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<SEC-DOCUMENT>0001013131-05-000008.txt : 20050429
<SEC-HEADER>0001013131-05-000008.hdr.sgml : 20050429
<ACCEPTANCE-DATETIME>20050429095105
ACCESSION NUMBER:		0001013131-05-000008
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050429
FILED AS OF DATE:		20050429
DATE AS OF CHANGE:		20050429

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:		05782921

	BUSINESS ADDRESS:	
		STREET 1:		AVE CARLOS VILLARAN 790
		CITY:			LIMA
		STATE:			R5
		ZIP:			13
		BUSINESS PHONE:		5114192536

	MAIL ADDRESS:	
		STREET 1:		AV. CARLOS VILLARAN 790
		CITY:			LIMA
		STATE:			R5
		ZIP:			13
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>pr280405.htm
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY>

<U><FONT SIZE=2><P ALIGN="CENTER">FORM 6-K</P>
</U><P ALIGN="CENTER">SECURITIES AND EXCHANGE COMMISSION</P>
<P ALIGN="CENTER">Washington, D.C. 20549</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 April 2005</P>
<P ALIGN="CENTER">BUENAVENTURA MINING COMPANY INC.</P>
<P ALIGN="CENTER">(Translation of Registrant's Name into English)</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>Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</P>
<P ALIGN="CENTER">Form 20-F <U>X </U>Form 40-F ___</P>
<P>Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</P>
<P ALIGN="CENTER">Yes ___ No <U>X </P>
</U><P>If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-________________.</P>
<P>This report consists of consolidated Financial Statements issued by Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries on April 28, 2005, announcing the Company's First Quarter and cumulative 2005 results</P>
</FONT><B><FONT FACE="Tahoma"><P>&nbsp;</P>
<P ALIGN="RIGHT">For Immediate Release</P>
</FONT><FONT FACE="Tahoma" SIZE=4 COLOR="#808000"><P ALIGN="CENTER">Compa&ntilde;&iacute;a de Minas Buenaventura Announces First Quarter 2005 Results</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Lima, Peru, April 28, 2005 - <B>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A.</B> ("Buenaventura" or "the Company") (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru's largest publicly traded precious metals mining company, announced today its results for the first quarter 2005. All figures have been prepared in Peruvian GAAP and are stated in current Peruvian Nuevos Soles (S/.) for 2005 and Peruvian Nuevos Soles at prices as of December, 2004. For the convenience of the reader, figures are stated in U.S. dollars (US$) at a rate of S/.3.263 per US$1.00 for 1Q05 and S/.3.530 per US$1.00 for 1Q04.</P>
<B><P ALIGN="JUSTIFY">Comments from the Chief Executive Officer:</P>
</B><P ALIGN="JUSTIFY">Roque Benavides, Chief Executive Officer of Buenaventura stated: "This quarter, we are again glad to report improving production levels in Buenaventura's direct operations. </P>
<P ALIGN="JUSTIFY">Buenaventura's net income was US$63.3 million, including the effect of derivative instruments and non recurrent expenses of US$6.2 million. Without considering this effect, net income for 1Q05 was US$57.0 million.</P>
<P ALIGN="JUSTIFY">Operating income this quarter was US$22.0 million, 3% lower than in 1Q04. This reduction was mainly due to an increase in exploration in non-operating areas from the one-time accounting effect of the consolidation of Minera Minasnioc S.A.C.</P>
<P ALIGN="JUSTIFY">Total EBITDA was US$117.4 million, which represented a 12% increase when compared to 1Q04, while EBITDA from Buenaventura's direct operations was US$27.1 million, 82% higher than in 1Q04. </P>
<P ALIGN="JUSTIFY">Noteworthy accomplishments during this quarter include the increase in gold production from our direct operations in Orcopampa (20%) and Antapite (12%) as well as an increase of 25% in gold sales.</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<B><P ALIGN="JUSTIFY">Financial Highlights (in millions of US$, except EPS figures):</P>
<P ALIGN="JUSTIFY">&nbsp;</P></B></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=420>
<TR><TD WIDTH="43%" VALIGN="MIDDLE" HEIGHT=33><P></P></TD>
<TD WIDTH="23%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=33>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">1Q05</B></FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=33>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">1Q04</B></FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=33>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Var<BR>
%</B></FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="MIDDLE" HEIGHT=28>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Operating Revenues</B></FONT></TD>
<TD WIDTH="23%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">77.4</FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">67.9</FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" HEIGHT=28>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">14%</B></FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Operating Income</B></FONT></TD>
<TD WIDTH="23%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">22.0</FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">22.7</FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-3%</B></FONT></TD>
</TR>
<TR><TD WIDTH="43%" 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="23%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">27.1</FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">14.9</FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">82%</B></FONT></TD>
</TR>
<TR><TD WIDTH="43%" 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="23%" VALIGN="MIDDLE" HEIGHT=29>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">117.4</FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" HEIGHT=29>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">104.5</FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" HEIGHT=29>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">12%</B></FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="MIDDLE" HEIGHT=34>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Net Income</B></FONT></TD>
<TD WIDTH="23%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">63.3</FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">50.2</FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" HEIGHT=34>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">26%</B></FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">EPS</B></FONT></TD>
<TD WIDTH="23%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.50</FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.39</FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">26%</B></FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Net Income Adjusted *</B></FONT></TD>
<TD WIDTH="23%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">57.0</FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">47.7</FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">20%</B></FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">EPS Adjusted *</B></FONT></TD>
<TD WIDTH="23%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.45</FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.37</FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">20%</B></FONT></TD>
</TR>
</TABLE>
<DIR>

<FONT FACE="Tahoma" SIZE=2 COLOR="#808000"><P ALIGN="JUSTIFY">(*) </FONT><FONT FACE="Tahoma" SIZE=2>Net income without the Mark to Market effect and non recurrent </P>
<P ALIGN="JUSTIFY">accounting expenses.</P>
</FONT><P>&nbsp;</P></DIR>

<B><FONT FACE="Tahoma" SIZE=4><P>Operating Revenue</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">In 1Q05, operating revenue was S/.252.5 million, an increase of 5% when compared to S/.239.8 million in 1Q04, due to the revaluation of the Peruvian Nuevo Sol. However, when analyzing US$ figures, operating revenue was US$77.4 million, an increase of 14% when compared to US$67.9 million in 1Q04. This was mainly the result of 25% higher volumes of gold sold and higher realized prices of silver (12%), lead (14%) and zinc (19%). Silver volume sold decreased 6%.</P>
<P ALIGN="JUSTIFY">Royalty income in 1Q05 was US$10.1 million, a 3% increase when compared to 1Q04 US$9.8 million. </P>
<P ALIGN="JUSTIFY"></P></FONT>
<TABLE BORDER CELLSPACING=2 CELLPADDING=4 WIDTH=543>
<TR><TD WIDTH="35%" VALIGN="MIDDLE" HEIGHT=19>
<B><FONT FACE="Tahoma" SIZE=2><P>Operating Highlights</B></FONT></TD>
<TD WIDTH="23%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">1Q05</B></FONT></TD>
<TD WIDTH="20%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">1Q04</B></FONT></TD>
<TD WIDTH="22%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Var</P>
<P ALIGN="CENTER">%</B></FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="MIDDLE" HEIGHT=39>
<B><FONT FACE="Tahoma" SIZE=1><P>Total Sales</P>
<P>(in millions of US$)</B></FONT></TD>
<TD WIDTH="23%" VALIGN="MIDDLE" HEIGHT=39>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">67.3</FONT></TD>
<TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=39>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">58.2</FONT></TD>
<TD WIDTH="22%" VALIGN="MIDDLE" HEIGHT=39>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">16%</B></FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="MIDDLE" HEIGHT=37>
<B><FONT FACE="Tahoma" SIZE=1><P>Average Realized Price Gold (US$/oz.)</B></FONT></TD>
<TD WIDTH="23%" VALIGN="MIDDLE" HEIGHT=37>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">376</FONT></TD>
<TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=37>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">366</FONT></TD>
<TD WIDTH="22%" VALIGN="MIDDLE" HEIGHT=37>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">3%</B></FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Tahoma" SIZE=1><P>Average Realized Price Silver (US$/oz.)</B></FONT></TD>
<TD WIDTH="23%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.94</FONT></TD>
<TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.21</FONT></TD>
<TD WIDTH="22%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">12%</B></FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Tahoma" SIZE=1><P>Average Realized Price Lead (US$/TM.)</B></FONT></TD>
<TD WIDTH="23%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">979</FONT></TD>
<TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">862</FONT></TD>
<TD WIDTH="22%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">14%</B></FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Tahoma" SIZE=1><P>Average Realized Price Zinc (US$/TM.)</B></FONT></TD>
<TD WIDTH="23%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,247</FONT></TD>
<TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,049</FONT></TD>
<TD WIDTH="22%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">19%</B></FONT></TD>
</TR>
</TABLE>

<I><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">&nbsp;</P>
</I></FONT><B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">&nbsp;</P></B></FONT>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=535>
<TR><TD WIDTH="33%" VALIGN="MIDDLE" HEIGHT=28>
<B><FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">Volume of Sales</B></FONT></TD>
<TD WIDTH="24%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=28>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">1Q05</B></FONT></TD>
<TD WIDTH="22%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=28>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">1Q04</B></FONT></TD>
<TD WIDTH="20%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=28>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Var</P>
<P ALIGN="CENTER">%</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="MIDDLE" HEIGHT=26>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Gold (in oz)</B></FONT></TD>
<TD WIDTH="24%" VALIGN="MIDDLE" HEIGHT=26>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">85,228</FONT></TD>
<TD WIDTH="22%" VALIGN="MIDDLE" HEIGHT=26>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">68,217</FONT></TD>
<TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">25%</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="MIDDLE" HEIGHT=24>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Silver (in oz)</B></FONT></TD>
<TD WIDTH="24%" VALIGN="MIDDLE" HEIGHT=24>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">3,250,029</FONT></TD>
<TD WIDTH="22%" VALIGN="MIDDLE" HEIGHT=24>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">3,448,473</FONT></TD>
<TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">- 6%</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="MIDDLE" HEIGHT=23>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Lead (in MT)</B></FONT></TD>
<TD WIDTH="24%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6,830</FONT></TD>
<TD WIDTH="22%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">7,480</FONT></TD>
<TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=23>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">- 9%</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Zinc (in MT)</B></FONT></TD>
<TD WIDTH="24%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">12,536</FONT></TD>
<TD WIDTH="22%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">11,834</FONT></TD>
<TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6%</B></FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<P>&nbsp;</P>
</FONT><FONT FACE="Tahoma"><P ALIGN="JUSTIFY">Production and Operating Costs</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Buenaventura's equity production during 1Q05 was 88,367 ounces of gold, 18% higher than 1Q04 production (75,173 ounces) and 3,288,099 ounces of silver, an increase of 10% when compared to 2,991,423 ounces in 1Q04.</P>
</FONT><FONT FACE="Tahoma" SIZE=1><P ALIGN="JUSTIFY">1 Production includes 100% of operating units, 78.04% of Ishihuinca and Antapite, 32.78% of El Brocal,</P>
<P>100% of CEDIMIN.</P>
</FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">&nbsp;</P></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=546>
<TR><TD WIDTH="30%" VALIGN="MIDDLE" HEIGHT=31>
<B><FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">Equity Production</B></FONT></TD>
<TD WIDTH="26%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=31>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">1Q05</B></FONT></TD>
<TD WIDTH="22%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=31>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">1Q04</B></FONT></TD>
<TD WIDTH="22%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=31>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Var %</B></FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Gold (in oz)</B></FONT></TD>
<TD WIDTH="26%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">88,367</FONT></TD>
<TD WIDTH="22%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">75,173</FONT></TD>
<TD WIDTH="22%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">18%</B></FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Silver (in oz)</B></FONT></TD>
<TD WIDTH="26%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">3,288,099</FONT></TD>
<TD WIDTH="22%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">2,991,423</FONT></TD>
<TD WIDTH="22%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">10%</B></FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Lead (in MT)</B></FONT></TD>
<TD WIDTH="26%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">4,244</FONT></TD>
<TD WIDTH="22%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">3,851</FONT></TD>
<TD WIDTH="22%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">10%</B></FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Zinc (in MT)</B></FONT></TD>
<TD WIDTH="26%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">6,004</FONT></TD>
<TD WIDTH="22%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">5,842</FONT></TD>
<TD WIDTH="22%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">3%</B></FONT></TD>
</TR>
</TABLE>

<FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">In <B>Orcopampa</B> (100%), total gold production in 1Q05 was 56,972 ounces, a 20% increase when compared to 47,288 ounces in 1Q04 mainly due to a 7% increase in ore milled and a 13% increase in ore grade as shown in Appendix 2.</P>
<P ALIGN="JUSTIFY">Cash operating costs decreased 19% from US$145/oz in 1Q04 to US$118/oz in 1Q05. This reduction is explained by<A NAME="OLE_LINK2"> the higher gold production as well the positive effect of the cyanidation process.</P>
<P ALIGN="JUSTIFY"></A></P>
<P ALIGN="JUSTIFY">In <B>Uchucchacua</B> (100%), total silver production in 1Q05 was 2,536,761 ounces, an 8% increase when compared to 2,347,727 ounces in 1Q04 explained by a 7% increase in ore milled.</P>
<P ALIGN="JUSTIFY">Silver cash operating cost in 1Q05 was US$2.69/oz, a 10% decrease compared with US$3.00/oz in 1Q04. This was attributed to the increase in silver production as well as the by-product credit contribution driven by higher lead production (24%) and prices of lead (14%) and zinc (19%)</P>
<P ALIGN="JUSTIFY">In <B>Antapite</B> (78.04%), total production induring 1Q05 was 26,308 ounces of gold, a 12% increase compared to the 23,567 ounces in 1Q04. This was due to a 10% increase in the gold grade.</P>
<P ALIGN="JUSTIFY">Gold cash operating cost in 1Q05 was US$193/oz, a 25% increase when compared to US$154/oz in 1Q04. US$65 of this cash cost was explained by exploration expenses in the Zorro Rojo, Antapite, Pampe&ntilde;ita, Liliana and Reyna areas, where the Company achieved 3,324 meters of drifting, 18% higher than the 1Q04 (2,807 meters) and 5,685 meters of diamond drilling holes, 169% higher than in 1Q04 (2,116 meters). </P>
<P ALIGN="JUSTIFY">In <B>Colquijirca</B> (32.78%), total zinc production was 13,534 MT in 1Q05, an increase of 2% compared to 13,248 MT in 1Q04. Total silver production in 1Q05 was 831,728 ounces, a 15% increase compared to 724,393 ounces in 1Q04. Total lead production in 1Q05 was 6,894 MT, a 4% decrease compared to 7,210 MT in 1Q04. </P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">Zinc cash operating costs decreased 18% from US$867 per MT in 1Q04 to US$711 per MT in 1Q05 mainly due to a lower stripping ratio and the by-product contribution from higher lead and silver prices.</P>
</FONT><B><FONT FACE="Tahoma" SIZE=1><P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><FONT FACE="Tahoma"><P ALIGN="JUSTIFY">Operating Expenses</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">General and Aadministrative expenses infor 1Q05 were S/.21.8 million, a 4% increase comparing compared to 1Q04 (S/.21.0 million). When expressed in US dollars, general and Aadministrative expenses infor 1Q05 were US$6.7 million, a 12% increase comparing compared to 1Q04 (US$6.0 million)provision.</P>
<P ALIGN="JUSTIFY"><A NAME="OLE_LINK3">Exploration <A NAME="OLE_LINK4">costs in non-operating areas</A> </A>during 1Q05 were US$6.0 million a 104% increase when compared to 1Q04 (US$2.9 million). This increase is mainly explained by the US$1.9 million non-recurring accounting effect from the consolidation of Minera Minasnioc. Effective exploration costs in non-operating areas during 1Q05 were US$4.1 million, a 41% increase compared to the 1Q04.</P>
</FONT><B><FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><FONT FACE="Tahoma"><P ALIGN="JUSTIFY">Operating Income</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Operating Iincome in 1Q05 was S/.71.9 million, a 10% decrease compared to S/.80.3 million in 1Q04, due to higher exploration costs in non-operating areas as explained previously, and to the revaluation of the Nuevo Sol. When comparing US dollar figures, operating Iincome in 1Q05 was US$22.0 million, a 3% decrease compared to US$22.7 million in 1Q04.</P>
</FONT><B><FONT FACE="Tahoma"><P ALIGN="JUSTIFY">Income from Non-Consolidated Affiliates</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Buenaventura's income from Nnon-Cconsolidated Aaffiliates, mainly attributed to the participation in Yanacocha's net income, inwas US$48.5 million during 1Q05, similar to the US$48.4 million reported in 1Q04. However, due to the Nuevo Sol revaluation effect, this income from Nnon-Cconsolidated Aaffiliates, expressed in local currency, was S/.158.1 million, a decrease of 7% when compared with S/.170.9 million in 1Q04.</P>
<P ALIGN="JUSTIFY"><A NAME="OLE_LINK1">In<B> Yanacocha </B>(43.65%), 1Q05 gold production was 795,917 ounces of gold, a slight decrease of 1% when compared with 1Q04 production (803,559 ounces). Although ore mined this quarter decreased 7%, this was compensated by a 35% increase in gold grade, from 0.72 gr/MT in 1Q04 to 0.97 gr/MT in 1Q05. </P>
<P ALIGN="JUSTIFY">Cash cost in Yanacocha induring 1Q05 was US$147/oz, which represented an increase of 2% when compared with 1Q04 (US$144/oz). One of the main drivers of this increase was the higher diesel fuel prices.</P>
<P ALIGN="JUSTIFY">Net income in Yanacocha, for 1Q05, was US$112.6 million, a 2% increase compared with 1Q04 figures (US$110.6 million).</P>
<P ALIGN="JUSTIFY">Reported EBITDA for the quarter was US$207.0 million, an increase of 1% compared to 1Q04 (US$205.1 million). </P>
<P ALIGN="JUSTIFY">Yanacocha's capital expenditures (CAPEX) for 1Q05 were US$46.2 million, compared to US$44.6 million in 1Q04. The most significant expenditures during this quarter w</A>ere devoted to mine equipment acquisitions as well as leach pads and mine development.</P>
</FONT><P ALIGN="JUSTIFY">&nbsp;</P>
<B><FONT FACE="Tahoma"><P ALIGN="JUSTIFY">Net Income</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">This quarter, Buenaventura's net income was S/.206.5 million, or US$63.3 million, representing US$0.50 per share. This figure includes a gain of S/.26.5 million, or US$8.1 million, form thefrom "Cchange in the fair value of derivative instruments" (in accordance with IAS39 for derivative instruments) and a non recurring accounting effect of S/.6.2 million, or US$1.9 million, from the consolidation of Minera Minasnioc.</P>
</FONT><B><FONT FACE="Tahoma"><P ALIGN="JUSTIFY">Hedging Operations</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">During 1Q05, the Company reported a net loss of S/.10.7 million, or US$3.3 million in derivative instruments as a result of the execution of 41,000 ounces of gold and 622,917 ounces of silver.</P>
<P ALIGN="JUSTIFY">Total hedge book Mmark -to -Mmarket value up to year 2012 iswas negative US$294.8 million. The Mmark -to -Mmarket value of derivative instruments as of March 31, 2005 was negative US$95.1 million, while the Mmark -to -Mmarket value of the physical delivery contracts figure was negative US$199.7 million. </P>
</FONT><B><FONT FACE="Tahoma"><P ALIGN="JUSTIFY">Explorations</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">We are pleased to report progress in the Poracota, Los Pircos, Santa Marina and Marcapunta projects:</P>
<B><P ALIGN="JUSTIFY">Poracota</P>
</B><P ALIGN="JUSTIFY">At Poracota, 20 km NW of our Orcopampa operation, both adits at levels 4787 and at 4720 meters above sea level respectively, have intersected the gold bearing mineralization known as Manto Aguila. The upper level has an advance of 571m and the lower level an advance of 606m. Samples for detailed metallurgical test work have been taken and tests are in progress. The samples taken have assayed 6 to 12 g/t of gold, thus confirming the grades obtained from the previous drilling, which indicated thicknesses between 6 and 14 meters for the mineralized structure.</P>
<B><P ALIGN="JUSTIFY">Los Pircos</P>
</B><P ALIGN="JUSTIFY">We have signed a three-year contract with the surface owners -Asociaci&oacute;n Ganadera La Uni&oacute;n- to initiate drifting of 2000 meters in the Diana and Maribel gold and silver epithermal veins. The environmental assessment permit was recently granted for this project by the Ministry of Energy and Mines.</P>
<B><P ALIGN="JUSTIFY">Santa Marina</P>
</B><P ALIGN="JUSTIFY">In Spain, we are establishing the Minera Santa Marina del Norte S.L. company; as the legal vehicle to carry out the Rio Narcea Gold Mines - Minas Buenaventura Joint Venture. Permits for road construction and underground decline access are under way and we anticipate beginning the drifting and drilling during the second half of the year.</P>
<B><P ALIGN="JUSTIFY">Marcapunta</P>
</B><P ALIGN="JUSTIFY">Accumulated advances in the decline are approximately 572 meters remaining 240 meters more to achieve our objective which is expected to be reached during 2Q05. During this quarter total expenses were US$0.67 million while accumulated expenses were US$3.6 million.</P>
</FONT><P ALIGN="JUSTIFY">&nbsp;</P>
<B><FONT FACE="Tahoma"><P ALIGN="JUSTIFY">Project Development</P>
</FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">ORCOPAMPA</P>

<UL>
</B><P ALIGN="JUSTIFY"><LI>The declines deepening project of the Nazareno and Prometida areas is 90% 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 to complete this project in 2Q05 with a total investment of approximately US$8.7 million. </LI></P>
<P ALIGN="JUSTIFY"><LI>Regarding the Brownfield exploration, during 2004 the total investment in Sausa Norte and Layo reached US$0.2 million.</LI></P></UL>

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

<UL>
</B><P ALIGN="JUSTIFY"><LI>Regarding the construction of the cyanidation plant, the purchasing orders have been already placed for a total amount of US$3.8 million. Basic engineering study has been completed. The budget for this project is US$ 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 1Q04, the total investment in the Huantajalla and Pozo Rico areas was US$0.9 million.</LI></P></UL>

</FONT><P ALIGN="JUSTIFY">&nbsp;</P>
<B><FONT FACE="Tahoma"><P ALIGN="JUSTIFY">Other Events</P><DIR>

</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Regarding Cerro Verde, during its shareholders meeting held on April 18, the resolutions that allow a capital increase for the mine expansion and an extraordinary cash dividend were passed.</P>
<P ALIGN="JUSTIFY">On February 21, 2005 Buenaventura executed the option to acquire 30% of Minera Minasnioc S.A.C from Compa&ntilde;ia Minera Ares S.A.C in exchange for a 2% royalty. To date, Buenaventura is consolidating Minasnioc in its financial statements. Likewise, on August 11, 2004 Minera ABX Exploraciones S.A transferred the management of Minera Minasnioc to Buenaventura.</P>
<P ALIGN="JUSTIFY">Since 2005 Peruvian Companies do not have to adjust their financial statements to recognize the effect of inflation, thus all figures are stated in current Peruvian Nuevos Soles (S/.) for 2005. For comparative purposes the corresponding figures of 1Q04 have been adjusted at prices of December, 2004. For the convenience of the reader, figures are stated in U.S. dollars (US$) at a rate of S/.3.263 per US$1.00 for 1Q05 and S/.3.530 per US$1.00 for 1Q04.</P>
<B><P ALIGN="JUSTIFY">&nbsp;</P></DIR>

</FONT><I><FONT FACE="Arial Narrow" SIZE=2><P ALIGN="CENTER">* * *</P>
</I></FONT><FONT FACE="Tahoma" SIZE=2 COLOR="#808000"><P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">Company Description</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. is Peru's largest, publicly-traded precious metals company and a major holder of mining rights in Peru. The Company is engaged in the mining, processing, development and exploration of gold and silver and other metals via wholly owned mines as well as through its participation in joint exploration projects.</P>
<P ALIGN="JUSTIFY">Buenaventura currently operates three mines in Peru and also has controlling interests in four mining companies as well as a minority interest in several other mining companies in Peru. The Company owns 43.65% in Minera Yanacocha S.R.L. (a partnership with Newmont Mining Corporation) and is one of the most important precious metal producers in the world.</P>
</FONT><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">&nbsp;</P>
</FONT><P ALIGN="CENTER">**Tables to follow**</P>
<P ALIGN="CENTER">Appendix 1. </P></B>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=2 WIDTH=577>
<TR><TD VALIGN="TOP" COLSPAN=5 BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=2 COLOR="#ffffff"><P ALIGN="CENTER">Equity Participation in </P>
<P ALIGN="CENTER">Affiliates and Subsidiaries</B></FONT></TD>
</TR>
<TR><TD WIDTH="0%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="18%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">BVN</B></FONT></TD>
<TD WIDTH="49%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Operating</B></FONT></TD>
</TR>
<TR><TD WIDTH="0%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="18%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Equity %</B></FONT></TD>
<TD WIDTH="49%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Mines</B></FONT></TD>
</TR>
<TR><TD WIDTH="0%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Minera Yanacocha</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="18%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">43.65</FONT></TD>
<TD WIDTH="49%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Yanacocha</FONT></TD>
</TR>
<TR><TD WIDTH="0%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Sociedad Minera El Brocal*</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="18%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">32.78</FONT></TD>
<TD WIDTH="49%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Colquijirca</FONT></TD>
</TR>
<TR><TD WIDTH="0%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Inversiones Mineras Del Sur*</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="18%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">78.04</FONT></TD>
<TD WIDTH="49%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Antapite / Ishihuinca</FONT></TD>
</TR>
<TR><TD WIDTH="0%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Sociedad 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>Minera Minasnioc*</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">60</FONT></TD>
<TD WIDTH="49%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Minasnioc Project</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 La Zanja *</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">53.06</FONT></TD>
<TD WIDTH="49%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">La Zanja Project</FONT></TD>
</TR>
<TR><TD WIDTH="0%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Buenaventura Ingenieros*</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="18%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">100.00</FONT></TD>
<TD WIDTH="49%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-</FONT></TD>
</TR>
<TR><TD WIDTH="0%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Consorcio Energetico de Huancavelica*</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="18%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">100.00</FONT></TD>
<TD WIDTH="49%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-</FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="RIGHT">*Consolidates</P>
</FONT><FONT FACE="Tahoma"><P ALIGN="RIGHT">Appendix 2</P>
<P ALIGN="CENTER">BVN PRODUCTION SUMMARY</P></B></FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 BORDERCOLOR="#000000" CELLPADDING=2 WIDTH=620>
<TR><TD WIDTH="26%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="74%" VALIGN="TOP" COLSPAN=6 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">GOLD PRODUCTION</B></FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="74%" VALIGN="TOP" COLSPAN=6 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Three Months Ended March 31st</B></FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Orcopampa</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Antapite</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</B></FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>Ore Milled DST</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">110,054</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">102,596</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">7.27%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">44,335</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">44,875</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-1.20%</B></FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>Average Ore Grade OZ/ST</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">0.54</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">0.48</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">13.25%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">0.62</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">0.56</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">10.40%</B></FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>Average Recovery Rate %</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">95.33%</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">96.12%</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-0.79%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">95.58%</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">93.39%</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2.19%</B></FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P>Ounces Produced</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">56,972</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">47,288</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">20.48%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">26,308</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">23,567</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">11.63%</B></FONT></TD>
</TR>
</TABLE>
</P>

<P ALIGN="RIGHT"></P>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 BORDERCOLOR="#000000" CELLPADDING=2 WIDTH=620>
<TR><TD WIDTH="26%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="74%" VALIGN="TOP" COLSPAN=6 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">SILVER PRODUCTION</B></FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="74%" VALIGN="TOP" COLSPAN=6 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Three Months Ended March 31st</B></FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Uchucchacua</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Colquijirca</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</B></FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>Ore Milled DST</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">202,850</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">188,900</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">7.38%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">365,857</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">370,153</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-1.16%</B></FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>Average Ore Grade OZ/ST</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">16.88</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">16.93</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-0.31%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">3.12</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2.87</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">8.68%</B></FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>Average Recovery Rate %</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">74.08%</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">73.40%</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">0.68%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">72.84%</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">68.15%</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">4.70%</B></FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P>Ounces Produced</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2,536,761</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2,347,727</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">8.05%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">831,727</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">724,393</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">14.82%</B></FONT></TD>
</TR>
</TABLE>
</P>

<P ALIGN="RIGHT"></P>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 BORDERCOLOR="#000000" CELLPADDING=2 WIDTH=620>
<TR><TD WIDTH="26%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="74%" VALIGN="TOP" COLSPAN=6 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">ZINC PRODUCTION</B></FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="74%" VALIGN="TOP" COLSPAN=6 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Three Months Ended March 31st</B></FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Uchucchacua</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Colquijirca</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</B></FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>Ore Milled DST</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">202,850</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">188,900</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">7.38%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">365,857</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">370,153</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-1.16%</B></FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>Average Ore Grade %</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1.46%</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1.38%</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">5.71%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">5.90%</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">5.53%</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.63%</B></FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>Average Recovery Rate %</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">52.96%</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">57.34%</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-4.38%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">69.17%</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">71.36%</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-2.19%</B></FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P>ST Produced</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,567</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,495</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">4.85%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">14,918</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">14,603</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2.16%</B></FONT></TD>
</TR>
</TABLE>
</P>

<B><FONT FACE="Tahoma"><P ALIGN="RIGHT">Appendix 3</P></B></FONT>
<TABLE BORDER CELLSPACING=3 CELLPADDING=2 WIDTH=697>
<TR><TD VALIGN="TOP" COLSPAN=19 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Total Gold Commitments</B></FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=19 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">as of 04/01/05</B></FONT></TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=15><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2006</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2007</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2008</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2009</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2010</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2011</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2012</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Total</B></FONT></TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">285</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">156,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">358,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">218,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">293,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">330,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">271,500 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">1,964,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">313.65 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">314.91 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">314.55 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">318.44 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">305.07 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">290.45 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">289.97 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">306.11 </B></FONT></TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">290</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">156,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">358,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">218,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">293,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">330,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">271,500 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">1,964,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">332.64 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">327.34 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">326.42 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">336.33 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">320.17 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">305.45 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">307.27 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">321.07 </B></FONT></TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">300</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">216,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">418,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">438,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">298,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">333,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">330,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">271,500 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,304,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">336.91 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">332.49 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">331.74 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">339.13 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">326.97 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">312.73 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">314.23 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">327.84 </B></FONT></TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">345</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">216,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">418,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">438,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">298,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">333,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">330,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">271,500 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,304,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">341.35 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">339.38 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">339.04 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">342.35 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.21 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.45 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.55 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">342.32 </B></FONT></TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">350</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">234,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">408,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">363,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">294,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,375,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">342.02 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.94 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.60 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">342.59 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">347.05 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">348.75 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">348.72 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">343.63 </B></FONT></TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">385</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">279,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">408,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">363,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">294,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,420,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">348.95 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.94 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.60 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">342.59 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">360.07 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">372.08 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">371.22 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">352.55 </B></FONT></TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">420</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">279,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">408,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">363,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,600,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">348.95 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.94 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.60 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354.56 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">371.23 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">395.42 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">394.11 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">404.00 </FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">363.63 </B></FONT></TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">436</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">279,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">408,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">363,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,600,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">348.95 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.94 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.60 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354.56 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">371.23 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">406.08 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">402.65 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">404.00 </FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">366.27 </B></FONT></TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">451</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">279,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">408,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">363,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,600,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">348.95 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.94 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.60 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354.56 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">371.23 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">406.08 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">410.66 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">404.00 </FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">367.36 </B></FONT></TD>
</TR>
</TABLE>


<TABLE BORDER CELLSPACING=3 CELLPADDING=2 WIDTH=641>
<TR><TD VALIGN="TOP" COLSPAN=19 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Physical gold delivery</B></FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=19 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">as of 04/01/05</B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2006</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2007</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2008</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2009</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2010</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2011</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2012</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Total</B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">285</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">156,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">188,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">263,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">300,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">249,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">1,792,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">313.65 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">311.98 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">311.77 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">314.20 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">300.51 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">285.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">285.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">302.37 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">290</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">156,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">188,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">263,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">300,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">249,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">1,792,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">332.64 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">325.62 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">324.73 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">334.95 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">317.34 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">301.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">303.86 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">318.77 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">300</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">156,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">188,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">263,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">300,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">249,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">1,792,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">334.57 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328.54 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">327.77 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">336.54 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">322.47 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">309.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">311.45 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">323.31 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">345</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">156,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">188,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">263,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">300,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">249,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">1,792,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">340.72 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">341.65 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.57 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.60 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">341.94 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">350</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">156,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">188,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">263,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">300,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">249,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">1,792,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">340.72 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">341.65 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">348.14 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">349.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">349.40 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">343.51 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">385</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">156,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">188,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">263,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">300,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">249,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">1,792,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">340.72 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">341.65 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">366.10 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">377.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">375.96 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">354.53 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">420</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">156,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">188,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">263,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">300,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">249,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">1,792,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">340.72 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">341.65 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">381.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">405.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">402.53 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">365.17 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">436</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">156,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">188,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">263,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">300,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">249,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">1,792,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">340.72 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">341.65 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">381.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">418.30 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">414.67 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">369.00 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">451</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">156,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">188,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">263,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">300,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">249,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">1,792,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">340.72 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">341.65 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">381.50 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">418.30 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">426.06 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">370.58 </B></FONT></TD>
</TR>
</TABLE>


<TABLE BORDER CELLSPACING=3 CELLPADDING=2 WIDTH=641>
<TR><TD VALIGN="TOP" COLSPAN=19 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Gold derivatives</B></FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=19 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">as of 04/01/05</B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2006</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2007</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2008</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2009</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2010</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2011</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2012</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Total</B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">285</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">30,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">30,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">30,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">30,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">30,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">22,500 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">172,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">345.00 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">290</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">30,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">30,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">30,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">30,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">30,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">22,500 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">172,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">345.00 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">300</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">110,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">110,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">110,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">70,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">30,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">22,500 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">512,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.55 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.55 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.55 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.86 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">343.68 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">345</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">110,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">110,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">110,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">70,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">30,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">22,500 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">512,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.55 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.55 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.55 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.86 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">343.68 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">350</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">78,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">45,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">583,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">344.62 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.86 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">344.20 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">343.99 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">385</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">123,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">45,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">628,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">359.39 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.86 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">344.20 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">346.93 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">420</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">123,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">200,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">105,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">808,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">359.39 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">366.70 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">344.20 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">374.14 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">404.00 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">360.23 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">436</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">123,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">200,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">105,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">808,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">359.39 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">366.70 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">344.20 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">374.14 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">404.00 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">360.23 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">451</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">123,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">200,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">105,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">808,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">359.39 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">366.70 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">344.20 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">374.14 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">404.00 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">360.23 </B></FONT></TD>
</TR>
</TABLE>

<P>&nbsp;</P>
<B><FONT FACE="Tahoma"><P>Appendix 4</P>
</B></FONT>
<TABLE BORDER CELLSPACING=3 CELLPADDING=2 WIDTH=810>
<TR><TD VALIGN="TOP" COLSPAN=17 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Silver Derivatives</B></FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=17 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">as of 04/01/2005</B></FONT></TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" COLSPAN=4 BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">At US $ 4.00</B></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" COLSPAN=4 BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">At US $ 4.15</B></FONT></TD>
<TD WIDTH="17%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">At US $ 6.20</B></FONT></TD>
<TD WIDTH="17%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">At US $ 6.33</B></FONT></TD>
<TD WIDTH="17%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">At US $ 6.50</B></FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">At US $ 7.00</B></FONT></TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Year</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Ounces</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Ounces</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Ounces</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Ounces</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Ounces</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Ounces</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">225,000</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,025,000</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">5.84</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,070,000</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.15</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,229,250</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.15</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,437,500</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.15</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2,050,000</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.16</FONT></TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2006</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">200,000</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">200,000</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">240,000</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">266,000</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">300,000</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">400,000</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.00</FONT></TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">425,000</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">6.00</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">1,225,000</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">5.87</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">1,310,000</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">6.12</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">1,495,250</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">6.12</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">1,737,500</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">6.13</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2,450,000</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">6.13</B></FONT></TD>
</TR>
</TABLE>

<P>&nbsp;</P>
<B><FONT FACE="Tahoma"><P>Appendix 5</P>
</FONT><FONT FACE="Arial"><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</P>
</B></FONT><FONT FACE="Arial" SIZE=4><P>Consolidated Balance Sheets</P>
</FONT><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">As of December 31, 2004 and March 31, 2005 </P></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=605>
<TR><TD WIDTH="55%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Assets</DIR>
</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Current assets</DIR>
</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Cash and cash equivalents</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">614,862</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">725,846</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">222,447</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Investment funds</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">86,971</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">51,454</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">15,769</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Trade accounts receivable</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">97,061</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">70,883</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">21,723</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Other accounts receivable, net</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">12,223</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">10,621</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,254</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Accounts receivable from affiliates</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">46,078</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">41,004</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">12,566</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Inventories, net</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">69,353</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">74,836</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">22,935</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Current portion of prepaid tax and expenses</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">40,471</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">38,835</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">11,902</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Total current assets</DIR>
</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">967,019</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,013,479</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">310,596</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Long - term other accounts receivable</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,574</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">5,122</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,570</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Prepaid tax and expenses</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">14,059</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">13,751</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,214</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Investments in shares</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,531,372</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,704,199</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">522,280</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Property, plant and equipment, net</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">452,214</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">443,247</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">135,840</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Development costs, net</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">143,258</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">145,042</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">44,451</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Deferred stripping costs</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">56,056</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">56,056</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">17,179</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Mining concessions and goodwill, net</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">157,544</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">153,771</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">47,126</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Deferred income tax and workers' profit sharing asset, net</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">245,299</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">238,948</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">73,230</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Total assets</DIR>
</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,571,395</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,773,615</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,156,486</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=4><P>Consolidated Balance Sheets</FONT> <FONT FACE="Arial" SIZE=1>(continued)</P>
<P>&nbsp;</P>
<P>&nbsp;</P></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=609>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>&nbsp;</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">2005</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</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"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Liabilities and shareholders' equity, net</DIR>
</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"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Current liabilities</DIR>
</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"><DIR>

<FONT FACE="Arial" SIZE=1><P>Overdrafts and bank loans</DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">13,150</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">11,517</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,530</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Trade accounts payable</DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">61,188</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">57,792</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">17,711</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Other current liabilities</DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">142,696</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">224,352</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">68,756</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Derivative instruments</DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">70,927</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">60,492</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">18,539</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Current portion of long-term debt</DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">36,332</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">26,328</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">8,069</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Deferred income from sale of future production</DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">74,937</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">82,838</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">25,387</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Total current liabilities</DIR>
</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">399,230</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">463,319</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">141,992</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="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Long-term other liabilities </DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">74,030</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">58,081</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">17,800</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Derivative instruments</DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">267,852</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">249,694</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">76,523</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Long-term debt</DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">15,031</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">12,696</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,891</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Deferred income from sale of future production</DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">568,772</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">542,002</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">166,105</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Total liabilities</DIR>
</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,324,915</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,325,792</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">406,311</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Minority interest</DIR>
</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">66,347</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">77,737</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">23,824</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Shareholders' equity, net</DIR>
</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"><DIR>

<FONT FACE="Arial" SIZE=1><P>Capital stock, net of treasury shares by S/49,659,000 in 2004 and 2005</DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">596,755</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">596,755</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">182,885</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Investment shares, net of treasury shares by S/66,000 in 2004 and 2005</DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,683</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,683</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">516</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Additional paid-in capital</DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">610,659</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">610,659</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">187,146</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Legal reserve</DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">129,276</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">129,276</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">39,619</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Others reserve</DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">923</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">923</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">283</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Retained earnings</DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">734,070</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">866,109</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">265,433</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Cumulative translation loss</DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(148,513)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(155,902)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(47,779)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Cumulative unrealized gain on investments in shares carried at fair value</DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">256,331</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">321,112</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">98,410</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Deferred income from sale of future production of subsidiary</DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(1,051)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(529)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(162)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Arial" 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"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Total shareholders' equity, net </DIR>
</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,180,133</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,370,086</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">726,351</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Total liabilities and shareholders' equity, net</DIR>
</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,571,395</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,773,615</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,156,486</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
</TABLE>

<B><FONT SIZE=1><P>&nbsp;</P>
</FONT><FONT FACE="Arial"><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</P>
</B></FONT><FONT FACE="Arial" SIZE=4><P>Consolidated Statements of Income </P></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=648>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="45%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the three-month <BR>
periods ended March 31</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="45%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">________________________________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Operating revenues</DIR>
</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><DIR>

<FONT FACE="Arial" SIZE=1><P>Net sales</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">205,324</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">219,626</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">67,308</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><DIR>

<FONT FACE="Arial" SIZE=1><P>Royalties income</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">34,428</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">32,871</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">10,074</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Total revenues</DIR>
</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">239,752</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">252,497</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">77,382</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Costs of operation</DIR>
</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><DIR>

<FONT FACE="Arial" SIZE=1><P>Operating costs</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">82,327</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">85,005</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">26,051</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><DIR>

<FONT FACE="Arial" SIZE=1><P>Exploration and development costs in operational mining sites</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">23,933</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">28,668</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">8,786</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><DIR>

<FONT FACE="Arial" SIZE=1><P>Amortization and depreciation</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">12,221</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">14,390</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,410</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Total costs of operation</DIR>
</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">118,481</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">128,063</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">39,247</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Gross margin</DIR>
</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">121,271</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">124,434</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">38,135</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Operating expenses</DIR>
</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><DIR>

<FONT FACE="Arial" SIZE=1><P>General and administrative</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">21,021</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">21,820</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">6,687</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><DIR>

<FONT FACE="Arial" SIZE=1><P>Exploration costs in non-operational mining sites</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">10,319</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">19,459</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">5,964</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><DIR>

<FONT FACE="Arial" SIZE=1><P>Selling</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">5,121</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,616</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,108</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><DIR>

<FONT FACE="Arial" SIZE=1><P>Royalties to third parties</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,536</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">5,289</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,621</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><DIR>

<FONT FACE="Arial" SIZE=1><P>Royalties to Peruvian Government</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,310</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">708</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Total operating expenses</DIR>
</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">40,997</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">52,494</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">16,088</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Operating income</DIR>
</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">80,274</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">71,940</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">22,047</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Other income (expenses), net</DIR>
</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><DIR>

<FONT FACE="Arial" SIZE=1><P>Share in affiliated companies, net</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">170,908</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">158,142</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">48,465</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><DIR>

<FONT FACE="Arial" SIZE=1><P>Gain from change in the fair value of derivative instruments</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">8,727</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">26,530</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">8,131</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><DIR>

<FONT FACE="Arial" SIZE=1><P>Realized income from sale of future production</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">14,198</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">18,078</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">5,540</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><DIR>

<FONT FACE="Arial" SIZE=1><P>Loss from realized derivative instruments</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(46,635)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(10,709)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(3,282)</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><DIR>

<FONT FACE="Arial" SIZE=1><P>Interest income</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,906</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,934</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,206</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><DIR>

<FONT FACE="Arial" SIZE=1><P>Loss from exposure to inflation </DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(4,917)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><DIR>

<FONT FACE="Arial" SIZE=1><P>Exchange difference loss</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(544)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(167)</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><DIR>

<FONT FACE="Arial" SIZE=1><P>Interest expenses</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(1,850)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(3,247)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(995)</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><DIR>

<FONT FACE="Arial" SIZE=1><P>Amortization of mining concessions and goodwill</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(3,042)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(3,818)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(1,170)</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><DIR>

<FONT FACE="Arial" SIZE=1><P>Other, net</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(1,105)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(5,491)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(1,683)</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Total other income (expenses), net</DIR>
</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">139,190</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">182,875</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">56,045</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Income before workers' profit sharing, income tax and minority interest</DIR>
</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">219,464</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">254,815</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">78,092</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><DIR>

<FONT FACE="Arial" SIZE=1><P>Workers' profit sharing</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(3,880)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(6,332)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(1,941)</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><DIR>

<FONT FACE="Arial" SIZE=1><P>Income tax</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(22,656)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(30,727)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(9,417)</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Income before minority interest </DIR>
</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">192,928</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">217,756</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">66,734</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><DIR>

<FONT FACE="Arial" SIZE=1><P>Minority interest</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(15,883)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(11,292)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(3,460)</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Net income </DIR>
</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">177,045</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">206,464</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">63,274</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Basic and diluted earnings per share, stated in Peruvian Nuevos Soles and U.S. dollars</DIR>
</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1.39</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1.62</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.50</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Weighted average number of shares outstanding</DIR>
</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">127,236,219</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">127,236,219</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">127,236,219</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" 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 BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=609>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="48%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the three-month <BR>
periods ended March 31</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="48%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">___________________________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Operating activities</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Collection from customers</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">220,448</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">245,804</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">75,331</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Collection of dividends</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">97,274</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">42,677</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">13,079</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Collection of royalties </FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">28,681</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">36,250</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">11,109</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Collection of interest</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,906</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,661</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,122</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Payments to suppliers and third parties</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(91,026)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(105,911)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(32,458)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Payments to employees</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(33,413)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(41,977)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(12,865)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Payments of exploration expenditures</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(29,754)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(41,818)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(12,816)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Payments of income tax</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(14,788)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(13,607)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(4,170)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Payments of royalties</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(5,822)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(6,239)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(1,912)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Payments of interest</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(1,547)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(3,247)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(995)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Net cash provided by operating activities</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">172,959</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">115,593</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">35,425</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Investing activities</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Development expenditures</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(9,930)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(10,098)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(3,095)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Purchase of Property, plant and equipment</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(15,121)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(8,055)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(2,469)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Payments from derivative instruments settled, net</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(46,635)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(7,300)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(2,237)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Decrease of investment fund</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">34,816</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">10,670</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Decrease on time deposits in local currency</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">6,930</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,124</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Increase of account receivable from Afiliates</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(2,705)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Payments by purchase of investments in shares</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(1,269)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Proceeds from sale of plant and equipment</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">921</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Net cash provided by (used in) investing activities</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(74,739)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">16,293</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,993</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Net cash used in financing activities</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(14,145)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(13,972)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(4,281)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Net increase in cash during the period</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">84,075</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">117,914</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">36,137</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Cash at beginning of period</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">398,383</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">590,607</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">181,001</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Cash at period-end</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">482,458</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">708,521</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">217,138</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><FONT FACE="Arial" SIZE=4><P>Consolidated Statements of Cash Flows</FONT><FONT FACE="Arial" SIZE=1> (continued)</P>
<P>&nbsp;</P>
<P>&nbsp;</P></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=612>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="42%" VALIGN="BOTTOM" COLSPAN=3>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the three-month <BR>
periods ended March 31</B></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="42%" VALIGN="BOTTOM" COLSPAN=3>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">___________________________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM" HEIGHT=41><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Reconciliation of net income to net cash provided by operating activities</DIR>
</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=41><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=41><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=41><P></P></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Net income </DIR>
</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">177,045</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">206,464</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">63,274</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Add (deduct)</DIR>
</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Amortization and depreciation</DIR>
</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">12,657</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">14,936</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,577</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Minority interest</DIR>
</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">15,883</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">11,292</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,460</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Provision for deferred income tax and workers' <BR>
profit sharing expenses</DIR>
</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">10,120</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">6,739</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,065</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Exchange difference loss</DIR>
</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">544</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">167</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Provision for exploration costs in subsidiary (**)</DIR>
</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">6,286</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,926</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Amortization of development costs in operating mining unit</DIR>
</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,286</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">5,996</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,838</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Amortization of mining concessions and goodwill</DIR>
</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,042</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,818</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,170</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Accretion Expenses</DIR>
</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,006</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">974</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">299</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Increase in the fair value of investment fund </DIR>
</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">303</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">109</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">33</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Share in affiliated companies, net of dividends received</DIR>
</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(78,505)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(115,465)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(35,386)</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Income from sale of future production</DIR>
</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(14,198)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(18,078)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(5,540)</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Gain from change in the fair value of derivative instruments</DIR>
</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(8,727)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(26,530)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(8,131)</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Allowance for doubtful accounts</DIR>
</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">26</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">8</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Net cost of retired plant and equipment</DIR>
</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">432</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">132</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Reversion of the obsolescence supplies reserve</DIR>
</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(563)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(173)</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Loss from exposure to inflation</DIR>
</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,917</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Gain on sale of plant and equipment</DIR>
</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(636)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Long-term officers' compensation (*)</DIR>
</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,095</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Net changes in assets and liabilities accounts</DIR>
</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Decrease (increase) of operating assets -</DIR>
</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Trade and other accounts receivable</DIR>
</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">20,623</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">34,566</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">10,594</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Inventories</DIR>
</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(3,670)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(2,444)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(749)</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Prepaid tax and expenses</DIR>
</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(8,826)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(30,813)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(9,443)</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Increase of operating liabilities -</DIR>
</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Trade accounts payable and other liabilities</DIR>
</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">35,544</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">17,304</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">5,304</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Net cash provided by operating activities</DIR>
</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">172,959</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">115,593</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">35,425</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
</TABLE>
<DIR>
<DIR>

<FONT FACE="Arial" SIZE=1><P>(*)&#9;This provision, which covers until the year 2013, corresponds to a long-term compensation program granted by the Company to certain officers, as further explained in Note 19 to the consolidated financial statements as of December 31, 2004. </P>
<P>(**)&#9;This provision corresponds to the exploration costs paid by Minera ABX Exploraciones S.A. for the Minasnioc project, which will be considered as a additional paid-in capital in Minera Minasnioc S.A.C.</P>
<P>&nbsp;</P></DIR>
</DIR>

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

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

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

<P>Date: April 28, 2005</P>
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