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<SEC-DOCUMENT>0001013131-05-000017.txt : 20051027
<SEC-HEADER>0001013131-05-000017.hdr.sgml : 20051027
<ACCEPTANCE-DATETIME>20051027124927
ACCESSION NUMBER:		0001013131-05-000017
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20051027
FILED AS OF DATE:		20051027
DATE AS OF CHANGE:		20051027

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:		051159356

	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>bvnpr0905.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>IMMEDIATE RELEASE</TITLE>
</HEAD>
<BODY>

<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 October 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 October 26, 2005, announcing the Company's Third Quarter and cumulative 2005 results</P>
</FONT><B><FONT FACE="Tahoma"><P ALIGN="RIGHT">&nbsp;</P>
<P ALIGN="RIGHT">IMMEDIATE RELEASE</P>
</FONT><FONT FACE="Tahoma" SIZE=4 COLOR="#808000"><P ALIGN="JUSTIFY">Compa&ntilde;&iacute;a de Minas Buenaventura Announces</P>
<P ALIGN="CENTER">Third Quarter 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, October 26, 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 third quarter and first nine-months of 2005. All figures have been prepared in Peruvian GAAP and are stated in current Peruvian Nuevos Soles (S/.) as of September 30, 2005 for year 2005. For the convenience of the reader, figures are stated in U.S. dollars (US$) at a rate of S/.3.345 per US$1.00 for 3Q05 and S/.3.342 per US$1.00 for 3Q04.</P>
<B><P ALIGN="JUSTIFY">Comments from the Chief Executive Officer:</P>
</B><P ALIGN="JUSTIFY">Mr. Roque Benavides, Chief Executive Officer of Buenaventura stated: "All our operations, including Yanacocha, have had an excellent quarter.</P>
<P ALIGN="JUSTIFY">This quarter, Buenaventura's net income was US$40.7 million, or US$0.32 per ADS, including the effect of derivative instruments and non recurring expenses of US$14.9 million. Without considering this effect, net income in 3Q05 was US$55.6 million or US$0.44 per ADS, which represents an increase of 29% when compared with 3Q04.</P>
<P ALIGN="JUSTIFY">Operating income this quarter was US$19.8 million, 11% higher than in the figure recorded in 3Q04, while total EBITDA was US$114.2 million, which represented a 21% increase when compared to 3Q04. EBITDA from Buenaventura's direct operations was US$22.9 million, 26% higher than in 3Q04. </P>
<P ALIGN="JUSTIFY">These results were mainly driven by higher volumes of gold and silver sold." </P>
<B><P ALIGN="JUSTIFY">Financial Highlights (in millions of US$, except EPS figures):</P></B></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=475>
<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">3Q05</B></FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=33>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">3Q04</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=33>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Var%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=33>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">9M05</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=33>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">9M04</B></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=33>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">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">80.1</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">74.4</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=28>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">8%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">246.7</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">232.5</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=28>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">6%</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">19.8</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">17.9</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">11%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">72.6</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">73.2</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-1%</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">22.9</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">18.1</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">26%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">73.5</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">62.4</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">18%</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">114.2</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=29>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">94.2</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=29>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">21%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=29>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">335.1</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=29>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">286.8</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=29>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">17%</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">40.7</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">28.8</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=34>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">41%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">182.8</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">150.5</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=34>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">21%</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">0.32</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.23</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">41%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">1.44</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">1.18</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">21%</B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Net Income Adjusted</B></FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">55.6</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">43.0</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">29%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">190.3</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">133.4</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">43%</B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">EPS Adjusted</B></FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.44</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.34</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">29%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">1.50</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">1.05</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">43%</B></FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P ALIGN="JUSTIFY">&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
</FONT><B><FONT SIZE=4><P>Operating Revenue</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">In 3Q05, net sales were S/.209.8 million or US$62.7 million, a 5% increase when compared with the S/.200.2 million obtained in 3Q04 (US$59.9 million). Royalty income in 3Q05 was US$10.4 million, an 8% increase when compared to the US$9.6 million reported in 3Q04 due to higher sales at Yanacocha.</P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=2 CELLPADDING=4 WIDTH=646>
<TR><TD WIDTH="24%" VALIGN="MIDDLE" HEIGHT=19>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Operating Highlights</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">3Q05</B></FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">3Q04</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Var%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">9M05</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">9M04</B></FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Var%</B></FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="MIDDLE" HEIGHT=39>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Net Sales </P>
<P ALIGN="CENTER">(in millions of US$)</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=39>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">62.7</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=39>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">59.9</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=39>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">5%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=39>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">197.8</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=39>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">190.8</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=39>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">4%</B></FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="MIDDLE" HEIGHT=37>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Average Realized Price Gold (US$/oz) Direct Operations</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=37>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">354</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=37>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">365</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=37>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-3%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=37>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">364</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=37>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">365</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=37>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0%</B></FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Average Realized Price Gold (US$/oz) inc. Yanacocha</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">422</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">394</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">7%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">417</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">396</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">5%</B></FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Average Realized Price Silver (US$/oz)</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">7.07</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">6.43</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">10%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">7.05</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">6.32</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">12%</B></FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Average Realized Price Lead (US$/TM)</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">899</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">922</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-2%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">934</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">876</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">7%</B></FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Average Realized Price Zinc (US$/TM)</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">1,200</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">997</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">20%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">1,232</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">1,015</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">21%</B></FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<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=29><P></P></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=29>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">3Q05</B></FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=29>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">3Q04</B></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=29>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Var%</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=29>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">9M05</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=29>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">9M04</B></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=29>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Var%</B></FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=37>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Gold (in oz) Direct Operations</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=37>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">81,371</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=37>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">74,295</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=37>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">10%</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=37>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">258,610</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=37>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">228,181</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=37>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">13%</B></FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=37>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Gold (in oz) including Yanacocha</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=37>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">417,308</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=37>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">411,936</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=37>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">1%</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=37>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">1,247,126</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=37>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">1,184,464</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=37>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">5%</B></FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=24>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Silver (in oz)</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=24>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">3,717,667</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=24>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">3,326,850</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=24>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">12%</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=24>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">10,498,423</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=24>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">10,732,379</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=24>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-2%</B></FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Lead (in MT)</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">7,283</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">7,545</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=23>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-3%</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">21,182</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">22,017</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=23>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-4%</B></FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Zinc (in MT)</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">13,636</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">13,679</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0%</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">37,349</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">39,540</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-6%</B></FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Accumulated net sales for the first nine-months of 2005 were US$197.8 million, a 4% increase compared to the same period of 2004 (US$190.8 million). Royalty income for the first nine-months of 2005 was US$29.5 million, a 7% increase when compared to US$27.6 million in 3Q04.</P>
</FONT><B><FONT FACE="Tahoma"><P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><FONT SIZE=4><P>Production and Operating Costs</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Buenaventura's equity production during 3Q05 was 92,065 ounces of gold, 6% higher than the 86,909 ounces reported in 3Q04, and 3,410,860 ounces of silver, a 4% increase when compared to the 3,269,449 ounces obtained in 3Q04.</P>
<P ALIGN="JUSTIFY">Equity production<SUP>1</SUP> for the accumulated nine-month period was 268,831 ounces of gold and 10,004,054 ounces of silver. This represented an increase of 12% in gold production and a 5% increase in silver production compared to 3Q04 figures.</P>
<P ALIGN="JUSTIFY">&nbsp;</P></FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=570>
<TR><TD VALIGN="MIDDLE" COLSPAN=7 BGCOLOR="#808000" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Equity Production<SUP>1</B></SUP></FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=18><P></P></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">3Q05</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">3Q04</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">9M05</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">9M04</B></FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Var%</B></FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P>Gold (in oz)</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">92,065</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">86,909</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">6%</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">268,831</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">239,998</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">12%</B></FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P>Silver (in oz)</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">3,410,860</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">3,269,449</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">4%</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">10,004,054</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">9,490,382</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">5%</B></FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P>Lead (in MT)</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">4,173</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">4,053</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">3%</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">12,134</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">11,690</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><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="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">6,206</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">6,683</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-7%</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">18,032</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">19,046</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-5%</B></FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">At <B>Orcopampa</B> <B>(100%)</B>, total gold production in 3Q05 was 60,133 ounces, a 7% increase when compared to 56,447 ounces in 3Q04 due to higher ore milled (Appendix 2). For the first nine-months of 2005, total gold production was 174,233 ounces, a 14% increase when compared to the first nine-months of 2004 (153,327 ounces).</P>
<P ALIGN="JUSTIFY">Cash operating costs increased 8%, from US$124/oz in 3Q04 to US$134/oz in 3Q05, best explained by an increase in energy consumption, and royalties paid to the government. </P>
<P ALIGN="JUSTIFY">Total royalties paid to the government at Orcopampa in </FONT><FONT FACE="Tahoma" SIZE=2 COLOR="#000080">3</FONT><FONT FACE="Tahoma" SIZE=2>Q05 were US$382,200.</P>
<P ALIGN="JUSTIFY">At <B>Uchucchacua</B> <B>(100%)</B>, total silver production in 3Q05 was 2,628,731 ounces, a 4% increase when compared to 2,528,649 ounces in 3Q04. For the first nine-months of 2005, total silver production was 7,700,196 ounces, a 5% increase when compared to the first nine-months of 2004 (7,351,859 ounces).</P>
<P ALIGN="JUSTIFY">Cash operating cost in 3Q05 decreased 14% from $2.97/oz in 3Q04 to US$2.54/oz. Higher by-product credit contributions and a lower impact of deductions and sales expenses best explain this decrease.</P>
<P ALIGN="JUSTIFY">Total royalties paid to the government at Uchucchacua in 3Q05 were US$356,400.</P>
<P ALIGN="JUSTIFY">At <B>Antapite (78.04%)</B>, total production during 3Q05 was 26,065 ounces of gold, a 5% increase when compared to 24,935 ounces in 3Q04 (Appendix 2). For the first nine-months of 2005, total gold production was 78,145 ounces, a 9% increase when compared to 71,463 ounces in 2004. </P>
<P ALIGN="JUSTIFY">Gold cash operating cost in 3Q05 was US$216/oz, a 20% increase when compared to US$180/oz in 3Q04. This was due to an increase of 22% in exploration and development costs. Diamond drilling works increased 52% from an average of 1,316m in 3Q04 to 1,998m in 3Q05.</P>
<P ALIGN="JUSTIFY">Total royalties paid to the government at Antapite in 3Q05 were US$107,600.</P>
<P ALIGN="JUSTIFY">At <B>Colquijirca (34.29%)</B>, total zinc production was 14,540 MT in 3Q05, a 3% decrease when compared to 15,020 MT in 3Q04. Total silver production during 3Q05 was 1,073,779 ounces, a 18% increase when compared to the 906,491 ounces in 3Q04. </P>
<P ALIGN="JUSTIFY">For the first nine-months of 2005, total zinc production was 41,003 MT, a 5% decrease when compared to 2004 production (43,141 MT). In the case of silver, total production increased 15%, from 2,456,251 ounces in the first nine-months of 2004 to 2,829,531 in the comparable period of 2005.</P>
<P ALIGN="JUSTIFY">Zinc cash operating costs increased 10% from US$709 per MT in 3Q04 to US$777 per MT in 3Q05. This was due to higher plant reagent consumption and higher milling and grinding supplies costs.</P>
<P ALIGN="JUSTIFY">Total royalties paid to the government at Colquijirca in 3Q05 were US$158,200.</P>
</FONT><B><FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><FONT SIZE=4><P>Operating Expenses</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">General and administrative expenses for 3Q05 were S/.33.7 million or US$10.1 million, a 82% increase compared to S/.18.5 million in 3Q04 (US$5.5 million). This increase was mainly due to a S/.14.4 million, or US$4.3 million, provision for the Company's long-term compensation (10 year program) and does not represent any cash disbursement. Accumulated general and administrative expenses for the nine-month period were US$22.0 million, a 29% increase when compared to US$17.1 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 3Q05 were S/.22.4 million or US$6.7 million a 41% decrease compared to S/.33.7 million in 3Q04 (US$11.3 million). This decrease was mainly due to an extraordinary exploration expense in the La Zanja project reported in 3Q04. </P>
</FONT><B><FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><FONT SIZE=4><P>Operating Income</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Operating income in 3Q05 was S/.66.4 million or US$19.8 million an 11% increase compared to S/.60.0 million in 3Q04 (US$17.9 million) due to a higher operating revenue offsetting the increase in the cost of operations and operating expenses.</P>
<P ALIGN="JUSTIFY">For the first nine-months period of 2005, operating income was US$72.6 million in-line with the US$73.2 million reported in the comparable period of 2004.</P>
</FONT><FONT FACE="Arial Narrow" SIZE=1><P>&nbsp;</P>
</FONT><B><FONT SIZE=4><P>Income and Dividends from Non-Consolidates Affiliates</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Buenaventura's income from non-consolidated affiliates, mainly attributed to the participation in Yanacocha, was S/.156.4 million or US$46.8 million during 3Q05, an increase of 29% when compared to the S/.120.8 million (US$36.2 million) reported in 3Q04. For the first nine-month period, income from non-consolidated affiliates was US$133.0 million, an increase of 15% when compared to US$115.5 million reported in the first nine-months of 2004.</P>
<P ALIGN="JUSTIFY"><A NAME="OLE_LINK1">At Yanacocha (43.65%), 3Q05 gold production was 763,615 ounces of gold, an increase of 1% when compared to 3Q04 production (754,473 ounces). Gold production for the first nine-months of 2005 was 2,268,717 ounces, an increase of 5% when compared to 2,170,024 ounces in the same period of 2004.</P>
<P ALIGN="JUSTIFY">Gold cash cost at Yanacocha during 3Q05 was US$148/oz, which represented a 1% decrease when compared with a gold cash cost of US$150/oz in 3Q04. </P>
<P ALIGN="JUSTIFY">Net income at Yanacocha during 3Q05, was US$114.4 million, a 37% increase when compared to 3Q04 figures (US$83.4 million) due to higher sales and lower cash operating costs. For the first nine-months of 2005, net income was US$320.7 million, an increase of 24% when compared to the US$257.7 million reported in 2004.</P>
<P ALIGN="JUSTIFY">In 3Q05, EBITDA was US$209.1 million, an increase of 20% compared to 3Q04 (US$174.2 million). This increase was due to the higher realized gold price increasing from US$401/oz in 3Q04 to US$439/oz in 3Q05. For the accumulated nine-month period of 2005, EBITDA was US$599.2 million, an increase of 17% when compared to the US$514.1 million reported in the comparable period of 2004.</A></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><B><FONT SIZE=4><P>Net Income</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">This quarter, Buenaventura's net income was S/.136.2 million or US$40.7 million, representing US$0.32 per ADS, a 41% increase compared to 3Q04. This figure includes a loss of US$10.6 million, from <I>"change in the fair value of derivative instruments"</I> (in accordance with IAS39 for derivative instruments) and a US$4.3 million non recurring provision for Company's Long Term Compensation (10 year program). Without considering those effects, net income for the quarter was US$55.6 million, or US$0.44 per ADS. </P>
<P ALIGN="JUSTIFY">For the first nine-month period of 2005 net income was US$182.8 million, an increase of 22% when compared to US$150.5 million in 2004.</P>
</FONT><B><FONT SIZE=4><P ALIGN="JUSTIFY">Hedging Operations</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">During 3Q05, the Company reported an accrued net loss in derivative instruments of S/.6.0 million, or US$1.8 million that was paid on October 3, 2005 as a result of the execution of 15,000 ounces of gold and 479,216 ounces of silver.</P>
<P ALIGN="JUSTIFY">The total hedge book mark-to-market value up to the year 2012 was a negative US$359.0 million. The mark-to-market value of derivative instruments as of September 30, 2005 was a negative US$51.7 million, while the mark-to-market value of physical delivery contracts figure was a negative US$307.3 million.</P>
</FONT><B><FONT SIZE=4><P ALIGN="JUSTIFY">Project Development</P>
</FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">UCHUCCHACUA</P>

<UL>
</B><P ALIGN="JUSTIFY"><LI>Regarding the construction of the cyanidation plant, the project is 65% completed, while detailed engineering is 94% completed. The plant is expected to be completed during the first quarter of 2006 with an estimated total investment of US$8.8 million.</LI></P></UL>

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

<UL>
</B><P ALIGN="JUSTIFY"><LI>At the end of this quarter, the advance of the main decline was 842m (35.6%), and the exploration decline was 350m (77.2%). We expect to place diamond drilling equipment by 1Q06. Total investment was US$2.95 million for the period. </LI></P></UL>

</FONT><B><FONT SIZE=4><P ALIGN="JUSTIFY">Board Resolutions</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">At the Board of Director's meeting, held October 26, 2005, the Board passed the following resolutions:</P>
<OL>

<P ALIGN="JUSTIFY"><LI>Approval of the financial statements ended September 30, 2005.</LI></P>
<P ALIGN="JUSTIFY"><LI>Declaration of a cash dividend of US$0.18 per share or ADS, equivalent to S/.0.610 at today's exchange rate of S/.3.39 per 1 US$, to be paid in U.S. currency on November 28, 2005 to shareholders of record on November 16, 2005, who purchase shares until November 11, 2005.</LI></P></OL>

<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=576>
<TR><TD VALIGN="TOP" COLSPAN=5 BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Equity Participation in </P>
<P ALIGN="CENTER">Affiliates and Subsidiaries</B></FONT></TD>
</TR>
<TR><TD WIDTH="1%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="14%" 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="1%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" 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="1%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Minera Yanacocha</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" 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="1%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Sociedad Minera El Brocal*</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">34.29</FONT></TD>
<TD WIDTH="49%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Colquijirca</FONT></TD>
</TR>
<TR><TD WIDTH="1%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Inversiones Mineras Del Sur*</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" 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="1%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Sociedad Minera Cerro Verde</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">18.24</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="1%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Cedimin*</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" 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="1%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Minera Minasnioc*</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" 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="1%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Minera La Zanja *</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" 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="1%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Buenaventura Ingenieros*</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" 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="1%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Consorcio Energetico de Huancavelica*</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">100.00</FONT></TD>
<TD WIDTH="49%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-</FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="RIGHT">*Consolidates</P>
<P ALIGN="RIGHT">&nbsp;</P>
<P>Appendix 2. </P>
</FONT><FONT FACE="Arial" SIZE=1><P>BVN PRODUCTION SUMMARY</P></B></FONT>
<TABLE BORDER CELLSPACING=2 CELLPADDING=4 WIDTH=670>
<TR><TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="84%" VALIGN="BOTTOM" COLSPAN=12 BGCOLOR="#808000" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">GOLD PRODUCTION</B></FONT></TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="40%" VALIGN="BOTTOM" COLSPAN=6 BGCOLOR="#808000" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Three Months Ended September 30</B></FONT></TD>
<TD WIDTH="44%" VALIGN="BOTTOM" COLSPAN=6 BGCOLOR="#808000" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Nine Months Ended September 30</B></FONT></TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="21%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Orcopampa</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Antapite</B></FONT></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Orcopampa</B></FONT></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Antapite</B></FONT></TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</B></FONT></TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Ore Milled DST</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">117,434</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">112,271</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">4.6</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">45,305</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">45,172</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">0.3</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">345,056</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">319,657</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">7.9</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">134,767</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">134,899</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-0.1</B></FONT></TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Ore Grade OZ/ST</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">0.54</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">0.53</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">0.8</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">0.60</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">0.58</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">3.0</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">0.53</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">0.51</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">4.5</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">0.61</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">0.56</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">7.6</B></FONT></TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Recovery Rate %</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">95.4%</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">94.5%</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">0.9</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">96.1%</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">94.9%</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1.2</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">95.4%</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">93.2%</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2.3</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">95.8%</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">94.1%</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1.7</B></FONT></TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P>Ounces Produced</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">60,133</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">56,446</B></FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.5</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">26,065</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">24,935</B></FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">4.5</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">174,233</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">153,327</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">13.6</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">78,145</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">71,463</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">9.4</B></FONT></TD>
</TR>
</TABLE>


<TABLE BORDER CELLSPACING=2 CELLPADDING=4 WIDTH=839>
<TR><TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="89%" VALIGN="BOTTOM" COLSPAN=12 BGCOLOR="#808000" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">SILVER PRODUCTION</B></FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="41%" VALIGN="BOTTOM" COLSPAN=6 BGCOLOR="#808000" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Three Months Ended September 30</B></FONT></TD>
<TD WIDTH="49%" VALIGN="BOTTOM" COLSPAN=6 BGCOLOR="#808000" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Nine Months Ended September 30</B></FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="20%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Uchucchacua</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Colquijirca</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Uchucchacua</B></FONT></TD>
<TD WIDTH="28%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Colquijirca</B></FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</B></FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Ore Milled DST</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">206,800</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">204,000</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1.4%</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">389,164</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">381,890</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1.9%</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">611,818</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">593,000</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">3.2%</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,123,687</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,128,390</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-0.4%</B></FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Ore Grade OZ/ST</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">17.09</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">16.84</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1.5%</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">3.97</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">3.27</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">21.2%</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">16.97</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">16.84</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">0.7%</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">3.56</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">3.12</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">14.0%</B></FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Recovery Rate %</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">74.4%</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">73.6%</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">0.8%</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">69.5%</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">72.0%</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-2.6%</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">74.2%</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">73.6%</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">0.6%</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">71.4%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">69.8%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1.5%</B></FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P>Oz Produced</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2,628,731</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2,528,649</B></FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">4.0%</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,073,779</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">906,491</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">18.5%</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">7,700,196</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">7,351,859</B></FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">4.7%</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2,829,531</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2,456,251</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">15.2%</B></FONT></TD>
</TR>
</TABLE>


<TABLE BORDER CELLSPACING=2 CELLPADDING=4 WIDTH=847>
<TR><TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="89%" VALIGN="BOTTOM" COLSPAN=12 BGCOLOR="#808000" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">ZINC PRODUCTION</B></FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="39%" VALIGN="BOTTOM" COLSPAN=6 BGCOLOR="#808000" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Three Months Ended September 30</B></FONT></TD>
<TD WIDTH="50%" VALIGN="BOTTOM" COLSPAN=6 BGCOLOR="#808000" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Nine Months Ended September 30</B></FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="21%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Uchucchacua</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Colquijirca</B></FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Uchucchacua</B></FONT></TD>
<TD WIDTH="27%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Colquijirca</B></FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</B></FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Ore Milled DST</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">206,800</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">204,000</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1.4</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">389,164</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">381,890</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1.9</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">611,818</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">593,000</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">3.2</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,123,687</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,128,390</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-0.4</B></FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Ore Grade %</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1.43%</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1.48%</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-3.4</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">5.82%</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">5.57%</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">4.4</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1.41%</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1.47%</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-3.7</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">5.85%</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">5.54%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">5.5</B></FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Recovery Rate %</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">50.4%</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">64.4%</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-13.9</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">74.8%</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">78.5%</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-3.7</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">57.3%</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">61.9%</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-4.7</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">72.6%</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">77.8%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-5.3</B></FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P>ST Produced</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,510</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,940</B></FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-22.1</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">16,027</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">16,556</B></FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-3.2</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">4,983</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">5,407</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-7.8</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">45,198</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">47,554</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-5.0</B></FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=1><P>&nbsp;</P>
<P>&nbsp;</P>
</FONT><B><FONT FACE="Tahoma" SIZE=1><P>Appendix 3. </P>
</FONT><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P>TOTAL GOLD COMMITMENTS</P></B></FONT>
<TABLE BORDER CELLSPACING=2 CELLPADDING=4 WIDTH=480>
<TR><TD VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">TOTAL GOLD COMMITMENTS</B></FONT></TD>
</TR>
<TR><TD VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">As of 10 / 01 / 05</B></FONT></TD>
</TR>
</TABLE>

<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P>As of 10 / 01 / 05</P></B></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=4 WIDTH=589>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2006</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2007</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2008</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2009</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2010</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2011</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2012</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Total</B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">285</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">131,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">368,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">383,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">390,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">376,500 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,404,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">321.99 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">317.36 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">316.91 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">314.51 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">305.05 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">289.62 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">288.59 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">285.00 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">305.40 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">290</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">131,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">368,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">383,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">390,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">376,500 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,404,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">329.53 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328.78 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">327.86 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328.15 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">317.39 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">303.08 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">302.45 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">290.00 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">317.52 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">300</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">101,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">448,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">468,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">423,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">390,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">376,500 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,654,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">339.29 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">333.33 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">332.59 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">333.53 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">324.42 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">310.77 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">310.26 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">300.00 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">324.70 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">345</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">86,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">408,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">363,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,347,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">342.02 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.94 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.60 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">342.59 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.19 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.42 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.42 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">342.60 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">350</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">86,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">408,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">363,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,347,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">342.02 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.94 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.60 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">342.59 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">347.05 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">348.75 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">348.09 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">343.80 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">385</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">86,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">408,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">363,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,347,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">342.02 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.94 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.60 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">342.59 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">360.07 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">372.08 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">366.78 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">352.21 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">420</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">101,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">408,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">363,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,362,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">348.40 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.94 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.60 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">342.59 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">371.23 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">395.42 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">394.11 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">404.00 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">363.28 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">436</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">101,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">408,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">363,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,422,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">348.40 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.94 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.60 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354.56 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">371.23 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">406.08 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">402.65 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">404.00 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">367.52 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">451</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">101,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">408,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">363,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,422,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">348.40 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.94 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.60 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354.56 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">371.23 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">406.08 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">410.66 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">404.00 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">368.69 </B></FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=1><P>&nbsp;</P></FONT>
<TABLE BORDER CELLSPACING=2 CELLPADDING=4 WIDTH=480>
<TR><TD VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">PHYSICAL GOLD DELIVERY</B></FONT></TD>
</TR>
<TR><TD VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">As of 10 / 01 / 05</B></FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=1><P>&nbsp;</P></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=4 WIDTH=594>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2006</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2007</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2008</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2009</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2010</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2011</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2012</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Total</B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">285</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">86,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">248,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">323,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,067,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">325.65 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">311.98 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">311.77 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">307.14 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">297.63 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">285.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">285.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">285.00 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">299.59 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">290</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">86,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">248,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">323,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,067,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.13 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">325.62 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">324.73 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">324.07 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">312.26 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">299.58 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">299.75 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">290.00 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">313.68 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">300</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">86,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">248,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">323,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,067,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.30 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328.54 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">327.77 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">327.70 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">318.30 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">307.92 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">308.05 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">300.00 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">319.19 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">345</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">86,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">248,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">323,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,067,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">342.02 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">342.46 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.46 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.42 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.42 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">342.54 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">350</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">86,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">248,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">323,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,067,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">342.02 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">342.46 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">347.55 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">348.75 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">348.09 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">343.91 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">385</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">86,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">248,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">323,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,067,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">342.02 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">342.46 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">362.18 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">372.08 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">366.78 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">353.46 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">420</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">86,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">248,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">323,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,067,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">342.02 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">342.46 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">374.72 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">395.42 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">394.11 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">404.00 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">365.88 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">436</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">86,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">248,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">323,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,067,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">342.02 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">342.46 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">374.72 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">406.08 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">402.65 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">404.00 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">369.19 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">451</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">86,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">248,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">323,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,067,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">342.02 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">342.46 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">374.72 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">406.08 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">410.66 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">404.00 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">370.57 </B></FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=1><P>&nbsp;</P></FONT>
<TABLE BORDER CELLSPACING=2 CELLPADDING=4 WIDTH=480>
<TR><TD WIDTH="90%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">GOLD DERIVATIVES</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P>&nbsp;</B></FONT></TD>
</TR>
<TR><TD VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">As of 10 / 01 / 05</B></FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=1><P>&nbsp;</P></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=4 WIDTH=594>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2006</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2007</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2008</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2009</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2010</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2011</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2012</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Total</B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">285</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">45,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">30,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">22,500 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">337,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">315.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">341.00 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">290</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">45,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">30,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">22,500 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">337,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">315.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">341.00 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">300</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">15,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">30,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">22,500 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">587,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.86 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.86 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.86 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">344.20 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">344.05 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">345</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">40,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">280,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">343.00 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">350</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">40,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">280,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">343.00 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">385</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Onzas</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">40,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">280,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">343.00 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">420</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Onzas</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">15,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">40,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">295,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">385.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">345.14 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">436</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Onzas</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">15,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">40,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">355,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">385.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">376.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">357.79 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">451</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Onzas</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">15,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">40,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">355,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">385.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">376.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">357.79 </B></FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=1><P>&nbsp;</P>
<P>&nbsp;</P>
</FONT><B><FONT FACE="Tahoma" SIZE=1><P>Appendix 4. </P></B></FONT>
<TABLE BORDER CELLSPACING=2 CELLPADDING=4 WIDTH=500>
<TR><TD VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">SILVER DERIVATIVES</B></FONT></TD>
</TR>
<TR><TD VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#808000" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">As of 10 / 01 / 05</B></FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=1><P>&nbsp;</P>
<P>&nbsp;</P></FONT>
<TABLE BORDER CELLSPACING=2 CELLPADDING=4 WIDTH=701>
<TR><TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=39><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#808000" HEIGHT=39>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">At US $ 4.00</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#808000" HEIGHT=39>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">At US $ 4.15</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#808000" HEIGHT=39>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">At US $ 6.20</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#808000" HEIGHT=39>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">At US $ 6.33</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#808000" HEIGHT=39>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">At US $ 6.50</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#808000" HEIGHT=39>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">At US $ 7.00</B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=27>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Year</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=27>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Ounces</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=27>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=27>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Ounces</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=27>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=27>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Ounces</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=27>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=27>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Ounces</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=27>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=27>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Ounces</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=27>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=27>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Ounces</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=27>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=38>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=38>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">75,000</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=38>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=38>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">275,000</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=38>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">5.85</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=38>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">290,000</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=38>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.14</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=38>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">332,250</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=38>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.14</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=38>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">387,500</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=38>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.14</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=38>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">550,000</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=38>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.15</FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=38>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2006</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=38>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">200,000</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=38>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=38>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">200,000</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=38>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=38>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">240,000</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=38>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=38>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">266,000</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=38>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=38>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">300,000</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=38>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=38>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">400,000</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=38>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.00</FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=32>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">275,000</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=32>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">6.00</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=32>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">475,000</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=32>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">5.92</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=32>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">530,000</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=32>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">6.08</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=32>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">598,250</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=32>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">6.08</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=32>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">687,500</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=32>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">6.08</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=32>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">950,000</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=32>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">6.08</B></FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=1><P>&nbsp;</P>
</FONT><B><FONT FACE="Tahoma" SIZE=1><P>Appendix 5. </P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=4 WIDTH=355>
<TR><TD VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</B></FONT></TD>
</TR>
<TR><TD VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
</TR>
<TR><TD VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P>Consolidated Balance Sheets</B></FONT></TD>
</TR>
<TR><TD VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=1><P>As of December 31, 2004 (audited) and September 30, 2005 (unaudited)</FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=1><P>&nbsp;</P>
<P>&nbsp;</P></FONT>
<TABLE BORDER CELLSPACING=2 CELLPADDING=4 WIDTH=663>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2,005</B></FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000) </B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000) </B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</B></FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=20><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=20><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=20><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=20><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=20><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=20><P></P></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=40>
<B><FONT FACE="Arial" SIZE=1><P>Assets</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=40>
<B><FONT FACE="Arial" SIZE=1><P>Current assets</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P>Cash and cash equivalents</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">614,862 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">271,236 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">81,087</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P>Investment funds</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">86,971 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">52,011 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">15,549</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P>Trade accounts receivable</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">97,061 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">67,360 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">20,138</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P>Other accounts receivable, net</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">12,223 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">11,505 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">3,439</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P>Accounts receivable from affiliates</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">46,078 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">43,104 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">12,886</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P>Inventories, net</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">69,353 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">87,747 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">26,232</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P>Current portion of prepaid tax and expenses</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">40,471 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">37,925 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">11,338</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=11><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=11>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">&nbsp;</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=11><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=11>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">&nbsp;</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=11><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=11>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=40>
<B><FONT FACE="Arial" SIZE=1><P>Total current assets</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">967,019 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">570,888 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">170,669</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P>Long - term other accounts receivable</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">4,574 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">5,081 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,519</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P>Prepaid tax and expenses</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">14,059 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">15,874 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">4,746</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P>Investments in shares</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,531,372 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2,641,186 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">789,592</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P>Mining rights, property, plant and equipment, net</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">452,214 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">436,096 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">130,372</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P>Development costs, net</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">143,258 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">160,602 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">48,013</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P>Deferred stripping costs</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">56,056 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">- </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">0</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P>Mineral concessions and goodwill, net</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">157,544 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">141,079 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">42,176</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P>Deferred income tax and workers' profit sharing asset, net</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">245,299 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">310,033 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">92,686</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">&nbsp;</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">&nbsp;</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=40>
<B><FONT FACE="Arial" SIZE=1><P>Total assets</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">3,571,395 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">4,280,839 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,279,773</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">&nbsp;</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">&nbsp;</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P>Consolidated Balance Sheets (Continue)</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>As of December 31, 2004 (audited) and September 30, 2005 (unaudited)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2,005</B></FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000) </B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000) </B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</B></FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=20><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=20><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=20><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=20><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=20><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=20><P></P></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=36>
<B><FONT FACE="Arial" SIZE=1><P>Liabilities and shareholders' equity, net</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=36>
<B><FONT FACE="Arial" SIZE=1><P>Current liabilitie</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P>Bank loans</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">13,150 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">31,443 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">9,400</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P>Trade accounts payable</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">61,188 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">40,734 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">12,178</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P>Other current liabilities</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">142,696 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">139,892 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">41,821</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P>Derivative instruments</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">70,927 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">47,028 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">14,059</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P>Current portion of long-term debt</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">36,332 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">8,191 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2,449</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P>Deferred income from sale of future production</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">74,937 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">107,779 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">32,221</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">&nbsp;</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">&nbsp;</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=36>
<B><FONT FACE="Arial" SIZE=1><P>Total current liabilities</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=36>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">399,230 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=36>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">375,067 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=36>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">112,128</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P>Long-term other liabilities </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">74,030 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">82,301 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">24,605</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P>Derivative instruments</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">267,852 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">125,832 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">37,618</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P>Long-term debt</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">15,031 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">8,819 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2,636</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P>Deferred income from sale of future production</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">568,772 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">640,561 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">191,498</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">&nbsp;</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">&nbsp;</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=36>
<B><FONT FACE="Arial" SIZE=1><P>Total liabilities</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=36>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,324,915 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=36>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,232,580 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=36>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">368,485</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP" HEIGHT=13><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=13>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">&nbsp;</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=13><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=13>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">&nbsp;</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=13><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=13>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=36>
<B><FONT FACE="Arial" SIZE=1><P>Minority interest</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=36>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">66,347 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=36>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">49,527 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=36>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">14,806</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">&nbsp;</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">&nbsp;</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=36>
<B><FONT FACE="Arial" SIZE=1><P>Shareholders' equity, net</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=45>
<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="11%" VALIGN="BOTTOM" HEIGHT=45>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">596,755 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=45><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=45>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">596,755 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=45><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=45>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">178,402</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=43>
<FONT FACE="Arial" SIZE=1><P>Investment shares, net of treasury shares by S/66,000 in 2004 and S/127,000 in 2005</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=43>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,683 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=43><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=43>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,622 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=43><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=43>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">485</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P>Additional paid-in capital</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">610,659 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">609,734 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">182,282</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P>Legal reserve</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">129,276 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">128,890 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">38,532</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P>Others reserves</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">923 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,309 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">391</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P>Retained earnings</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">734,059 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,271,095 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">379,999</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P>Cumulative translation loss</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">(148,513)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">(118,701)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-35,486</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=48>
<FONT FACE="Arial" SIZE=1><P>Cumulative unrealized gain on investments in shares carried at fair value</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=48>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">256,331 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=48><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=48>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">508,028 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=48><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=48>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">151,877</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P>Deferred income from sale of future production of subsidiary</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">(1,040)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">- </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">0</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">&nbsp;</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">&nbsp;</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=36>
<B><FONT FACE="Arial" SIZE=1><P>Total shareholders' equity, net </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=36>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2,180,133 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=36>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2,998,732 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=36>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">896,482</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">&nbsp;</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">&nbsp;</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=36>
<B><FONT FACE="Arial" SIZE=1><P>Total liabilities and shareholders' equity, net</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=36>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">3,571,395 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=36>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">4,280,839 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=36>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,279,773</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">&nbsp;</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">&nbsp;</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">&nbsp;</FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=1><P>&nbsp;</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=4 WIDTH=318>
<TR><TD VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</B></FONT></TD>
</TR>
<TR><TD VALIGN="BOTTOM" HEIGHT=12><P></P></TD>
</TR>
<TR><TD VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>Consolidated Statements of Income (unaudited)</FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=1><P>&nbsp;</P>
<P>&nbsp;</P></FONT>
<TABLE BORDER CELLSPACING=2 CELLPADDING=4 WIDTH=708>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=58><P></P></TD>
<TD WIDTH="33%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=58>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the three-month <BR>
periods ended September 30</B></FONT></TD>
<TD WIDTH="35%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=58>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the nine-month <BR>
periods ended September 30</B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=8><P></P></TD>
<TD WIDTH="33%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=8>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">_______________________________</B></FONT></TD>
<TD WIDTH="35%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=8>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">_____________________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=24><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=1><P>Operating revenues</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>Net sales</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">200,246 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">209,818 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">62,726 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">637,625 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">661,475 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">197,750 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>Realized income from sale of future production</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">16,353 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">23,602 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">7,056 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">47,292 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">65,283 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">19,517 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>Royalties income</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">31,958 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">34,622 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">10,350 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">92,256 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">98,546 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">29,461 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P>Total revenues</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">248,557 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">268,042 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,132 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">777,173 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">825,304 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">246,728 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P>Costs of operation</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>Operating costs</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">77,561 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">78,042 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">23,331 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">248,024 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">252,796 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">75,574 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" ROWSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>Exploration and development costs in operational mining sites</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" ROWSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">30,316 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" ROWSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">32,243 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" ROWSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">9,639 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" ROWSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">81,571 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" ROWSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">94,632 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" ROWSPAN=2 HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">28,291 </FONT></TD>
</TR>
<TR></TR>
<TR><TD WIDTH="32%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>Amortization and depreciation</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">12,246 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">17,255 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">5,158 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">37,981 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">48,593 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">14,527 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P>Total costs of operation</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">120,123 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">127,540 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">38,128 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">367,576 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">396,021 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">118,392 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P>Gross margin</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">128,434 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">140,502 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">42,004 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">409,597 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">429,283 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">128,336 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P>Operating expenses</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>General and administrative</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">18,472 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">33,677 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">10,068 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">57,091 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">73,434 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">21,953 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>Exploration costs in non-operational mining sites</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">37,728 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">22,368 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">6,687 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">69,699 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">63,159 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">18,882 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>Royalties to third parties</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">5,132 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">5,432 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1,624 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">16,365 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">18,591 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">5,558 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>Amortization of mining concessions and goodwill</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">3,044 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">3,819 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1,142 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">9,127 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">11,454 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">3,424 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>Selling</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">4,093 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">4,133 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1,236 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">12,846 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">11,307 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">3,380 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>Royalties to Peruvian Government</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">4,723 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1,412 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">8,415 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2,516 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P>Total operating expenses</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">68,469 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">74,152 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">22,169 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">165,128 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">186,360 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">55,713 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P>Operating income</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">59,965 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">66,350 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">19,835 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">244,469 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">242,923 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">72,623 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P>Other income (expenses), net</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>Share in affiliated companies, net</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">120,834 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">156,421 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">46,763 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">386,105 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">444,835 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">132,985 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>Dividends</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">4,871 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">43,892 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">13,122 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>Interest income</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">4,471 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2,266 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">677 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">9,316 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">11,002 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">3,289 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>Exchange difference gain</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2,118 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">633 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">39 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">11 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>Loss from change in the fair value of derivative instruments</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(55,133)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(39,814)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(11,903)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(1,551)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(28,373)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(8,482)</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>Loss from exposure to inflation</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(7,505)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(21,851)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>Interest expenses</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(609)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(1,481)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(443)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(9,566)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(4,422)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(1,322)</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>Other, net</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(2,191)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(8,164)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(2,441)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(12,643)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(16,980)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(5,077)</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P>Total other income (expenses), net</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">59,867 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">111,346 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">33,287 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354,681 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">449,993 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">134,526 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________</B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=45>
<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="11%" VALIGN="BOTTOM" HEIGHT=45>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">119,832 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=45>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">177,696 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=45>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">53,122 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=45>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">599,150 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=45>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">692,916 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=45>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">207,149 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>Workers' profit sharing</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(3,887)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(3,786)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(1,132)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(11,288)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(2,024)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(605)</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>Income tax</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(24,810)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(25,282)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(7,558)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(63,621)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(36,784)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(10,997)</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=30>
<B><FONT FACE="Arial" SIZE=1><P>Income before minority interest and cumulative effect of changes in accounting principle</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=30>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">91,135 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=30>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">148,628 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=30>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">44,432 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=30>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">524,241 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=30>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">654,108 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=30>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">195,547 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>Minority interest</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">5,219 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(12,430)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(3,716)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(21,185)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(32,268)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(9,646)</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=36>
<B><FONT FACE="Arial" SIZE=1><P>Income before cumulative effect of changes in accounting principle</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=36>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">96,354 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=36>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">136,198 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=36>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">40,716 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=36>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">503,056 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=36>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">621,840 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=36>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">185,901 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>Cumulative effect of changes in accounting principle</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(10,416)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(3,114)</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=13><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=13>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=13>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=13>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=13>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=13>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=13>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=34>
<B><FONT FACE="Arial" SIZE=1><P>Net income </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">96,354 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">136,198 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">40,716 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">503,056 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">611,424 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">182,787 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><U><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________</B></U></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><U><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________</B></U></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><U><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________</B></U></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><U><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________</B></U></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<B><U><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________</B></U></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<B><U><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________</B></U></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=45>
<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="11%" VALIGN="BOTTOM" HEIGHT=45>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.76 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=45>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1.07 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=45>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.32 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=45>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">3.95 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=45>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">4.89 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=45>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1.46 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>Cumulative effect of changes in accounting principle</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(0.08)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(0.02)</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=30>
<B><FONT FACE="Arial" SIZE=1><P>Basic and diluted earnings per share, stated in Peruvian Nuevos Soles and U.S. dollars</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=30>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.76 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=30>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1.07 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=30>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.32 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=30>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">3.95 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=30>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">4.81 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=30>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1.44 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<U><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________</U></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<U><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________</U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<U><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________</U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<U><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________</U></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<U><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________</U></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<U><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________</U></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>Weighted average number of shares outstanding</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">127,236,219</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">127,227,719</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">127,227,719</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">127,236,219</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">127,227,719</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">127,227,719</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<B><U><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________</B></U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<B><U><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________</B></U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<B><U><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________</B></U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=15>
<B><U><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________</B></U></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><U><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________</B></U></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<B><U><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________</B></U></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=1><P>&nbsp;</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=4 WIDTH=355>
<TR><TD VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</B></FONT></TD>
</TR>
<TR><TD VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
</TR>
<TR><TD VALIGN="BOTTOM" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P>Consolidated Statement of Cash Flows (unaudited)</B></FONT></TD>
</TR>
<TR><TD VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=1><P></FONT></TD>
</TR>
</TABLE>

<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE BORDER CELLSPACING=1 CELLPADDING=2 WIDTH=606>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=43><P></P></TD>
<TD WIDTH="29%" 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 September 30</P>
<P ALIGN="CENTER"></B></FONT></TD>
<TD WIDTH="37%" 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 September 30</P>
<P ALIGN="CENTER"></B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=5><P></P></TD>
<TD WIDTH="29%" VALIGN="TOP" COLSPAN=3 HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">_______________________</B></FONT></TD>
<TD WIDTH="37%" VALIGN="TOP" COLSPAN=3 HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">_____________________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=9><P></P></TD>
</TR>
<TR><TD WIDTH="34%" 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="11%" 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="16%" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=21><P></P></TD>
</TR>
<TR><TD WIDTH="34%" 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>           241,891 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>          253,467 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>               75,775 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>            666,037 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>          691,176 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>          206,630 </FONT></TD>
</TR>
<TR><TD WIDTH="34%" 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>            73,338 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>            43,645 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>             13,048 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>            262,373 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>          172,825 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>               51,667 </FONT></TD>
</TR>
<TR><TD WIDTH="34%" 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>            28,907 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>            30,450 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>                9,103 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>                87,877 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>          100,955 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>               30,181 </FONT></TD>
</TR>
<TR><TD WIDTH="34%" 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>               4,091 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>               1,673 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>                   500 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>                  7,792 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>              9,556 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>                2,857 </FONT></TD>
</TR>
<TR><TD WIDTH="34%" 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>            (71,109)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>          (97,540)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>           (29,160)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>          (270,498)</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>       (318,206)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>            (95,129)</FONT></TD>
</TR>
<TR><TD WIDTH="34%" 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>           (58,142)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>           (40,575)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>            (12,130)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>             (119,818)</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>         (127,871)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>           (38,227)</FONT></TD>
</TR>
<TR><TD WIDTH="34%" 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>          (33,862)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>          (35,409)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>            (10,586)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>            (98,368)</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>          (120,111)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>           (35,908)</FONT></TD>
</TR>
<TR><TD WIDTH="34%" 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>          (26,936)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>           (16,673)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>             (4,984)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>             (53,023)</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>          (62,517)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>            (18,690)</FONT></TD>
</TR>
<TR><TD WIDTH="34%" 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>              (5,150)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>            (8,458)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>             (2,529)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>             (18,893)</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>         (30,479)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>               (9,113)</FONT></TD>
</TR>
<TR><TD WIDTH="34%" 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>             (1,204)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>              (1,481)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>                (443)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>               (4,692)</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>           (4,422)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>              (1,322)</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> ______ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> ______ </B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> _______ </B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> _______ </B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> _________ </B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> _________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P>Net cash provided by operating activities</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P>            151,824 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P>          129,099 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P>             38,594 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P>             458,787 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P>         310,906 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P>             92,946 </FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=9><P></P></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> ______ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> ______ </B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> _______ </B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> _______ </B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> _________ </B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> _________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=9><P></P></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P>Investing activities</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=9><P></P></TD>
</TR>
<TR><TD WIDTH="34%" 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>                      -   </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>                     -   </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>                      -   </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>             (34,735)</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>          38,869 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>               11,620 </FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>Decrease on time deposits in local currency</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>                      -   </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>             10,395 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>                3,108 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>                        -   </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>           24,255 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>                 7,251 </FONT></TD>
</TR>
<TR><TD WIDTH="34%" 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>                  447 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>                     -   </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>                      -   </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>                  1,832 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>              1,372 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>                    410 </FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>Payments by purchase of investments in shares</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>                      -   </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>            (8,392)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>             (2,509)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>                (1,263)</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>       (512,432)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>           (153,193)</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>Development cost expenditures</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>           (20,913)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>           (12,727)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>             (3,805)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>              (51,792)</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>          (37,817)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>             (11,306)</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>Purchase of plant and equipment</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>          (30,935)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>           (15,679)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>             (4,687)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>             (67,303)</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>         (37,253)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>              (11,137)</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>Payments from derivative instruments settled, net</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>               (7,811)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>            (4,372)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>              (1,307)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>            (60,949)</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>           (17,579)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>               (5,255)</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> ______ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> ______ </B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> _______ </B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> _______ </B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> _________ </B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> _________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P>Net cash used in investing activities</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P>           (59,212)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P>           (30,775)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P>             (9,200)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P>            (214,210)</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P>       (540,585)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P>           (161,610)</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=9><P></P></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_______</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_______</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_______</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_______</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" 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>             (21,112)</FONT></TD>
<TD WIDTH="11%" 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>           (122,498)</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P>        (89,692)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P>            (26,814)</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P>           (44,716)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P>           (13,368)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=12><P></P></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> ______ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> ______ </B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> ______ </B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> _______ </B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> _________ </B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> _________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" 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>              71,500 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>            53,608 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>             16,026 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>             122,079 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>        (319,371)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>            (95,478)</FONT></TD>
</TR>
<TR><TD WIDTH="34%" 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>          449,130 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>          217,628 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>             65,060 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>              398,551 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>         590,607 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=25>
<FONT FACE="Arial" SIZE=1><P>            176,564 </FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> ______ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> ______ </B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> _______ </B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> _______ </B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> _________ </B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> _________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=9><P></P></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P>Cash at period-end</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P>          520,630 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P>          271,236 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P>             81,086 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P>            520,630 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P>         271,236 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P>              81,086 </FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<B><U><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_______</B></U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=9>
<B><U><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_______</B></U></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<B><U><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_______</B></U></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<B><U><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________</B></U></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=9>
<B><U><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________</B></U></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=9>
<B><U><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________</B></U></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=9><P></P></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=9><P></P></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="11%" 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="16%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=12><P></P></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=38><P></P></TD>
<TD WIDTH="29%" 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 September 30</P>
<P ALIGN="CENTER"></B></FONT></TD>
<TD WIDTH="37%" VALIGN="TOP" COLSPAN=3 HEIGHT=38>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the nine-month </P>
<P ALIGN="CENTER">periods ended June 30</P>
<P ALIGN="CENTER"></B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=5><P></P></TD>
<TD WIDTH="29%" VALIGN="TOP" COLSPAN=3 HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">_______________________</B></FONT></TD>
<TD WIDTH="37%" VALIGN="TOP" COLSPAN=3 HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">_______________________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=9><P></P></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP" COLSPAN=3 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="16%" VALIGN="TOP" HEIGHT=28><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=28><P></P></TD>
</TR>
<TR><TD WIDTH="34%" 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 ALIGN="RIGHT">            96,354 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">           136,198 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">              40,716 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">             503,056 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">          611,424 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">            182,787 </FONT></TD>
</TR>
<TR><TD WIDTH="34%" 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="11%" 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="16%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="34%" 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 ALIGN="RIGHT">              13,031 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">             17,520 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               5,238 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               39,218 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">          49,389 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               14,765 </FONT></TD>
</TR>
<TR><TD WIDTH="34%" 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 ALIGN="RIGHT">              (5,219)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">            12,430 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                3,716 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                 21,185 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">          32,268 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               9,646 </FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=30>
<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=30>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">              55,133 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=30>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">            39,814 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=30>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">              11,903 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=30>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">             (35,323)</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=30>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">           28,373 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=30>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               8,482 </FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P>Amortization of development costs in operating mining units</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">              11,805 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               6,475 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                1,936 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                31,134 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">           22,061 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                6,595 </FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>Long-term officers' compensation (*)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                      -   </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">            14,380 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               4,299 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                 2,095 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">           14,380 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               4,299 </FONT></TD>
</TR>
<TR><TD WIDTH="34%" 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 ALIGN="RIGHT">              3,044 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               3,819 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                 1,142 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                  9,127 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">             11,454 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               3,424 </FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P>Cumulative effect of changes in accounting principle</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                      -   </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                     -   </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                      -   </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                        -   </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">            10,416 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                 3,114 </FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>Obsolescence inventory reserve</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                      -   </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               4,180 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                1,250 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                        -   </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">              4,180 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                 1,250 </FONT></TD>
</TR>
<TR><TD WIDTH="34%" 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 ALIGN="RIGHT">                  627 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               2,152 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                  643 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                   3,517 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">              4,100 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                1,226 </FONT></TD>
</TR>
<TR><TD WIDTH="34%" 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 ALIGN="RIGHT">                      -   </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                     -   </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                      -   </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                        -   </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">             2,382 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                    712 </FONT></TD>
</TR>
<TR><TD WIDTH="34%" 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 ALIGN="RIGHT">              3,382 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                  361 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                   108 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                 3,564 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">              1,002 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                   300 </FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial" SIZE=1><P>Exchange difference gain</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                      -   </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">              (2,118)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                (633)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                        -   </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                 (39)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=24>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                     (11)</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=32>
<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=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                (594)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">             (1,397)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                 (418)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                 4,874 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">            (2,975)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                 (889)</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>Loss (gain) for deferred income tax and workers' profit sharing expenses</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">             10,594 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                 882 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                  263 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               27,005 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">          (44,561)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">            (13,322)</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P>Realized income from sale of future production</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">           (16,353)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">         (23,602)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">              (7,056)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">             (47,292)</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">         (65,283)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">              (19,517)</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P>Share in affiliated companies, net of dividends received</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">           (47,497)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">          (112,776)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">            (33,715)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">           (128,603)</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">       (315,902)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=28>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">           (94,440)</FONT></TD>
</TR>
<TR><TD WIDTH="34%" 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 ALIGN="RIGHT">                7,505 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                     -   </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                      -   </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                 21,851 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                    -   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                       -   </FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>Income from sale of plant and equipment</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                 (173)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                     -   </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                      -   </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                 (1,148)</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                    -   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                       -   </FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" 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="11%" 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="16%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" 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="11%" 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="16%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="34%" 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 ALIGN="RIGHT">             36,610 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">            40,547 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">              12,122 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               30,325 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">           32,852 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                9,821 </FONT></TD>
</TR>
<TR><TD WIDTH="34%" 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 ALIGN="RIGHT">           (13,409)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">             (7,870)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">             (2,353)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">              (15,405)</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">         (16,384)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">             (4,898)</FONT></TD>
</TR>
<TR><TD WIDTH="34%" 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 ALIGN="RIGHT">             (8,554)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">           63,944 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               19,116 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">             (22,091)</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">           (4,202)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               (1,256)</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P>Increase (decrease) of operating liabilities -</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="11%" 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="16%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="34%" 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 ALIGN="RIGHT">               5,538 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">          (65,840)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">           (19,683)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                11,698 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">        (64,029)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">             (19,142)</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> ______ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> _____ </B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> _______ </B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> _______ </B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> _________ </B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> _________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" 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 ALIGN="RIGHT">            151,824 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">          129,099 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">             38,594 </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">             458,787 </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">         310,906 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">             92,946 </FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=9><P></P></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> ______ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> ______ </B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> _______ </B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> _______ </B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> _________ </B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> _________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=9>
<B><FONT FACE="Arial" SIZE=1><P>Transaction that do not affect cash flows</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=9><P></P></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P>Tranfer from derivative instruments liabilitie to </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=9><P></P></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P>deferred income from sale of future production</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER"> - </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                     -   </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                      -   </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER"> - </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">          172,540 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P>               51,581 </FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P> ______ </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P> ______ </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P> _______ </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P> _______ </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P> _________ </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=1><P> _________ </FONT></TD>
</TR>
</TABLE>

<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=4 WIDTH=561>
<TR><TD VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>(*) This provision corresponds to a long-term compensation (10-year program) granted by the Company to certain officers, </FONT></TD>
</TR>
<TR><TD VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P>as further explained in note 19(b) to the annual audited report (2004).</FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P>&nbsp;</P>
<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: October 26, 2005</P></FONT></BODY>
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