="Tahoma" SIZE=2><P ALIGN="RIGHT">For Immediate Release</P>
</FONT><FONT FACE="Tahoma" SIZE=4 COLOR="#808000"><P ALIGN="CENTER">Compa&ntilde;&iacute;a de Minas Buenaventura Announces</P>
<P ALIGN="CENTER">Second 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, July 22, 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 second quarter and first six months of 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/3.472 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 US$66.1 million, an increase of 141% over the 2Q03. This figure includes a gain in derivative instruments of US$28.2 million. </P>
<P ALIGN="JUSTIFY">Our operating income this quarter was US$22.8 million, 102% higher than 2Q03, while total EBITDA was US$88.1 million, which represents a 10% increase when compared to 2Q03. </P>
<P ALIGN="JUSTIFY">This growth was due to a higher contribution of Buenaventura's direct operations, driven by higher production, sales and lower cash cost in Orcopampa, Uchucchacua and El Brocal. As a result, EBITDA from Buenaventura's direct operations rose 53%". </P>
</FONT><FONT FACE="Tahoma" SIZE=2 COLOR="#808000"><P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><B><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Financial Highlights (in millions of US$, except EPS figures):</P>
<P ALIGN="JUSTIFY">&nbsp;</B></FONT><FONT FACE="Tahoma" SIZE=1 COLOR="#808000">&nbsp;</P></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=479>
<TR><TD WIDTH="32%" VALIGN="MIDDLE" HEIGHT=28><P></P></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=28>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2Q04</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=28>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2Q03</B></FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=28>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Var<BR>
%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=28>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">6M04</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=28>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">6M03</B></FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=28>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Var</P>
<P ALIGN="CENTER">%</B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="MIDDLE" HEIGHT=24>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Operating Revenues</B></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=24>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">74.2</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=24>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">60.5</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=24>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">23%</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=24>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">143.2</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=24>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">115.6</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=24>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">24%</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="MIDDLE" HEIGHT=23>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Operating Income</B></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">22.8</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">11.3</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">102%</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">45.9</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">27.4</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">68%</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="MIDDLE">
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">EBITDA</P>
<P ALIGN="CENTER">(BVN Direct Operations)</B></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">29.3</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">19.1</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">53%</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">44.3</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">39.1</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">14%</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="MIDDLE">
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">EBITDA</P>
<P ALIGN="CENTER">(including Yanacocha)</B></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">88.1</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">79.8</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">10%</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">192.7</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">145.5</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">32%</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="MIDDLE" HEIGHT=29>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Net Income</B></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=29>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">66.1</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=29>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">27.4</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=29>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">141%</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=29>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">117.0</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=29>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">84.1</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=29>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">39%</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="MIDDLE" HEIGHT=29>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Net Income (without mark to market effect)</B></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=29>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">32.7</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=29>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">36.9</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=29>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-11%</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=29>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">77.1</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=29>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">65.7</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=29>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">17%</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="MIDDLE" HEIGHT=26>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">EPS</B></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=26>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.52</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=26>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.22</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=26>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">141%</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=26>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.92</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=26>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.66</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=26>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">39%</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="MIDDLE" HEIGHT=26>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">EPS (without Mark to market effect)</B></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=26>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.26</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=26>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.29</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=26>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-11%</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=26>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.61</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=26>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.52</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=26>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">17%</FONT></TD>
</TR>
</TABLE>

<B><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">Operating Highlights:</P>
<P ALIGN="JUSTIFY"></P></B></FONT>
<TABLE BORDER CELLSPACING=2 CELLPADDING=4 WIDTH=611>
<TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1 COLOR="#808000"><P ALIGN="CENTER">&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2Q04</B></FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2Q03</B></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Var</P>
<P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">6M04</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">6M03</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Var</P>
<P ALIGN="CENTER">%</B></FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="MIDDLE" HEIGHT=34>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Total Sales </P>
<P ALIGN="CENTER">(in millions of US$)</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">66,768</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">52,897</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">26%</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">125,847</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">100,685</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">25%</FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="MIDDLE" HEIGHT=33>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Average Realized Price Gold (US$/oz.)</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=33>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">365.70</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=33>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">348.96</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=33>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">5%</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=33>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">365.69</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=33>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">348.70</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=33>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">5%</FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="MIDDLE" HEIGHT=34>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Average Realized Price Silver (US$/oz.)</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.31</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">4.63</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">36%</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.26</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">4.64</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">35%</FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="MIDDLE" HEIGHT=34>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Average Realized Price Lead (US$/TM.)</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">857.90</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">464.62</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">85%</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">856.07</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">461.07</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">86%</FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="MIDDLE" HEIGHT=34>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Average Realized Price Zinc (US$/TM.)</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,046.63</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">774.23</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">35%</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,037.57</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">778.97</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">33%</FONT></TD>
</TR>
</TABLE>

<B><FONT FACE="Tahoma"><P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">Operating revenue</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">In 2Q04, operating revenue was S/.257.7 million, or US$74.2 million, an increase of 23% when compared to 2Q03 (S/.209.9 million). This was mainly a result of a 26% increase in net sales due to higher realized metal prices along with increasing sales contents, as follows:</P>
<P ALIGN="JUSTIFY"></P></FONT>
<TABLE BORDER CELLSPACING=1 BORDERCOLOR="#000000" CELLPADDING=2 WIDTH=507>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=33><P></P></TD>
<TD WIDTH="66%" VALIGN="TOP" COLSPAN=4 HEIGHT=33>
<B><FONT FACE="Tahoma"><P ALIGN="CENTER">Contribution to sales by metal and variations</B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=56><P></P></TD>
<TD WIDTH="17%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=56>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Contribution to sales 2Q04</B></FONT></TD>
<TD WIDTH="17%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=56>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Sales Variation over 2Q03</B></FONT></TD>
<TD WIDTH="17%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=56>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Sold Contents Variation over 2Q03</B></FONT></TD>
<TD WIDTH="17%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=56>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Realized Prices Variation over 2Q03</B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Tahoma"><P ALIGN="CENTER">Gold</B></FONT></TD>
<TD WIDTH="17%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Tahoma"><P ALIGN="CENTER">41%</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Tahoma"><P ALIGN="CENTER">19%</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Tahoma"><P ALIGN="CENTER">13%</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Tahoma"><P ALIGN="CENTER">5%</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Tahoma"><P ALIGN="CENTER">Silver</B></FONT></TD>
<TD WIDTH="17%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Tahoma"><P ALIGN="CENTER">32%</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Tahoma"><P ALIGN="CENTER">61%</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Tahoma"><P ALIGN="CENTER">18%</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Tahoma"><P ALIGN="CENTER">36%</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Tahoma"><P ALIGN="CENTER">Lead</B></FONT></TD>
<TD WIDTH="17%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Tahoma"><P ALIGN="CENTER">8%</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Tahoma"><P ALIGN="CENTER">70%</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Tahoma"><P ALIGN="CENTER">-7%</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Tahoma"><P ALIGN="CENTER">85%</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Tahoma"><P ALIGN="CENTER">Zinc</B></FONT></TD>
<TD WIDTH="17%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Tahoma"><P ALIGN="CENTER">19%</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Tahoma"><P ALIGN="CENTER">52%</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Tahoma"><P ALIGN="CENTER">12%</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Tahoma"><P ALIGN="CENTER">35%</FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Accumulated operating revenue for the six-month period of 2004 was S/.497.2 million, or US$143.2 million, a 24% increase compared to 2003 (S/.401.4 million), due to a 25% increase in net sales and a 16% increase in royalty income.</P>
</FONT><B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">&nbsp;</P></B></FONT>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=527>
<TR><TD VALIGN="MIDDLE" COLSPAN=7 BGCOLOR="#808000" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Sales Content</B></FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=18><P></P></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">2Q04</B></FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">2Q03</B></FONT></TD>
<TD WIDTH="9%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Var%</B></FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">6M04</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">6M03</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Var%</B></FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Gold (in oz)</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">85,669</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">75,613</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">13%</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">153,886</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">152,281</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">1%</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Silver (in oz)</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">3,957,056</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">3,347,139</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">18%</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">7,405,529</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">5,409,203</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">37%</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Lead (in MT)</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">6,992</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">7,534</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-7%</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">14,472</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">12,099</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">20%</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Zinc (in MT)</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">14,026</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">12,477</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">12%</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">25,860</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">26,081</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-1%</FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><FONT FACE="Tahoma"><P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">Production and Operating Costs</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">Buenaventura's equity production in 2Q04 was 77,328 ounces of gold, 11% higher than 2Q03 (69,660 ounces) and 3,159,804 ounces of silver, an increase of 9% compared to 2Q03 (2,889,622 ounces).</P>
<P ALIGN="JUSTIFY">Equity production<SUP>1</SUP> for the six-month period of 2004 was 152,716 ounces of gold and 6,152,500 oz of silver. This represents an increase of 11% in gold production and a 6% increase in silver production compared to 2003.</P>
<P ALIGN="JUSTIFY"></P></FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=565>
<TR><TD VALIGN="MIDDLE" COLSPAN=7 BGCOLOR="#808000" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">&nbsp;</FONT><B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff">Equity Production<SUP>1</B></SUP></FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=18><P></P></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">2Q04</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">2Q03</B></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Var%</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">6M04</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">6M03</B></FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Var%</B></FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P>Gold (in oz)</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">77,328</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">69,660</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">11%</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">152,716</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">137,335</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">11%</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P>Silver (in oz)</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">3,159,804</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">2,889,622</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">9%</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">6,152,500</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">5,801,409</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">6%</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P>Lead (in MT)</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">3,797</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">3,263</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">16%</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">7,636</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">6,701</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">14%</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P>Zinc (in MT)</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">6,525</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">6,236</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">5%</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">12,363</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">12,597</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">-2%</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 for 2Q04 was 49,593 ounces, a 14% increase when compared to 2Q03 (43,394 ounces). For the six-month period of 2004, total gold production was 96,881 ounces, an 11% increase when compared to the same period of 2003 (87,016 ounces).</P>
<P ALIGN="JUSTIFY">Cash operating cost decreased 34% from US$178/oz in 2Q03 to US$118/oz during this quarter, primarily due to the full operation of the new cyanidation plant. This allowed:</P>
<OL>

<P ALIGN="JUSTIFY"><LI>An increase of 7% in gold recovery.</LI></P>
<P ALIGN="JUSTIFY"><LI>The avoidance of charges for concentrate treatment, deductions and penalties as well as a reduction in sales expenses, basically from concentrate transportation.</LI></P></OL>

<P ALIGN="JUSTIFY">In <B>Uchucchacua</B> (100%), total silver production for 2Q04 increased 4% when compared with 2Q03, from 2,374,295 ounces to 2,474,516 ounces.</P>
<P ALIGN="JUSTIFY">For the six-month period of 2004, total silver production was 4,822,243 ounces, a 2% increase when compared to 2003 (4,742,435 ounces).</P>
<P ALIGN="JUSTIFY">Cash operating cost in 2Q04 decreased 4% compared to 2Q03, from US$2.99/oz to US$2.87/oz of silver. This reduction was due to:</P>
<OL>

<P ALIGN="JUSTIFY"><LI>A reduction in energy consumption provided by the lower water pumping and mine ventilation allowed by the Paton tunnel.</LI></P>
<P ALIGN="JUSTIFY"><LI>A reorganization and simplification of contractors work allowed increased efficiencies and cost-cutting.</LI></P>
<P ALIGN="JUSTIFY"><LI>A significant by-product credit contribution of lead and zinc.</LI></P></OL>

<P ALIGN="JUSTIFY">In <B>Antapite</B> (78.04%), total production for 2Q04 was 22,926 ounces of gold, a 21% increase when compared with 18,929 ounces in 2Q03.</P>
<P ALIGN="JUSTIFY">For the six-month period of 2004, total gold production was 46,493 ounces, a 26% increase when compared to 2003 (36,901 ounces).</P>
<P ALIGN="JUSTIFY">Cash operating cost in 2Q04 increased 3% from US$167/oz of gold in 2Q03 to US$172/oz in 2Q04. This increase was mainly attributed to higher mine preparation expenses to feed the new expanded plant capacity.</P>
<P ALIGN="JUSTIFY">In <B>Ishihuinca</B> (78.04%), total gold production for 2Q04 was 5,918 ounces. A 8% decrease when compared with 2Q03 (6,433 ounces)</P>
<P ALIGN="JUSTIFY">For the six-month period of 2004, total gold production was 11,878 ounces, a 5% decrease when compared to 2003 (12,477 ounces).</P>
<P ALIGN="JUSTIFY">Cash operating cost in 2Q04 was US$326/oz of gold, an increase of 29% when compared with 2Q03 (US$253/oz), due to exploration efforts to increase gold reserves and an increase in mine preparation costs.</P>
<P ALIGN="JUSTIFY">In <B>Colquijirca</B> (32.78%), total zinc production was 16,395 MT in 2Q04, a decrease of 2% when compared to 16,785 MT in 2Q03. Total silver production in 2Q04 was 825,386 MT, a 22% increase when compared with 2Q03 (674,219 MT).</P>
<P ALIGN="JUSTIFY">For the six-month period 2004, total zinc production was 30,997 MT, a 7% decrease when compared to 2003 (33,182). In the case of silver, total production increased 5% from 1,482,219 MT in 2Q03 to 1,549,779 MT in 2Q04.</P>
<P ALIGN="JUSTIFY">Zinc cash operating cost decreased 17% from US$803 per MT in 2Q03 to US$667 per MT in 2Q04. This was due to:</P>
<OL>

<P ALIGN="JUSTIFY"><LI>A lower stripping ratio in 2Q04 (9.86:1) versus 2Q03 (11.13:1)</LI></P>
<P ALIGN="JUSTIFY"><LI>Despite higher treatment charges, deductions and penalties due to higher metal prices, the by-product contribution from higher lead and silver to the concentrate value allowed a significant reduction in the cash cost. </LI></P></OL>

</FONT><B><FONT FACE="Tahoma"><P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">Operating Expenses</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">General and administrative expenses in 2Q04 were S/.17.6 million, or US$5.1 million, a 23% decrease compared to 2Q03 (S/.23.0 million) due to a lower Long-Term Management Compensation Program provision. For the six-month period of 2004, accumulated general and administrative expenses were S/.38.6 million, or US$11.1 million, a 5% decrease compared with 2003 (S/.40.7 million).</P>
<P ALIGN="JUSTIFY">Exploration costs in non-operational mining areas in 2Q04 were S/.20.7 million, or US$6.0 million, an increase of 36% when compared to 2Q03 (S/.15.2 million) due to higher expenses in the construction of the Poracota-Orcopampa road and in La Zanja preconstruction expenses.</P>
</FONT><B><FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><FONT FACE="Tahoma"><P ALIGN="JUSTIFY">Operating Income</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Operating income was S/.79.3 million, or US$22.8 million, a 102% increase compared to 2Q03 (S/.39.2 million) due to higher revenues and lower operating costs.</P>
<P ALIGN="JUSTIFY">For the six-month period of 2004, operating income was S/.159.5 million, or US$45.9 million, which represents a 68% increase compared to 2Q03 (S/.95.1 million).</P>
</FONT><B><FONT FACE="Tahoma"><P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">Income from Non-Consolidated Affiliates</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Buenaventura's income from Non-Consolidated Affiliates in 2Q04 was S/.94.3 million, or US$27.2 million, a 17% decrease when compared to 2Q03 (S/.114.2 million), mainly attributed to a decrease in Yanacocha's net income, as explained below. For the six-month period of 2004, income from Non-Consolidated Affiliates was S/.265.0 million, or US$76.3 million, a 45% increase compared to the same period of 2003 (S/.182.9 million).</P>
<P ALIGN="JUSTIFY">In<B> Yanacocha </B>(43.65%), 2Q04 gold production was 611,993 ounces of gold, a decrease of 10% when compared to 2Q03 (682,105 ounces). This reduction is explained by a 27% lower grade during this quarter (0.72 gr/MT) compared with 2Q03 (0.99 gr/MT).</P>
<P ALIGN="JUSTIFY">Gold production for the six-month period of 2004 was 1,415,552 ounces, an increase of 7% compared with 2Q03 (1,321,464 ounces).</P>
<P ALIGN="JUSTIFY">Cash operating cost in Yanacocha was US$159/oz of gold, which represents an increase of 25% compared with US$127/oz in 2Q03 due to an increase in the stripping ratio and the lower grade mentioned above.</P>
<P ALIGN="JUSTIFY">It is important to mention that production and cash costs are in line with the six-month period budget and that the significant difference year over year was due to an exceptional 2Q03 period.</P>
<P ALIGN="JUSTIFY">Net income for 2Q04 was US$ 63.7 million, a 12% decrease when compared with US$72.6 million in 2Q03. For the six-month period of 2004, net income was US$174.3 million, an increase of 50% when compared to to US$116.2 million for the same period of 2003.</P>
<P ALIGN="JUSTIFY">This quarter, EBITDA was US$134.7 million, a decrease of 3% compared to 2Q03 (US$138.9 million). For the six-month period of 2004, EBITDA was US$339.9 million, an increase of 39% when compared to US$243.9 million in the similar period of 2003.</P>
<P ALIGN="JUSTIFY">Yanacocha's capital expenditures for 2Q04 were US$95.5 million, compared to US$60.6 million in 2Q03. For the six-month 2004 period, CAPEX was US$140.2 million versus US$96.0 million for the 2003 period. This was mainly due to higher investments in mine trucks; the leach pads expansion and treatment plant facilities.</P>
</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">This quarter Buenaventura's net income was S/.229.4 million, or US$66.1 million, representing a 141% increase as compared to 2Q03 (S/.95.2 million). This includes a credit of S/.97.9 million, or US$28.2 million, related to the change in the hedge book value (in accordance with IAS39 for derivative instruments). </P>
<P ALIGN="JUSTIFY">&nbsp;</P></FONT>
<TABLE BORDER CELLSPACING=1 BORDERCOLOR="#000000" CELLPADDING=2 WIDTH=675>
<TR><TD WIDTH="25%" VALIGN="TOP" HEIGHT=29><P></P></TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=4 HEIGHT=29>
<B><FONT FACE="Tahoma"><P ALIGN="CENTER">Net Income without Mark to Market Variation</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=29><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=29><P></P></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2Q04</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2Q03</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Var</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">6M04</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">6M03</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Var</B></FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Net Income</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">66.1</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">27.4</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">141%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">117.0</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">84.1</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">39%</B></FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">EPS </B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.52</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.22</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">141%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.92</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.66</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">39%</B></FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP" HEIGHT=33>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Realized deferred (revenue) from future sale</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=33>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">(5.2)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=33>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.0 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=33><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=33>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">(9.2)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=33>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.0 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=33><P></P></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP" HEIGHT=49>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">(Gain) / Loss from change in the fair value of derivative instruments</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=49>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">(28.2)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=49>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">9.5 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=49><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=49>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">(30.7)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=49>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">(18.4)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=49><P></P></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP" HEIGHT=43>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Net Income (without Mark to Market effect)</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=43>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">32.7</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=43>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">36.9</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=43>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-11%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=43>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">77.1</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=43>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">65.7</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=43>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">17%</B></FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP" HEIGHT=34>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">EPS (without M2M effect)</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=34>
<B><FONT FACE="Arial"><P ALIGN="CENTER">0.26</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=34>
<B><FONT FACE="Arial"><P ALIGN="CENTER">0.29</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=34>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-11%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=34>
<B><FONT FACE="Arial"><P ALIGN="CENTER">0.61</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=34>
<B><FONT FACE="Arial"><P ALIGN="CENTER">0.52</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=34>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">17%</B></FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><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 2Q04, the Company reported a net loss of S/.6.5 million, or US$1.9 million in derivative instruments, as a result of the execution of 41,000 ounces of gold and 328,505 ounces of silver.</P>
</FONT><B><FONT FACE="Tahoma"><P ALIGN="JUSTIFY">Explorations</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">At <B>Chipmo - Orcopampa</B>, diamond drill holes HD-115-04 and HD-116-04 were drilled downwards from the deepest mine level at 3540 meters with multiple and high-grade of gold intercepts:</P>
</FONT><FONT FACE="Arial" SIZE=2><P>&nbsp;</P></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=4 WIDTH=476>
<TR><TD WIDTH="21%" VALIGN="MIDDLE" ROWSPAN=4 BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=2 COLOR="#ffffff"><P ALIGN="CENTER">HD-115-04</B></FONT></TD>
<TD WIDTH="19%" VALIGN="MIDDLE" ROWSPAN=2 BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=2 COLOR="#ffffff"><P ALIGN="CENTER">Ore-shoot</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=2 COLOR="#ffffff"><P ALIGN="CENTER">Thickness</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=2 COLOR="#ffffff"><P ALIGN="CENTER">Grade</B></FONT></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=2 COLOR="#ffffff"><P ALIGN="CENTER">Height</B></FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=2 COLOR="#ffffff"><P ALIGN="CENTER">(m)</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=2 COLOR="#ffffff"><P ALIGN="CENTER">oz/t Au</B></FONT></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=2 COLOR="#ffffff"><P ALIGN="CENTER">(m)</B></FONT></TD>
</TR>
<TR><TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=22>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">Prosperidad</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=22>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">4.98</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=22>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">5.99</FONT></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=22>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">3480</FONT></TD>
</TR>
<TR><TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=23>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">Lucy Piso</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=23>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">1.01</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=23>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">0.227</FONT></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=23>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">3415</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="MIDDLE" ROWSPAN=3 BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=2 COLOR="#ffffff"><P ALIGN="CENTER">HD-116-04</B></FONT></TD>
<TD WIDTH="19%" VALIGN="MIDDLE" ROWSPAN=2 BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=2 COLOR="#ffffff"><P ALIGN="CENTER">Ore-shoot</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=2 COLOR="#ffffff"><P ALIGN="CENTER">Thickness</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=2 COLOR="#ffffff"><P ALIGN="CENTER">Grade</B></FONT></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=2 COLOR="#ffffff"><P ALIGN="CENTER">Height</B></FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=2 COLOR="#ffffff"><P ALIGN="CENTER">(m)</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=2 COLOR="#ffffff"><P ALIGN="CENTER">oz/t Au</B></FONT></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=2 COLOR="#ffffff"><P ALIGN="CENTER">(m)</B></FONT></TD>
</TR>
<TR><TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">Nazareno W</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">2.7</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">1.298</FONT></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">3482</FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P>&nbsp;</P>
</FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">These intercepts have prompted construction of the 3540 to 3440 decline to access and develop new reserves in the order of 108,000 DST @ 1.069 oz/ DST of gold.</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">In <B>La Zanja</B>, current diamond drilling south of the Pampa Verde prospect has found covered extensions below an argilically altered, barren lava dome. Pampa Verde oxide reserves (260 K ounces of gold and 1,195 K ounces of silver) will likely grow an additional 20 to 30%. New prospects at Cerro Campana and Turmalina have been mapped and sampled with encouraging surface indications of oxide gold. Both are in the process of being drilled. La Zanja's environmental impact study has been filed and permitting process is under way for exploitation of 18,850,000 DST @ 0.03 oz/DST (563 K ounces of gold) currently in ore reserves at San Pedro Sur and Pampa Verde. Geosystems International is performing an independent audit of the project's ore reserves and resources.</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<B><P ALIGN="JUSTIFY">Marcapunta</B>: Sociedad Minera El Brocal S.A.A. has completed the design, permitting and selection of contractor to start the Marcapunta 800 meters long west decline to access copper and gold sulfide resources. Underground development has been initiated for the purpose of reaching the ore body and do bulk sampling, to finalize metallurgical test work and to undertake feasibility studies and start generating reserves. The driving of the decline is expected to take no less than six months. Therefore, we expect to have this work done by the first quarter of 2005. </P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">At <B>Poracota</B>, diamond drilling was reinitiated to prove extensions south of the known high grade of gold resource. Simultaneously, two adits are being opened at levels of 4720 and 4780 m to access the drill-indicated ore shoots towards the end of 2004 and the 30 km road from Orcopampa is being upgraded.</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">Buenaventura's 2004 exploration budget has reached expenditures of US$ 6.52 million as of June 30, 2004. In addition, our partners Newmont, Barrick Gold and Gold Fields invested, all together, a total of US$2.03 million in La Zanja, Minasnioc and the Puquio JV respectively. </P>
</FONT><B><FONT FACE="Tahoma"><P ALIGN="JUSTIFY">Project Development</P>
</FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">UCHUCCHACUA</P>

<UL>
</B><P ALIGN="JUSTIFY"><LI>Engineering study for the cyanidation plant construction to treat the waste from the flotation plant is in progress.</LI></P>
<P ALIGN="JUSTIFY"><LI>Continuing explorations at the areas of Huantajalla and Pozo Rico.</LI></P>
<P ALIGN="JUSTIFY"><LI>Deepen the master shaft to the level 3950</LI></P></UL>

<B><P ALIGN="JUSTIFY">ORCOPAMPA</P>

<UL>
</B><P ALIGN="JUSTIFY"><LI>The construction of the Rampa Mario, to connect the Nazareno and Prometida mines, was completed with a total investment of US$6.6MM. </LI></P>
<P ALIGN="JUSTIFY"><LI>In May, deepening the declines of Nazareno and Prometida mines began in order to gain access to 700,000 ounces of gold in reserves. The estimated total investment is US$10.3 million.</LI></P></UL>

<B><P ALIGN="JUSTIFY">ANTAPITE</P>

<UL>
</B><P ALIGN="JUSTIFY"><LI>Expansion of the tailing dam. The estimated investment is US$3million and is expected to be completed in September 2004.</LI></P></UL>

<B><P ALIGN="JUSTIFY">CONSORCIO ENERGETICO DE HUANCAVELICA</P>

<UL>
</B><P ALIGN="JUSTIFY"><LI>The construction of the Callalli- Ares Power Line began in March 2004 and is currently in progress. We expect this project to be completed in November 2004 to assure power to Orcopampa, Shila, Paula and Poracota mines. The estimated investment is US$7.5 million.</LI></P></UL>

<B><P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><FONT FACE="Tahoma"><P ALIGN="JUSTIFY">Board Resolutions</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">During today's meeting,<SUP> </SUP>July 22<SUP>nd</SUP>, 2004 the Board of Directors passed the following resolutions:</P>
<OL>

<P ALIGN="JUSTIFY"><LI>To approve the financial statements as of June 30<SUP>th</SUP>, 2004.</LI></P>
<P ALIGN="JUSTIFY"><LI>In this meeting, Mr. Jorge Benavides informed the Board his retirement. Mr. Jorge Benavides has been a Board member for 45 years and during this time has contributed to the development and growth of the Company. The Board of Directors agreed to accept the retirement of Mr. Jorge Benavides thanking him for all his efforts and hard work for the benefit of the Company, and appointed Mr. Roque Benavides, currently President and CEO of the Company.</LI></P></OL>

</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">&nbsp;</P>
<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 most important precious metal producers in the world.</P>
</FONT><FONT SIZE=2><P>&nbsp;</P>
</FONT><B><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>
<B><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 ALIGN="RIGHT">&nbsp;</P>
</B></FONT><FONT SIZE=2><P>&nbsp;</FONT><B><FONT FACE="Tahoma" SIZE=1>Appendix 2.</P>
<P ALIGN="CENTER">BVN PRODUCTION SUMMARY</P></B></FONT>
<TABLE BORDER CELLSPACING=1 BORDERCOLOR="#000000" CELLPADDING=2 WIDTH=1277>
<TR><TD WIDTH="19%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">GOLD PRODUCTION</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="19%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="20%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Three Months Ended June 30th</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Six Months Ended June 30th</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="19%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Orco pampa</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Antapite</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Orco pampa</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Anta pite</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21><P></P></TD>
</TR>
<TR><TD WIDTH="19%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">%</B></FONT></TD>
</TR>
<TR><TD WIDTH="19%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P>Ore Milled  DST</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">104,791</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">96,543</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">8.54%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">44,853</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">35,059</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">27.94%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">207,551</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">187,951</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">10.43%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">89,727</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">65,446</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">37.10%</FONT></TD>
</TR>
<TR><TD WIDTH="19%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P>Average Ore Grade OZ/ST</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">0.51</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">0.52</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">-2.76%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">0.54</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">0.59</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">-8.42%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">0.50</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">0.54</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">-7.31%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">0.55</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">0.62</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">-10.51%</FONT></TD>
</TR>
<TR><TD WIDTH="19%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P>Average Recovery Rate %</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">93.61%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">86.45%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">7.16%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">93.90%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">90.83%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">3.07%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">93.55%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">86.00%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">7.55%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">93.64%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">91.19%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">2.45%</FONT></TD>
</TR>
<TR><TD WIDTH="19%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P>Ounces Produced</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">49,593</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">43,394</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">14.28%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">22,926</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">18,929</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">21.12%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">96,881</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">87,016</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">11.34%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">46,493</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">36,901</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">25.99%</B></FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P ALIGN="CENTER"></P></FONT>
<TABLE BORDER CELLSPACING=1 BORDERCOLOR="#000000" CELLPADDING=2 WIDTH=961>
<TR><TD WIDTH="15%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">SILVER PRODUCTION</B></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Three Months Ended June 30th</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="18%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Six Months Ended June 30th</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Uchucchacua</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Colqui jirca</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Uchuccha cua</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Colquijirca</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=21><P></P></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">%</B></FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P>Ore Milled  DST</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">200,100</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">184,199</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">8.63%</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">376,347</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">360,838</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">4.30%</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">389,000</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">366,487</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">6.14%</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">746,500</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">698,866</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">6.82%</FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P>Average Ore Grade OZ/ST</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">16.76</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">17.16</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">-2.32%</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">3.21</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2.80</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">14.56%</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">16.85</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">17.38</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">-3.06%</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">3.04</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">3.02</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">0.80%</FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P>Average Recovery Rate %</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">73.78%</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">75.11%</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">-1.34%</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">68.40%</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">66.76%</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">1.64%</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">73.59%</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">74.47%</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">-0.88%</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">68.28%</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">70.34%</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">-2.06%</FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><P>Ounces Produced</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2,474,516</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2,374,295</B></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">4.22%</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">825,386</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">674,219</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">22.42%</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">4,822,243</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">4,742,435</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">1.68%</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">1,549,779</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">1,482,819</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">4.52%</B></FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P ALIGN="CENTER"></P></FONT>
<TABLE BORDER CELLSPACING=1 BORDERCOLOR="#000000" CELLPADDING=2 WIDTH=1277>
<TR><TD WIDTH="19%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">ZINC PRODUCTION</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="19%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="20%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Three Months Ended June 30th</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Six Months Ended June 30th</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="19%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Uchuc chacua</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Colqui jirca</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Uchuc chacua</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Colqui jirca</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21><P></P></TD>
</TR>
<TR><TD WIDTH="19%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">%</B></FONT></TD>
</TR>
<TR><TD WIDTH="19%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P>Ore Milled  DST</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">200,100</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">184,199</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">8.63%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">376,347</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">360,838</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">4.30%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">389,000</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">366,487</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">6.14%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">746,500</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">698,866</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">6.82%</FONT></TD>
</TR>
<TR><TD WIDTH="19%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P>Average Ore Grade %</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">1.53%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">1.39%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">10.47%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">5.77%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">5.84%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">-1.22%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">1.46%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">1.47%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">-0.81%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">5.65%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">5.99%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">-5.59%</FONT></TD>
</TR>
<TR><TD WIDTH="19%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P>Average Recovery Rate %</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">59.38%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">56.08%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">3.30%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">75.45%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">79.59%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">-4.14%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">61.14%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">58.06%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">3.07%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">73.46%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">79.30%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">-5.84%</FONT></TD>
</TR>
<TR><TD WIDTH="19%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P>ST Produced</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">1,820</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">1,432</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">27.06%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">16,395</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">16,785</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">-2.33%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">3,468</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">3,128</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">10.86%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">30,997</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">33,182</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">-6.58%</B></FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<P>&nbsp;</FONT><B><FONT FACE="Tahoma" SIZE=1>Appendix 3.</P>
</FONT><FONT SIZE=4><P ALIGN="CENTER">Total Gold Commitments</P>
<P ALIGN="CENTER">As of 01/07/04</P></B></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=2 WIDTH=945>
<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" COLOR="#ffffff"><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2006</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2007</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2008</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2009</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2010</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2011</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">Total</B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">285</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">169,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">338,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">350,500 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">428,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">452,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">2,065,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">306.57 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">313.65 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">314.91 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">313.90 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">297.83 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">294.03 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">285.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">285.00 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">304.08 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">290</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">169,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">338,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">350,500 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">428,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">452,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">2,065,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">323.75 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">332.64 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">327.34 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">326.03 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">309.74 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">305.91 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">320.19 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">300</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">149,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">288,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">418,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">430,500 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">508,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">492,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">2,405,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">339.49 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">336.91 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">332.49 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">331.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">320.30 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">315.51 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">327.98 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">340</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">149,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">288,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">418,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">438,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">538,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">522,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">90,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">82,500 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">2,525,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">342.71 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">341.35 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">339.38 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">339.04 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">341.30 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">342.03 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">346.67 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">346.82 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">341.20 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">345</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">149,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">288,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">418,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">438,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">538,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">522,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">90,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">82,500 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">2,525,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">342.71 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">341.35 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">339.38 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">339.04 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.53 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.13 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">346.67 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">346.82 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">342.32 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">350</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">161,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">312,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">448,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">468,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">568,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">552,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">120,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">105,000 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">2,734,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.25 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">342.02 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">340.42 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">339.90 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.72 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">348.06 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">346.25 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">346.43 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">343.81 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">385</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">191,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">372,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">448,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">468,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">568,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">552,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">120,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">105,000 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">2,824,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">349.81 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">348.95 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">340.42 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">339.90 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">360.51 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">368.61 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">346.25 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">346.43 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">352.11 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">400</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">191,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">372,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">448,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">468,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">568,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">552,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">120,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">105,000 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">2,824,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">349.81 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">348.95 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">340.42 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">339.90 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">366.85 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">377.41 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">346.25 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">346.43 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">355.11 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">420</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">191,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">372,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">448,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">468,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">628,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">552,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">120,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">105,000 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">2,884,000 </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">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="RIGHT">349.81 </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="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">358.14 </B></FONT></TD>
</TR>
</TABLE>

<P ALIGN="CENTER">&nbsp;</P>
<B><FONT SIZE=4><P ALIGN="CENTER">Physical Gold Delivery</P>
<P ALIGN="CENTER">As of 01/07/04</P></B></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=2 WIDTH=945>
<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" COLOR="#ffffff"><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2006</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2007</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2008</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2009</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2010</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2011</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">Total</B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">285</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">109,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">428,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">452,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">1,953,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">310.18 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">313.65 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">311.98 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">311.77 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">297.83 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">294.03 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">285.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">285.00 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">303.11 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">290</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">109,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">428,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">452,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">1,953,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">336.82 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">332.64 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">325.62 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">324.73 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">309.74 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">305.91 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">320.15 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">300</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">109,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">428,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">452,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">1,953,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">338.20 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">334.57 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">328.54 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">327.77 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">316.05 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">313.08 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">324.44 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">340</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">109,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">428,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">452,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">1,953,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">342.60 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">340.72 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">340.72 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">341.75 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">340.50 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">345</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">109,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">428,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">452,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">1,953,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">342.60 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">340.72 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.53 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.33 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">341.94 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">350</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">109,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">428,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">452,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">1,953,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">342.60 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">340.72 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">346.33 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">348.92 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">343.39 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">385</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">109,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">428,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">452,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">1,953,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">342.60 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">340.72 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">365.96 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">374.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">353.49 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">400</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">109,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">428,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">452,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">1,953,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">342.60 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">340.72 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">374.37 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">384.76 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">357.83 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">420</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">109,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">428,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">452,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">1,953,000 </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">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="RIGHT">342.60 </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="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">360.31 </B></FONT></TD>
</TR>
</TABLE>

<P ALIGN="CENTER">&nbsp;</P>
<B><FONT SIZE=4><P ALIGN="CENTER">Gold Derivatives</P>
<P ALIGN="CENTER">As of 01/07/04</P>
</B></FONT><P ALIGN="CENTER"></P>
<TABLE BORDER CELLSPACING=1 CELLPADDING=2 WIDTH=945>
<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" COLOR="#ffffff"><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2006</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2007</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2008</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2009</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2010</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2011</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">Total</B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">285</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">30,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">22,500 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">112,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">300.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">321.00 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">290</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">30,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">22,500 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">112,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">300.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">321.00 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">300</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">40,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">110,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">102,500 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">40,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">452,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.55 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.44 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">343.23 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">340</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">40,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">110,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">110,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">110,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">70,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">30,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">22,500 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">572,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.55 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.55 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.55 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.86 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">343.61 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">345</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">40,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">110,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">110,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">110,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">70,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">30,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">22,500 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">572,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.55 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.55 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.55 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.86 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">343.61 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">350</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">52,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">104,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">100,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">45,000 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">781,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">344.62 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">344.62 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">346.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.46 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.86 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">344.20 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">344.88 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">385</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">82,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">164,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">100,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">45,000 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">871,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">359.39 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">359.39 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">346.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.46 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.86 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">344.20 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">349.02 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">400</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">82,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">164,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">100,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">45,000 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">871,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">359.39 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">359.39 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">346.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.46 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.86 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">344.20 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">349.02 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">420</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">82,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">164,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">200,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">100,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">45,000 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">931,000 </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">$/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="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">353.60 </B></FONT></TD>
</TR>
</TABLE>

<P ALIGN="CENTER">&nbsp;</P>
<FONT SIZE=2><P>&nbsp;</FONT><B><FONT FACE="Tahoma" SIZE=1>Appendix 4.</P>
</FONT><FONT SIZE=4><P ALIGN="CENTER">Silver Derivatives</P>
<P ALIGN="CENTER">As of 01/07/2004</P></B></FONT>
<TABLE BORDER CELLSPACING=3 CELLPADDING=2 WIDTH=995>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">At US $  4.00</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">At US $  4.15</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">At US $  6.20</B></FONT></TD>
<TD WIDTH="17%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">At US $  6.33</B></FONT></TD>
<TD WIDTH="17%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">At US $  6.50</B></FONT></TD>
<TD WIDTH="17%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">At US $  7.00</B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">Year</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">Ounces</B></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">Ounces</B></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">Ounces</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">Ounces</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">Ounces</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">Ounces</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">2004</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">150,000</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">750,000</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">5.84</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">780,000</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">6.15</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">897,000</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">6.16</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">1,050,000</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">6.16</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">1,500,000</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">6.16</FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">2005</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">300,000</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">1,400,000</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">5.84</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">1,460,000</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">6.15</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">1,677,750</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">6.15</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">1,962,500</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">6.15</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">2,800,000</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">6.16</FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">2006</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">200,000</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">200,000</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">240,000</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">266,000</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">300,000</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">400,000</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">6.00</FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">650,000</B></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">6.00</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2,350,000</B></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">5.86</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2,480,000</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">6.14</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2,840,750</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">6.14</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">3,312,500</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">6.14</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">4,700,000</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">6.14</B></FONT></TD>
</TR>
</TABLE>

<FONT SIZE=4><P ALIGN="CENTER">&nbsp;</P>
</FONT><FONT SIZE=2><P>&nbsp;</FONT><B><FONT FACE="Tahoma" SIZE=1>Appendix 5.</P>
</B></FONT><FONT SIZE=4><P ALIGN="CENTER"></P></FONT>

<B><FONT FACE="Arial"><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</P>
</B></FONT><FONT FACE="Arial" SIZE=4><P>Consolidated Balance Sheets</P>
</FONT><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">As of December 31, 2003 (audited) and June 30, 2004 (unaudited)</P></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=622>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>&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">
<P>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>&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">
<P>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&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">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&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">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Cash and cash equivalents</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>398,171</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>448,699</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>129,234</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Investment funds</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>54,828</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>84,065</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>24,212</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Trade accounts receivable</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>74,195</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>87,416</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>25,177</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Other accounts receivable</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>26,951</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>19,783</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>5,698</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Accounts receivable from affiliates</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>37,662</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>38,989</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>11,230</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Inventories, net</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>77,158</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>79,152</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>22,797</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Income tax prepayments</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>28,960</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>32,462</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>9,350</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Current portion of prepaid value added tax and expenses</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>18,307</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>31,436</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>9,054</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>&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">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>716,232</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>822,002</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>236,752</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Long - term accounts receivable</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>959</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>694</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>200</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Value added tax and prepaid expenses</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>5,779</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2,671</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>769</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&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">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,441,667</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,455,323</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>419,160</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Property, plant and equipment, net</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>394,601</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>403,120</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>116,106</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Development costs and mineral lands, net</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>137,655</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>148,845</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>42,870</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Deferred stripping costs</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>56,002</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>56,002</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>16,130</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Mining concessions and goodwill, net</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>167,938</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>161,861</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>46,619</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Deferred income tax and workers' profit sharing, net</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>297,157</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>265,796</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>76,554</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>&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">
<P>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</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">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>3,217,990</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>3,316,314</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>955,160</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>&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>Consolidated Balance Sheets </FONT><FONT FACE="Arial" SIZE=1>(Continued)</P>
<P>&nbsp;</P>
<P>&nbsp;</P></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=622>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>&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">
<P>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>&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">
<P>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&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">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&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">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Bank loans</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>23,439</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>22,618</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>6,514</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Trade accounts payable</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>52,648</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>48,467</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>13,959</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Other current liabilities</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>86,098</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>104,933</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>30,223</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Liability on derivative instruments</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>99,798</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>30,947</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>8,913</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Current portion of long-term debt</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>70,386</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>65,322</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>18,814</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Deferred revenue from sale of future production</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>68,775</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>73,572</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>21,190</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>&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">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>401,144</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>345,859</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>99,613</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>&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">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>76,780</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>65,049</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>18,735</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Liability on derivative instruments</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>307,532</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>237,519</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>68,410</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Long-term debt</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>45,425</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>21,817</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>6,284</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Deferred revenue from sale of future production</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>640,510</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>609,470</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>175,539</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>&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">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,471,391</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,279,714</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>368,581</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>&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">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>48,382</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>69,137</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>19,913</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>&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">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Capital stock, net of treasury shares by S/49,611,000 in 2003 and 2004</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>596,186</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>596,186</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>171,713</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Investment shares, net of treasury shares by S/66,000 in 2003 and 2004</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,681</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,681</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>484</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Additional paid-in capital</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>610,076</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>610,076</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>175,713</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Legal reserve</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>99,178</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>129,136</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>37,194</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Retained earnings</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>217,891</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>522,429</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>150,469</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Cumulative translation loss</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(29,363)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(81,564)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(23,492)</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Cumulative unrealized gain on investments in shares carried at fair value</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>208,904</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>193,175</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>55,638</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Cumulative unrealized gain (loss) on derivative instruments</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(6,336)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(3,656)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(1,053)</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>&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">
<P>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&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">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,698,217</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,967,463</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>566,666</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>&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><FONT FACE="Arial" SIZE=1><P>Total liabilities and shareholders' equity, net</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>3,217,990</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>3,316,314</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>955,160</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>&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>

<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>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=672>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the three-month <BR>
periods ended June 30</B></FONT></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the six-month <BR>
periods ended June 30</B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="CENTER">_______________________________</B></FONT></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="CENTER">_______________________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Operating revenues</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Net sales</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">183,658</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">231,819</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">66,768</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>349,578</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>436,942</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>125,847</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Royalty income</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">26,242</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">25,844</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">7,444</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>51,818</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>60,238</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>17,350</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Total revenues</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">209,900</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">257,663</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">74,212</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>401,396</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>497,180</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>143,197</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Costs of operation</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Operating costs</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">85,777</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">87,536</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">25,212</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>160,008</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>170,293</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>49,048</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Exploration and development costs in operational mining sites</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">22,548</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">28,199</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">8,122</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>38,215</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>52,109</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>15,008</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Depreciation</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">11,527</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">14,011</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,035</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>20,309</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>25,709</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>7,405</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Total costs of operation</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">119,852</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">129,746</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">37,369</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>218,532</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>248,111</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>71,461</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Gross margin</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">90,048</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">127,917</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">36,843</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>182,864</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>249,069</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>71,736</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Operating expenses</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>General and administrative</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">22,973</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">17,579</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">5,063</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>40,685</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>38,580</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>11,112</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Exploration costs in non-operational mining areas</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">15,245</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">20,725</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">5,969</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>24,406</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>31,034</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>8,938</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Selling</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">6,615</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,629</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,045</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>11,801</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>8,744</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>2,518</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Royalties</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">6,058</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">6,691</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,927</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>10,894</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>11,222</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>3,232</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Total operating expenses</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">50,891</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">48,624</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">14,004</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>87,786</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>89,580</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>25,800</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Operating income</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">39,157</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">79,293</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">22,839</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>95,078</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>159,489</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>45,936</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Other income (expenses)</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Share in affiliated companies</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">114,244</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">94,265</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">27,150</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>182,852</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>265,006</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>76,327</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Realized revenue from sale of future production</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">17,921</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">5,162</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>32,105</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>9,247</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Gain (loss) from change in the fair value of derivative instruments</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(33,000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">97,894</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">28,195</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>63,843</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>106,613</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>30,707</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Realized gain (loss) in derivative instruments</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,711</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(6,511)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(1,875)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>2,358</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(53,093)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(15,292)</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Interest income </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,653</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,937</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">558</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>2,907</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>4,840</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>1,394</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Loss from exposure to inflation </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(3,459)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(9,419)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(2,713)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(2,555)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(14,332)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(4,128)</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Interest expense</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(2,034)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(7,100)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(2,045)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(4,476)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(8,948)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(2,577)</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Amortization of mining concessions and goodwill</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(4,200)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(3,038)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(875)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(8,401)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(6,077)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(1,750)</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Other, net</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(1,239)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(5,668)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(1,632)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>1,006</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(6,772)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(1,950)</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Total other income, net</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">75,676</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">180,281</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">51,925</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>237,534</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>319,342</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>91,978</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Income before worker's profit sharing, income tax and minority interest </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">114,833</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">259,574</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">74,764</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>332,612</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>478,831</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>137,914</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Workers' profit sharing</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(364)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(3,518)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(1,013)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(404)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(7,394)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(2,130)</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Income tax</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(7,980)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(16,138)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(4,648)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(14,748)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(38,772)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(11,167)</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Income before minority interest </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">106,489</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">239,918</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">69,103</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>317,460</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>432,665</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>124,617</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Minority interest</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(11,332)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(10,510)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(3,027)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(25,421)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(26,378)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(7,597)</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Net income</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">95,157</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">229,408</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">66,076</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>292,039</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>406,287</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>117,020</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Basic and diluted earnings per share, stated in Peruvian Nuevos Soles and U.S. dollars</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.75</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1.80</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.52</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2.30</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">3.19</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.92</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Weighted average number of shares outstanding</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">127,236,219</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">127,236,219</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">127,236,219</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">127,236,219</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">127,236,219</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">127,236,219</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
</TABLE>

<B><FONT FACE="Arial"><P ALIGN="JUSTIFY">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>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=680>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the three-month <BR>
periods ended June 30</B></FONT></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the six-month <BR>
periods ended June 30</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="CENTER">___________________________________</B></FONT></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="CENTER">___________________________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Operating activities</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Collection from customers</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">153,733</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">203,490</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">58,609</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">340,204</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">423,722</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">122,040</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Collection of dividends</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">96,298</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">91,668</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">26,402</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">96,298</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">188,846</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">54,391</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Collection of royalties </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">24,965</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">35,573</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">10,245</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">50,421</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">64,226</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">18,498</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Collection of interest</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,556</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">794</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">229</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,135</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,697</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,065</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Payments to suppliers and third parties</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(67,357)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(108,062)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(31,123)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(149,212)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(199,190)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(57,372)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Payments of exploration expenditures</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(33,221)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(34,717)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(9,999)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(53,447)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(64,442)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(18,560)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Payments to employees</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(30,067)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(28,234)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(8,132)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(63,990)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(61,614)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(17,746)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Payments of income tax</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(9,339)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(11,288)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(3,251)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(20,792)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(26,061)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(7,506)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Payments of royalties</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(9,612)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(7,913)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(2,279)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(16,341)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(13,729)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(3,954)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Payments of interest</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(3,022)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(1,939)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(558)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(7,064)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(3,485)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(1,004)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Net cash provided by operating activities</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">123,934</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">139,372</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">40,143</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">180,212</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">311,970</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">89,852</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Investing activities</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Proceeds (payments) from derivative instruments settled, net</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,711</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(6,511)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(1,875)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,358</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(53,093)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(15,292)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Purchase of plant and equipment</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(11,143)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(21,225)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(6,113)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(22,576)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(36,332)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(10,464)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Increase of investment fund</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(34,700)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(9,994)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(34,700)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(9,994)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Development expenditures</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(7,684)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(20,928)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(6,028)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(14,069)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(30,848)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(8,885)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Increase of accounts receivable from affiliates </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(2,613)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(753)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(5,315)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(1,531)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Payments by investments in shares</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(1,585)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(1,262)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(363)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Proceeds from sale of plant and equipment</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">651</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">142</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">41</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,065</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,062</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">306</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Proceeds from sale of investments in shares</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">330</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">95</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">330</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">95</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Net cash used in investing activities</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(14,465)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(85,505)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(24,627)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(34,807)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(160,158)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(46,128)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Net cash used in financing activities</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(43,965)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(87,152)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(25,102)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(60,114)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(101,284)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(29,171)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Net increase (decrease) in cash during the period</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">65,504</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(33,285)</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(9,586)</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">85,291</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">50,528</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">14,553</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Cash at beginning of period</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">115,597</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">481,984</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">138,820</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">95,810</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">398,171</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">114,681</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Cash at period-end</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">181,101</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">448,699</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">129,234</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">181,101</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">448,699</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">129,234</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
</TABLE>

<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">&nbsp;</P></B></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=680>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=3>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the three-month <BR>
periods ended June 30</B></FONT></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=3>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the six-month <BR>
periods ended June 30</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=3>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="CENTER">___________________________________</B></FONT></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=3>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="CENTER">___________________________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=41>
<B><FONT FACE="Arial" SIZE=1><P>Reconciliation of net income to net cash provided by operating activities</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=41><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=41><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=41><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=41><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=41><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=41><P></P></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Net income </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>95,157</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>229,408</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>66,076</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>292,039</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>406,287</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>117,020</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Add (deduct)</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Minority interest</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>11,332</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>10,510</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>3,027</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>25,421</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>26,378</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>7,597</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Depreciation</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>11,890</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>14,027</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>4,040</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>21,182</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>26,161</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>7,535</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Amortization of development costs in operative mining sites</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>4,905</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>15,028</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>4,328</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>8,996</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>19,310</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>5,562</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Expense from deferred income tax and workers' profit sharing </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,484</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>6,284</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,810</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,655</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>16,395</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>4,722</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Loss from exposure to inflation</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>3,459</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>9,419</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2,713</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2,555</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>14,332</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>4,128</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Amortization of mining concessions and goodwill</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>4,200</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>3,038</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>875</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>8,401</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>6,077</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,750</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Decrease in the fair value of investment fund </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>5,160</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,486</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>5,463</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,573</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Accretion expense</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,882</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>542</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2,887</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>832</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Long-term officers' compensation (*)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>6,790</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>8,017</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2,093</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>603</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Net cost of retired plant and equipment</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,143</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>182</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>52</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2,499</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>182</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>52</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Loss (gain) from change in the fair value of derivative instruments</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>33,000</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(97,894)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(28,195)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(63,843)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(106,613)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(30,707)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Share in affiliated companies, net of dividends received</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(17,946)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(2,597)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(748)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(86,554)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(81,025)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(23,337)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Gain on sale of plant and equipment</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(1,080)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(338)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(97)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(963)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(974)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(281)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Gain in sale of investment in shares</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(51)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(15)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(51)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(15)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Net changes in assets and liabilities accounts</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Decrease (increase) of operating assets -</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Trade and other accounts receivable</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(11,642)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(26,882)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(7,743)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(2,943)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(6,279)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(1,808)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Inventories</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,536</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,672</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>482</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(2,262)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(1,994)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(574)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Income tax credit and value added tax and expenses</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(7,754)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(4,706)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(1,355)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(9,567)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(13,523)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(3,895)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Deferred stripping costs</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(5,033)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(6,501)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Decrease of operating liabilities -</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Accounts payable</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(7,507)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(24,770)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(7,135)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(17,920)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(3,136)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(905)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Book Antiqua" SIZE=1><P>________</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Book Antiqua" SIZE=1><P>________</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Book Antiqua" SIZE=1><P>________</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Book Antiqua" SIZE=1><P>________</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Net cash provided by operating activities</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>123,934</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>139,372</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>40,143</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>180,212</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>311,970</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>89,852</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
</TABLE>
<DIR>

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


<FONT SIZE=2><P ALIGN="CENTER">Signature</P>

<P>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

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

<P>&nbsp;</P><DIR>
<DIR>

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

<P>&nbsp;</P></DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>

<P>Date: July 22, 2004</P>

<P>&nbsp;</P>
<P>&nbsp;</P></FONT>


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