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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001013131-05-000002.txt : 20050304
<SEC-HEADER>0001013131-05-000002.hdr.sgml : 20050304
<ACCEPTANCE-DATETIME>20050304091118
ACCESSION NUMBER:		0001013131-05-000002
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050304
FILED AS OF DATE:		20050304
DATE AS OF CHANGE:		20050304

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:		05659738

	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>bvnpr0305.htm
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY LINK="#0000ff" VLINK="#800080">

<U><FONT SIZE=2><P ALIGN="CENTER">FORM 6-K</P>
</U><P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">SECURITIES AND EXCHANGE COMMISSION</P>
<P ALIGN="CENTER">Washington, D.C. 20549</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">Report of Foreign Issuer</P>
<P ALIGN="CENTER">Pursuant to Rule 13a-16 or 15d-16 of the</P>
<P ALIGN="CENTER">Securities Exchange Act of 1934</P>
<P ALIGN="CENTER">For the month of March 2005</P>
<P ALIGN="CENTER">BUENAVENTURA MINING COMPANY INC.</P>
<P ALIGN="CENTER">(Translation of Registrant's Name into English)</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">CARLOS VILLARAN 790</P>
<P ALIGN="CENTER">SANTA CATALINA, LIMA 13, PERU</P>
<P ALIGN="CENTER">(Address of Principal Executive Offices)</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</P>
<P ALIGN="CENTER">Form 20-F <U>X </U>&#9;&#9;Form 40-F ___</P>
<P>&nbsp;</P>
<P>Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</P>
<P ALIGN="CENTER">Yes ___&#9;&#9;&#9;&#9;No <U>X&#9;</U> </P>
<P>&nbsp;</P>
<P>If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-________________.</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>This report consists of the Press Release and consolidated Financial Statements issued by Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries on March 3, 2004, announcing the Company's Fourth Quarter and cumulative 2004 results.</P>

</FONT><B><FONT FACE="Tahoma"><P ALIGN="RIGHT">For Immediate Release</P>
</B></FONT><FONT FACE="Tahoma" SIZE=4 COLOR="#808000"><P ALIGN="JUSTIFY"></P>
</FONT><FONT FACE="Tahoma" SIZE=2 COLOR="#808000"><P>     </FONT><B><FONT FACE="Tahoma" SIZE=4 COLOR="#808000">Compa&ntilde;&iacute;a de Minas Buenaventura Announces</P>
<P ALIGN="CENTER">Fourth Quarter 2004 Results</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2 COLOR="#808000"><P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Lima, Peru, March 3, 2005 - <B>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A.</B> (&quot;Buenaventura&quot; or &quot;the Company&quot;) (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru's largest publicly traded precious metals mining company, announced today its results for the fourth quarter and full year 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/.3.283 per US$1.00 for the convenience of the reader.</P>
</FONT><FONT FACE="Tahoma" SIZE=2 COLOR="#808000"><P ALIGN="JUSTIFY"></P>
</FONT><B><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Comments from the Chief Executive Officer:</P>
</FONT><FONT FACE="Tahoma" SIZE=1 COLOR="#808000"><P ALIGN="JUSTIFY"></P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Roque Benavides, Chief Executive Officer of Buenaventura stated:  "2004 was a peak year for the Company with record production and financial results. </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">This quarter, Buenaventura's net income was US$55.6 million, including a net effect of derivative instruments of US$7.1 million. Without considering this effect, net income in 4Q04 was US$62.7 million.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Operating income this quarter was US$27.1 million, 209% higher than in 4Q03, while total EBITDA was US$141.7 milliion, which represented a 76% increase when compared to 4Q03. EBITDA from Buenaventura's direct operations was US$34.7 million, 86% higher than in 4Q03. </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">These positive results were mainly driven by higher output and lower cash operating costs in Orcopampa and Colquijirca, as well as a 59% decrease in general and administrative expenses.  </P>
</FONT><FONT FACE="Tahoma" SIZE=2 COLOR="#808000"><P ALIGN="JUSTIFY">   </P>
</FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">It is important to note that during this quarter, the exchange rate between Peruvian Nuevos Soles and the U.S. Dollar was affected by a 5.2% appreciation when compared with 4Q03.&quot; </P>
<P ALIGN="JUSTIFY"></P>
<B><P ALIGN="JUSTIFY">Financial Highlights (in millions of US$, except EPS figures):</P>
<P ALIGN="JUSTIFY"></P></B></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=471>
<TR><TD WIDTH="30%" 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">4Q04</B></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=33>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">4Q03</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">FY04</B></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=33>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">FY03</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="30%" 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">93.6</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">71.1</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=28>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">32%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">316.0</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">259.6</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=28>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">22%</B></FONT></TD>
</TR>
<TR><TD WIDTH="30%" 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">27.1</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">8.8</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">209%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">89.9</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">53.8</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">67%</B></FONT></TD>
</TR>
<TR><TD WIDTH="30%" 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">34.7</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">18.6</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">86%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">96.9</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">83.5</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">16%</B></FONT></TD>
</TR>
<TR><TD WIDTH="30%" 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">141.7</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=29>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">80.5</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=29>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">76%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=29>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">428.2</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=29>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">341.0</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=29>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">26%</B></FONT></TD>
</TR>
<TR><TD WIDTH="30%" 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">55.6</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">17.6</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=34>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">217%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">208.9</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">53.4</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=34>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">291%</B></FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">EPS</B></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.44</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.14</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">217%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">1.65</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.42</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">291%</B></FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="MIDDLE" HEIGHT=30>
<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=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">62.7</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">84.2</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-26%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">183.4</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">173.5</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">6%</B></FONT></TD>
</TR>
<TR><TD WIDTH="30%" 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">0.49</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.66</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-26%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">1.44</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">1.36</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">6%</B></FONT></TD>
</TR>
</TABLE>

<B><FONT FACE="Tahoma"><P>&nbsp;</P>
<P>&nbsp;</P>
</FONT><U><FONT FACE="Arial Narrow" SIZE=2 COLOR="#808000"><P>OPERATING REVENUE</P>
</B></U></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">In 4Q04, operating revenue was S/.307.4 million, or US$93.6 million, an increase of 32% when compared to S/.233.5 million in 4Q03. This was mainly the result of higher volumes of gold (38%), silver (27%), zinc (14%) and lead (56%) sold and higher realized silver, lead and zinc prices. In addition, royalty income increased 25% due to higher Yanacocha sales. </P></FONT>
<TABLE BORDER CELLSPACING=2 CELLPADDING=4 WIDTH=645>
<TR><TD WIDTH="24%" VALIGN="MIDDLE" HEIGHT=19>
<B><FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">Operating Highlights</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">4Q04</B></FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">4Q03</B></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Var</P>
<P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">FY04</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">FY03</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Var</P>
<P ALIGN="CENTER">%</B></FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="MIDDLE" HEIGHT=39>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Total Sales </P>
<P ALIGN="CENTER">(in millions of US$)</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">82.5</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">62.2</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=39>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">33%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">276.7</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">224.0</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=39>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">24%</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$/oz.)</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=37>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">389</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=37>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">391</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=37>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">-1%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=37>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">374</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=37>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">365</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=37>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2%</B></FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Average Realized Price Silver (US$/oz.)</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">6.84</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">5.16</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">6.51</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">4.91</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$/TM.)</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">971</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">606</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">60%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">909</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">532</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">71%</B></FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Average Realized Price Zinc (US$/TM.)</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">1,048</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">886</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">18%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">1,026</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">814</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">26%</B></FONT></TD>
</TR>
</TABLE>

<P ALIGN="CENTER"></P>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=560>
<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="13%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">4Q04</B></FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">4Q03</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">FY04</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">FY03</B></FONT></TD>
<TD WIDTH="11%" 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="13%" VALIGN="MIDDLE" HEIGHT=26>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">125,136</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=26>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">90,499</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">38%</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=26>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">353,317</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=26>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">323,801</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">9%</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="13%" VALIGN="MIDDLE" HEIGHT=24>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">3,519,766</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=24>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2,765,783</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">27%</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=24>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">14,252,144</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=24>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">11,105,174</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">28%</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="13%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">9,114</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">5,851</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=23>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">56%</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">31,131</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">24,038</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=23>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">30%</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="13%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">13,461</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">11,831</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">14%</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">53,001</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">50,933</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">4%</B></FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Accumulated operating revenue for 2004 was S/.1,037.3 million, or US$316.0 million, a 22% increase compared to 2003 (S/.852.2 million). </P>
</FONT><B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">&nbsp;</P>
</FONT><U><FONT FACE="Arial Narrow" SIZE=2 COLOR="#808000"><P>PRODUCTION AND OPERATING COSTS</P>
</B></U></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Buenaventura's equity production during 4Q04 was 89,525 ounces of gold, 18% higher than 4Q03 production (75,700 ounces) and </FONT><FONT FACE="Arial" SIZE=2>3,389,548</FONT><FONT FACE="Tahoma" SIZE=2> ounces of silver, an increase of 14% when compared to 2,979,306 ounces in 4Q03.</P>
<P ALIGN="JUSTIFY">Equity production<SUP>1</SUP> for the accumulated period of 2004 was 330,850 ounces of gold and 12,791,746 ounces of silver. This represented an increase of 14% in gold production and an 8% increase in silver production as compared to 2003 figures.</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P></FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=575>
<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">4Q04</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">4Q03</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">FY04</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">FY03</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">89,525</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">75,700</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">18%</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">330,850</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">289,886</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">14%</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">3,389,548</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2,979,306</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">14%</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">12,791,746</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">11,797,865</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">8%</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">4,430</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">3,187</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">39%</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">16,120</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">13,224</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">22%</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">6,604</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">5,483</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">20%</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">25,651</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">23,992</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">7%</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 in 4Q04 was 58,061 ounces, a 23% increase when compared to 47,084 ounces in 4Q03. It is important to mention that part of this increase (4%) was explained by an additional 1,885 oz of gold obtained after the treatment plant cleaning. For the full year 2004, total gold production was 211,388 ounces, a 17% increase when compared to 2003 production (180,726 ounces).</P>
<P ALIGN="JUSTIFY">Cash operating costs decreased 28%, from US$179/oz in 4Q03 to US$128/oz in 4Q04. This reduction is explained by the cyanidation process, which began in March, increasing gold recovery and avoiding concentrate treatment charges as well as reducing sales expenses. <A NAME="OLE_LINK2">Cash operating cost in FY04 was US$128/oz, a 27% decrease when compared with FY03 figures (US$175/oz).</P>
<P ALIGN="JUSTIFY"></A></P>
<P ALIGN="JUSTIFY">In Orcopampa, 0.13 million gold ounces of reserves were added in 2004. This represents an increase of 23% in reserves when compared with 2003.</P>
<P ALIGN="JUSTIFY">In <B>Uchucchacua</B> (100%), total silver production in 4Q04 was 2,481,501 ounces, a 5% increase when compared to 2,369,463 ounces in 4Q03. For the full year 2004, total silver production was 9,832,393 ounces, a 3% increase when compared to 2003 production (9,5976,162 ounces).</P>
<P ALIGN="JUSTIFY">Silver cash operating cost in 4Q04 was US$2.89/oz, a 2% decrease when compared with US$2.95/oz in 4Q03. This was mainly due to higher silver production and significant by-product credit contribution of lead and zinc. Cash operating cost for FY04 was US$2.93/oz, a 2% decrease when compared to FY03 figures (US$2.99/oz). </P>
<P ALIGN="JUSTIFY">Silver reserves as of December 31, 2004 are were 67.4 million ounces, a 4% increase when compare with 64.6 million ounces in 2003.</P>
<P ALIGN="JUSTIFY">In <B>Antapite</B> (78.04%), total production induring 4Q04 was 25,707 ounces of gold, a 10% increase when compared to 23,454 ounces in 4Q03. For the full year 2004, total gold production was 97,138 ounces, a 15% increase when compared to 84,361 ounces in 2003. </P>
<P ALIGN="JUSTIFY">Gold cash operating cost in 4Q04 was US$187/oz, a 15% increase when compared to US$163/oz in 4Q03, due to higher diesel fuel costs, and mine preparation and development costs. In 2004, cash operating cost was US$174/oz, a 10% increase when compared to 2003 figures (US$158/oz).</P>
<P ALIGN="JUSTIFY">In <B>Colquijirca</B> (32.78%), total zinc production was 14,418 MT in 4Q04, an increase of 16% when compared to 12,424 MT in 4Q03. Total silver production in 4Q04 was 942,812 ounces, a 21% increase when compared to 777,614 ounces in 4Q03.</P>
<P ALIGN="JUSTIFY">For the full year 2004, total zinc production was 57,558 MT, a 3% increase when compared to 2003 production (56,004 MT). In the case of silver, total production increased 17%, from 2,895,721 ounces in 2003 to 3,399,130 in 2004.</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">Zinc cash operating costs decreased 42% from US$741 per MT in 4Q03 to US$430 per MT in 4Q04. The by-product contribution from higher lead and silver prices to the concentrate value allowed this significant reduction in the cash operating cost. </P>
<P ALIGN="JUSTIFY">Cash operating cost for FY04 was US$644/MT, an 11% decrease when compared to 2003 figures (US$723/MT).</P>
</FONT><B><U><FONT FACE="Arial Narrow" SIZE=2 COLOR="#808000"><P ALIGN="JUSTIFY">OPERATING EXPENSES</P>
</B></U></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">General and Aadministrative expenses infor 4Q04 were S/.19.8 million, or US$6.0 million, a 59% decrease comparing compared to 4Q03 (S/.48.0 million), due to lower provisions for Llong-term officers compensation provision. For the twelve month period of 2004, accumulated General general and Aadministrative expenses were S/.76.9 million, or US$23.4 million, a 38% decrease compared to the same period of 2003 (S/.123.2 million).</P>
<P ALIGN="JUSTIFY"><A NAME="OLE_LINK3">Exploration costs in non-operational mining areas</A> during 4Q04 were S/.18.5 million, or US$5.6 million, a 10% decrease when compared to 4Q03 (S/20.5 million) due to lower expenses in La Zanja project. For the FY04 period, exploration costs in non-operational mining areas increased 49%, from S/.59.3 million, or US$18.1 million in 4Q03, to S/.88.2 million, or US$26.9 million, in 4Q04. </P>
</FONT><B><U><FONT FACE="Arial Narrow" SIZE=2 COLOR="#808000"><P ALIGN="JUSTIFY">OPERATING INCOME</P>
</B></U></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Operating Iincome in 4Q04 was S/.88.9 million, or US$27.1 million, a 209% increase when compared to S/.28.8 million in 4Q03. This increase iswas explained by higher gold and silver production and prices, as well as lower costs.</P>
<P ALIGN="JUSTIFY">For the accumulated period of 2004, operating income was S/.295.2 million, or US$89.9 million, which represents a 67% increase compared to 2003 (S/.176.7 million).</P>
</FONT><B><U><FONT FACE="Arial Narrow" SIZE=2 COLOR="#808000"><P ALIGN="JUSTIFY">INCOME FROM NON-CONSOLIDATED AFFILIATES</P>
</B></U></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Buenaventura's income from Nnon-Cconsolidated Aaffiliates induring 4Q04 was S/.189.8 million, or US$57.8 million, a 1% increase when compared to S/.187.8 million in 4Q03, mainly attributed to the participation in Yanacocha's net income. For the full year of 2004, income from Nnon-Cconsolidated Aaffiliates was S/.575.9 million, or US$175.4 million, a 3% increase when compared to S/.557.6 million in 2003.</P>
<P ALIGN="JUSTIFY"><A NAME="OLE_LINK1">In<B> Yanacocha </B>(43.65%), 4Q04 gold production was 847,279 ounces of gold, an increase of 27% when compared with 4Q03 production (667,286 ounces) due to an increase of 23% in gold grade, from 0.83 gr/MT in 4Q03 to 1.02 gr/MT in 4Q04. Gold production for the accumulated period of 2004 was 3,017,303 ounces, an increase of 6% when compared to 2,851,143 ounces in 2003.</P>
<P ALIGN="JUSTIFY">Gold cash cost in Yanacocha induring 4Q04 was US$136/oz, which represented no variation when compared with 4Q03. Full year cash cost was US$147/oz for 2004, a 14% increase compared to US$129/oz in 2003.</P>
<P ALIGN="JUSTIFY">Net income in Yanacocha, for 4Q04, was US$132.6 million, a 51% increase when compared with 4Q03 figures (US$87.7 million). For the full year 2004, net income was US$390.3 million, an increase of 22% when compared to the US$320.4 million reported in 2003.</P>
<P ALIGN="JUSTIFY">This quarter, EBITDA was US$245.0 million, an increase of 73% compared to 4Q03 (US$141.7 million). For the accumulated twelve months of 2004, EBITDA was US$759.1 million, an increase of 29% when compared to the US$590.0 million reported inin the comparable period of 2003.</P>
<P ALIGN="JUSTIFY">Yanacocha's capital expenditures (CAPEX) for 4Q04 were US$55.5 million, compared to US$42.5 million in 4Q03. The most significant expenditure during this quarter was devoted to mine development and leach pad facilities. For the full year 2004, CAPEX was US$226.2 million versus US$194.2 million for the comparable period. </P>
</FONT><B><U><FONT FACE="Arial Narrow" SIZE=2 COLOR="#808000"><P ALIGN="JUSTIFY"></A>NET INCOME</P>
</B></U></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">This quarter, Buenaventura's net income was S/.182.6 million, or US$55.6 million, representing US$0.44 per share. This figure includes a loss of S/.44.8 million, or US$13.6 million, form thefrom "Cchange in the fair value of derivative instruments" (in accordance with IAS39 for derivative instruments), as well as a "Rrealized revenue income from sales of future production" of US$6.6 million.</P>
</FONT><B><FONT FACE="Tahoma"><P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><U><FONT FACE="Arial Narrow" SIZE=2 COLOR="#808000"><P ALIGN="JUSTIFY">HEDGING OPERATIONS</P>
</B></U></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">During 4Q04, the Company reported a net loss of S/.12.5 million, or US$3.8 million in derivative instruments as a result of the execution of 41,000 ounces of gold and 770,843 ounces of silver.</P>
<P ALIGN="JUSTIFY">The Mmark -to -Mmarket value of derivative instruments as of December 31, 2004 was (US$103.7) million, while the Mmark -to -Mmarket value of the physical delivery contracts figure was (US$217.1) million. Total hedge book Mmark -to -Mmarket value iswas (US$320.8) million.</P>
</FONT><B><U><FONT FACE="Arial Narrow" SIZE=2 COLOR="#808000"><P ALIGN="JUSTIFY">EXPLORATIONS</P>
</B></U></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Buenaventura's equity expenditures in exploration activities in non -operational mines was US$11.5 million in 2004. Our exploration efforts waswere focused in: Poracota in Arequipa, La Zanja in Cajamarca and Marcapunta in Cerro de Pasco. Additionally, we have evaluated another fifteen prospects, not only in Peru but also in Argentina, Bolivia, Mexico and Spain.</P>
<B><P ALIGN="JUSTIFY">PORACOTA</P>
</B><P ALIGN="JUSTIFY">In the Huamanihuayta sector, we delineated 1.7 million tons with 11.0 gr/ton of gold. The adits drifting announced in July have advanced 800mts advance. In Soras, Eastern Poracota, a diamond drill hole (DDH) indicated high-grades veins of gold and silver associated to enargite and tenantite.</P>
<P ALIGN="JUSTIFY">The SO-02 DDH got a 1.20 mts intercept with 16.8 gr/ton of gold, 9.3 oz/t of silver, 10.1% of copper, and 1,05 mts intercept with 28.6 gr/ton of gold, 24.9 oz/t of silver, 3.5% of copper.</P>
<B><P ALIGN="JUSTIFY">LA ZANJA</P>
</B><P ALIGN="JUSTIFY">WeThe Company finished the assessment of San Pedro Sur and Pampa Verde resources that permitted allowed us to report 17,.4 million tons, with 0,.88 gr/ton of gold and 5.67 gr/ton of silver in oxides. Metallurgical testing resulted in a 66% cyanidation recovery and we considerexpect that there is a the possibility to achievereach up to 75% recovery a recovery of 75%. </P>
<P ALIGN="JUSTIFY">We initiated the exploration in Turmalina and Campana with some encouraging results. In Turmalina, DDH TUR-3 reported 6.0 mts with 10.0 gr/ton of gold and the DDH TUR-15 reported 33.0 mts with 13.1 gr/ton of gold, both in oxides and close to the surface. In Cerro Campana, the DDH C-01 got a 42.5 mts intercept with 1.4% of copper and 0.7 gr/ton of gold with 14.4 gr/ton of silver and 0.2% of arsenic in sulphides. </P>
<P ALIGN="JUSTIFY">In Cerro La Zanja, we will review the geological information in copper sulphides with gold contents.</P>
<B><P ALIGN="JUSTIFY">MARCAPUNTA</P>
</B><P ALIGN="JUSTIFY">InAt the Marcapunta project, the decline construction is in process having achievedreached 320 mts, with 200 mts remaining 200mts to start the infill drilling campaign and 500 mts to get to the mineralized area. We expect to be able to complete the geological assessment of the area within the next 18 months.</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><B><FONT FACE="Tahoma"><P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><U><FONT FACE="Arial Narrow" SIZE=2 COLOR="#808000"><P>PROJECT DEVELOPMENT</P>
</U></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">ORCOPAMPA</P>

<UL>
</B><P ALIGN="JUSTIFY"><LI>The declines deepening project of the Nazareno and Prometida areas is 60% completed. This will allow access to 700,000 ounces of gold at lower levels of the Prosperidad, Lucy Piso, Prometida and Nazareno veins. We estimate the total investment to be US$8.7 million. </LI></P>
<P ALIGN="JUSTIFY"><LI>Regarding the Brownfield exploration, during 2004, the total investment in Sausa Norte and Layo was US$0.5 million.</LI></P></UL>

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

<UL>
</B><P ALIGN="JUSTIFY"><LI>The construction of the cyanidation plant, to treat the lead circuit tailings to add approximately 1 million ounces of silver production per year, is already in progress. The budget for this project is US$ 8.8 million and it is estimated to be finished in completion is expected for December 2005.</LI></P>
<P ALIGN="JUSTIFY"><LI>Regarding the Brownfield exploration, during 2004, the total investment in the Huantajalla and Pozos Ricos areas was US$4.2 million. </LI></P></UL>

</FONT><B><U><FONT FACE="Arial Narrow" SIZE=2 COLOR="#808000"><P ALIGN="JUSTIFY">OTHER EVENTS</P>
</B></U></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">During 4Q04, the Company, via its subsidiary CEDIMIN SAC, acquired Inversiones Mineras Aureas SAC, which was the owner of 49% of the shares of Minera Paula 49 SRL. Because CEDIMIN already owned the remaining 51% of the shares of Minera Paula 49 SRl, it became the 100% owner of the Company. As of December 31, 2004, CEDIMIN SAC absorbed simultaneously, both, Minera Paula 49 SRL and Inversiones Mineras Aureas SRL.</P>
<P ALIGN="JUSTIFY">During 4Q04, the Company, through via its subsidiary CEDIMIN, acquired Minera Aureas, which was the owner of 49% of Minera Paula 49. As of December 31, 2004, CEDIMIN absorbed simultaneously, both, Minera Paula 49 and Minera Aureas. </P>
<B><P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><U><FONT FACE="Arial Narrow" SIZE=2 COLOR="#808000"><P>BOARD RESOLUTIONS</P>
</B></U></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">During the today's meeting,March 3, 2005 meeting, the Board of Directors decided to call a shareholder's meeting for March 31, 2005 to:</P>
<OL>

<P ALIGN="JUSTIFY"><LI>Approve the annual report and the financial statements as of December 31, 2004,</LI></P>
<P ALIGN="JUSTIFY"><LI>Approve the proposed cash dividend payment of US$0.18 per share,</LI></P>
<P ALIGN="JUSTIFY"><LI>Appoint external auditors,</LI></P>
<P ALIGN="JUSTIFY"><LI>Election of Bboard Mmembers, and</LI></P>
<P ALIGN="JUSTIFY"><LI>Approveal and amendment to the Company by-laws to permit non -presentialvirtual Board Meetings.</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 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>
</U></FONT><FONT FACE="Tahoma" SIZE=1><P>Appendix 1. </P></B></FONT>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=2 WIDTH=575>
<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>Compa&ntilde;ia Minera Cerro Verde</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">9.17</FONT></TD>
<TD WIDTH="49%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Cerro Verde</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="CENTER">Consolidates</P>
<P>Appendix 2. </P></B></FONT>
<TABLE BORDER CELLSPACING=1 BORDERCOLOR="#000000" CELLPADDING=2 WIDTH=1303>
<TR><TD WIDTH="18%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="82%" VALIGN="TOP" COLSPAN=12 BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">GOLD PRODUCTION</B></FONT></TD>
</TR>
<TR><TD WIDTH="18%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">Three Months Ended December 31st</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">Twelve Months Ended December 31st</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21><P></P></TD>
</TR>
<TR><TD WIDTH="18%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Orco-pampa</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Antapite</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Orco-pampa</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Antapite</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20><P></P></TD>
</TR>
<TR><TD WIDTH="18%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<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">111,415</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">101,398</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">9.88%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">44,886</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">44,979</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">-0.21%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">431,239</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">394,068</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">9.43%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">179,785</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">155,493</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">15.62%</B></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">0.52</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">1.83%</B></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">0.57</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">5.62%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">0.52</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">0.53</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">-2.21%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">0.57</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">0.59</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">-3.07%</B></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">98.07%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">88.85%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">9.22%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">95.13%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">91.92%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">3.21%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">95.00%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">86.75%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">8.25%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">94.36%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">91.44%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2.92%</B></FONT></TD>
</TR>
<TR><TD WIDTH="18%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P>Ounces Produced</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">58,061</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">47,084</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">23.31%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">25,707</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">23,454</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">9.60%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">211,388</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">180,726</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">16.97%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">97,138</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">84,361</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">15.15%</B></FONT></TD>
</TR>
</TABLE>


<TABLE BORDER CELLSPACING=1 BORDERCOLOR="#000000" CELLPADDING=2 WIDTH=1303>
<TR><TD WIDTH="18%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="82%" VALIGN="TOP" COLSPAN=12 BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">SILVER PRODUCTION</B></FONT></TD>
</TR>
<TR><TD WIDTH="18%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">Three Months Ended December 31st</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">Twelve Months Ended December 31st</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21><P></P></TD>
</TR>
<TR><TD WIDTH="18%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Uchuc-chacua</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Colqui-jirca</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Uchuc-chacua</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Colqui-jirca</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20><P></P></TD>
</TR>
<TR><TD WIDTH="18%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<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">202,034</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">188,399</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">7.24%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">364,164</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">353,028</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">3.15%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">795,036</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">747,183</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">6.40%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">1,492,554</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">1,409,094</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">5.92%</B></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">16.60</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">16.97</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">-2.16%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">3.57</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">3.19</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">11.92%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">16.78</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">17.25</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">-2.72%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">3.23</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">3.02</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">6.93%</B></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">73.99%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">74.12%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">-0.13%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">72.51%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">69.02%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">3.49%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">73.70%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">74.30%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">-0.60%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">70.52%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">68.06%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2.46%</B></FONT></TD>
</TR>
<TR><TD WIDTH="18%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P>Ounces Produced</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2,481,501</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2,369,463</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">4.73%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">942,812</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">777,614</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">21.24%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">9,832,393</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">9,576,162</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2.68%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">3,399,130</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2,895,721</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">17.38%</B></FONT></TD>
</TR>
</TABLE>


<TABLE BORDER CELLSPACING=1 BORDERCOLOR="#000000" CELLPADDING=2 WIDTH=1303>
<TR><TD WIDTH="18%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="82%" VALIGN="TOP" COLSPAN=12 BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">ZINC PRODUCTION</B></FONT></TD>
</TR>
<TR><TD WIDTH="18%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">Three Months Ended December 31st</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">Twelve Months Ended December 31st</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=21><P></P></TD>
</TR>
<TR><TD WIDTH="18%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Uchuc-chacua</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Colqui-jirca</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Uchuc-chacua</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Colqui-jirca</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20><P></P></TD>
</TR>
<TR><TD WIDTH="18%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<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">202,034</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">188,399</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">7.24%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">364,164</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">353,028</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">3.15%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">795,036</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">747,183</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">6.40%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">1,492,554</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">1,409,094</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">5.92%</B></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">1.52%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">1.33%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">14.55%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">6.13%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">4.94%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">24.00%</B></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">1.41%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">4.95%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">5.82%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">5.62%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">3.60%</B></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">67.43%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">62.05%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">5.38%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">71.25%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">78.47%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">-7.22%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">63.55%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">58.83%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">4.72%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">73.01%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">77.96%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">-4.95%</B></FONT></TD>
</TR>
<TR><TD WIDTH="18%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P>ST Produced</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2,070</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">1,556</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">33.09%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">15,893</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">13,695</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">16.05%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">7,477</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">6,216</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">20.28%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">63,447</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">61,733</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2.78%</B></FONT></TD>
</TR>
</TABLE>

<B><FONT FACE="Tahoma" SIZE=1><P>&nbsp;</P>
<P>&nbsp;</P>
<P>Appendix 3</P></B></FONT>
<TABLE BORDER CELLSPACING=1 BORDERCOLOR="#000000" CELLPADDING=2 WIDTH=652>
<TR><TD VALIGN="TOP" COLSPAN=6 HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">RESERVES AS OF DECEMBER 31, 2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=3><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=3><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=3><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=3><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=3><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=3><P></P></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">PROVEN AND PROBABLE RESERVES</B></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=6><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=6><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=6><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=6><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=6><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=6><P></P></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P>GOLD</B></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">BVN %</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">BVN</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Participation</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">DST (000)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Oz / DST</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces (000)</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces (000)</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=10><P></P></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Orcopampa</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1,081</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.614</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">664</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">664</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Shila</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">14</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.344</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">5</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">5</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Paula</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">74</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.507</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">38</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">38</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Antapite</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">78.04</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">478</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.412</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">197</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">154</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Ishihuinca</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">78.04</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">66</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.439</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">29</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">23</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Yanacocha </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">43.65</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">734,978</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.032</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">23,547</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">10,278</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Yanacocha (Minas Conga)</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">43.65</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">371,112</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.023</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">8,711</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">3,802</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Jatun Orcco</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">24</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.460</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">11</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">11</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=10><P></P></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P>Total Gold Reserves</B></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1,107,826</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.030</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">33,201</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">14,974</B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=3><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=3><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=3><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=3><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=3><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=3><P></P></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P>SILVER</B></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">BVN %</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">BVN</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Participation</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">DST (000)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Oz / DST</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces (000)</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces (000)</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=9><P></P></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Orcopampa</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1,081</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.25</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">270</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">270</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Uchucchacua</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">3,962</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">17.02</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">67,428</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">67,428</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Julcani</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">103</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">22.42</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2,301</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2,301</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Recuperada</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">111</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">8.31</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">919</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">919</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Shila</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">14</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">15.10</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">207</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">207</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Paula</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">74</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">3.50</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">259</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">259</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Pozo Rico</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">133</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">16.17</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2,149</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2,149</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>El Brocal</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">32.78</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">9,733</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2.60</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">25,306</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">8,295</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Jatun Orcco</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">24</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">5.38</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">128</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">128</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=6><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=6><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=6><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=6><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=6><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=6><P></P></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P>Total Silver Reserves</B></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">15,233</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">6.50</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">98,967</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">81,956</B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=3><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=3><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=3><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=3><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=3><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=3><P></P></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P>ZINC</B></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">BVN %</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">BVN</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Participation</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">DST (000)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">% Zn</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces (000)</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces (000)</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Uchucchacua</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">3,962</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1.99</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">79</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">79</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Recuperada</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">111</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">5.35</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">6</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">6</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Pozo Rico</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">133</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.86</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>El Brocal</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">32.78</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">9,733</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">6.02</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">586</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">192</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=6><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=6><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=6><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=6><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=6><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=6><P></P></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P>Total Zinc Reserves</B></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">13,938</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">4.82</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">672</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">278</B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=3><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=3><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=3><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=3><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=3><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=3><P></P></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P>LEAD</B></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">BVN %</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">BVN</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Participation</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">DST (000)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">% Pb</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces (000)</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces (000)</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Uchucchacua</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">3,962</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1.51</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Julcani</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">103</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1.17</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Recuperada</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">111</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">3.03</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">3</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">3</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Pozo Rico</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">133</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.48</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>El Brocal</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">32.78</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">9,733</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2.28</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">222</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">73</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=6><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=6><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=6><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=6><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=6><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=6><P></P></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P>Total Lead Reserves</B></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">14,041</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2.04</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">287</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">138</B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P>COPPER</B></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">BVN %</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">BVN</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Participation</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">DST (000)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">% Cu</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces (000)</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces (000)</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Cerro Verde (Sulfuros)</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">9.17</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1,428,060</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.49</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">6,997</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">642</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Cerro Verde (Oxidos)</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">9.17</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">387,144</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.45</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1,742</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">160</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Yanacocha (Minas Conga)</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">43.65</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">371,112</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.30</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1,113</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">486</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=3><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=3><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=3><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=3><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=3><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=3><P></P></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P>Total Copper Reserves</B></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2,186,316</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.45</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">9,853</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1,287</B></FONT></TD>
</TR>
</TABLE>

<B><FONT FACE="Tahoma" SIZE=1><P>&nbsp;</P>
<P>Appendix 4</P></B></FONT>
<TABLE BORDER CELLSPACING=3 CELLPADDING=2 WIDTH=961>
<TR><TD VALIGN="TOP" COLSPAN=11 BGCOLOR="#808000" HEIGHT=31>
<B><FONT FACE="Arial" SIZE=5 COLOR="#ffffff"><P ALIGN="CENTER">Total Gold Commitments</B></FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=11 BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">as of 01/02/05</B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2006</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2007</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2008</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2009</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2010</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2011</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2012</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">Total</B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">285</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">338,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">350,500 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">188,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">263,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">300,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">249,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">1,896,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">313.65 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">314.91 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">313.90 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">314.20 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">300.51 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">285.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">285.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">303.86 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">290</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">338,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">350,500 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">188,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">263,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">300,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">249,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">1,896,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">332.64 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">327.34 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">326.03 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">334.95 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">317.34 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">301.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">303.86 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">319.88 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">300</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">288,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">418,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">430,500 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">268,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">303,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">300,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">249,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">2,256,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">336.91 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">332.49 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">331.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">338.47 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">325.18 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">309.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">311.45 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">327.22 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">345</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">288,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">418,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">438,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">298,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">333,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">330,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">271,500 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">2,376,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">341.35 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">339.38 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">339.04 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">342.35 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.21 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.45 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.55 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">342.29 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">350</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">310,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">408,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">363,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">294,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">2,451,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">341.97 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">338.94 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">338.60 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">342.59 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">347.05 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">348.75 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">348.72 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">343.57 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">385</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">370,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">408,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">363,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">294,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">2,511,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">348.95 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">338.94 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">338.60 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">342.59 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">360.07 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">372.08 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">371.22 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">352.42 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">420</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">370,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">408,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">363,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">2,691,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="RIGHT">348.95 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="RIGHT">338.94 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="RIGHT">338.60 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="RIGHT">354.56 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="RIGHT">371.23 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="RIGHT">395.42 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="RIGHT">394.11 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="RIGHT">404.00 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">363.14 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">436</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">370,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">408,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">363,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">2,691,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">348.95 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">338.94 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">338.60 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">354.56 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">371.23 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">406.08 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">402.65 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">404.00 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">365.69 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">451</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">370,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">408,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">363,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">2,691,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">348.95 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">338.94 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">338.60 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">354.56 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">371.23 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">406.08 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">410.66 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">404.00 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">366.74 </B></FONT></TD>
</TR>
</TABLE>


<TABLE BORDER CELLSPACING=3 CELLPADDING=2 WIDTH=961>
<TR><TD VALIGN="TOP" COLSPAN=11 BGCOLOR="#808000" HEIGHT=31>
<B><FONT FACE="Arial" SIZE=5 COLOR="#ffffff"><P ALIGN="CENTER">Physical gold delivery</B></FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=11 BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">as of 01/02/05</B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2006</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2007</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2008</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2009</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2010</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2011</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2012</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">Total</B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">285</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">188,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">263,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">300,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">249,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">1,844,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">313.65 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">311.98 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">311.77 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">314.20 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">300.51 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">285.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">285.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">302.69 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">290</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">188,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">263,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">300,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">249,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">1,844,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">332.64 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">325.62 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">324.73 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">334.95 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">317.34 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">301.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">303.86 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">319.16 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">300</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">188,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">263,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">300,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">249,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">1,844,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">334.57 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">328.54 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">327.77 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">336.54 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">322.47 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">309.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">311.45 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">323.63 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">345</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">188,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">263,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">300,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">249,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">1,844,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">340.72 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">341.65 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.57 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.60 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">341.90 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">350</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">188,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">263,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">300,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">249,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">1,844,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">340.72 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">341.65 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">348.14 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">349.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">349.40 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">343.43 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">385</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">188,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">263,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">300,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">249,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">1,844,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">340.72 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">341.65 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">366.10 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">377.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">375.96 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">354.14 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">420</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">188,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">263,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">300,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">249,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">1,844,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="RIGHT">340.72 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="RIGHT">341.65 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="RIGHT">381.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="RIGHT">405.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="RIGHT">402.53 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">364.48 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">436</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">188,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">263,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">300,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">249,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">1,844,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">340.72 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">341.65 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">381.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">418.30 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">414.67 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">368.20 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">451</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">208,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">188,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">263,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">300,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">249,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">1,844,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">340.72 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">341.65 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">381.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">418.30 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">426.06 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">369.74 </B></FONT></TD>
</TR>
</TABLE>


<TABLE BORDER CELLSPACING=3 CELLPADDING=2 WIDTH=961>
<TR><TD VALIGN="TOP" COLSPAN=11 BGCOLOR="#808000" HEIGHT=31>
<B><FONT FACE="Arial" SIZE=5 COLOR="#ffffff"><P ALIGN="CENTER">Gold derivatives</B></FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=11 BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">as of 01/02/05</B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2006</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2007</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2008</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2009</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2010</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2011</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2012</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">Total</B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">285</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">30,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">22,500 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">52,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">345.00 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">290</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">30,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">22,500 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">52,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">345.00 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">300</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">110,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">102,500 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">40,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">412,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.55 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.44 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">343.26 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">345</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">110,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">110,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">110,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">70,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">30,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">22,500 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">532,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.55 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.55 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.55 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.86 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">343.65 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">350</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">102,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">100,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">45,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">607,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">344.51 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.86 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">344.20 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">344.00 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">385</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">162,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">100,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">45,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">667,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">359.51 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.86 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">344.20 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">347.69 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">420</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">162,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">200,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">100,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">105,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">847,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="RIGHT">359.51 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="RIGHT">366.70 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="RIGHT">344.20 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="RIGHT">374.14 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="RIGHT">404.00 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=20>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">360.22 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">436</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">162,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">200,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">100,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">105,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">847,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">359.51 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">366.70 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">344.20 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">374.14 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">404.00 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">360.22 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">451</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">162,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">200,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">100,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">105,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">847,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">359.51 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">366.70 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">344.20 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">374.14 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial"><P ALIGN="RIGHT">404.00 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">360.22 </B></FONT></TD>
</TR>
</TABLE>

<B><FONT FACE="Tahoma" SIZE=1><P>&nbsp;</P>
<P>&nbsp;</P>
<P>Appendix 5</P></B></FONT>
<TABLE BORDER CELLSPACING=3 CELLPADDING=2 WIDTH=1135>
<TR><TD VALIGN="TOP" COLSPAN=17 BGCOLOR="#808000" HEIGHT=31>
<B><FONT FACE="Arial" SIZE=5 COLOR="#ffffff"><P ALIGN="CENTER">Silver derivatives</B></FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=17 BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">as of 01/02/05</B></FONT></TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="TOP" HEIGHT=25><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=4 BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">At US $ 4.00</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=4 BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">At US $ 4.15</B></FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">At US $ 6.20</B></FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">At US $ 6.33</B></FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">At US $ 6.50</B></FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=25>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">At US $ 7.00</B></FONT></TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=18>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">Year</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=18>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">Ounces</B></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=18>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=18>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">Ounces</B></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=18>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=18>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">Ounces</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=18>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=18>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">Ounces</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=18>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=18>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">Ounces</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=18>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=18>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">Ounces</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=18>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">2005</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" COLSPAN=2 HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">275,000</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" COLSPAN=2 HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">1,275,000</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">5.84</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">1,330,000</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">6.15</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">1,528,250</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">6.15</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">1,787,500</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">6.15</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">2,550,000</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">6.16</FONT></TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">2006</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" COLSPAN=2 HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">200,000</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" COLSPAN=2 HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">200,000</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">240,000</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">266,000</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="10%" 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="10%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">400,000</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">6.00</FONT></TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=22>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">475,000</B></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=22>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">6.00</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=22>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">1,475,000</B></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=22>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">5.86</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">1,570,000</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">6.13</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">1,794,250</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">6.13</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2,087,500</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">6.13</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2,950,000</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=22>
<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>&nbsp;</P>
<P>Appendix 6 </P>
</FONT><FONT FACE="Arial"><P>&nbsp;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 and December 31, 2004 </P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=608>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>&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="52%" VALIGN="TOP">
<P>&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="52%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Assets</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Current assets</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>Cash and cash equivalents</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>398,551</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>614,862</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>187,287</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>Investment funds</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>54,881</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>86,971</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>26,491</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>Trade accounts receivable</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>74,266</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>97,061</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>29,565</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>Other accounts receivable, net</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>23,471</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>12,248</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>3,731</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" 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>46,078</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>14,035</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>Inventories, net</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>77,232</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>69,353</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>21,125</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>Current portion of prepaid tax and expenses</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>45,544</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>40,471</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>12,327</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>&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="52%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Total current assets</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>711,643</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>967,044</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>294,561</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>Long - term other accounts receivable</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>5,008</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>4,574</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>1,393</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>Other prepaid tax and expenses</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>7,552</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>14,059</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>4,282</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Investments in shares</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>1,443,035</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>1,531,347</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>466,447</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>Mineral rights, property, plant and equipment, net</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>408,132</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>452,214</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>137,745</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>Development costs, net</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>123,821</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>143,258</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>43,636</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>Deferred stripping costs</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>56,056</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>56,056</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>17,075</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>Mining concessions and goodwill, net</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>168,130</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>157,544</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>47,988</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" 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>245,299</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>74,718</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>&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="52%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Total assets</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>3,220,818</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>3,571,395</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>1,087,845</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>&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=608>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>&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="52%" VALIGN="TOP">
<P>&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="52%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Liabilities and shareholders' equity, net</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Current liabilities</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>Bank loans</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>23,461</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>13,150</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>4,005</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>Trade accounts payable</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>52,699</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>61,188</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>18,638</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>Other current liabilities</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>86,125</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>142,696</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>43,465</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>Derivative instruments</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>99,893</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>70,927</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>21,604</TD>
</TR>
<TR><TD WIDTH="52%" 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>36,332</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>11,067</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>Deferred income from sale of future production</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>68,841</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>74,937</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>22,826</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>&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="52%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Total current liabilities</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>401,472</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>399,230</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>121,605</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Long-term other liabilities </FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>76,853</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>74,030</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>22,550</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Derivative instruments</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>307,826</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>267,852</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>81,588</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>Long-term debt</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>45,468</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>15,031</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>4,578</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>Deferred income from sale of future production</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>641,122</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>568,772</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>173,248</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>&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="52%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Total liabilities</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>1,472,741</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>1,324,915</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>403,569</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>&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="52%" 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>66,347</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>20,209</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>&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="52%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Shareholders' equity, net</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>Capital stock, net of treasury shares by S/49,659,000 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>181,771</TD>
</TR>
<TR><TD WIDTH="52%" 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>513</TD>
</TR>
<TR><TD WIDTH="52%" 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>186,006</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>Legal reserve</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>99,286</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>129,276</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>39,378</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Retained earnings</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>217,874</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>734,070</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>223,597</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>Cumulative translation gain (loss)</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>(29,395)</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>(148,513)</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>(45,237)</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>Cumulative unrealized gain on investments in shares carried at fair value</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>209,130</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>256,331</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>78,078</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>Cumulative unrealized loss on derivative instruments</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>(6,343)</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>-</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>-</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>Deferred income from sale of future production of subsidiary</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</P>
<P>-</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</P>
<P>(128)</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</P>
<P>(39)</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>&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="52%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Total shareholders' equity</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>1,699,649</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>2,180,133</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>664,067</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>&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="52%" VALIGN="BOTTOM">
<B><P>Total liabilities and shareholders' equity, net</B></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>3,220,818</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>3,571,395</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>1,087,845</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>&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><P>&nbsp;</P>
</FONT><B><FONT FACE="Arial"><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</P>
</B></FONT><FONT FACE="Arial" SIZE=4><P>Consolidated Statements of Income </P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=682>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the three-month <BR>
periods ended December 31</B></FONT></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the twelve-month <BR>
periods ended December 31</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="CENTER">_______________________________</B></FONT></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="CENTER">_______________________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=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="33%" 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">204,253</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">270,816</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">82,491</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>735,306</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>908,441</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>276,711</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Royalties income</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">29,245</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">36,633</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">11,158</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>116,857</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>128,889</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>39,260</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" 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">233,498</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">307,449</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">93,649</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>852,163</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>1,037,330</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>315,971</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" 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="33%" 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">75,965</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">90,050</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">27,429</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>302,572</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>338,074</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>102,977</FONT></TD>
</TR>
<TR><TD WIDTH="33%" 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">24,255</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">45,598</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">13,889</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>85,715</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>127,169</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>38,736</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Depreciation and amortization</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">15,661</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">21,492</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">6,547</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>49,118</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>59,473</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>18,115</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" 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">115,881</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">157,140</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">47,865</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>437,405</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>524,716</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>159,828</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" 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">117,617</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">150,309</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">45,784</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>414,758</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>512,614</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>156,143</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" 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="33%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Exploration costs in non-operational mining sites</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">20,504</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">18,542</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">5,648</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>59,255</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>88,241</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>26,878</FONT></TD>
</TR>
<TR><TD WIDTH="33%" 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">47,955</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">19,775</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">6,024</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>123,161</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>76,866</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>23,413</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Royalties to third parties</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">8,457</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">8,553</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">2,605</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>25,142</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>24,918</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>7,590</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Selling</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">7,203</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">4,993</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">1,521</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>25,776</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>17,839</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>5,435</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Royalties to Peruvian Government</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">6,639</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">2,022</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>6,639</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>2,022</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Asset impairment loss </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">4,691</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">2,889</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">880</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>4,691</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>2,889</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>880</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" 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">88,810</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">61,391</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">18,700</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>238,025</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>217,392</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>66,218</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" 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">28,807</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">88,918</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">27,084</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>176,733</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>295,222</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>89,925</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Other income (expenses), net</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Share in affiliated companies, net</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">187,765</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">189,753</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">57,799</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>557,558</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">575,858</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>175,406</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Realized income 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">21,545</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">6,563</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 ALIGN="JUSTIFY">68,837</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>20,968</FONT></TD>
</TR>
<TR><TD WIDTH="33%" 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">(340,123)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(44,769)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(13,637)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(647,218)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">14,629</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>4,456</FONT></TD>
</TR>
<TR><TD WIDTH="33%" 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">2,972</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">5,534</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">1,686</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>7,785</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">12,132</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>3,694</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Gain (loss) from realized derivative instruments</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(15,684)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(12,454)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(3,794)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(20,812)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(73,403)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(22,359)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" 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">2,444</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(632)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(193)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>321</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(22,483)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(6,849)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" 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">(2,961)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(6,471)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(1,971)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(15,578)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(15,598)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(4,749)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" 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">(2,509)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(667)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(203)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(8,687)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(7,515)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(2,289)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" 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">(10,631)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(5,733)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(1,746)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(12,804)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(13,505)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(4,114)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" 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">(178,727)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">146,106</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">44,504</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(139,435)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>538,952</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>164,164</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT SIZE=1><P>Income before worker's profit sharing, income tax, minority interest and cumulative effect of changes in accounting principle</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(149,920)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">235,024</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">71,588</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>37,298</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>834,174</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>254,089</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Provision from workers' profit sharing</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">64,576</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(7,068)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(2,153)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>62,887</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(18,356)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(5,591)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Provision from income tax</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">226,837</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(38,376)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(11,689)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>198,286</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(101,997)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(31,068)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=2><P>_________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=2><P>_________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=2><P>_________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=2><P>_________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=2><P>_________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=2><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" 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">(11,571)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(6,986)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(2,128)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(51,023)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(28,171)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(8,581)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Cumulative effect of changes in accounting principle due to mine closing</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(72,295)</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">-</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(72,295)</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>-</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=2><P>_________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=2><P>_________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=2><P>_________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=2><P>_________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=2><P>_________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=2><P>_________</B></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 income </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">57,627</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">182,594</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">55,618</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>175,153</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>685,650</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>208,849</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Basic and diluted earnings per share, stated in Peruvian Nuevos Soles and U.S. dollars</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">0.45</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1.44</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.44</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1.38</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">5.39</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1.65</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" 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="33%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
</TABLE>

<B><FONT FACE="Arial"><P ALIGN="JUSTIFY">Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</P>
</B></FONT><FONT FACE="Arial" SIZE=4><P>Consolidated Statements of Cash Flows </P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=680>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the three-month <BR>
periods ended December 31</B></FONT></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the twelve-month <BR>
periods ended December 31</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="CENTER">___________________________________</B></FONT></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="CENTER">___________________________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Operating activities</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<P>Collection from customers</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">209,339</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">219,609</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">66,893</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">733,646</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">885,646</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">269,767</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">215,950</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">157,409</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">47,947</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">482,025</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">419,782</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">127,865</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">37,357</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">31,085</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">9,468</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">112,354</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">120,136</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">36,593</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">2,829</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">4,117</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">1,254</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">8,827</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">11,909</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">3,627</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">(98,074)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(82,059)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(24,995)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(347,109)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(388,709)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(118,401)</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">(45,116)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(45,412)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(13,833)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(128,684)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(172,215)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(52,457)</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">(22,400)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(21,226)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(6,465)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(101,629)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(119,594)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(36,428)</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">(341)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(10,900)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(3,320)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(38,509)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(44,478)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(13,547)</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">(8,796)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(8,355)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(2,545)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(25,976)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(27,248)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(8,299)</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">(878)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(478)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(146)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(8,686)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(5,170)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(1,574)</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">289,870</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">243,790</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">74,258</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">686,259</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">680,059</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">207,146</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>Purchase of mineral rights, property, plant and equipment</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(27,918)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(29,204)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(8,894)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(67,814)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(96,507)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(29,396)</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">(15,684)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(12,454)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(3,794)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(20,812)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(73,403)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(22,359)</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<P>Development expenditures</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(15,345)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(9,337)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(2,844)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(38,504)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(38,611)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(11,761)</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">(53,068)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(34,735)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(10,580)</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<P>Increase on time deposits in local currency</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">-</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">24,255</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">7,388</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">-</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(24,255)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(7,388)</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<P>Payments by purchase of investments in shares</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(2,699)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(6,821)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(2,078)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(4,663)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(8,084)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(2,463)</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">1,354</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">93</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">28</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">2,464</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">1,595</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">486</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">3,059</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">3,059</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">330</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">101</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Net cash used in investing activities</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(57,233)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(33,468)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(10,194)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(179,338)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(273,670)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(83,360)</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">(63,024)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(91,835)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(27,973)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(204,298)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(214,333)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">(65,286)</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">169,613</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">118,487</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">36,091</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">302,623</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">192,056</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">58,500</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=1>
<B><P>Cash at beginning of period</B></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">228,938</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">472,120</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">143,807</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">95,928</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">398,551</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">121,398</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>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></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">398,551</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">590,607</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">179,898</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">398,551</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">590,607</TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<P ALIGN="JUSTIFY">179,898</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>

<P ALIGN="CENTER"></P>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=786>
<TR><TD WIDTH="35%" VALIGN="BOTTOM">
<P>&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 December 31</B></FONT></TD>
<TD WIDTH="33%" VALIGN="BOTTOM" COLSPAN=3>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the twelve-month <BR>
periods ended December 31</B></FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="BOTTOM">
<P>&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="35%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="BOTTOM" HEIGHT=41>
<B><P>Reconciliation of net income 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="35%" VALIGN="BOTTOM">
<P>Net income </TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>57,627</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>182,594</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>55,618</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>175,153</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>685,650</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>208,849</TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Add (deduct)</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="BOTTOM">
<P>Expense from current income tax and workers' profit sharing </TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>-</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>34,607</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>10,541</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>-</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>82,513</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>25,133</TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="BOTTOM">
<P>Depreciation and amortization</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>17,098</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>21,659</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>6,597</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>52,240</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>60,877</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>18,543</TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="BOTTOM">
<P>Expense (benefit) from deferred income tax and workers' profit sharing </TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(303,624)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>10,835</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>3,300</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(301,980)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>37,840</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>11,526</TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="BOTTOM">
<P>Amortization of development costs </TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>3,204</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>15,915</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>4,848</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>16,445</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>33,265</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>10,132</TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="BOTTOM">
<P>Minority interest</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>11,571</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>6,986</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>2,128</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>51,023</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>28,171</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>8,581</TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="BOTTOM">
<P>Loss (gain) from exposure to inflation</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(2,444)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>632</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>193</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(321)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>22,483</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>6,848</TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="BOTTOM">
<P>Amortization of mining concessions and goodwill</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>2,961</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>6,471</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>1,971</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>15,578</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>15,598</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>4,749</TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="BOTTOM">
<P>Loss from change in the fair value of long-live assets retirement obligation</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>4,724</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>3,539</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>1,078</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>4,724</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>7,056</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>2,149</TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="BOTTOM">
<P>Asset impairment loss and write off</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>4,691</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>2,889</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>880</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>4,691</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>2,889</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>880</TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="BOTTOM">
<P>Long-term officers' compensation (*)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>27,755</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>40</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>12</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>49,594</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>2,135</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>650</TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="BOTTOM">
<P>Allowance for doubtful accounts</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>5,952</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>1,146</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>349</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>5,952</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>1,146</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>349</TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="BOTTOM">
<P>Net cost of retired plant and equipment</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>3,987</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(2,810)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(856)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>6,490</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>754</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>230</TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="BOTTOM">
<P>Share in affiliated companies, net of dividends </TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>28,186</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(32,344)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(9,852)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(75,533)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(160,947)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(49,024)</TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="BOTTOM">
<P>Income from sale of future production</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>-</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(21,545)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(6,563)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>-</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(68,837)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(20,968)</TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="BOTTOM">
<P>Loss (gain) from change in the fair value of derivative instruments</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>340,123</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>44,769</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>13,637</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>647,218</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(14,629)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(4,456)</TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="BOTTOM">
<P>Increase in the fair value of investment fund </TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(130)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(148)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(45)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(1,813)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(5,022)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(1,530)</TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="BOTTOM">
<P>Loss (gain) on sale of plant and equipment</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(1,169)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>991</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>302</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(2,133)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(157)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(48)</TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="BOTTOM">
<P>Loss (gain) on sale of investment in shares</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(267)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>-</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>-</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(267)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(51)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(16)</TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="BOTTOM">
<P>Cumulative effect of changes in accounting principle</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>72,295</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>-</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>-</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>72,295</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>-</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>-</TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="BOTTOM">
<P>Development costs write off</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>7,742</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>-</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>-</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>7,742</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>-</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>-</TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Net changes in assets and liabilities accounts</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="BOTTOM">
<P>Decrease (increase) of operating assets -</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="BOTTOM">
<P>Trade and other accounts receivable</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>3,398</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(51,414)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(15,661)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(16,019)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(22,259)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(6,779)</TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="BOTTOM">
<P>Deferred stripping costs</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(5,130)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>-</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>-</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(14,329)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>-</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>-</TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="BOTTOM">
<P>Prepaid tax and expenses</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(3,904)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(26,861)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(8,182)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(6,432)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(48,952)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(14,910)</TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="BOTTOM">
<P>Inventories</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(1,129)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>20,502</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>6,245</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>558</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>5,097</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>1,553</TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="BOTTOM">
<P>Decrease of operating liabilities -</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="BOTTOM"><DIR>

<P>Trade accounts payable and other current liabilities</DIR>
</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>16,353</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>25,337</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>7,718</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>(4,617)</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>15,439</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>4,705</TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Book Antiqua" SIZE=1><P>________</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Book Antiqua" SIZE=1><P>________</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Book Antiqua" SIZE=1><P>________</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Book Antiqua" SIZE=1><P>________</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Net cash provided by operating activities</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>289,870</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>243,790</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>74,258</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>686,259</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>680,059</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>207,146</TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">(*)&#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 19 to the consolidated financial statements as of December 31, 2004. </P>
<P ALIGN="CENTER">&nbsp;</P>
</FONT><FONT SIZE=2><P ALIGN="CENTER">Signature</P>
<P>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P><DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

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

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

<P>Date: March 3, 2005</P></FONT></BODY>
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