-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 IWlgwtI5Levc1iz0sdzMaHFPI4/DNeWlQutGZm1T1fPglc8qyxCkyKvq2Nw+dBSK
 SjqrEhFZSmt6JDbrsOXSjQ==

<SEC-DOCUMENT>0001013131-05-000012.txt : 20050725
<SEC-HEADER>0001013131-05-000012.hdr.sgml : 20050725
<ACCEPTANCE-DATETIME>20050725110211
ACCESSION NUMBER:		0001013131-05-000012
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050621
FILED AS OF DATE:		20050725
DATE AS OF CHANGE:		20050725

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:		05970526

	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>bvnpr0605.htm
<TEXT>
<HTML>
<HEAD>

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

<U><FONT SIZE=2><P ALIGN="CENTER">FORM 6-K</P>
</U><P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">SECURITIES AND EXCHANGE COMMISSION</P>
<P ALIGN="CENTER">Washington, D.C. 20549</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">Report of Foreign Issuer</P>
<P ALIGN="CENTER">Pursuant to Rule 13a-16 or 15d-16 of the</P>
<P ALIGN="CENTER">Securities Exchange Act of 1934</P>
<P ALIGN="CENTER">For the month of July 2005</P>
<P ALIGN="CENTER">BUENAVENTURA MINING COMPANY INC.</P>
<P ALIGN="CENTER">(Translation of Registrant's Name into English)</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">CARLOS VILLARAN 790</P>
<P ALIGN="CENTER">SANTA CATALINA, LIMA 13, PERU</P>
<P ALIGN="CENTER">(Address of Principal Executive Offices)</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</P>
<P ALIGN="CENTER">Form 20-F <U>X </U>&#9;&#9;Form 40-F ___</P>
<P>&nbsp;</P>
<P>Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</P>
<P ALIGN="CENTER">Yes ___ &#9;&#9;&#9;&#9;No <U>X&#9;</U> </P>
<P>&nbsp;</P>
<P>If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-________________.</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>This report consists of consolidated Financial Statements issued by Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries on July 21, 2005, announcing the Company's Second Quarter and accumulated 2005 results</P>
</FONT><B><FONT FACE="Tahoma"><P ALIGN="RIGHT">&nbsp;</P>
<P>&nbsp;</P>
<P ALIGN="RIGHT">For Immediate Release</P>
</FONT><FONT FACE="Tahoma" SIZE=4 COLOR="#808000"><P ALIGN="JUSTIFY">Compa&ntilde;&iacute;a de Minas Buenaventura Announces</P>
<P ALIGN="CENTER">Second Quarter 2005 Results</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2 COLOR="#808000"><P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Lima, Peru, July 21, 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 second quarter and first six months of 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/.3.254 per US$1.00 for 2Q05 and S/.3.476 per US$1.00 for 2Q04.</P>
<B><P ALIGN="JUSTIFY">Comments from the Chief Executive Officer:</P>
</B><P ALIGN="JUSTIFY">Roque Benavides, Chief Executive Officer of Buenaventura stated: "We are pleased to continue reporting improving economic and operating results as well as encouraging exploration progress.</P>
<P ALIGN="JUSTIFY">This quarter, Buenaventura's net income was US$82.6 million, including a negative effect from derivative instruments of US$0.5 million. Without considering this effect, net income in 2Q05 was US$82.1 million.</P>
<P ALIGN="JUSTIFY">Operating income this quarter was US$27.8 million, 2% higher than in 2Q04, while total EBITDA was US$106.8 million, which represented a 22% increase when compared to 2Q04. EBITDA from Buenaventura's direct operations was US$26.9 million, 6% lower than in 2Q04. </P>
<P ALIGN="JUSTIFY">These positive results were mainly driven by higher production in Orcopampa, solid quarter for Yanacocha and the benefit of a cash dividend from Cerro Verde." </P>
<B><P ALIGN="JUSTIFY">Financial Highlights (in millions of US$, except EPS figures):</P></B></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=489>
<TR><TD WIDTH="32%" VALIGN="MIDDLE" HEIGHT=33><P></P></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=33>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2Q05</B></FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=33>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2Q04</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=33>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Var</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=33>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">6M05</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=33>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">6M04</B></FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=33>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Var</B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="MIDDLE" HEIGHT=28>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Total Revenues</B></FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">88.1</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">79.4</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=28>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">11%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">171.3</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">152.4</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=28>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">12%</B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Operating Income</B></FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">27.8</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">27.1</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">2%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">54.3</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">53.4</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">2%</B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" 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="10%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">26.9</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">28.5</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-6%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">52.0</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">42.6</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">22%</B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" 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="10%" VALIGN="MIDDLE" HEIGHT=29>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">106.8</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=29>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">87.3</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=29>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">22%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=29>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">222.3</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=29>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">191.0</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=29>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">16%</B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="MIDDLE" HEIGHT=34>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Net Income</B></FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">82.6</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">66.1</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=34>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">25%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">146.0</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">117.0</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=34>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">25%</B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">EPS</B></FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.65</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.52</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">25%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">1.15</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.92</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">25%</B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Net Income (without mark to market effect)</B></FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">82.1</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">37.9</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">117%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">138.5</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">86.3</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">60%</B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">EPS (without Mark to market effect)</B></FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.65</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.30</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">117%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">1.09</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.68</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">60%</B></FONT></TD>
</TR>
</TABLE>

<P ALIGN="JUSTIFY">&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<B><P>OPERATING REVENUE</P>
</B><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">In 2Q05, net sales were S/.232.0 million, compared with the S/.232.1 million obtained in 2Q04, when an extraordinary volume was sold. However, due to the revaluation of the Peruvian Nuevo Sol, when analyzing US$ figures, net sales were US$71.3 million, an increase of 7% compared to US$66.8 million in 2Q04. This was the result of a 15% increase in volume of gold sold. </P>
<P ALIGN="JUSTIFY">Royalty income in 2Q05 was US$9.5 million, a 28% increase when compared to US$7.4 million in 2Q04. </P></FONT>
<TABLE BORDER CELLSPACING=2 CELLPADDING=4 WIDTH=647>
<TR><TD WIDTH="24%" VALIGN="MIDDLE" HEIGHT=19>
<B><FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">Operating Highlights</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2Q05</B></FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2Q04</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Var</P>
<P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">6M05</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">6M04</B></FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Var</P>
<P ALIGN="CENTER">%</B></FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="MIDDLE" HEIGHT=39>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Net Sales </P>
<P ALIGN="CENTER">(in millions of US$)</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">71.3</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">66.8</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=39>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">7%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">138.8</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">125.9</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=39>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">10%</B></FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="MIDDLE" HEIGHT=37>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Average Realized Price Gold (US$/oz.)</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=37>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">362</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=37>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">366</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=37>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">-1%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=37>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">369</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=37>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">366</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=37>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">1%</B></FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Average Realized Price Silver (US$/oz.)</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">7.05</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">6.31</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">12%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">7.04</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">6.26</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">13%</B></FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Average Realized Price Lead (US$/TM.)</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">993</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">858</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">16%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">989</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">856</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">15%</B></FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Average Realized Price Zinc (US$/TM.)</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">1,293</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">1,047</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">24%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">1,264</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">1,038</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">22%</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=560>
<TR><TD VALIGN="MIDDLE" COLSPAN=7 BGCOLOR="#808000" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Sales Content</B></FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=18><P></P></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">2Q05</B></FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">2Q04</B></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Var%</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">6M05</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">6M04</B></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Var%%%%%%</B></FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=26>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Gold (in oz)</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">92,078</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">85,669</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">7%</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">177,306</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">153,886</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">15%</B></FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=24>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Silver (in oz)</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">3,520,705</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">3,957,056</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">-11%</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">6,770,734</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">7,405,529</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">-9%</B></FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=23>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Lead (in MT)</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">6,933</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">6,992</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=23>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">-1%</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">13,764</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">14,472</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=23>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">-5%</B></FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Zinc (in MT)</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">11,266</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">14,026</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">-20%</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">23,802</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">25,860</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">-8%</B></FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Accumulated net sales for the first six months of 2005 were US$138.8 million, a 10% increase compared to 2004 (US$125.9 million). Royalty income for the first six months of 2005 was US$19.6 million, a 13% increase when compared to US$17.4 million in 2Q04.</P>
</FONT><B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">&nbsp;</P>
</B></FONT><P>&nbsp;</P>
<P>&nbsp;</P>
<B><P>PRODUCTION AND OPERATING COSTS</P>
</B><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Buenaventura's equity production during 2Q05 was 88,399 ounces of gold, 14% higher than 2Q04 production (77,328 ounces) and 3,305,095 ounces of silver, a 5% increase when compared to 3,159,804 ounces in 2Q04.</P>
<P ALIGN="JUSTIFY">Equity production<SUP>1</SUP> for the accumulated six month period was 176,766 ounces of gold and 6,593,195 ounces of silver. This represented an increase of 16% in gold production and a 7% increase in silver production compared to 2004 figures.</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P></FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=565>
<TR><TD VALIGN="MIDDLE" COLSPAN=7 BGCOLOR="#808000" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Equity Production<SUP>1</B></SUP></FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=18><P></P></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">2Q05</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">2Q04</B></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Var%</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">6M05</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">6M04</B></FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Var%</B></FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P>Gold (in oz)</B></FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">88,399</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">77,328</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">14%</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">176,766</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">152,716</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">16%</B></FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P>Silver (in oz)</B></FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">3,305,095</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">3,159,804</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">5%</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">6,593,195</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">6,152,500</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">7%</B></FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P>Lead (in MT)</B></FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">3,718</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">3,797</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">-2%</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">7,961</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">7,636</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">4%</B></FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P>Zinc (in MT)</B></FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">5,822</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">6,525</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">-11%</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">11,825</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">12,363</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">-4%</B></FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">In <B>Orcopampa</B> (100%), total gold production in 2Q05 was 57,129 ounces, a 15% increase when compared to 49,593 ounces in 2Q04 due to higher tonnage and recovery (Appendix 2). For the first six months of 2005, total gold production was 114,101 ounces, an 18% increase when compared to 2004 production (96,881 ounces).</P>
<P ALIGN="JUSTIFY">Cash operating costs increased 18%, from US$118/oz in 2Q04 to US$139/oz in 2Q05. This increase is explained by higher energy consumption used for pumping and ventilation in the deepest levels of the mine as well as higher labor costs from a 5% payroll increase as per the union agreement and the retroactive reimbursement for the 1Q05 period.</P>
<P ALIGN="JUSTIFY">Total royalties paid to the government by Orcopampa in 2Q05 were US$205.1 thousand.</P>
<P ALIGN="JUSTIFY">In <B>Uchucchacua</B> (100%), total silver production in 2Q05 was 2,534,704 ounces, a 2% increase when compared to 2,474,516 ounces in 2Q04. For the first six months of 2005, total silver production was 5,071,465 ounces, a 5% increase when compared to 2004 production (94,822,243 ounces).</P>
<P ALIGN="JUSTIFY">In spite of a 5% increase in labor cost, silver cash operating cost in 2Q05 was US$2.47/oz, a 14% decrease compared to US$2.87/oz in 2Q04. This was mainly due to higher by-product credit contributions and the lower impact of deductions and sales expenses due to higher concentrate grades.</P>
<P ALIGN="JUSTIFY">Total royalties paid to the government by Uchucchacua in 2Q05 were US$292.4 thousand.</P>
<P ALIGN="JUSTIFY">In <B>Antapite</B> (78.04%), total production induring 2Q05 was 25,772 ounces of gold, a 12% increase when compared to 22,926 ounces in 2Q04 due to higher ore grade (Appendix 2). For the first six month period 2005, total gold production was 52,080 ounces, a 12% increase when compared to 46,493 ounces in 2004. </P>
<P ALIGN="JUSTIFY">Gold cash operating cost in 2Q05 was US$210/oz, a 22% increase when compared to US$172/oz in 2Q04. This was due to an increase of 42% in exploration and development costs. Diamond drilling works increased 120% from 2,532m in 2Q04 to 5,562m in 2Q05 while mine exploration drifting increased 19%. </P>
<P ALIGN="JUSTIFY">Total royalties paid to the government by Antapite in 2Q05 were US$113.8 thousand.</P>
<P ALIGN="JUSTIFY">In <B>Colquijirca</B> (32.78%), total zinc production was 12,929 MT in 2Q05, a decrease of 13% compared to 14,873 MT in 2Q04. Total silver production during 2Q05 was 924,025 ounces, a 12% increase when to 825,386 ounces in 2Q04. The lower metal content produced this quarter was due to higher ore mineral oxidation that reduced the recovery rate from 75.4% in 2Q04 to 69.7% in 2Q05.</P>
<P ALIGN="JUSTIFY">For the first six months of 2005, total zinc production was 26,464 MT, a 6% decrease when compared to 2004 production (28,120 ST). In the case of silver, total production increased 13%, from 1,549,779 ounces in 2004 to 1,755,769 in 2005.</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">Zinc cash operating costs increased 39% from US$667 per MT in 2Q04 to US$928 per MT in 2Q05. As it was mentioned, the temporary lower mineral ore quality (oxides) brought additional plant reagent consumption and lower recovery rate, which impacted the concentration cost. </P>
<P ALIGN="JUSTIFY">Likewise, during this quarter there was a temporary increase in the stripping ratio due to a redesign of the mining plan, from an average of 8.69:1 to 9.66:1. It is important to mention that in June we resumed our normal stripping ratio.</P>
<P ALIGN="JUSTIFY">Total royalties paid to the government by Colquijirca in 2Q05 were US$104.2 thousand</P>
</FONT><B><FONT FACE="Tahoma" SIZE=1><P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><P ALIGN="JUSTIFY">OPERATING EXPENSES</P>
</B><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">General and Aadministrative expenses infor 2Q05 were S/.17.9 million, a 2% increase comparing compared to 2Q04 (S/.17.6 million). When expressed in US dollars, general and Aadministrative expenses infor 2Q05 were US$5.5 million, a 9% increase comparing compared to 2Q04 (US$5.1 million)provision. Accumulated general and Aadministrative expenses for the six month period were US$12.2 million, a 10% increased compared to US$11.1 million for the same period of 2004.</P>
<P ALIGN="JUSTIFY"><A NAME="OLE_LINK3">Exploration <A NAME="OLE_LINK4">costs in non-operating areas</A> </A>during 2Q05 were US$6.6 million a 10% increase compared to 2Q04 (US$6.0 million). </P>
<B><P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><P>OPERATING INCOME</P>
</B><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Operating Iincome in 2Q05 was S/.90.4 million, a 4% decrease compared to S/.94.3 million in 2Q04. When comparing US dollar figures, operating Iincome in 2Q05 was US$27.8 million, a 2% increase compared to US$27.1 million for 2Q04.</P>
<P ALIGN="JUSTIFY">For the six month period, operating income was US$54.3 million, which represented a 2% increase compared to 2004 (US$53.4 million).</P>
</FONT><I><FONT FACE="Tahoma" SIZE=1><P ALIGN="JUSTIFY">&nbsp;</P>
</I></FONT><B><P>INCOME AND DIVIDENDS FROM NON-CONSOLIDATES AFFILIATES</P>
</B><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$40.0 million during 2Q05, an increase of 47% when compared to the US$27.2 million reported in 2Q04. However, due to the Nuevo Sol revaluation effect, this income from Nnon-Cconsolidated Aaffiliates, expressed in local currency, was S/.130.3 million, an increase of 38% when compared with S/.94.4 million in 2Q04. For the first six month period income from Nnon-Cconsolidated Aaffiliates was US$88.6 million, an increase of 16% when compared to US$76.3 million.</P>
<P ALIGN="JUSTIFY"><A NAME="OLE_LINK1">In Yanacocha (43.65%), 2Q05 gold production was 709,185 ounces of gold, an increase of 16% when compared with 2Q04 production (611,993 ounces) due to a 35% increase in gold grade, from 0.72 gr/MT in 2Q04 to 0.97 gr/MT in 2Q05, according to budget. Gold production for the first six months of 2005 was 1,505,102 ounces, an increase of 6% when compared to 1,415,552 ounces in the same period of 2004.</P>
<P ALIGN="JUSTIFY">Gold cash cost in Yanacocha induring 2Q05 was US$159/oz, which represented no variation when compared with 2Q04. </P>
<P ALIGN="JUSTIFY">Net income in Yanacocha, for 2Q05, was US$93.7 million, a 47% increase when compared with 2Q04 figures (US$63.7 million). For the first six month period of 2005, net income was US$206.3 million, an increase of 18% when compared to the US$174.3 million reported in 2004.</P>
<P ALIGN="JUSTIFY">This quarter, EBITDA was US$183.2 million, an increase of 36% compared to 2Q04 (US$134.7 million). This increase was due to the higher gold production mentioned above and an 8% increase in the realized gold price from US$397/oz in 2Q04 to US$428/oz in 2Q05. For the accumulated first six months of 2005, EBITDA was US$390.1 million, an increase of 15% when compared to the US$339.9 million reported inin the comparable period of 2004.</P>
<P ALIGN="JUSTIFY">Yanacocha's capital expenditure (CAPEX) for 2Q05 was US$60.8 million. The most significant expenditure during this quarter was devoted to mine development, leach pad facilities and to the Carachugo </P>
<P ALIGN="JUSTIFY">transition ore CIC.</P>
<P ALIGN="JUSTIFY">During 2Q05 Buenaventura received a cash dividend of US$13.5 million from its affiliate Sociedad Minera Cerro Verde S.A.A. </A></P>
</FONT><B><P ALIGN="JUSTIFY">NET INCOME</P>
</B><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">This quarter, Buenaventura's net income was US$82.6 million, representing US$0.65 per share, a 25% increase compared to 2Q04. This figure includes a loss of US$0.5 million, form thefrom <I>"Cchange in the fair value of derivative instruments"</I> (in accordance with IAS39 for derivative instruments) and a US$3.2 million impact due to a change in accounting principles applied by the Company's subsidiary Sociedad Minera El Brocal for the total of the remaining stripping costs. </P>
<P ALIGN="JUSTIFY">For the first six month period of 2005 net income NCAwas US$146.0 million, an increase of 25% when compared to US$117.0 million in 2004.</P>
</FONT><B><FONT FACE="Tahoma"><P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><P ALIGN="JUSTIFY">HEDGING OPERATIONS</P>
</B><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">During 2Q05, the Company reported a net loss of S/.5.9 million, or US$1.8 million in derivative instruments as a result of the execution of 19,000 ounces of gold and 745,169 ounces of silver.</P>
<P ALIGN="JUSTIFY">Total hedge book Mark -to -Market value up to year 2012 iswas a negative US$287.2 million. The Mark -to -Market value of derivative instruments as of June 30, 2005 was negative a US$41.4 million, while the Mark -to -Market value of the physical delivery contracts figure was a negative US$245.8 million. </P>
<P ALIGN="JUSTIFY">As previously announced, Buenaventura continued converting derivative contracts into normal sales. At June 30, Buenaventura converted 419,000 gold ounces from derivative commitments to normal sales with no economic effect for the Company. A new hedge book is shown in Appendix 3.</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><B><P ALIGN="JUSTIFY">EXPLORATIONS</P>
</B><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Exploration activities are progressing normally with highlights in the Orcopampa region as follows:</P>
</FONT><B><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">CHIPMO MINE:</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">A crosscut southwest of <B>Veta Prometida</B>,<B> </B>some 400 m below surface, has discovered a new mineralized structure named the <B>Esperanza </B>vein. So far, we have drifted along strike for 44 m with an average thickness and grade of 1.45m @ 67.3 gr/MT Au (1.962 Oz/DST Au).</P>
</FONT><B><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">PORACOTA PROJECT: </P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Underground infill diamond drilling of <B>Manto Aguila</B> has been initiated in line with our expectations. The following table summarizes the intercepted mineralization:</P></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=4 WIDTH=570>
<TR><TD WIDTH="33%" VALIGN="MIDDLE" BGCOLOR="#808000">
<B><FONT FACE="Arial" SIZE=2 COLOR="#ffffff"><P ALIGN="CENTER">DDH</B></FONT></TD>
<TD WIDTH="33%" VALIGN="MIDDLE" BGCOLOR="#808000">
<B><FONT FACE="Arial" SIZE=2 COLOR="#ffffff"><P ALIGN="CENTER">THICKNESS (m)</B></FONT></TD>
<TD WIDTH="33%" VALIGN="MIDDLE" BGCOLOR="#808000">
<B><FONT FACE="Arial" SIZE=2 COLOR="#ffffff"><P ALIGN="CENTER">GRADE (gr/t Au)</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">CPO-785-02</FONT></TD>
<TD WIDTH="33%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">3.50</FONT></TD>
<TD WIDTH="33%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">13.3</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">CPO-785-03</FONT></TD>
<TD WIDTH="33%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2.20</FONT></TD>
<TD WIDTH="33%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">13.6</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">CPO-785-05</FONT></TD>
<TD WIDTH="33%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">3.70</FONT></TD>
<TD WIDTH="33%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">32.3</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">CPO-785-06</FONT></TD>
<TD WIDTH="33%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">3.55</FONT></TD>
<TD WIDTH="33%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">10.5</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">CPO-785-07</FONT></TD>
<TD WIDTH="33%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2.05</FONT></TD>
<TD WIDTH="33%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">13.4</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">CPO-785-08</FONT></TD>
<TD WIDTH="33%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2.40</FONT></TD>
<TD WIDTH="33%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">13.7</FONT></TD>
</TR>
</TABLE>

<FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Metallurgical testwork at Orcopampa and C.H. Plenge laboratories on bulk samples is currently in progress. </P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<B><U><P ALIGN="JUSTIFY">LAYO PROSPECT:</P>
</B></U><P ALIGN="JUSTIFY">Four diamond drill holes have intercepted bonanza-grade gold in a newly discovered set of quartz veins which are summarized below:</P></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=4 WIDTH=570>
<TR><TD WIDTH="33%" VALIGN="MIDDLE" BGCOLOR="#808000">
<B><FONT FACE="Tahoma" SIZE=2 COLOR="#ffffff"><P ALIGN="CENTER">DDH</B></FONT></TD>
<TD WIDTH="33%" VALIGN="MIDDLE" BGCOLOR="#808000">
<B><FONT FACE="Tahoma" SIZE=2 COLOR="#ffffff"><P ALIGN="CENTER">THICKNESS (m)</B></FONT></TD>
<TD WIDTH="33%" VALIGN="MIDDLE" BGCOLOR="#808000">
<B><FONT FACE="Tahoma" SIZE=2 COLOR="#ffffff"><P ALIGN="CENTER">GRADE (gr/t Au)</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">DDH-02-05</FONT></TD>
<TD WIDTH="33%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">0.75</FONT></TD>
<TD WIDTH="33%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">429.4</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">DDH-03-05</FONT></TD>
<TD WIDTH="33%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">0.80</FONT></TD>
<TD WIDTH="33%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">22.1</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">DDH-18-04</FONT></TD>
<TD WIDTH="33%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">0.50</FONT></TD>
<TD WIDTH="33%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">46.0</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">DDH-19-04</FONT></TD>
<TD WIDTH="33%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">0.50</FONT></TD>
<TD WIDTH="33%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">137.1</FONT></TD>
</TR>
</TABLE>

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

<UL>
</B><P ALIGN="JUSTIFY"><LI>Regarding the construction of the cyanidation plant, basic engineering study has been completed and detailed engineering is 90% completed. During June, the installation of the main equipment started as well as the main facilities. 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>The deepening of the "Master Shaft" to level 3,900 with a total investment of US$2.3 MM is expected to be concluded during the first semester 2006. The project is 45% completed.</LI></P></UL>

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

<UL>
</B><P ALIGN="JUSTIFY"><LI>At the end of this quarter, the advance in the main decline was 731m (47% completed) and in the exploration decline was 172m (42% completed). We expect to place diamond drilling equipment in 6 months. Total investment was US$1.5 million for this semester. </LI></P></UL>

<P ALIGN="JUSTIFY">&nbsp;</P>
<B><P ALIGN="JUSTIFY">&nbsp;</P>
</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>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><B><FONT FACE="Tahoma" COLOR="#808000"><P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><FONT FACE="Tahoma" SIZE=1><P ALIGN="JUSTIFY">Note on Forward-Looking Statements</P>
</B><P ALIGN="JUSTIFY">This press release may contain forward-looking information (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including those concerning the Company's and Yanacocha's costs and expenses, results of exploration, the continued improving efficiency of operations, prevailing market prices of gold, silver and other metals mined, the success of joint ventures, estimates of future explorations, development and production, subsidiaries' plans for capital expenditures, estimates of reserves and Peruvian political, economical, social and legal developments. These forward-looking statements reflect the Company's view with respect to the Company and Yanacocha's future financial performance. Actual results could differ materially from those projected in the forward-looking statements as a result of a variety of factors discussed elsewhere in this Press Release. </P>
</FONT><B><FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">**Tables to follow**</P>
</FONT><U><FONT FACE="Tahoma"><P ALIGN="CENTER">&nbsp;</P>
<P>&nbsp;</P>
</U></FONT><FONT FACE="Tahoma" SIZE=1><P>Appendix 1. </P></B></FONT>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=2 WIDTH=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">18.21</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">60.00</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>
<P>Appendix 2. </P>
</B></FONT><P>BVN PRODUCTION SUMMARY</P>
<TABLE BORDER CELLSPACING=1 BORDERCOLOR="#000000" CELLPADDING=2 WIDTH=713>
<TR><TD WIDTH="22%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="20%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">GOLD PRODUCTION</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="27%" VALIGN="TOP" COLSPAN=4 BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Three Months Ended June 30</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17><P></P></TD>
<TD WIDTH="27%" VALIGN="TOP" COLSPAN=4 BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Six Months Ended June 30</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Orcopampa</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Antapite</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Orcopampa</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Antapite</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</B></FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Ore Milled DST</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">117,569</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">104,791</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">12.19%</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">45,128</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">44,853</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">0.61%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">227,623</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">207,551</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">9.67%</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">89,463</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">89,727</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-0.29%</B></FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Average Ore Grade OZ/ST</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">0.51</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">0.51</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-0.24%</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">0.60</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">0.54</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">10.46%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">0.53</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">0.50</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">5.28%</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">0.61</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">0.55</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">9.98%</B></FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Average Recovery Rate %</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">95.57%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">93.61%</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1.96%</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">95.73%</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">94.07%</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1.66%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">95.47%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">93.55%</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1.93%</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">95.65%</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">93.64%</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2.01%</B></FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P>Ounces Produced</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">57,129</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">49,593</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">15.20%</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">25,772</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">22,926</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">12.41%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">114,101</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">96,881</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">17.77%</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">52,080</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">46,493</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">12.02%</B></FONT></TD>
</TR>
</TABLE>


<TABLE BORDER CELLSPACING=1 BORDERCOLOR="#000000" CELLPADDING=2 WIDTH=882>
<TR><TD WIDTH="18%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">SILVER PRODUCTION</B></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17><P></P></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17><P></P></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17><P></P></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17><P></P></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="18%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="27%" VALIGN="TOP" COLSPAN=4 BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Three Months Ended June 30</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Six Months Ended June 30</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17><P></P></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="18%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Uchucchacua</B></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Colquijirca</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Uchucchacua</B></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Colquijirca</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="18%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</B></FONT></TD>
</TR>
<TR><TD WIDTH="18%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Ore Milled DST</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">202,168</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">200,100</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1.03%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">368,666</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">376,347</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-2.04%</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">405,018</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">389,000</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">4.12%</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">734,523</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">746,500</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-1.60%</B></FONT></TD>
</TR>
<TR><TD WIDTH="18%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Average Ore Grade OZ/ST</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">16.92</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">16.76</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">0.96%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">3.56</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">3.21</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">10.89%</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">16.90</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">16.85</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">0.34%</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">3.34</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">3.04</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">9.82%</B></FONT></TD>
</TR>
<TR><TD WIDTH="18%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Average Recovery Rate %</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">74.13%</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">73.78%</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">0.36%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">72.11%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">68.40%</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">3.71%</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">74.13%</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">73.59%</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">0.54%</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">72.37%</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">68.28%</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">4.09%</B></FONT></TD>
</TR>
<TR><TD WIDTH="18%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P>Ounces Produced</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2,534,704</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2,474,516</B></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2.43%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">924,025</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">825,386</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">11.95%</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">5,071,465</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">4,822,243</B></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">5.17%</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,755,752</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,549,779</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">13.29%</B></FONT></TD>
</TR>
</TABLE>


<TABLE BORDER CELLSPACING=1 BORDERCOLOR="#000000" CELLPADDING=2 WIDTH=840>
<TR><TD WIDTH="19%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">ZINC PRODUCTION</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="19%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="27%" VALIGN="TOP" COLSPAN=4 BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Three Months Ended June 30</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Six Months Ended June 30</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="19%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Uchucchacua</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Colquijirca</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Uchucchacua</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Colquijirca</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="19%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</B></FONT></TD>
</TR>
<TR><TD WIDTH="19%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Ore Milled DST</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">202,168</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">200,100</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1.03%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">368,666</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">376,347</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-2.04%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">202,168</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">389,000</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-48.03%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">734,523</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">746,500</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-1.60%</B></FONT></TD>
</TR>
<TR><TD WIDTH="19%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Average Ore Grade %</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1.35%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1.53%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-12.11%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">5.83%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">5.77%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1.06%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1.40%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1.46%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-3.80%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">5.86%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">5.65%</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">3.76%</B></FONT></TD>
</TR>
<TR><TD WIDTH="19%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Average Recovery Rate %</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">64.03%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">59.38%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">4.66%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">69.68%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">75.45%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-5.77%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">60.77%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">61.14%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-0.37%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">71.38%</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">73.46%</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-2.09%</B></FONT></TD>
</TR>
<TR><TD WIDTH="19%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P>ST Produced</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,745</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,820</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-4.10%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">14,252</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">16,395</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-13.07%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">3,473</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">3,468</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">0.15%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">29,171</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">30,997</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-5.89%</B></FONT></TD>
</TR>
</TABLE>

<P>&nbsp;</P>
<B><FONT FACE="Tahoma" SIZE=1><P>Appendix 3.</B></FONT> </P>
<TABLE BORDER CELLSPACING=3 CELLPADDING=2 WIDTH=755>
<TR><TD VALIGN="TOP" COLSPAN=19 BGCOLOR="#808000" HEIGHT=31>
<B><FONT FACE="Arial" SIZE=5 COLOR="#ffffff"><P ALIGN="CENTER">TOTAL GOLD COMMITMENTS</B></FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=19 BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">as of 07/01/05</B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2006</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2007</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2008</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2009</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2010</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2011</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2012</B></FONT></TD>
<TD WIDTH="25%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<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=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">285</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">188,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">368,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">383,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">390,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">376,500 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="25%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,461,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">327.37 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">317.36 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">316.91 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">314.51 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">305.05 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">289.62 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">288.59 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">285.00 </FONT></TD>
<TD WIDTH="25%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">306.20 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">290</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">188,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">368,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">383,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">390,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">376,500 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="25%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,461,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.88 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328.78 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">327.86 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328.15 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">317.39 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">303.08 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">302.45 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">290.00 </FONT></TD>
<TD WIDTH="25%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">318.43 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">300</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">188,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">448,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">468,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">423,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">390,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">376,500 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="25%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,741,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.94 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">333.33 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">332.59 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">333.53 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">324.42 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">310.77 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">310.26 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">300.00 </FONT></TD>
<TD WIDTH="25%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">325.13 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">345</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">158,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">408,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">363,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="25%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,419,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">341.84 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.94 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.60 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">342.59 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.19 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.42 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.42 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="25%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">342.57 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">350</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">158,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">408,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">363,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="25%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,419,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">341.84 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.94 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.60 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">342.59 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">347.05 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">348.75 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">348.09 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="25%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">343.73 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">385</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">158,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">408,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">363,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="25%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,419,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">341.84 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.94 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.60 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">342.59 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">360.07 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">372.08 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">366.78 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="25%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">351.89 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">420</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">188,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">408,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">363,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="25%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,449,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">348.73 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.94 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.60 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">342.59 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">371.23 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">395.42 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">394.11 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">404.00 </FONT></TD>
<TD WIDTH="25%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">362.78 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">436</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">188,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">408,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">363,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="25%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,509,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">348.73 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.94 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.60 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354.56 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">371.23 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">406.08 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">402.65 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">404.00 </FONT></TD>
<TD WIDTH="25%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">366.88 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">451</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">188,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">408,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">363,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="25%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,509,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">348.73 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.94 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.60 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354.56 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">371.23 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">406.08 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">410.66 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">404.00 </FONT></TD>
<TD WIDTH="25%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">368.01 </B></FONT></TD>
</TR>
</TABLE>


<TABLE BORDER CELLSPACING=3 CELLPADDING=2 WIDTH=755>
<TR><TD VALIGN="TOP" COLSPAN=19 BGCOLOR="#808000" HEIGHT=31>
<B><FONT FACE="Arial" SIZE=5 COLOR="#ffffff"><P ALIGN="CENTER">PHYSICAL GOLD DELIVERY</B></FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=19 BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">as of 07/01/05</B></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2006</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2007</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2008</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2009</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2010</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2011</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2012</B></FONT></TD>
<TD WIDTH="27%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Total</B></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">285</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">158,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">248,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">323,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="27%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,139,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">324.03 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">311.98 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">311.77 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">307.14 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">297.63 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">285.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">285.00 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">285.00 </FONT></TD>
<TD WIDTH="27%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">300.35 </B></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">290</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">158,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">248,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">323,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="27%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,139,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">336.53 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">325.62 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">324.73 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">324.07 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">312.26 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">299.58 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">299.75 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">290.00 </FONT></TD>
<TD WIDTH="27%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">314.43 </B></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">300</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">158,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">248,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">323,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="27%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,139,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.79 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328.54 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">327.77 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">327.70 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">318.30 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">307.92 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">308.05 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">300.00 </FONT></TD>
<TD WIDTH="27%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">319.80 </B></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">345</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">158,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">248,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">323,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="27%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,139,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">341.84 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">342.46 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.46 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.42 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.42 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="27%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">342.51 </B></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">350</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">158,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">248,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">323,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="27%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,139,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">341.84 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">342.46 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">347.55 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">348.75 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">348.09 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="27%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">343.83 </B></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">385</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">158,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">248,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">323,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="27%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,139,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">341.84 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">342.46 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">362.18 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">372.08 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">366.78 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="27%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">353.06 </B></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">420</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">158,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">248,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">323,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="27%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,139,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">341.84 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">342.46 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">374.72 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">395.42 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">394.11 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">404.00 </FONT></TD>
<TD WIDTH="27%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">365.06 </B></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">436</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">158,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">248,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">323,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="27%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,139,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">341.84 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">342.46 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">374.72 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">406.08 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">402.65 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">404.00 </FONT></TD>
<TD WIDTH="27%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">368.27 </B></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">451</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">158,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">248,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">323,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="27%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,139,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">341.84 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">342.46 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">374.72 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">406.08 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">410.66 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">404.00 </FONT></TD>
<TD WIDTH="27%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">369.59 </B></FONT></TD>
</TR>
</TABLE>


<TABLE BORDER CELLSPACING=3 CELLPADDING=2 WIDTH=755>
<TR><TD VALIGN="TOP" COLSPAN=19 BGCOLOR="#808000" HEIGHT=31>
<B><FONT FACE="Arial" SIZE=5 COLOR="#ffffff"><P ALIGN="CENTER">GOLD DERIVATIVES</B></FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=19 BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">as of 07/01/05</B></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2006</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2007</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2008</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2009</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2010</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2011</B></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2012</B></FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Total</B></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">285</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">30,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">30,000 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">22,500 </FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">322,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">345.00 </B></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">290</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">30,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">30,000 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">22,500 </FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">322,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">345.00 </B></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">300</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">30,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100,000 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">30,000 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">22,500 </FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">602,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.86 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.86 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.86 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">344.20 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">344.07 </B></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">345</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">40,000 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">280,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">343.00 </B></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">350</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">40,000 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">280,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">343.00 </B></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">385</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">40,000 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">280,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">343.00 </B></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">420</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">30,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">40,000 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">310,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">385.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">347.06 </B></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">436</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">30,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">40,000 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">370,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">385.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">376.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">358.89 </B></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">451</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">30,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">40,000 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">370,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">385.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">376.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">358.89 </B></FONT></TD>
</TR>
</TABLE>

<P>&nbsp;</P>
<B><FONT FACE="Tahoma" SIZE=1><P>Appendix 4.</B></FONT> </P>
<TABLE BORDER CELLSPACING=3 CELLPADDING=2 WIDTH=302>
<TR><TD VALIGN="TOP" COLSPAN=5 BGCOLOR="#808000" HEIGHT=31>
<B><FONT FACE="Arial" SIZE=5 COLOR="#ffffff"><P ALIGN="CENTER">SILVER DERIVATIVES</B></FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=5 BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">as of 07/01/05</B></FONT></TD>
</TR>
</TABLE>

<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE BORDER CELLSPACING=3 CELLPADDING=2 WIDTH=852>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#ffffff" HEIGHT=18><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">At US $ 4.00</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">At US $ 4.15</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">At US $ 6.20</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">At US $ 6.33</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">At US $ 6.50</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808000" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">At US $ 7.00</B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=31>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Year</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=31>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=31>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=31>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=31>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=31>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=31>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=31>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=31>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=31>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=31>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=31>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=31>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$ / oz</B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" HEIGHT=31>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=31>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">150,000</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=31>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=31>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">650,000</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=31>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">5.85</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=31>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">680,000</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=31>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.15</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=31>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">780,750</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=31>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.15</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=31>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">912,500</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=31>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.15</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=31>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,300,000</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=31>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.15</FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2006</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">200,000</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">200,000</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">240,000</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">266,000</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">300,000</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">400,000</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.00</FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP" HEIGHT=33><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=33>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">350,000</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=33>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">6.00</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=33>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">850,000</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=33>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">5.88</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=33>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">920,000</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=33>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">6.11</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=33>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">1,046,750</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=33>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">6.11</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=33>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">1,212,500</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=33>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">6.11</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=33>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">1,700,000</B></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808000" HEIGHT=33>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">6.12</B></FONT></TD>
</TR>
</TABLE>

<P>&nbsp;</P>
<B><FONT FACE="Tahoma" SIZE=1><P>Appendix 5.</B></FONT> </P>
<TABLE BORDER CELLSPACING=1 CELLPADDING=2 WIDTH=473>
<TR><TD WIDTH="70%" VALIGN="TOP" COLSPAN=2 HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</B></FONT></TD>
<TD WIDTH="30%" VALIGN="TOP" COLSPAN=2 HEIGHT=14><P></P></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial" SIZE=1><P>Consolidated Balance Sheets</B></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="30%" VALIGN="TOP" COLSPAN=2 HEIGHT=21><P></P></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="TOP" COLSPAN=2 HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>As of December 31, 2004 (unaudited) and June 30, 2005 (unaudited)</FONT></TD>
<TD WIDTH="30%" VALIGN="TOP" COLSPAN=2 HEIGHT=14><P></P></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000) </B></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000) </B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000) </B></FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P>Assets</B></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=32>
<B><FONT FACE="Arial" SIZE=1><P>Current assets</B></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=32><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=32><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=32><P></P></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P>Cash and cash equivalents</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">614,862 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">228,023 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">70,075 </FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P>Investment funds</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">86,971 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">49,328 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">15,159 </FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P>Trade accounts receivable</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">97,061 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">111,009 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">34,115 </FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P>Other accounts receivable, net</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">12,223 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">11,205 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">3,443 </FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P>Accounts receivable from affiliates</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">46,078 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">39,118 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">12,022 </FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P>Inventories, net</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">69,353 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">81,382 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">25,010 </FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P>Current portion of prepaid tax and expenses</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">40,471 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">51,233 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">15,745 </FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=8><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=8><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=8><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=8><P></P></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=32>
<B><FONT FACE="Arial" SIZE=1><P>Total current assets</B></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">967,019 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">571,298 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">175,569 </FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P>Long - term other accounts receivable</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">4,574 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">5,110 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1,570 </FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P>Prepaid tax and expenses</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">14,059 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">15,083 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">4,635 </FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P>Investments in shares</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1,531,372 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2,284,019 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">701,911 </FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P>Property, plant and equipment, net</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">452,214 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">439,340 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">135,015 </FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P>Development costs, net</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">143,258 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">154,043 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">47,340 </FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P>Deferred stripping costs</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">56,056 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P>Mining concessions and goodwill, net</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">157,544 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">144,898 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">44,529 </FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P>Deferred income tax and workers' profit sharing asset, net</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">245,299 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">310,916 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">95,549 </FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=12><P></P></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=32>
<B><FONT FACE="Arial" SIZE=1><P>Total assets</B></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">3,571,395 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">3,924,707 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1,206,118 </FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=14><P></P></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=14><P></P></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=14><P></P></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>Consolidated Balance Sheets (Continue)</B></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=14><P></P></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="TOP" COLSPAN=2 HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>As of December 31, 2004 (unaudited) and June 30, 2005 (unaudited)</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=14><P></P></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=14><P></P></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000) </B></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000) </B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000) </B></FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=29>
<B><FONT FACE="Arial" SIZE=1><P>Liabilities and shareholders' equity, net</B></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=29><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=29><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=29><P></P></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=29>
<B><FONT FACE="Arial" SIZE=1><P>Current liabilities</B></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=29><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=29><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=29><P></P></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P>Bank loans</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">13,150 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">65,264 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">20,057 </FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P>Trade accounts payable</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">61,188 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">47,376 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">14,559 </FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P>Other current liabilities</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">142,696 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">139,044 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">42,730 </FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P>Derivative instruments</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">70,927 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">41,254 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">12,678 </FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P>Current portion of long-term debt</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">36,332 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">19,208 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">5,903 </FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P>Deferred income from sale of future production</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">74,937 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">104,884 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">32,232 </FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=14><P></P></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=29>
<B><FONT FACE="Arial" SIZE=1><P>Total current liabilities</B></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">399,230 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">417,030 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">128,159 </FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=29><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=29><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=29><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=29><P></P></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P>Long-term other liabilities </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">74,030 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">65,270 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">20,059 </FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P>Derivative instruments</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">267,852 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">93,984 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">28,883 </FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P>Long-term debt</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">15,031 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">9,453 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2,905 </FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P>Deferred income from sale of future production</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">568,772 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">667,444 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">205,115 </FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=13><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=13><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=13><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=13><P></P></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=29>
<B><FONT FACE="Arial" SIZE=1><P>Total liabilities</B></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1,324,915 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1,253,181 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">385,121 </FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=10><P></P></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=29>
<B><FONT FACE="Arial" SIZE=1><P>Minority interest</B></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">66,347 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">45,948 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">14,119 </FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=29>
<B><FONT FACE="Arial" SIZE=1><P>Shareholders' equity, net</B></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=29><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=29><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=29><P></P></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=36>
<FONT FACE="Arial" SIZE=1><P>Capital stock, net of treasury shares by S/49,659,000 in 2004 and 2005</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=36>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">596,755 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=36>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">596,755 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=36>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">183,391 </FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=35>
<FONT FACE="Arial" SIZE=1><P>Investment shares, net of treasury shares by S/66,000 in 2004 and 2005</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=35>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1,683 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=35>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1,683 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=35>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">518 </FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P>Additional paid-in capital</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">610,659 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">610,659 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">187,664 </FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P>Legal reserve</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">129,276 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">129,276 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">39,728 </FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P>Others reserves</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">923 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">923 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">284 </FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P>Retained earnings</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">734,070 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1,134,908 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">348,773 </FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=1><P>Cumulative translation loss</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(148,513)</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(158,643)</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=20>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(48,753)</FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=39>
<FONT FACE="Arial" SIZE=1><P>Cumulative unrealized gain on investments in shares carried at fair value</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=39>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">256,331 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=39>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">310,128 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=39>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">95,307 </FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P>Deferred income from sale of future production of subsidiary</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(1,051)</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(111)</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(34)</FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=29>
<B><FONT FACE="Arial" SIZE=1><P>Total shareholders' equity, net </B></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2,180,133 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2,625,578 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">806,878 </FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=29>
<B><FONT FACE="Arial" SIZE=1><P>Total liabilities and shareholders' equity, net</B></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">3,571,395 </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">3,924,707 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=29>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1,206,118 </FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=5><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=5><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=5><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=5><P></P></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=4 HEIGHT=15>
<B><FONT FACE="Arial"><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</B></FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=4 HEIGHT=17>
<FONT FACE="Arial" SIZE=4><P>Consolidated Statements of Income </FONT></TD>
</TR>
</TABLE>


<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=2 WIDTH=739>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=40><P></P></TD>
<TD WIDTH="30%" VALIGN="TOP" COLSPAN=3 HEIGHT=40>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the three-month </P>
<P ALIGN="CENTER">periods ended June 30</B></FONT></TD>
<TD WIDTH="30%" VALIGN="TOP" COLSPAN=3 HEIGHT=40>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the six-month </P>
<P ALIGN="CENTER">periods ended June 30</B></FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=5><P></P></TD>
<TD WIDTH="30%" VALIGN="TOP" COLSPAN=3 HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">_______________________________</B></FONT></TD>
<TD WIDTH="30%" VALIGN="TOP" COLSPAN=3 HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">________________________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>Operating revenues</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>Net sales</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>232,051 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>232,031 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>71,306 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>437,379 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>451,657 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>138,801 </FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>Realized income from sale of future production</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>17,939 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>23,603 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>7,254 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>32,137 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>41,681 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>12,809 </FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>Royalties income</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>25,870 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>31,053 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>9,543 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>60,298 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>63,924 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>19,645 </FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>_________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>Total revenues</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>275,860 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>286,687 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>88,103 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>529,814 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>557,262 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>171,255 </FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>_________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>_________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>Costs of operation</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>Operating costs</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>86,602 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>89,749 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>27,581 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>169,441 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>174,754 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>53,704 </FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>Exploration and development costs in operational mining sites</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>28,227 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>52,161 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>62,389 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>19,173 </FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>33,721 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>10,363 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>Amortization and depreciation</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>15,047 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>16,948 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>5,208 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>26,757 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>31,338 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>9,631 </FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>_________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>Total costs of operation</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>129,876 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>140,418 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>43,152 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>248,359 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>268,481 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>82,508 </FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>_________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>Gross margin</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>145,984 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>146,269 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>44,951 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>281,455 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>288,781 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>88,747 </FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>_________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>Operating expenses</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>Exploration costs in non-operational mining sites</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>20,746 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>21,332 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>6,556 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>31,065 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>40,791 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>12,536 </FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>General and administrative</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>17,597 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>17,937 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>5,512 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>38,619 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>39,757 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>12,218 </FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>Royalties to third parties</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>6,698 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>7,114 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>2,186 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>11,233 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>13,159 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>4,044 </FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=2>
<FONT FACE="Arial" SIZE=1><P>Amortization of mining concesions and goodwill</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=2><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=2><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=2><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=2><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=2><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=2><P></P></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>3,041 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>3,817 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>1,173 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>6,083 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>7,635 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>2,346 </FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>Selling</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>3,632 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>3,558 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>1,093 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>8,753 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>7,174 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>2,205 </FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>Royalties to Peruvian Government</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>2,138 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>658 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>3,692 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>1,135 </FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>_________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>Total operating expenses</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>51,714 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>55,896 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>17,178 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>95,753 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>112,208 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>34,484 </FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>_________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>Operating income</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>94,270 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>90,373 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>27,773 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>185,702 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>176,573 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>54,263 </FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>_________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>Other income (expenses), net</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>Share in affiliated companies, net</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>94,359 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>130,272 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>40,034 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>265,271 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>288,414 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>88,634 </FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>Dividends</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>43,892 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>13,489 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>4,780 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>43,892 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>13,489 </FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>Gain (loss) from change in the fair value of derivative instruments</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>91,474 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>(4,380)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>(1,346)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>53,574 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>11,441 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>3,516 </FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>Interest income</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>1,939 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>4,802 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>1,476 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>4,845 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>8,736 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>2,685 </FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>Loss from exposure to inflation</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>(9,428)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>(14,346)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>Exchange difference loss</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>578 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>178 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>(2,079)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>(639)</FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>Interest expenses</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>(7,107)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>(1,807)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>(555)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>(8,957)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>(2,941)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>(904)</FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>Other, net</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>(5,674)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>(3,325)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>(1,023)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>(11,560)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>(8,816)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>(2,709)</FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>_________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>Total other income, net</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>165,563 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>170,032 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>52,253 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>293,607 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>338,647 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>104,072 </FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=23>
<B><FONT FACE="Arial" SIZE=1><P>Income before workers' profit sharing, income tax, minority interest and cumulative effect of changes in accounting principle</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P>259,833 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">260,405 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P>80,026 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P>479,309 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">515,220 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P>158,335 </FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>Workers' profit sharing</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>(3,522)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">8,094 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>2,487 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>(7,401)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1,762 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>541 </FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>Income tax</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>(16,154)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">19,225 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>5,908 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>(38,811)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(11,502)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>(3,535)</FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>_________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=23>
<B><FONT FACE="Arial" SIZE=1><P>Income before minority interest and cumulative effect of changes in accounting principle</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P>240,157 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">287,724 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P>88,421 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P>433,097 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">505,480 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P>155,341 </FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>Minority interest</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>(10,520)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(8,546)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>(2,626)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>(26,404)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(19,838)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>(6,096)</FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>Income before cumulative effect of changes in accounting principle</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>229,637 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">279,178 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>85,795 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>406,693 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">485,642 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>149,245 </FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>Cumulative effect of changes in accounting principle</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(10,416)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>(3,201)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(10,416)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>(3,201)</FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=1><P>Net income </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial" SIZE=1><P>229,637 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">268,762 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial" SIZE=1><P>82,594 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial" SIZE=1><P>406,693 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">475,226 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial" SIZE=1><P>146,044 </FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><U><FONT FACE="Arial" SIZE=1><P>__________</B></U></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><U><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________</B></U></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><U><FONT FACE="Arial" SIZE=1><P>__________</B></U></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><U><FONT FACE="Arial" SIZE=1><P>__________</B></U></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><U><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________</B></U></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><U><FONT FACE="Arial" SIZE=1><P>__________</B></U></FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=35>
<B><FONT FACE="Arial" SIZE=1><P>Basic and diluted earnings per share, before cumulative effect of changes in accounting principle, stated in Peruvian Nuevos Soles and U.S. dollars</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=35>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1.80 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=35>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2.19 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=35>
<FONT FACE="Arial" SIZE=1><P>0.67 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=35>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">3.20 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=35>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">3.82 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=35>
<FONT FACE="Arial" SIZE=1><P>1.17 </FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>Cumulative effect of changes in accounting principle</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(0.08)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>(0.02)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(0.08)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>(0.02)</FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><FONT FACE="Arial" SIZE=1><P>__________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=23>
<B><FONT FACE="Arial" SIZE=1><P>Basic and diluted earnings per share, stated in Peruvian Nuevos Soles and U.S. dollars</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1.80 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2.11 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P>0.65 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">3.20 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">3.74 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=23>
<FONT FACE="Arial" SIZE=1><P>1.15 </FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><U><FONT FACE="Arial" SIZE=1><P>__________</B></U></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><U><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________</B></U></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><U><FONT FACE="Arial" SIZE=1><P>__________</B></U></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><U><FONT FACE="Arial" SIZE=1><P>__________</B></U></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><U><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________</B></U></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><U><FONT FACE="Arial" SIZE=1><P>__________</B></U></FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>Weighted average number of shares outstanding</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>127,236,219</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">127,236,219</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>127,236,219</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>127,236,219</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">127,236,219</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<FONT FACE="Arial" SIZE=1><P>127,236,219</FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><U><FONT FACE="Arial" SIZE=1><P>__________</B></U></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><U><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________</B></U></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><U><FONT FACE="Arial" SIZE=1><P>__________</B></U></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><U><FONT FACE="Arial" SIZE=1><P>__________</B></U></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><U><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________</B></U></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
<B><U><FONT FACE="Arial" SIZE=1><P>__________</B></U></FONT></TD>
</TR>
</TABLE>


<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=2 WIDTH=680>
<TR><TD VALIGN="TOP" COLSPAN=7 HEIGHT=13>
<B><FONT FACE="Arial"><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</B></FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=7 HEIGHT=12><P></P></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=7 HEIGHT=15>
<FONT FACE="Arial" SIZE=4><P>Consolidated Statements of Cash Flows </FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=43><P></P></TD>
<TD WIDTH="27%" VALIGN="TOP" COLSPAN=3 HEIGHT=43>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the three-month </P>
<P ALIGN="CENTER">periods ended June 30</B></FONT></TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3 HEIGHT=43>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the six-month </P>
<P ALIGN="CENTER">periods ended June 30</B></FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=5><P></P></TD>
<TD WIDTH="27%" VALIGN="TOP" COLSPAN=3 HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">__________________________</B></FONT></TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3 HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">__________________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=12><P></P></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=21>
<B><FONT FACE="Arial" SIZE=1><P>Operating activities</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=21><P></P></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>Collection from customers</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>203,693 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>191,905 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>58,975 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>424,146 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>437,709 </FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>134,514 </FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>Collection of dividends</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>91,760 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>86,503 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>26,584 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>189,035 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>129,180 </FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>39,699 </FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>Collection of royalties</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>35,609 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>34,255 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>10,527 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>64,290 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>70,505 </FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>21,667 </FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>Collection of interest</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>795 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>4,222 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>1,297 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>3,701 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>7,883 </FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>2,423 </FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>Payments to suppliers and third parties</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(108,171)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(112,642)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(34,616)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(199,389)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(220,666)</FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(67,814)</FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>Payments to employees</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(28,262)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(42,725)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(13,130)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(61,676)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(84,702)</FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(26,030)</FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>Payments of exploration expenditures</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(34,752)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(45,478)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(13,976)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(64,506)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(87,296)</FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(26,827)</FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>Payments of income tax</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(11,299)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(32,237)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(9,907)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(26,087)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(45,844)</FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(14,089)</FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>Payments of royalties</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(7,921)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(15,782)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(4,850)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(13,743)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(22,021)</FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(6,767)</FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>Payments of interest</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(1,941)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(1,807)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(556)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(3,488)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(2,941)</FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(904)</FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P>Net cash provided by operating activities</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P>139,511 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P>312,283 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P>181,807 </FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P>55,872 </FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P>66,214 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P>20,348 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=12><P></P></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=12><P></P></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P>Investing activities</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=12><P></P></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>Decrease (increase) of investment fund</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(34,735)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>4,053 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>1,246 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(34,735)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>38,869 </FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>11,945 </FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=3>
<FONT FACE="Arial" SIZE=1><P>Decrease on time deposits in local currency</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=3>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=3><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=3><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=3>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=3>
<FONT FACE="Arial" SIZE=1><P>13,860 </FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=3>
<FONT FACE="Arial" SIZE=1><P>4,259 </FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>6,930 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>2,130 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=25><P></P></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>Proceeds from sale of plant and equipment</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>144 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>1,372 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>422 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>1,063 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>1,372 </FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>422 </FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=3>
<FONT FACE="Arial" SIZE=1><P>Payments by purchase of investments in shares</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=3>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=3><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=3><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=3>
<FONT FACE="Arial" SIZE=1><P>(1,263)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=3>
<FONT FACE="Arial" SIZE=1><P>(504,040)</FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=3>
<FONT FACE="Arial" SIZE=1><P>(154,899)</FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(504,040)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(154,899)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=25><P></P></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>Development expenditures</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(20,949)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(14,992)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(4,607)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(30,879)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(25,090)</FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(7,710)</FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>Purchase of Property, plant and equipment</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(21,246)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(13,519)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(4,155)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(36,368)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(21,574)</FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(6,630)</FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=3>
<FONT FACE="Arial" SIZE=1><P>Payments from derivative instruments settled, net</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=3>
<FONT FACE="Arial" SIZE=1><P>(6,518)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=3><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=3><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=3>
<FONT FACE="Arial" SIZE=1><P>(53,146)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=3>
<FONT FACE="Arial" SIZE=1><P>(13,207)</FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=3>
<FONT FACE="Arial" SIZE=1><P>(4,059)</FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(5,907)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(1,815)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=25><P></P></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=7>
<FONT FACE="Arial" SIZE=1><P>Proceeds from sale of investments in shares</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=7>
<FONT FACE="Arial" SIZE=1><P>330 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=7>
<FONT FACE="Arial" SIZE=1><P>330 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=7>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=7>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=25><P></P></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>Increase of account receivable from Afiliates</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(2,616)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(5,320)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P>Net cash provided used in investing activities</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P>(85,590)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P>(160,318)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P>(509,810)</FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P>(156,672)</FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P>(526,103)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P>(161,678)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=12><P></P></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________</B></FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________</B></FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P>Net cash used in financing activities</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P>(87,239)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P>(101,386)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P>(44,976)</FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P>(13,822)</FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P>(31,004)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P>(9,528)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=12><P></P></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>Net increase (decrease) in cash during the period</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(33,318)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(490,893)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(150,858)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>50,579 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(372,979)</FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>(114,622)</FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>Cash at beginning of period</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>482,466 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>708,521 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>217,738 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>398,569 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>590,607 </FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>181,502 </FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=12><P></P></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P>Cash at period-end</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P>449,148 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P>217,628 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P>66,880 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P>449,148 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P>217,628 </FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P>66,880 </FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><U><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________</B></U></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><U><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________</B></U></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><U><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________</B></U></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><U><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________</B></U></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><U><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________</B></U></FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=12>
<B><U><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________</B></U></FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=12><P></P></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=12><P></P></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=12><P></P></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=38><P></P></TD>
<TD WIDTH="27%" VALIGN="TOP" COLSPAN=3 HEIGHT=38>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the three-month </P>
<P ALIGN="CENTER">periods ended June 30</B></FONT></TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3 HEIGHT=38>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the six-month </P>
<P ALIGN="CENTER">periods ended June 30</B></FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=5><P></P></TD>
<TD WIDTH="27%" VALIGN="TOP" COLSPAN=3 HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">_________________________</B></FONT></TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3 HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">_________________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=12><P></P></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4 HEIGHT=28>
<B><FONT FACE="Arial" SIZE=1><P>Reconciliation of net income to net cash provided by operating activities</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=28><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=28><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=28><P></P></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>Net income</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>229,637 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>268,762 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>82,594 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>406,693 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>475,226 </FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>146,044 </FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=1><P>Add (deduct)</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>Amortization and depreciation</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>14,041 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>16,933 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>5,204 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>26,187 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>31,869 </FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>9,794 </FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>Minority interest</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>10,520 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>8,546 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>2,626 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>26,404 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>19,838 </FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>6,096 </FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>Amortization of development costs in operating mining unit</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>15,043 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>9,590 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>2,947 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>19,329 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>15,586 </FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>4,790 </FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>Cumulative effect of changes in accounting principle</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">- </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">10,416 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">3,201 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">- </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">10,416 </FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">3,201 </FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>Amortization of mining concessions and goodwill</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>3,041 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>3,817 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>1,173 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>6,083 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>7,635 </FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>2,346 </FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>Write-off of development costs </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>- </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>2,382 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>732 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">- </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>2,382 </FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>732 </FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>Exchange difference loss (gain)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>- </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(578)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(178)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">- </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>2,079 </FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>639 </FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>Accretion Expenses</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>1,884 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>974 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>300 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>2,890 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>1,948 </FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>599 </FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>Net cost of retired plant and equipment</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>182 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>209 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>64 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>182 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>641 </FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>197 </FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>Loss (gain) from change in the fair value of investment fund</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>5,165 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(1,687)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(518)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>5,468 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(1,578)</FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(485)</FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>Loss (gain) from change in the fair value of derivative instruments</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(91,474)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>4,380 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>1,346 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(53,574)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(11,441)</FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(3,516)</FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>Income from sale of future production</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(17,939)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(23,603)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(7,254)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(32,137)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(41,681)</FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(12,809)</FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>Gain (loss) for deferred income tax and workers' profit sharing expenses</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>6,290 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>16,411 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(45,443)</FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(13,966)</FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(52,183)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(16,037)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>Share in affiliated companies, net of dividends received</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(2,598)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(81,106)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(203,126)</FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(62,423)</FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(87,661)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(26,939)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>Loss from exposure to inflation</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>9,428 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">- </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">- </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">14,346 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">- </FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">- </FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>Income from sale of investments in shares</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(51)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">- </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">- </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">(51)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">- </FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">- </FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>Others</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>- </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(6,286)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(1,932)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">- </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">- </FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">- </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP" COLSPAN=2 HEIGHT=22>
<B><FONT FACE="Arial" SIZE=1><P>Net changes in assets and liabilities accounts</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP" COLSPAN=2 HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>Decrease (increase) of operating assets -</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>Trade and other accounts receivable</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(26,909)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(42,261)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(12,987)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(6,285)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(7,695)</FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(2,365)</FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>Inventories</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>1,674 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(6,070)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(1,865)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(1,996)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(8,514)</FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(2,616)</FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>Prepaid tax and expenses</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(4,711)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(37,332)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(11,473)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(13,537)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(68,146)</FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(20,942)</FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>Increase of operating liabilities -</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>Trade accounts payable and other liabilities</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(13,712)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(2,134)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(656)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>(23,024)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>1,811 </FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>556 </FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=1><P>________ </B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=1><P>________ </B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=1><P>________ </B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=1><P>________ </B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=1><P>________ </B></FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=1><P>________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=1><P>Net cash provided by operating activities</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>139,511 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>66,214 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>20,348 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>312,283 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>181,807 </FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>55,872 </FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=12><P></P></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=12><P></P></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP" COLSPAN=2 HEIGHT=12>
<B><FONT FACE="Arial" SIZE=1><P>Transaction that do not affect cash flows</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=12><P></P></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP" COLSPAN=2 HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P>Tranfer from derivative instruments liabilitie to </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=12><P></P></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P>deferred income from sale of future production</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">- </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">172,540 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">53,024 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">- </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">172,540 </FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">53,024 </FONT></TD>
</TR>
<TR><TD WIDTH="23%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P>________ </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P>________ </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P>________ </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P>________ </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P>________ </FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P>________ </FONT></TD>
</TR>
</TABLE>

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

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

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

<P>Date: July 21, 2005</P>
</FONT><B><FONT FACE="Tahoma" SIZE=1></B></FONT></BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
