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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001013131-04-000014.txt : 20041101
<SEC-HEADER>0001013131-04-000014.hdr.sgml : 20041101
<ACCEPTANCE-DATETIME>20041029175411
ACCESSION NUMBER:		0001013131-04-000014
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20041028
FILED AS OF DATE:		20041101
DATE AS OF CHANGE:		20041029

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:		041107686

	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>bvnpr281004.htm
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY LINK="#0000ff" VLINK="#800080">

<U><FONT SIZE=2><P ALIGN="CENTER">FORM 6-K</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
</U><P ALIGN="CENTER">SECURITIES AND EXCHANGE COMMISSION</P>
<P ALIGN="CENTER">Washington, D.C. 20549</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">Report of Foreign Issuer</P>
<P ALIGN="CENTER">Pursuant to Rule 13a-16 or 15d-16 of the</P>
<P ALIGN="CENTER">Securities Exchange Act of 1934</P>
<P ALIGN="CENTER">For the month of October 2004</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">BUENAVENTURA MINING COMPANY INC.</P>
<P ALIGN="CENTER">(Translation of Registrant's Name into English)</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">CARLOS VILLARAN 790</P>
<P ALIGN="CENTER">SANTA CATALINA, LIMA 13, PERU</P>
<P ALIGN="CENTER">(Address of Principal Executive Offices)</P>
<P ALIGN="CENTER">&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>Form 40-F ___</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 ___ No <U>X </P>
</U><P>If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-________________.</P>
<P>This report consists of consolidated Financial Statements issued by Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries on October 28, 2004, announcing the Company's  Third Quarter and cumulative 2004 results</P>
</FONT><B><FONT FACE="Tahoma"><P ALIGN="RIGHT">&nbsp;</P>
<P ALIGN="RIGHT">&nbsp;</P>
<P ALIGN="RIGHT">For Immediate Release</P>
</FONT><FONT FACE="Tahoma" SIZE=4 COLOR="#808000"><P ALIGN="JUSTIFY">Compa&ntilde;&iacute;a de Minas Buenaventura Announces</P>
<P ALIGN="CENTER">Third 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, October 28th, 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 third quarter and first nine 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/.3.342 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$28.8 million, including a net effect of derivative instruments of US$9.3 million. Without considering this effect, net income in 3Q04 would have been US$38.1 million.</P>
<P ALIGN="JUSTIFY">Operating income this quarter was US$14.0 million, 14% lower than 3Q03, while total EBITDA was US$95.1 million, which represents a 16% decrease when compared to 3Q03. </P>
<P ALIGN="JUSTIFY">EBITDA from Buenaventura's direct operations was US$19.1 million, 19% lower than in 3Q03. This reduction is explained by an 81% increase in exploration expenses, which exceeds the 46% reduction in general and administrative expenses, as well as the 26% reduction in sales expenses and royalties". </P>
<P ALIGN="JUSTIFY">It is important to note that during this quarter, exchange rate between Peruvian Nuevos Soles and the U.S. Dollar was affected by a 4% appreciation when compared with 3Q03. </P>
<B><P ALIGN="JUSTIFY">Financial Highlights (in millions of US$, except EPS figures):</P>
</B></FONT><FONT FACE="Tahoma" SIZE=1 COLOR="#808000"><P ALIGN="JUSTIFY">&nbsp;</P></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=486>
<TR><TD WIDTH="31%" VALIGN="MIDDLE" HEIGHT=33><P></P></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=33>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">3Q04</B></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=33>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">3Q03</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=33>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Var<BR>
%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=33>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">9M04</B></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=33>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">9M03</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=33>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Var</P>
<P ALIGN="CENTER">%</B></FONT></TD>
</TR>
<TR><TD WIDTH="31%" VALIGN="MIDDLE" HEIGHT=28>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Operating Revenues</B></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">69.5</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">67.6</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=28>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">3%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">218.4</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">185.2</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=28>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">18%</B></FONT></TD>
</TR>
<TR><TD WIDTH="31%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Operating Income</B></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">14.0</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">16.2</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-14%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">61.7</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">44.3</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">39%</B></FONT></TD>
</TR>
<TR><TD WIDTH="31%" VALIGN="MIDDLE" HEIGHT=30>
<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" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">19.1</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">23.6</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-19%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">65.2</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">63.8</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">2%</B></FONT></TD>
</TR>
<TR><TD WIDTH="31%" VALIGN="MIDDLE" HEIGHT=29>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">EBITDA</P>
<P ALIGN="CENTER">(including Yanacocha)</B></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=29>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">95.1</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=29>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">112.8</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=29>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-16%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=29>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">289.6</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=29>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">259.5</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=29>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">12%</B></FONT></TD>
</TR>
<TR><TD WIDTH="31%" VALIGN="MIDDLE" HEIGHT=34>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Net Income</B></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">28.8</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-52.3</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=34>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">150.5</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">35.2</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=34>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">328%</B></FONT></TD>
</TR>
<TR><TD WIDTH="31%" VALIGN="MIDDLE" HEIGHT=34>
<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=34>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">38.1</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">58.7</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=34>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-35%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">118.6</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">127.1</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=34>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-7%</B></FONT></TD>
</TR>
<TR><TD WIDTH="31%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">EPS</B></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.23</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-0.41</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">1.18</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.28</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">328%</B></FONT></TD>
</TR>
<TR><TD WIDTH="31%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">EPS (without Mark to market effect)</B></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.30</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.46</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-35%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.93</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">1.00</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-7%</B></FONT></TD>
</TR>
</TABLE>

<P ALIGN="JUSTIFY">&nbsp;</P>
<B><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Operating Highlights:</P></B></FONT>
<TABLE BORDER CELLSPACING=2 CELLPADDING=4 WIDTH=646>
<TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Tahoma" SIZE=1 COLOR="#808000"><P ALIGN="CENTER">&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">3Q04</B></FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">3Q03</B></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=19>
<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=19>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">9M04</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">9M03</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=19>
<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=39>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Total Sales </P>
<P ALIGN="CENTER">(in millions of US$)</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">59,918</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">56,895</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=39>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">5%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">190,791</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">158,979</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=39>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">20%</B></FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="MIDDLE" HEIGHT=37>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Average Realized Price Gold (US$/oz.)</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=37>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">364.71</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=37>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">364.92</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=37>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">0%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=37>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">365.27</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=37>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">354.45</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=37>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">3%</B></FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Average Realized Price Silver (US$/oz.)</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">6.43</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">4.88</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">32%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">6.32</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">4.74</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">33%</B></FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Average Realized Price Lead (US$/TM.)</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">921.68</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">497.75</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">85%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">875.87</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">477.25</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">84%</B></FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Average Realized Price Zinc (US$/TM.)</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">996.60</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">811.31</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">23%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">1,014.82</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">791.10</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">28%</B></FONT></TD>
</TR>
</TABLE>

<P>&nbsp;</P>
<P>&nbsp;</P>
<B><P>OPERATING REVENUE</P>
</B><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">In 3Q04 operating revenue was S/.232.2 million, or US$69.5 million, an increase of 3% when compared to 3Q03 (S/.225.9 million). This was mainly the result of a 5% increase in net sales due to higher realized metal prices along with increasing silver, lead and zinc sales contents. However, to match physical gold sales with future sales commitments, 12,300 ounces of gold were sold at the beginning of Octoberdue to a delay of 14,300 ounces of gold which were sold in the first week of October,. As a result, gold ounces of gold sold decreased 8% during on 3Q04 when compared to 3Q03. </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=542>
<TR><TD VALIGN="MIDDLE" COLSPAN=7 BGCOLOR="#808000" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Sales Content</B></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">3Q04</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">3Q03</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="16%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">9M04</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">9M03</B></FONT></TD>
<TD WIDTH="12%" 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=26>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Gold (in oz)</B></FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=26>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">74,295</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=26>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">81,021</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-8%</B></FONT></TD>
<TD WIDTH="16%" VALIGN="MIDDLE" HEIGHT=26>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">228,181</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=26>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">233,302</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-2%</B></FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=24>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Silver (in oz)</B></FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=24>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">3,326,850</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=24>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2,930,188</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">14%</B></FONT></TD>
<TD WIDTH="16%" VALIGN="MIDDLE" HEIGHT=24>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">10,732,379</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=24>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">8,339,391</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">29%</B></FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=23>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Lead (in MT)</B></FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">7,545</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6,089</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=23>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">24%</B></FONT></TD>
<TD WIDTH="16%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">22,017</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">18,188</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=23>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">21%</B></FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Zinc (in MT)</B></FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">13,679</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">13,022</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">5%</B></FONT></TD>
<TD WIDTH="16%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">39,540</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">39,102</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1%</B></FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Accumulated operating revenue for the first nine- months period of 2004 was S/.729.9 million, or US$218.4 million, an 18% increase compared to the same period of 2003 (S/.619.0 million), due to a 20% increase in net sales and a 5% increase in royalty income.</P>
</FONT><B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">&nbsp;</P>
</B></FONT><FONT SIZE=2><P>&nbsp;</P>
</FONT><B><FONT FACE="Tahoma"><P ALIGN="JUSTIFY">PRODUCTION AND OPERATING COSTS</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Buenaventura's equity production induring 3Q04 was 84,79363 ounces of gold, 10% higher than in 3Q03 (76,891 ounces) and 3',221,586 ounces of silver, an increase of 7% compared to 3Q03 (3',009,801 ounces).</P>
<P ALIGN="JUSTIFY">Equity production<SUP>1</SUP> for the first nine-monthsnine months period of 2004 was 237,592 ounces of gold and 9',368,557 ouncesz 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">&nbsp;</P></FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=570>
<TR><TD VALIGN="MIDDLE" COLSPAN=7 BGCOLOR="#808000" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Equity Production<SUP>1</B></SUP></FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=18><P></P></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">3Q04</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">3Q03</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">9M04</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">9M03</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="Arial" SIZE=2><P ALIGN="CENTER">84,763793</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">76,891</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">10%</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">237,592</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">214,226</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">11%</B></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="Arial" SIZE=2><P ALIGN="CENTER">3,221,586</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">3,009,801</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">7%</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">9,368,557</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">8,811,2150</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">6%</B></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="Arial" SIZE=2><P ALIGN="CENTER">4,031</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">3,282</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">23%</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">11,626</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">9,983</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">16%</B></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="Arial" SIZE=2><P ALIGN="CENTER">6,629</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">5,760</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">15%</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">18,891</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">18,357</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">3%</B></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 3Q04 was 56,447 ounces, a 21% increase when compared to 3Q03 (46,625 ounces). For the first nine- months period of 2004, total gold production was 153,328 ounces, an 15% increase when compared to the same period of 2003 (133,641 ounces).</P>
<P ALIGN="JUSTIFY">Despite of the higher energy expenditures due to the drought in Peru, cash operating costs decreased 33% from US$185/oz in 3Q03 to US$124/oz during thisthe quarter. This variation confirms the good results of the cyanidation process as compared to the flotation during the same period of 2003.</P>
<P ALIGN="JUSTIFY">Likewise, selling higher silver contents in Dore bars instead of versus ore concentrate at higher silver prices provided greater by-product contribution, which permitted this cutting a lower cost. </P>
<P ALIGN="JUSTIFY">In <B>Uchucchacua</B> (100%), total silver production for 3Q04 increased 6% when compared to 3Q03, from 2,'464,264 ounces to 2,528,649 ounces.</P>
<P ALIGN="JUSTIFY">For the first nine- months period of 2004, total silver production was 7',350,892 ounces, a 2% increase when compared to 2003 (7',206,699 ounces).</P>
<P ALIGN="JUSTIFY">Cash operating cost in 3Q04 was US$2.97/oz of silver in line with the US$2.92/oz reported in the 3Q03. </P>
<P ALIGN="JUSTIFY">In <B>Antapite</B> (78.04%), total production for 3Q04 was 24,937 ounces of gold, a 4% increase when compared to 24,005 ounces in 3Q03.</P>
<P ALIGN="JUSTIFY">For the first nine- months period of 2004, total gold production was 71,431 ounces, a 17% increase when compared to 2003 (60,907 ounces).</P>
<P ALIGN="JUSTIFY">Cash operating cost in 3Q04 increased 26% from US$142/oz of gold in 3Q03 to US$180/oz in 3Q04. This was mainly due to a 16% increase higher in exploration and development drifting, compared to the same period of 2003, as well as 41% higher diesel fuel costs.and higher Diesel cost.</P>
<P ALIGN="JUSTIFY">In <B>Colquijirca</B> (32.78%), total zinc production was 15,020 MT in 3Q04, an increase of 11% when compared to 13,477 MT in 3Q03. Total silver production in 3Q04 was 906,539 ounces, a 43% increase when compared to 3Q03 (635,288 ounces).</P>
<P ALIGN="JUSTIFY">For the first nine- months period of 2004, total zinc production was 43,140 MT, a 1% decrease when compared to 2003 (43,580 MT). In the case of silver, total production increased 16% from 2',118,107 ST in 3Q03 to 2',456,318 ST in 3Q04.</P>
<P ALIGN="JUSTIFY">Zinc cash operating costs decreased 15% from US$740 per MT in 3Q03 to US$631 per MT in 3Q04. The by-product contribution from higher lead and silver prices to the concentrate value allowed a significant reduction in the cash cost. </P>
</FONT><B><FONT FACE="Tahoma" SIZE=1><P ALIGN="JUSTIFY">&nbsp;</FONT><FONT FACE="Tahoma">OPERATING EXPENSES</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">General and administrative expenses infor 3Q04 were S/.18.5 million, or US$5.5 million, a 46% decrease compared to 3Q03 (S/.34.5 million) mainly due to a lower Long-Term Management Compensation Program provision. For the first nine- months period of 2004, accumulated general and administrative expenses were S/.57.1 million, or US$17.1 million, a 24% decrease compared with 2003 (S/.75.2 million).</P>
<P ALIGN="JUSTIFY">Exploration costs in non-operational mining areas induring 3Q04 wasere S/.37.7 million, or US$11.3 million, an increase of 163% when compared to 3Q03 (S/.14.3 million) mainly due to exploration expenses in the La Zanja, Poracota and Marcapunta projects. </P>
</FONT><B><FONT FACE="Tahoma"><P ALIGN="JUSTIFY">OPERATING INCOME</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Operating income was S/.46.7 million, or US$14.0 million, a 14% decrease compared to 3Q03 (S/.54.2 million). This increase is explained by an 81% increase in exploration expenses, both in operating and non-operating areas, which is higher was greater than the reduction of the 46% reduction in Ggeneral and Aadministrative expenses and the 26% reduction of 26% in Ssales Eexpenses and Rroyalties.</P>
<P ALIGN="JUSTIFY">For the first nine- months period of 2004, operating income was S/.206.3 million, or US$61.7 million, which represents a 39% increase compared to 3Q03 (S/.148.0 million).</P>
</FONT><B><FONT FACE="Tahoma"><P ALIGN="JUSTIFY">INCOME FROM NON-CONSOLIDATE AFFILIATES</P>
</B></FONT><FONT FACE="Arial Narrow" SIZE=1><P>&nbsp;</P>
</FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Buenaventura's income from Non-Consolidated Affiliates in 3Q04 was S/.120.8 million, or US$36.2 million, a 35% decrease when compared to 3Q03 (S/.186.8 million) mainly attributedable to a decrease in Yanacocha's net income. For the first nine- months period of 2004, income from Non-Consolidated Affiliates was S/.386.1 million, or US$115.5 million, a 4% increase compared to the same period of 2003 (S/.370.0 million).</P>
<P ALIGN="JUSTIFY"><A NAME="OLE_LINK1">In<B> Yanacocha </B>(43.65%), 3Q04 gold production was 754,473 ounces of gold, a decrease of 13% when compared to 3Q03 (862,393 ounces). This reduction is explained by a decrease in leach tons placed and a slower recovery rate at La Quinua. Gold grade offrom 3Q04 production was 0.96 gr/MT, an increase of 2% when compared to 3Q03 (0.94 gr/MT)</P>
<P ALIGN="JUSTIFY">Gold production for the first nine- months period of 2004 was 2',170,024 ounces, a decrease of 1% compared with the comparable period of 2003 (2',183,858 ounces).</P>
<P ALIGN="JUSTIFY">Cash cost in Yanacocha was US$151/oz of gold, which represents an increase of 2319% compared with US$1237/oz in 3Q03. This is explained by higher fuel consumption from longer haul distances together with higher diesel prices of diesel, higher reagent consumption and waste stripping.</P>
<P ALIGN="JUSTIFY">As a consequence, Nnet Iincome for 3Q04 was US$83.4 million, a 28% decrease when compared 3Q03 (US$116.5 million). hHowever, for the first nine- months period of 2004, net income was US$257.7 million, an increase of 11% when compared to the US$232.7 million reported for the same period of 2003.</P>
<P ALIGN="JUSTIFY">This quarter, EBITDA was US$174.2 million, a decrease of 15% compared to 3Q03 (US$204.5 million). For the first nine- months period of 2004, EBITDA was US$514.1 million, an increase of 15% when compared to the US$448.3 reported million in the similarcomparable period of 2003.</P>
<P ALIGN="JUSTIFY">Yanacocha's capital expenditures (CAPEX) for 3Q04 was were US$44.1 million, compared to US$55.7 million in 3Q03. The most significant expenditure during this quarter was devoted to the Ffull Sscale Iimplementation of Mmembrane Ttechnology in EWT Plants, leach pad facilities expansion and mine development. For the first nine- months of 2004 period, CAPEX was US$184.2 million versus US$151.7 million for the comparable 2003 period. </P>
<P ALIGN="JUSTIFY">The temporary scaling back of mining operations due to a blockade blockingade of the mine's access road during the quarter did not change the full year 2004 gold sales forecast of 3.0 million ounces. </A></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/.96.4 million, or US$28.8 million representing US$0.23 per share. This figure includes a loss of S/.47.3 million, or US$14.2 million, related to the change in the hedge book value (in accordance with IAS39 for derivative instruments), as well as and a realized deferred revenue from future sales of US$4.9 million.</P>
<B><P ALIGN="JUSTIFY">Net Income</P>
</B><P ALIGN="JUSTIFY">&nbsp;</P></FONT>
<TABLE BORDER CELLSPACING=1 BORDERCOLOR="#000000" CELLPADDING=2 WIDTH=521>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">3Q04</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">3Q03</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Var</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">9M04</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">9M03</B></FONT></TD>
<TD WIDTH="7%" 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="39%" VALIGN="TOP" HEIGHT=30>
<B><FONT FACE="Tahoma"><P ALIGN="CENTER">Net Income</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">28.8</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">(52.3)</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">150.5</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">35.2</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-</B></FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=27>
<B><FONT FACE="Tahoma"><P ALIGN="CENTER">EPS </B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=27>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.23</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=27>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-0.41</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=27>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=27>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">1.18</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=27>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.28</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=27>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-</B></FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=38>
<FONT FACE="Tahoma"><P ALIGN="CENTER">Realized deferred (revenue) from future sale</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=38>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">(4.9)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=38>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.0 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=38><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=38>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">(14.2)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=38>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.0 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=38><P></P></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=57>
<FONT FACE="Tahoma"><P ALIGN="CENTER">(Gain) / Loss from change in the fair value of derivative instruments</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=57>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">14.2 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=57>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">111.1 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=57><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=57>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">(17.8)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=57>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">91.9 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=57><P></P></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=38>
<B><FONT FACE="Tahoma"><P ALIGN="CENTER">Net Income (without Mark to Market effect)</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=38>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">38.1</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=38>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">58.7</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=38>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-35%</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=38>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">118.6</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=38>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">127.1</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=38>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-7%</B></FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=38>
<B><FONT FACE="Tahoma"><P ALIGN="CENTER">EPS (without M2M effect)</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=38>
<B><FONT FACE="Arial"><P ALIGN="CENTER">0.30</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=38>
<B><FONT FACE="Arial"><P ALIGN="CENTER">0.46</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=38>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-35%</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=38>
<B><FONT FACE="Arial"><P ALIGN="CENTER">0.93</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=38>
<B><FONT FACE="Arial"><P ALIGN="CENTER">1.00</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=38>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-7%</B></FONT></TD>
</TR>
</TABLE>

<FONT FACE="Tahoma" 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 3Q04, the Company reported a net loss of S/.7.8 million, or US$2.3 million in derivative instruments, as a result of the execution of 41,000 ounces of gold and 488,407 ounces of silver.</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<B><P>Mark to Market Value of the Hedge Book (in US$ million)</P></B></FONT>
<TABLE BORDER CELLSPACING=1 BORDERCOLOR="#000000" CELLPADDING=2 WIDTH=495>
<TR><TD WIDTH="41%" VALIGN="TOP" HEIGHT=28><P></P></TD>
<TD WIDTH="18%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=28>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Derivative Instruments</B></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=28>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Normal Sales</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=28>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Total Value</B></FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP" HEIGHT=33>
<B><FONT FACE="Tahoma"><P ALIGN="CENTER">As of September 30th 2004</B></FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" HEIGHT=33>
<FONT FACE="Tahoma"><P ALIGN="CENTER">(89.5)</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=33>
<FONT FACE="Tahoma"><P ALIGN="CENTER">(184.9)</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=33>
<FONT FACE="Tahoma"><P ALIGN="CENTER">(274.4)</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP" HEIGHT=32>
<B><FONT FACE="Tahoma"><P ALIGN="CENTER">As of September 30th 2003</B></FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Tahoma"><P ALIGN="CENTER">(207.7)</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Tahoma"><P ALIGN="CENTER">0.0 </FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Tahoma"><P ALIGN="CENTER">(207.7)</FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><B><FONT FACE="Tahoma"><P ALIGN="JUSTIFY">PROJECT DEVELOPMENT</P>
</FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">ORCOPAMPA</P>

<UL>
</B><P ALIGN="JUSTIFY"><LI>The Rampa Mario construction to connect the Nazareno and Prometida areas has been completed with 2,160 meters of ramps and galleries. The total investment was US$6.6 Mmmillion from during the period from August 2003 to August 2004.</LI></P>
<P ALIGN="JUSTIFY"><LI>Regarding the deepening of the declines of the Nazareno and Prometida areas, the project has ais 35% rate of advancecompleted. This will allow gaining access to 700.,000 ounces of gold inat the lowest levels of the Prosperidad, Lucy Piso, Prometida and Nazareno veins.</LI></P></UL>

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

<UL>
</B><P ALIGN="JUSTIFY"><LI>DeepenThe deepening of the Master Shaft to level 3,900 with a total investment of US$2.7 MM for a construction period of 12 months beginning on January 2004.</LI></P>
<P ALIGN="JUSTIFY"><LI>The construction of a cyanidation plant to treat the tailings it's expected to begin in 4Q04. This project will add around approximately 1 million ounces of silver per year. The expected investmentbudget for this project is US$ 8.8 MMmillion.</LI></P>
<P ALIGN="JUSTIFY"><LI>Regarding the Brownfield exploration, as of 30<SUP>th</SUP> September 30, 2004, the Pozos Ricos project, which began in May 2002, has a total accumulated investment of US$3.3 Mmmillion, while andthe Huantajalla project, which started in March 2003, has a total accumulated investment of US$2.4 MMmillion.</LI></P></UL>

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

<UL>
</B><P ALIGN="JUSTIFY"><LI>The Ttailing Ddam</FONT><FONT SIZE=6> </FONT><FONT FACE="Tahoma" SIZE=2>expansion, to permit higher treatment rate, is at an 80% completed.of advance. The total expected investment is US$3.0 MMmillion with duration of 9 months, ending onin December 2004.</LI></P></UL>

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

<UL>
</B><P ALIGN="JUSTIFY"><LI>Taking advantage of the already existing crushing and grinding facilities, the Colquijirca treatment plant will increase its capacity from 3,600 MT per day to 4,000 MT per day by adding new flotation cells during the 44Q04. Full operation is expected to begin in 1Q05. This project's total investment is aroundapproximately US$1.6 million.</LI></P></UL>

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

<UL>
</B><P ALIGN="JUSTIFY"><LI>The construction of the Marcapunta decline to access the copper body began in September. After surpassing overcoming initial difficulties, which limited the progress at 54 meters during the first month, the construction is expected to continue at a rate of 100 meters per month during the next 18 months. </LI></P></UL>

<B><P ALIGN="JUSTIFY">&nbsp;</P>
<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>September 28th, 2004 the Board of Directors passed the following resolutions:</P>
<OL>

<P ALIGN="JUSTIFY"><LI>To approve the financial statements as of ended September 30th, 2004.</LI></P>
<P ALIGN="JUSTIFY"><LI>To declare a cash dividend of US$ XX0.16 per share or ADS, equivalent to S/.0.5312 at today's exchange rate of S/.3.32 per 1 US$or ADS, to be paid in US currency on November 29thXX, 2004, to shareholders who purchase shares until November 15th XX, 2004, with a Record Date of XXNovember 18th, 2004.</LI></P></OL>

</FONT><B><I><FONT FACE="Arial Narrow" SIZE=2><P ALIGN="JUSTIFY">&nbsp;</P>
<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-ownedwholly 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>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><B><FONT FACE="Tahoma" COLOR="#808000"><P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><FONT FACE="Tahoma" SIZE=1><P ALIGN="JUSTIFY">Note on Forward-Looking Statements</P>
</B><P ALIGN="JUSTIFY">This press release may contain forward-looking information (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including those concerning the Company's and Yanacocha's costs and expenses, results of exploration, the continued improving efficiency of operations, prevailing market prices of gold, silver and other metals mined, the success of joint ventures, estimates of future explorations, development and production, subsidiaries' plans for capital expenditures, estimates of reserves and Peruvian political, economical, social and legal developments. These forward-looking statements reflect the Company's view with respect to the Company and Yanacocha's future financial performance. Actual results could differ materially from those projected in the forward-looking statements as a result of a variety of factors discussed elsewhere in this Press Release. </P>
</FONT><B><FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">**Tables to follow**</P>
</FONT><U><FONT FACE="Tahoma"><P ALIGN="CENTER">&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
</U></FONT><FONT FACE="Tahoma" SIZE=1><P>Appendix 1. </P></B></FONT>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=2 WIDTH=576>
<TR><TD VALIGN="TOP" COLSPAN=5 BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=2 COLOR="#ffffff"><P ALIGN="CENTER">Equity Participation in </P>
<P ALIGN="CENTER">Affiliates and Subsidiaries</B></FONT></TD>
</TR>
<TR><TD WIDTH="0%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="18%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">BVN</B></FONT></TD>
<TD WIDTH="49%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Operating</B></FONT></TD>
</TR>
<TR><TD WIDTH="0%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="18%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Equity %</B></FONT></TD>
<TD WIDTH="49%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Mines</B></FONT></TD>
</TR>
<TR><TD WIDTH="0%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Minera Yanacocha</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="18%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">43.65</FONT></TD>
<TD WIDTH="49%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Yanacocha</FONT></TD>
</TR>
<TR><TD WIDTH="0%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Sociedad Minera El Brocal*</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="18%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">32.78</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>
<P>Appendix 2. BVN PRODUCTION SUMMARY</P>
</B></FONT>
<TABLE BORDER CELLSPACING=1 BORDERCOLOR="#000000" CELLPADDING=2 WIDTH=1289>
<TR><TD WIDTH="18%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" COLSPAN=2 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="20%" VALIGN="TOP" COLSPAN=3 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>
</TR>
<TR><TD WIDTH="18%" 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 September 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="20%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Nine Months Ended September 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>
</TR>
<TR><TD WIDTH="18%" 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>
<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="18%" 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="18%" 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">112,273</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">104,719</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">7.21%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">45,172</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">45,068</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">0.23%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">319,824</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">292,669</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">9.28%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">134,899</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">110,514</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">22.07%</FONT></TD>
</TR>
<TR><TD WIDTH="18%" 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">0.53</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">3.52%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">0.58</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">0.58</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">0.73%</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">0.53</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">-3.59%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">0.56</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">0.60</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">-6.45%</FONT></TD>
</TR>
<TR><TD WIDTH="18%" 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">94.47%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">86.61%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">7.86%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">94.93%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">92.26%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">2.66%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">93.88%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">86.21%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">7.67%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">94.09%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">91.61%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">2.47%</FONT></TD>
</TR>
<TR><TD WIDTH="18%" 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">56,447</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">46,625</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">21.06%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">24,937</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">24,005</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">3.88%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">153,328</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">133,641</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">14.73%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">71,431</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">60,907</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">17.28%</B></FONT></TD>
</TR>
</TABLE>


<TABLE BORDER CELLSPACING=1 BORDERCOLOR="#000000" CELLPADDING=2 WIDTH=1187>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="28%" VALIGN="TOP" COLSPAN=5 BGCOLOR="#808000" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">SILVER PRODUCTION</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=5 BGCOLOR="#808000" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Three Months Ended September 30th</B></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="22%" VALIGN="TOP" COLSPAN=4 BGCOLOR="#808000" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Nine Months Ended September 30th</B></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="20%" 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" COLSPAN=2 HEIGHT=21><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 HEIGHT=21><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Colquijirca</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=21><P></P></TD>
<TD WIDTH="6%" 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="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=21><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Colqui-jirca</B></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 HEIGHT=21><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2 HEIGHT=21><P></P></TD>
</TR>
<TR><TD WIDTH="20%" 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" COLSPAN=2 HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="6%" 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="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2 HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">%</B></FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P>Ore Milled DST</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">204,000</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">192,297</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">6.09</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">381,890</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">357,200</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">6.91</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">593,000</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">558,785</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">6.12</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">1,128,390</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">1,056,066</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2 HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">6.85</FONT></TD>
</TR>
<TR><TD WIDTH="20%" 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" SIZE=2><P ALIGN="CENTER">16.84</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">17.23</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">-2.31</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">3.27</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2.65</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">23.74</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">16.84</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">17.33</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">-2.80</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">3.12</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2.89</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2 HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">7.90</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P>Average Recovery Rate %</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">73.62%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">74.36%</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">-0.73</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">72.52%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">67.24%</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">5.29</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">73.60%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">74.43%</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">-0.83</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">69.79%</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">69.38%</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2 HEIGHT=20>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">0.41</FONT></TD>
</TR>
<TR><TD WIDTH="20%" 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" SIZE=2><P ALIGN="CENTER">2,528,649</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2,464,264</B></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2.61</B></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">906,539</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">635,288</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">42.70</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">7,350,892</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">7,206,699</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2.00</B></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2,456,318</B></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2,118,107</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2 HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">15.97</B></FONT></TD>
</TR>
</TABLE>


<TABLE BORDER CELLSPACING=1 BORDERCOLOR="#000000" CELLPADDING=2 WIDTH=1289>
<TR><TD WIDTH="18%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" COLSPAN=2 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="20%" VALIGN="TOP" COLSPAN=3 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>
</TR>
<TR><TD WIDTH="18%" 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 September 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="20%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Nine Months Ended September 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>
</TR>
<TR><TD WIDTH="18%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Uchucchacua</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">Colquijirca</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">Uchucchacua</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">Colquijirca</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="18%" 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="18%" 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">204,000</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">192,297</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">6.09%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">381,890</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">357,200</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">6.91%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">593,000</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">558,785</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">6.12%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">1,128,390</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">1,056,066</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">6.85%</FONT></TD>
</TR>
<TR><TD WIDTH="18%" 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">1.48%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">1.36%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">9.23%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">5.87%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">5.35%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">9.67%</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">1.43%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">2.47%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">5.72%</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">-0.81%</FONT></TD>
</TR>
<TR><TD WIDTH="18%" 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">64.17%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">58.74%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">5.43%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">73.91%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">77.76%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">-3.85%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">62.19%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">58.29%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">3.91%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">73.62%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">78.82%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">-5.20%</FONT></TD>
</TR>
<TR><TD WIDTH="18%" 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">1,940</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">1,532</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">26.58%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">16,556</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">14,856</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">11.44%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">5,407</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">4,660</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">16.03%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">47,554</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">48,038</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial"><P ALIGN="CENTER">-1.01%</B></FONT></TD>
</TR>
</TABLE>

<B><FONT FACE="Tahoma" SIZE=1><P>&nbsp;</P>
<P>Appendix 3.</P>
</FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">Total Gold Commitments</P>
<P ALIGN="CENTER">As of 01/10/04</P></B></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=2 WIDTH=960>
<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="10%" 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">92,000 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">1,988,500 </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">304.81 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">303.91 </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">92,000 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">1,988,500 </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">325.77 </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="10%" 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">82,000 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">2,338,500 </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">340.32 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">327.68 </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">82,000 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">2,458,500 </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">343.24 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">341.18 </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">82,000 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">2,458,500 </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">343.24 </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="10%" 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">88,000 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">2,661,000 </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">343.70 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">343.84 </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">103,000 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">2,736,000 </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">349.72 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">352.19 </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">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">103,000 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">2,736,000 </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">349.72 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">355.28 </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">103,000 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">2,796,000 </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">349.72 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="RIGHT">348.95 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="RIGHT">340.42 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="RIGHT">339.90 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="RIGHT">371.93 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="RIGHT">386.21 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="RIGHT">346.25 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="RIGHT">346.43 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">358.40 </B></FONT></TD>
</TR>
</TABLE>

<FONT FACE="Tahoma" SIZE=1><P>&nbsp;</P>
</FONT><B><FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">Gold Physical Delivery</P>
<P ALIGN="CENTER">As of 01/10/04</P></B></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=2 WIDTH=960>
<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="10%" 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">62,000 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">1,906,000 </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">307.14 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">302.84 </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">62,000 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">1,906,000 </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">338.24 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">319.78 </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">62,000 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">1,906,000 </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">339.45 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">324.14 </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">62,000 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">1,906,000 </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">343.32 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">340.47 </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">62,000 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">1,906,000 </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">343.32 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">341.95 </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">62,000 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">1,906,000 </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">343.32 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">343.43 </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">62,000 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">1,906,000 </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">343.32 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">353.79 </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">62,000 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">1,906,000 </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">343.32 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">358.23 </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">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">62,000 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">1,906,000 </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">343.32 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="RIGHT">340.72 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="RIGHT">374.37 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="RIGHT">395.51 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="RIGHT">347.50 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">360.77 </B></FONT></TD>
</TR>
</TABLE>

<FONT FACE="Tahoma" SIZE=1><P>&nbsp;</P>
</FONT><B><FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">Gold Derivatives</P>
<P ALIGN="CENTER">As of 01/10/04</P></B></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=2 WIDTH=960>
<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="10%" 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">30,000 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">82,500 </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">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">300.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">328.64 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">290</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">30,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">30,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="RIGHT">22,500 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">82,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial"><P ALIGN="CENTER">$/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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">328.64 </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">20,000 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">432,500 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">343.24 </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">20,000 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">552,500 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">343.63 </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">20,000 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">552,500 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">343.63 </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">26,000 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">755,000 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">344.89 </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">41,000 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">830,000 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">348.51 </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">41,000 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">830,000 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">348.51 </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">41,000 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">890,000 </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="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">353.33 </B></FONT></TD>
</TR>
</TABLE>

<FONT FACE="Tahoma" SIZE=1><P>&nbsp;</P>
<B><P>Appendix 4.</P>
<P ALIGN="CENTER">Silver Derivatives</P>
</FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">As of 01/10/04</P></B></FONT>
<TABLE BORDER CELLSPACING=3 CELLPADDING=2 WIDTH=1137>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="15%" 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="15%" 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="15%" 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="15%" 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="15%" 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="15%" 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="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>
<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"><P ALIGN="CENTER">2004</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="CENTER">75,000</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="CENTER">375,000</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="CENTER">5.84</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="CENTER">390,000</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="CENTER">6.15</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="CENTER">448,500</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="CENTER">6.16</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="CENTER">525,000</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="CENTER">6.16</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="CENTER">750,000</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="CENTER">6.16</FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">2005</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">300,000</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">1,400,000</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">5.84</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">1,460,000</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">6.15</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">1,677,750</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">6.15</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">1,962,500</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">6.15</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">2,800,000</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">6.16</FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="CENTER">2006</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="CENTER">200,000</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="CENTER">200,000</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="CENTER">240,000</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="CENTER">266,000</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="CENTER">300,000</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><P ALIGN="CENTER">400,000</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=21>
<FONT FACE="Arial"><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">575,000</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">6.00</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">1,975,000</B></FONT></TD>
<TD WIDTH="8%" 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">2,090,000</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">6.13</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2,392,250</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">2,787,500</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">3,950,000</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>

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

</FONT><FONT FACE="Arial"><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</P>
</B></FONT><FONT FACE="Arial" SIZE=4><P>Consolidated Balance Sheets</P>
</FONT><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">As of December 31, 2003 (audited) and September 30, 2004 (unaudited)</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=604>
<TR><TD WIDTH="53%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Assets</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Current assets</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<P>Cash and cash equivalents</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>398,551</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>520,630</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>155,784</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<P>Investment funds</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>54,881</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>84,742</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>25,357</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<P>Trade accounts receivable</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>74,266</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>45,855</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>13,721</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<P>Other accounts receivable</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>27,315</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>25,054</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>7,497</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<P>Accounts receivable from affiliates</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>37,698</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>42,077</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>12,590</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<P>Inventories, net</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>77,232</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>94,329</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>28,255</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<P>Income tax prepayments</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>28,988</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>39,326</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>11,767</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<P>Current portion of prepaid value added tax and expenses</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>18,325</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>22,836</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>6,833</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Total current assets</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>717,256</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>874,849</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>261,774</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<P>Long - term accounts receivable</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>960</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>1,307</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>391</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<P>Value added tax and prepaid expenses</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>5,783</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>13,025</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>3,897</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Investments in shares</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>1,443,459</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>1,531,484</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>458,254</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<P>Property, plant and equipment, net</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>394,165</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>417,243</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>124,848</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<P>Development costs and mineral lands, net</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>137,786</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>154,162</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>46,129</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<P>Deferred stripping costs</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>56,057</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>56,057</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>16,773</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<P>Mining concessions and goodwill, net</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>168,155</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>159,028</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>47,585</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<P>Deferred income tax and workers' profit sharing, net</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>297,441</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>256,258</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>76,678</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Total assets</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>3,221,062</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>3,463,413</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>1,036,329</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="16%" 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>
</FONT><P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=604>
<TR><TD WIDTH="53%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Liabilities and shareholders' equity, net</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Current liabilities</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<P>Bank loans</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>23,461</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>16,998</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>5,086</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<P>Trade accounts payable</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>52,699</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>56,975</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>17,048</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<P>Other current liabilities</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>86,011</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>109,859</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>32,872</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<P>Liability on derivative instruments</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>99,893</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>70,185</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>21,001</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<P>Current portion of long-term debt</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>70,453</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>62,835</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>18,802</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<P>Deferred revenue from sale of future production</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>68,841</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>79,327</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>23,736</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Total current liabilities</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>401,358</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>396,179</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>118,545</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Other long-term liabilities </FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>76,853</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>75,195</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>22,500</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Liability on derivative instruments</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>307,826</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>237,640</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>71,107</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<P>Long-term debt</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>45,468</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>8,934</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>2,673</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<P>Deferred revenue from sale of future production</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>641,122</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>586,975</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>175,636</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Total liabilities</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>1,472,627</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>1,304,923</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>390,461</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Minority interest</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>48,428</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>63,712</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>19,064</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Shareholders' equity, net</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<P>Capital stock, net of treasury shares by S/49,658,000 in 2003 and 2004</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>596,755</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>596,755</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>178,562</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<P>Investment shares, net of treasury shares by S/66,000 in 2003 and 2004</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>1,683</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>1,683</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>504</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<P>Additional paid-in capital</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>610,659</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>610,659</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>182,723</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<P>Legal reserve</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>99,306</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>129,303</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>38,690</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Retained earnings</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>218,174</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>619,350</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>185,323</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<P>Cumulative translation loss</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>(29,401)</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>(126,788)</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>(37,938)</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<P>Cumulative unrealized gain on investments in shares carried at fair value</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>209,175</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>267,576</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>80,065</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<P>Cumulative unrealized loss on derivative instruments</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>(6,344)</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>(3,760)</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>(1,125)</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Total shareholders' equity</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>1,700,007</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>2,094,778</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>626,804</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM">
<B><P>Total liabilities and shareholders' equity, net</B></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>3,221,062</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>3,463,413</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>1,036,329</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=1>
</FONT><B><FONT FACE="Arial"><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</P>
</B></FONT><FONT FACE="Arial" SIZE=4><P>Consolidated Statements of Income (unaudited)</P>
</FONT><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY"></P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=673>
<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 September 30</B></FONT></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the nine-month <BR>
periods ended September 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 SIZE=1><P>Net sales</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">190,143</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">200,246</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">59,918</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>531,309</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>637,625</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>190,791</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Royalty income</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">35,752</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">31,958</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">9,563</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>87,654</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>92,256</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>27,605</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 SIZE=1><P ALIGN="JUSTIFY">225,895</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">232,204</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">69,481</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>618,963</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>729,881</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>218,396</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 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 SIZE=1><P>Operating costs</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">75,970</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">77,561</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">23,208</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>228,646</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>248,024</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>74,214</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Exploration and development costs in operational mining sites</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">23,213</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">30,316</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">9,071</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>61,490</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>81,571</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>24,408</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Depreciation</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">11,201</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">12,246</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">3,664</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>31,542</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>37,981</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>11,365</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 SIZE=1><P>Total costs of operation</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">110,384</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">120,123</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">35,943</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>321,678</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>367,576</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>109,987</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 SIZE=1><P>Gross margin</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">115,511</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">112,081</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">33,538</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>297,285</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>362,305</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>108,409</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 SIZE=1><P>General and administrative</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">34,491</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">18,472</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">5,527</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>75,242</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>57,091</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>17,083</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Exploration costs in non-operational mining areas</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">14,324</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">37,728</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">11,289</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>38,770</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>69,699</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>20,855</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Selling</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">6,762</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">4,093</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">1,225</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>18,582</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>12,846</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>3,844</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Royalties</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">5,782</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">5,132</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">1,536</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>16,694</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>16,365</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>4,897</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 SIZE=1><P ALIGN="JUSTIFY">61,359</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">65,425</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">19,577</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>149,288</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>156,001</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>46,679</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 SIZE=1><P ALIGN="JUSTIFY">54,152</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">46,656</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">13,961</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>147,997</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>206,304</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>61,730</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 SIZE=1><P>Share in affiliated companies</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">186,826</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">120,834</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">36,156</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>369,972</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>386,105</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>115,531</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Realized revenue from sale of future production</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">16,353</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">4,893</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>-</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>47,292</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>14,151</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Gain (loss) from change in the fair value of derivative instruments</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(371,197)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(47,322)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(14,160)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(307,243)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>59,398</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>17,773</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Realized loss in derivative instruments</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(7,494)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(7,811)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(2,337)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(5,132)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(60,949)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(18,237)</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Interest income </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">1,904</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">4,471</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">1,338</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>4,816</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>9,316</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>2,788</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Gain (loss) from exposure to inflation </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">435</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(7,505)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(2,246)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(2,124)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(21,851)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(6,538)</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Interest expense</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(1,697)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(609)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(182)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(6,181)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(9,566)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(2,862)</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Amortization of mining concessions and goodwill</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(4,207)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(3,044)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(911)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(12,622)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(9,127)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(2,731)</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Other, net</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(4,242)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(2,191)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(656)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(2,174)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(7,772)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(2,326)</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 SIZE=1><P>Total other income (expenses), net</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(199,672)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">73,176</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">21,895</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>39,312</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>392,846</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>117,549</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 SIZE=1><P>Income (loss) before worker's profit sharing, income tax and minority interest </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(145,520)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">119,832</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">35,856</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>187,309</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>599,150</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>179,279</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Workers' profit sharing</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(1,286)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(3,887)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(1,163)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(1,691)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(11,288)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(3,378)</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Income tax</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(13,793)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(24,810)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(7,424)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(28,565)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(63,621)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(19,037)</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 SIZE=1><P>Income (loss) before minority interest </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(160,599)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">91,135</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">27,269</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>157,053</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>524,241</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>156,864</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Minority interest</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(14,326)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">5,219</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">1,562</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(39,471)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(21,185)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(6,339)</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 (loss)</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(174,925)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">96,354</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">28,831</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>117,582</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>503,056</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>150,525</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 (loss) per share, stated in Peruvian Nuevos Soles and U.S. dollars</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(1.37)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.76</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.23</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.92</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">3.95</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1.18</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>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</P>
</B></FONT><FONT FACE="Arial" SIZE=4><P>Consolidated Statements of Cash Flows (unaudited)</P>
</FONT><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY"></P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=680>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="33%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the three-month <BR>
periods ended September 30</B></FONT></TD>
<TD WIDTH="33%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the nine-month <BR>
periods ended September 30</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="33%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="CENTER">___________________________________</B></FONT></TD>
<TD WIDTH="33%" 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>
<P>Collection from customers</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">183,807</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">241,891</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">72,379</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">524,559</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">666,037</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">199,293</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<P>Collection of dividends</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">169,749</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">73,338</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">21,944</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">266,203</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">262,373</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">78,508</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<P>Collection of royalties </TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">24,532</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">24,761</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">7,409</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">75,033</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">89,051</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">26,646</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<P>Collection of interest</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">1,859</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">4,091</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">1,224</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">6,001</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">7,792</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">2,332</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<P>Payments to suppliers and third parties</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(77,291)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(71,109)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(21,277)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(231,059)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(270,498)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(80,939)</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<P>Payments of exploration expenditures</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(30,074)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(58,142)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(17,397)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(83,607)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(119,818)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(35,852)</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<P>Payments to employees</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(31,586)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(33,862)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(10,132)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(95,679)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(98,368)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(29,434)</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<P>Payments of income tax</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(17,362)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(26,936)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(8,060)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(38,187)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(53,023)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(15,866)</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<P>Payments of royalties</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(5,137)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(5,150)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(1,541)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(17,189)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(18,893)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(5,653)</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<P>Payments of interest</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(737)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(1,204)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(361)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(7,812)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(4,692)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(1,404)</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>
<P ALIGN="JUSTIFY">217,760</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">147,678</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">44,188</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">398,263</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">459,961</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">137,631</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>
<P>Payments from derivative instruments settled, net</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(7,494)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(7,811)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(2,337)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(5,132)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(60,949)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(18,237)</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<P>Purchase of plant and equipment</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(17,302)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(30,935)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(9,256)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(39,914)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(67,303)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(20,139)</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<P>Increase of investment fund</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">-</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">-</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">-</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">-</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(34,735)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(10,394)</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<P>Development expenditures</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(9,078)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(20,913)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(6,258)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(23,170)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(51,792)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(15,497)</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<P>Decrease (increase) of accounts receivable from affiliates </TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">-</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">4,146</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">1,241</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">-</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(1,174)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(351)</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<P>Payments by investments in shares</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(377)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">-</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">-</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(1,964)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(1,263)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(378)</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<P>Proceeds from sale of plant and equipment</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">45</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">447</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">133</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">1,111</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">1,502</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">449</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<P>Proceeds from sale of investments in shares</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">-</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">-</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">-</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">-</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">330</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">99</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>
<P ALIGN="JUSTIFY">(34,206)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(55,066)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(16,477)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(69,069)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(215,384)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(64,448)</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">(81,125)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(21,112)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(6,317)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(141,341)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(122,498)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(36,654)</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>Net increase in cash during the period</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">102,429</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">71,500</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">21,394</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">187,853</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">122,079</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">36,529</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<P>Cash at beginning of period</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">181,388</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">449,130</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">134,390</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">95,964</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">398,551</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">119,255</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>
<P ALIGN="JUSTIFY">283,817</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">520,630</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">155,784</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">283,817</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">520,630</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">155,784</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>

<FONT FACE="Arial" SIZE=1>
<B><P>&nbsp;</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=680>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="BOTTOM" COLSPAN=3>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the three-month <BR>
periods ended September 30</B></FONT></TD>
<TD WIDTH="33%" VALIGN="BOTTOM" COLSPAN=3>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the nine-month <BR>
periods ended September 30</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="BOTTOM" COLSPAN=3>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="CENTER">___________________________________</B></FONT></TD>
<TD WIDTH="33%" VALIGN="BOTTOM" COLSPAN=3>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="CENTER">___________________________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">&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">&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><P>Reconciliation of net income (loss) to net cash provided by operating activities</B></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">
<P>Net income (loss)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(174,925)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>96,354</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>28,831</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>117,582</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>503,056</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>150,525</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">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<P>Decrease (increase) minority interest</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>14,326</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(5,219)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(1,562)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>39,471</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>21,185</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>6,339</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<P>Depreciation</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>12,014</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>13,031</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>3,899</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>33,230</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>39,218</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>11,735</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<P>Amortization of development costs in operative mining sites</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>6,168</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>11,805</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>3,532</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>15,179</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>31,134</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>9,316</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<P>Expense from deferred income tax and workers' profit sharing </TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>704</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>10,594</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>3,170</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>1,644</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>27,005</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>8,081</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<P>Loss (gain) from exposure to inflation</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(435)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>7,505</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>2,246</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>2,124</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>21,851</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>6,538</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<P>Amortization of mining concessions and goodwill</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>4,207</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>3,044</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>911</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>12,622</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>9,127</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>2,731</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<P>Decrease (increased) in the fair value of investment fund </TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>-</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(594)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(178)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>-</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>4,874</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>1,459</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<P>Accretion expense</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>-</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>627</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>188</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>-</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>3,517</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>1,052</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<P>Long-term officers' compensation (*)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>13,912</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>-</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>-</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>21,849</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>2,095</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>627</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<P>Net cost of retired plant and equipment</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>-</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>3,382</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>1,012</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>2,504</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>3,564</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>1,066</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<P>Gain on sale of plant and equipment</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>-</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(173)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(52)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(964)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(1,148)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(343)</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<P>Gain in sale of investment in shares</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>-</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>-</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>-</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>-</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(51)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(15)</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<P>Loss (gain) from change in the fair value of derivative instruments</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>371,197</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>47,322</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>14,160</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>307,243</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(59,398)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(17,773)</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<P>Share in affiliated companies, net of dividends received</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(17,078)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(47,497)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(14,212)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(103,769)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(128,603)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(38,481)</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">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<P>Decrease (increase) of operating assets -</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<P>   Trade and other accounts receivable</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(16,479)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>36,610</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>11,014</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(19,427)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>30,325</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>9,134</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<P>   Inventories</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>4,577</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(13,409)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(4,012)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>2,312</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(15,405)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(4,610)</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<P>   Income tax credit and value added tax and expenses</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>7,053</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(8,544)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(2,560)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(2,529)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(22,091)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(6,610)</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<P>   Deferred stripping costs</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(2,695)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>-</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>-</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(9,205)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>-</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>-</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<P>Decrease of operating liabilities -</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM"><DIR>

<P>   Accounts payable and other current liabilities</DIR>
</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(4,786)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(7,150)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(2,199)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(21,603)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(10,294)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(3,140)</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">&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">
<P>217,760</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>147,678</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>44,188</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>398,263</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>459,961</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>137,631</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">&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>

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

<P>(*)&#9;This provision, which covers until the year 2013, corresponds to a long-term compensation program granted by the Company to certain officers, as further explained in Note 17 to the 2003 consolidated financial statements. </P></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><DIR>
<DIR>

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

<P>Date: October 28, 2004</P>
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