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<SEC-DOCUMENT>0001013131-06-000005.txt : 20060303
<SEC-HEADER>0001013131-06-000005.hdr.sgml : 20060303
<ACCEPTANCE-DATETIME>20060303155628
ACCESSION NUMBER:		0001013131-06-000005
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060303
FILED AS OF DATE:		20060303
DATE AS OF CHANGE:		20060303

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:		06663932

	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>bvnpr02032006.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>FORM 6-K</TITLE>
</HEAD>
<BODY>

<U><FONT SIZE=2><P ALIGN="CENTER">FORM 6-K</P>
</U><P ALIGN="CENTER"></P>
<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"></P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">Report of Foreign Issuer</P>
<P ALIGN="CENTER"></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"></P>
<P ALIGN="CENTER">For the month of March 2006</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">BUENAVENTURA MINING COMPANY INC.</P>
<P ALIGN="CENTER">(Translation of Registrant's Name into English)</P>
<P ALIGN="CENTER"></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 March 2, 2006, announcing the Company's Fourth Quarter and cumulative 2005 results</P>



<P>&nbsp;</P>
<P>&nbsp;</P>
<B><FONT FACE="Tahoma"><P ALIGN="RIGHT">FOR IMMEDIATE RELEASE</P>
</FONT><FONT FACE="Tahoma" SIZE=4 COLOR="#808000"><P ALIGN="JUSTIFY">Compa&ntilde;&iacute;a de Minas Buenaventura Announces</P>
<P ALIGN="CENTER">Fourth 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, March 02, 2006 - <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 fourth quarter of 2005. All figures have been prepared in Peruvian GAAP and are stated in current Peruvian Nuevos Soles (S/.) as of December 31, 2005. For the convenience of the reader, figures are stated in U.S. dollars (US$) at a rate of S/.3.431 per US$1.00 for 4Q05 and S/.3.283 per US$1.00 for 4Q04.</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: "We are pleased to announce exceptional quarterly and annual results driven by record production at Yanacocha and the new equity accounting of Cerro Verde.</P>
<P ALIGN="JUSTIFY">This quarter, Buenaventura's net income was US$96.1 million, or US$0.76 per ADS, which represents an increase of 73% when compared with 4Q04. This figure includes the negative effect of derivative instruments of US$15.4 million.</P>
<P ALIGN="JUSTIFY">Due to a lower volume of gold sold during 4Q05, operating income was US$25.2 million, 20% lower than the figure recorded in 4Q04. Total EBITDA was US$206.4 million, which represented a 46% increase when compared to 4Q04. EBITDA from Buenaventura's direct operations was US$37.7 million, 9% higher than in 4Q04." </P>
<B><P ALIGN="JUSTIFY">Financial Highlights (in millions of US$, except EPS figures):</P></B></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=486>
<TR><TD WIDTH="32%" VALIGN="MIDDLE" HEIGHT=33>
<P></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=33>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">4Q05</B></FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=33>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">4Q04</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">FY05</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=33>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">FY04</B></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=33>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">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">103.9</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">100.2</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=28>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">4%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">344.4</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">336.9</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=28>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">2%</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">25.2</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">31.7</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-20%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">96.0</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">106.1</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-10%</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">37.7</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">34.7</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">9%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">112.5</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">96.6</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">16%</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 and Cerro Verde)</B></FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=29>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">206.4</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=29>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">141.6</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=29>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">46%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=29>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">571.0</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=29>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">427.9</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=29>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">33%</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">96.1</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">55.6</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=34>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">73%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">274.3</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">208.8</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=34>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">31%</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">0.76</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.44</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">73%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">2.16</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">1.6</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">31%</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">111.5</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">69.3</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">61%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">292.8</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">204.4</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">0.88</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.54</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">61%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">2.30</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">1.6</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 FACE="Arial Narrow"><P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><P>&nbsp;</P>
<P>&nbsp;</P>
<B><P>OPERATING REVENUE</P>
</B><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">In 4Q05, net sales were US$80.2 million, a 3% decrease when compared to the US$82.5 million reported in 4Q04 due to a delay in gold delivery, which remained in inventory until January. Royalty income in during 4Q05 totaled US$15.7 million, a 41% increase when compared to the US$11.2 million reported in 4Q04. This was due to higher sales at Yanacocha. </P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=2 CELLPADDING=4 WIDTH=648>
<TR><TD WIDTH="24%" VALIGN="MIDDLE" HEIGHT=19>
<P ALIGN="CENTER"><B><FONT FACE="Tahoma" SIZE=1>Operating Highlights</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">4Q05</B></FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">4Q04</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Var.</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">FY05</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">FY04</B></FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Var.</B></FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="MIDDLE" HEIGHT=39>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Net Sales </P>
<P ALIGN="CENTER">(in millions of US$)</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">80.2</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">82.5</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=39>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">-3%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">273</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">277</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=39>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">-1%</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$/oz) Direct Operations*</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=37>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">348</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=37>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">389</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=37>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">-11%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=37>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">360</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=37>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">374</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=37>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">-4%</B></FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Average Realized Price Gold (US$/oz) inc. Yanacocha</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">462</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">422</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">9%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">431</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">403</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Arial" SIZE=2><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 Silver (US$/oz)</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">8.03</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">6.84</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">17%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">7.38</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">6.51</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">13%</B></FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Average Realized Price Lead (US$/TM)</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">1,063</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">971</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">10%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">973</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">909</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Arial" SIZE=2><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="Arial" SIZE=2><P ALIGN="CENTER">1,429</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">1,049</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">36%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">1,299</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">1,026</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">27%</B></FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">(*) Does not include derivatives effect</P>
</FONT><B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">&nbsp;</P></B></FONT>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=560>
<TR><TD VALIGN="MIDDLE" COLSPAN=7 BGCOLOR="#808000" HEIGHT=18>
<P ALIGN="CENTER"><B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff">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">4Q05</B></FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=29>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">4Q04</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">FY05</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=29>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">FYM04</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="Arial" SIZE=2><P ALIGN="CENTER">89,957</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=37>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">124,721</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=37>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">-28%</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=37>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">348,634</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=37>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">353,317</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=37>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">-1%</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="Arial" SIZE=2><P ALIGN="CENTER">553,901</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=37>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">495,343</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=37>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">12%</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=37>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">1,801,094</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=37>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">1,680,222</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=37>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">7%</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="Arial" SIZE=2><P ALIGN="CENTER">3,982,163</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">3,510,851</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">13%</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">14,517,024</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">14,252,144</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=2><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="Arial" SIZE=2><P ALIGN="CENTER">9,107</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">8,997</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=23>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">1%</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">30,320</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">31,131</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=23>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">-3%</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="Arial" SIZE=2><P ALIGN="CENTER">14,892</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">13,543</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">10%</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">52,086</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">53,001</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">-2%</B></FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Accumulated net sales for 2005 were US$273.0 million, a 1% decrease compared to the same period of 2004 (US$276.71 million). Royalty income for 2005 was US$44.4 million, a 13% increase when compared to US$39.3 million in 4Q04.</P>
</FONT><B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">&nbsp;</P>
</FONT><P>PRODUCTION AND OPERATING COSTS</P>
</B><P>&nbsp;</P>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Buenaventura's equity production during 4Q05 was 91,138 ounces of gold, 2% higher than the 89,525 ounces reported in 4Q04, and 3,478,239 ounces of silver, a 3% increase when compared to the 3,389,548 ounces reported in 4Q04.</P>
<P ALIGN="JUSTIFY">Equity production<SUP>1</SUP> for the accumulated twelve-month period was 359,968 ounces of gold and 13,482,293 ounces of silver. This represented an increase of 9% in gold production (330,850 ounces in 2004) and a 5% increase in silver production compared to 2004 (12,791,746 ounces).</P>
<P ALIGN="JUSTIFY">&nbsp;</P></FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=560>
<TR><TD VALIGN="MIDDLE" COLSPAN=7 BGCOLOR="#808000" HEIGHT=18>
<P ALIGN="CENTER"><B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff">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">4Q05</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">4Q04</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">FY05</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">FY04</B></FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Var.</B></FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P>Gold (in oz)</B></FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">91,138</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">89,525</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2%</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">359,968</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">330,850</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">9%</B></FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P>Silver (in oz)</B></FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">3,478,239</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">3,389,548</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">3%</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">13,482,293</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">12,791,746</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=2><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="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">4,312</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">4,430</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">-3%</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">16,446</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">16,120</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2%</B></FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P>Zinc (in MT)</B></FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">6,961</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">6,604</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">5%</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">24,993</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">25,651</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">-3%</B></FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">At <B>Orcopampa</B> <B>(100%)</B>, total gold production in 4Q05 was 58,948 ounces, a 2% increase when compared to 58,061 ounces in 4Q04. For 2005, total gold production was 233,182 ounces, a 10% increase when compared to the full year 2004 (211,388 ounces).</P>
<P ALIGN="JUSTIFY">Cash operating costs increased 12%, from US$128/oz in 4Q04 to US$143/oz in 4Q05, best explained by royalties paid to the government totaling US$0.6 million, which represented US$9.40/oz of gold.</P>
<P ALIGN="JUSTIFY">At <B>Uchucchacua</B> <B>(100%)</B>, total silver production induring 4Q05 was 2,513,737 ounces, a 1% increase when compared to 2,481,501 ounces in 4Q04. For 2005, total silver production was 10,213,933 ounces, a 4% increase when compared to 2004 (9,832,393 ounces).</P>
<P ALIGN="JUSTIFY">Cash operating cost in 4Q05 increased 26% from $2.89/oz in 4Q04 to US$3.65/oz. This was mainly explained by: </P><DIR>

<P ALIGN="JUSTIFY">1. The purchase of energy from the National Grid to replace Buenaventura's generating capacity due to maintenance at the Paton hydroelectric plant maintenance: US$0.27/oz. </P></DIR>

<P ALIGN="JUSTIFY">2. A higher impact of silver content deductions due to higher silver prices: US$0.21/oz.</P>
<P ALIGN="JUSTIFY">3. Total royalties of US$0.2 million paid to the government: US$0.06/oz</P>
<P ALIGN="JUSTIFY">At <B>Antapite (78.04%)</B>, total production during 4Q05 was 25,787 ounces of gold, in-line with the 25,707 ounces produced in 4Q04. For 2005, total gold production was 103,931 ounces, a 7% increase when compared to 97,137 ounces in 2004. </P>
<P ALIGN="JUSTIFY">Gold cash operating cost in 4Q05 was US$216/oz, a 16% increase when compared to US$187/oz in 4Q04. This was due to exploration and mine development costs. Total royalties paid to the government at Antapite in 4Q05 were US$0.1 million.</P>
<P ALIGN="JUSTIFY">At <B>Colquijirca (34.29%)</B>, total zinc production was 16,147 MT in 4Q05, a 12% increase when compared to 14,418 MT in 4Q04 due to higher volume of ore produced. Total silver production during 4Q05 was 1,565,409 ounces, a 66% increase when compared to the 942,812 ounces in 4Q04. </P>
<P ALIGN="JUSTIFY">For 2005, total zinc production was 57,151 MT, a 1% decrease when compared to 2004 production (57,560 MT). In the case of silver, total production increased 29%, from 3,399,130 ounces in 2004 to 4,394,940 ounces in 2005.</P>
<P ALIGN="JUSTIFY">Zinc cash operating costs decreased 52% from US$430 per MT in 4Q04 to US$205 per MT in 4Q05. This was due to a significant silver by-product credit contribution.</P>
<P ALIGN="JUSTIFY">Total royalties paid to the government at Colquijirca in 4Q05 were US$0.2 million.</P>
</FONT><P ALIGN="JUSTIFY">&nbsp;</P>
<B><P ALIGN="JUSTIFY">RESERVES</P>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY"></P>
</B><P ALIGN="JUSTIFY">As of December 31, 2005 equity gold reserves (including Yanacocha) increased 2% from 15.0 million ounces in 2004 to 15.2 million ounces in 2005. Equity silver reserves at the end of 2005 were 107.9 million ounces, which represented an increase of 32% when compared to 81.8 million ounces in 2004. Equity copper reserves (including Yanacocha and Cerro Verde) increased 75% from 1.3 million ST in 2004 to 2.3 million ST in 2005. See Appendix 3 for mine reserves detail.</P>
</FONT><B><P ALIGN="JUSTIFY">OPERATING EXPENSES</P>
<FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">General and administrative expenses for 4Q05 were US$11.4 million, a 90% increase compared to US$6.0 million in 4Q04. This increase was mainly due to a US$3.6 million provision for the Company's long-term compensation, which does not represent a cash disbursement. Accumulated general and administrative expenses for the twelve-month period were US$32.8 million, a 40% increase when compared to the US$23.4 million reported in thefor 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 4Q05 were US$8.4 million a 48% increase compared to US$5.6 million during 4Q04. For In 2005 exploration costs in non-operating areas were US$26.8 million in-line with the 2004 figure (US$26.9 million). </P>
<B><P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><P>OPERATING INCOME</P>
</B><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Operating income in 4Q05 was US$25.2 million a 20% decrease compared to US$31.7 million in 4Q04. This reduction was mainly due to a lower volume of gold sold, higher general and administrative expenses and exploration costs in non-operating areas.</P>
<P ALIGN="JUSTIFY">For 2005, operating income was US$96.0 million a 10% decrease when compared with the US$106.1 million reported in 2004.</P>
</FONT><I><FONT FACE="Tahoma" SIZE=1><P ALIGN="JUSTIFY">&nbsp;</P>
</I></FONT><B><P>INCOME FROM NON-CONSOLIDATED AFFILIATES</P>
</B><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Buenaventura's income from non-consolidated affiliates was US$124.1 million during 4Q05, an increase of 115% when compared to the US$57.8 million reported in 4Q04. This increase is explained by higher results obtained at Yanacocha (US$89.4 million) and the new contribution of Cerro Verde (US$36.6 million). For 2005, income from non-consolidated affiliates was US$253.8 million, an increase of 45% when compared to the US$175.4 million reported in 2004.</P>
<P ALIGN="JUSTIFY"><A NAME="OLE_LINK1">At Yanacocha (43.65%), 4Q05 gold production was 1,064,371 ounces of gold, an increase of 26% when compared to 4Q04 production (847,279 ounces). Gold production for 2005 was 3,333,088 ounces, an increase of 10% when compared to 3,017,303 ounces in 2004.</P>
<P ALIGN="JUSTIFY">Gold cash cost at Yanacocha during 4Q05 was US$149/oz, which represented a 10% increase when compared to a gold cash cost of US$136/oz in 4Q04. </P>
<P ALIGN="JUSTIFY">Net income at Yanacocha during 4Q05, was US$204.8 million, a 54% increase when compared to 4Q04 figures (US$132.6 million) due to higher sales. For 2005, net income was US$525.5 million, an increase of 35% when compared to the US$390.3 million reported in 2004.</P>
<P ALIGN="JUSTIFY">In 4Q05, EBITDA was US$349.5 million, an increase of 43% compared to 4Q04 (US$245.0 million). This increase was due to the higher sales content and realized gold price increasing from US$433/oz in 4Q04 to US$484/oz in 4Q05. For 2005, EBITDA was US$948.8 million, an increase of 25% when compared to the US$759.1 million reported in 2004.</A></P>
<P ALIGN="JUSTIFY">At Cerro Verde (18.3%), 4Q05 copper production was 24,072 MT a 14% increase when compared to the 4Q04 (21,228 MT). For 2005 copper production totaled 93,550 MT. </P>
<P ALIGN="JUSTIFY">Net sales at Cerro Verde increased 84% from US$64.7 million in 4Q04 to US$118.9 million in 4Q05 mainly due to an increase in the average price of copper from US$1.40/lb to US$1.95/lb as well as higher copper sales delivery. For 2005, net sales were US$358.9 million, which represented an increase of 38% when compared to 2004 (US$260.8 million). </P>
<P ALIGN="JUSTIFY">In 4Q05, net income wasreached US$113.6 million, a 381% increase when compared to 4Q04 (US$23.6 million). For 2005 net income was US$233.4 million, a 166% increase compared to 2004 (US$87.7 million).</P>
<P ALIGN="JUSTIFY">Capital expenditures for 2005 were US$314.6 million (US$16.8 million in 2004) of which US$294.4 million was expended for the construction of the Primary Sulfide Project and US$9.7 million for the Pillones Dam.</P>
</FONT><P ALIGN="JUSTIFY">&nbsp;</P>
<B><P>NET INCOME</P>
</B><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">This quarter, Buenaventura's net income was US$96.1 million, representing US$0.76 per ADS, a 73% increase compared to 4Q04. This figure includes a loss of US$15.4 million, from <I>"change in the fair value of derivative instruments"</I> (in accordance with IAS39 for derivative instruments). Without considering this effect, net income for the quarter was US$115.1 million, or US$0.88 per ADS. </P>
<P ALIGN="JUSTIFY">For 2005 net income was US$274.3 million (US$2.16 per ADS), an increase of 31% when compared to US$208.9 million (US$1.6 per ADS) in 2004.</P>
</FONT><P ALIGN="JUSTIFY">&nbsp;</P>
<B><P>HEDGING OPERATIONS</P>
</B><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">The total hedge book mark-to-market value as of December 31, 2005 was a negative US$450.7 million. The mark-to-market value for derivative instruments was a negative US$66.2 million, while the mark-to-market value of physical delivery contracts was a negative US$384.5 million.</P>
<P ALIGN="JUSTIFY">During 4Q05, the Company executed 15,000 ounces of gold and 334,616 ounces of silver in derivative instruments. </P>
</FONT><P ALIGN="JUSTIFY">&nbsp;</P>
<B><P>EXPLORATIONS</P>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">PORACOTA </P>
</B><P ALIGN="JUSTIFY">In the Huamanihuayta sector, we advanced the adits drifting and diamond drilling in order to delineate high grade reserves in Manto Aguila and Manto Dorado. We expect to deliver a reserve report by April and complete a scoping study to be developed with Teck Cominco by the end of July. However, we plan to start a pilot operation in the second half of 2006. </P>
<P ALIGN="JUSTIFY">Today Buenaventura holds a 75% stake of Minas Poracota S.A., after exercising its option to purchase 50% from Minera del Suroeste and another 25% from Teck-Cominco Peru. </P>
<B><P ALIGN="JUSTIFY">MARCAPUNTA </P>
</B><P ALIGN="JUSTIFY">The main objective in 2005 was to systematically assay and reshape copper, silver and gold distribution. We found interesting extensions in the Smelter North sector with 3200m of diamond drills in 19 holes, reporting 2,020,000 MT with 1.90 % Cu. In Marcapunta North we also drilled 16 holes accumulating 3636m. </P>
<P ALIGN="JUSTIFY">The exploration program at Marcapunta West will consist of 146 drill holes, combining air reverse and diamond drilling. To accomplish this goal, we have already obtained the Huaracaya Community permits.</P>
<B><P ALIGN="JUSTIFY">LA ZANJA </P>
</B><P ALIGN="JUSTIFY">We drilled 1600m in section 13 of the Cerro La Zanja prospect finding a large and relatively deep body (100m to 300m from the surface) with disseminate copper sulfides and gold. The most representative sections of this mineralization assayed between 0.3% and 0.8% Cu with 0.3 to 0.4 g/t of gold for sections between 40m and 200m. </P>
<P ALIGN="JUSTIFY">At the present time we are drilling the first two holes in Cerro La Cueva, which has a higher indication of a disseminated mineralization in the surface, and stays open in the deepness. </P>
</FONT><P ALIGN="JUSTIFY">&nbsp;</P>
<B><P>PROJECT DEVELOPMENT</P>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">UCHUCCHACUA</P>

<UL>
</B><P ALIGN="JUSTIFY"><LI>The construction of the cyanidation plant is 85% completed. The plant is expected to be completed during the second quarter of 2006, with an estimated total investment of US$8.8 million.</LI></P></UL>

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

</B><P ALIGN="JUSTIFY">At the end of this quarter4Q05, the advance of the main decline was 233m (64%), and the exploration decline was 131m (36%). We expect an advance of 352m in the main ramp in&nbsp;the next quarter. Total investment was US$ 1.14 million for the period and US$ 4.07 for 2005. In addition, in Marcapunta North, a pilot plant to treat 1000 MT/day is expected to begin full operations in 3Q06.</P></DIR>
</DIR>

</FONT><B><P ALIGN="JUSTIFY">BOARD RESOLUTIONS</P>
</B><P ALIGN="JUSTIFY">&nbsp;</P>
<FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">At the Board of Director's meeting, held on March 02, 2006, the Board passed the following resolutions:</P>
<OL>

<P ALIGN="JUSTIFY"><LI>Approval of the financial statements ended December 31, 2005.</LI></P>
<P ALIGN="JUSTIFY"><LI>A proposal of a cash dividend of US$0.xx 22 per share to be approved in at the Shareholder mMeeting to be held on March 30, 2006.</LI></P></OL>

<B><P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><I><FONT FACE="Arial Narrow" SIZE=2><P ALIGN="CENTER">* * *</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</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=578>
<TR><TD VALIGN="TOP" COLSPAN=5 BGCOLOR="#808000" HEIGHT=17>
<P ALIGN="CENTER"><B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff">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">18.30</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></B></FONT></BODY>



<B><P>Appendix 2&#9;</P></B>
<TABLE BORDER CELLSPACING=1 CELLPADDING=4 WIDTH=637>
<TR><TD VALIGN="BOTTOM" COLSPAN=6 HEIGHT=17>
<P ALIGN="CENTER"><B><FONT FACE="Arial" SIZE=1>RESERVES AS OF DECEMBER 31, 2005</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
</TR>
<TR><TD VALIGN="BOTTOM" COLSPAN=6 HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">PROVEN AND PROBABLE RESERVES</B></FONT></TD>
</TR>
<TR><TD VALIGN="BOTTOM" COLSPAN=6 HEIGHT=10>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P>GOLD</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">BVN %</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">BVN</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Participation</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">DST (000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Oz / DST</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces (000)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces (000)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Orcopampa</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1,137</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.68</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">773</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">773</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Shila - Paula</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">101</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.464</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">47</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">47</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Antapite</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">78.04</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">541</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.362</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">196</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">153</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Ishihuinca</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">78.04</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">51</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.397</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">20</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">16</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Yanacocha </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">43.65</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">640,928</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.032</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">20,780</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">9,070</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Yanacocha (Minas Conga)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">43.65</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">617,790</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.020</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">11,840</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">5,168</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Layo</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">21</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.334</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">7</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">7</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P>Jatun Orcco</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">24</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.433</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">11</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">11</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Total Gold Reserves</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1,260,594</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.027</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">33,674</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">15,245</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=11><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=11><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=11><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=11><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=11><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=11><P></P></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P>SILVER</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">BVN %</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">BVN</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Participation</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">DST (000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Oz / DST</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces (000)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ounces (000)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Orcopampa</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1,137</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.27</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">307</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">307</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Uchucchacua (Silver-Sulfides)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">5,144</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">16.50</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">84,870</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">84,870</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Uchucchacua (Zinc - Sulfides)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">105</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1.80</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">190</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">190</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Uchucchacua (Silver - Oxides)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">175</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">21.70</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">3,791</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">3,791</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Julcani</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">169</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">21.95</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">3,700</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">3,700</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Recuperada</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">238</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">8.71</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2,074</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2,074</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Antapite</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">78.04</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">541</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.520</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">281</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">220</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Shila - Paula</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">101</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2.90</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">292</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">292</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Pozo Rico</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">266</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">16.64</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">4,424</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">4,424</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>El Brocal</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">34.29</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">9,245</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2.49</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">23,020</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">7,894</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Layo</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">21</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2.47</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">52</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">52</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P>Jatun Orcco</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">24</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">4.95</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">120</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">120</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Total Silver Reserves</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">17,166</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">7.17</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">123,122</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">107,933</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=8><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=8><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=8><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=8><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=8><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=8><P></P></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P>ZINC</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">BVN %</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">BVN</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Participation</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">DST (000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">% Zn</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">DST (000)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">DST (000)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Uchucchacua (Silver-Sulfides)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">5,144</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2.00</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">103</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">103</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Uchucchacua (Zinc - Sulfides)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">105</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">9.20</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">10</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">10</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Recuperada</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">238</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">4.93</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">12</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">12</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Pozo Rico</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">266</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.90</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P>El Brocal</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">34.29</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">9,245</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">5.88</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">544</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">186</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Total Zinc Reserves</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">14,998</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">4.47</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">670</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">313</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P>LEAD</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">BVN %</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">BVN</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Participation</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">DST (000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">% Zn</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">DST (000)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">DST (000)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Uchucchacua (Silver-Sulfides)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">5,144</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1.60</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">82</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">82</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Uchucchacua (Zinc - Sulfides)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">105</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2.10</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Julcani</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">169</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1.60</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">3</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">3</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Recuperada</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">238</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">4.37</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">10</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">10</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Pozo Rico</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">266</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.52</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P>El Brocal</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">34.29</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">9,245</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2.01</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">186</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">64</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Total Lead Reserves</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">15,167</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1.88</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">285</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">163</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1><P>COPPER</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">BVN %</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">BVN</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Participation</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">DST (000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">% Zn</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">DST (000)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">DST (000)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Cerro Verde (Sulfides)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">18.30</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1,392,060</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.49</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">6,821</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1,248</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Cerro Verde (Oxides)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">18.30</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">365,225</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.45</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1,644</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">301</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P>Yanacocha (Minas Conga)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">43.65</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">617,790</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.30</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1,615</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">705</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P>Total Copper Reserves</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2,375,075</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.42</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">10,080</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2,254</FONT></TD>
</TR>
</TABLE>

<P>&nbsp;</P>
<B><P>Appendix 3</P></B>
<TABLE BORDER CELLSPACING=2 CELLPADDING=4 WIDTH=640>
<TR><TD VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=32>
<P ALIGN="CENTER"><B><FONT FACE="Arial" SIZE=5 COLOR="#ffffff">Total Gold Commitments</B></FONT></TD>
</TR>
<TR><TD VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=22>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">As of 01/01/06</B></FONT></TD>
</TR>
</TABLE>


<TABLE BORDER CELLSPACING=1 CELLPADDING=4 WIDTH=817>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
<P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2006</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2007</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2008</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2009</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2010</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2011</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2012</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">Total</B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">285</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">368,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">383,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">390,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">376,500 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">2,273,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">317.36 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">316.91 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">314.51 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">305.05 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">289.62 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">288.59 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">285.00 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">304.45 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">290</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">368,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">383,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">390,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">376,500 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">2,273,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">328.78 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">327.86 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">328.15 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">317.39 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">303.08 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">302.45 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">290.00 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">316.83 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">300</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">448,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">468,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">423,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">390,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">376,500 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">2,553,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">333.33 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">332.59 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">333.53 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">324.42 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">310.77 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">310.26 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">300.00 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">324.12 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">345</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">408,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">363,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">2,261,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">338.94 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">338.60 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">342.59 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">345.19 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">345.42 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">345.42 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">342.62 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">350</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">408,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">363,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">2,261,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">338.94 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">338.60 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">342.59 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">347.05 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">348.75 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">348.09 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">343.87 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">385</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">408,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">363,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">2,261,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">338.94 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">338.60 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">342.59 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">360.07 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">372.08 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">366.78 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">352.60 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">420</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">408,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">363,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">2,261,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=21>
<FONT FACE="Arial" SIZE=2 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">338.94 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">338.60 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">342.59 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">371.23 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">395.42 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">394.11 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">404.00 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">363.95 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">436</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">408,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">363,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">2,321,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">338.94 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">338.60 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">354.56 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">371.23 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">406.08 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">402.65 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">404.00 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">368.35 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">451</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">408,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">363,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">2,321,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">338.94 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">338.60 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">354.56 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">371.23 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">406.08 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">410.66 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">404.00 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">369.58 </B></FONT></TD>
</TR>
</TABLE>


<TABLE BORDER CELLSPACING=2 CELLPADDING=4 WIDTH=640>
<TR><TD VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=32>
<P ALIGN="CENTER"><B><FONT FACE="Arial" SIZE=5 COLOR="#ffffff">Physical Gold Delivery</B></FONT></TD>
</TR>
<TR><TD VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=22>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">As of 01/01/06</B></FONT></TD>
</TR>
</TABLE>


<TABLE BORDER CELLSPACING=1 CELLPADDING=4 WIDTH=817>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
<P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2006</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2007</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2008</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2009</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2010</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2011</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2012</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">Total</B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">285</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">248,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">323,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">1,981,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">311.98 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">311.77 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">307.14 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">297.63 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">285.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">285.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">285.00 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">298.46 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">290</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">248,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">323,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">1,981,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">325.62 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">324.73 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">324.07 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">312.26 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">299.58 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">299.75 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">290.00 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">312.67 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">300</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">248,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">323,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">1,981,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">328.54 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">327.77 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">327.70 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">318.30 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">307.92 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">308.05 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">300.00 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">318.36 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">345</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">248,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">323,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">1,981,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">342.46 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">345.46 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">345.42 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">345.42 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">342.57 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">350</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">248,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">323,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">1,981,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">342.46 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">347.55 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">348.75 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">348.09 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">343.99 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">385</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">248,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">323,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">1,981,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">342.46 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">362.18 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">372.08 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">366.78 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">353.95 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">420</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">248,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">323,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">1,981,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=21>
<FONT FACE="Arial" SIZE=2 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">342.46 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">374.72 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">395.42 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">394.11 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">404.00 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">366.91 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">436</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">248,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">323,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">1,981,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">342.46 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">374.72 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">406.08 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">402.65 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">404.00 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">370.37 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">451</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">308,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">328,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">248,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">323,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">360,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">1,981,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">337.89 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">337.53 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">342.46 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">374.72 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">406.08 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">410.66 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">404.00 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">371.81 </B></FONT></TD>
</TR>
</TABLE>

<P>&nbsp;</P>
<TABLE BORDER CELLSPACING=2 CELLPADDING=4 WIDTH=640>
<TR><TD WIDTH="88%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=32>
<P ALIGN="CENTER"><B><FONT FACE="Arial" SIZE=5 COLOR="#ffffff">Gold Derivatives</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=32>
<B><FONT FACE="Arial" SIZE=5 COLOR="#ffffff"><P>&nbsp;</B></FONT></TD>
</TR>
<TR><TD WIDTH="88%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=22>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">As of 01/01/06</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=22>
<FONT FACE="Arial" SIZE=2 COLOR="#ffffff"><P>&nbsp;</FONT></TD>
</TR>
</TABLE>


<TABLE BORDER CELLSPACING=1 CELLPADDING=4 WIDTH=817>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
<P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2006</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2007</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2008</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2009</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2010</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2011</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">2012</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">Total</B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">285</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">30,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">22,500 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">292,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">345.00 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">290</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">30,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">22,500 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">292,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">345.00 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">300</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">100,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">30,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">22,500 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">572,500 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">343.86 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">343.86 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">343.86 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">344.20 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">344.02 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">345</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">40,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">280,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">343.00 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">350</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">40,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">280,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">343.00 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">385</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">40,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">280,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">343.00 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">420</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">40,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">280,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=21>
<FONT FACE="Arial" SIZE=2 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">343.00 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">436</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">40,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">340,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">376.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">356.59 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">451</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">80,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">140,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">40,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">340,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">376.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">343.00 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=24>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="RIGHT">356.59 </B></FONT></TD>
</TR>
</TABLE>

<B><P>Appendix 4</P></B>
<TABLE BORDER CELLSPACING=2 CELLPADDING=4 WIDTH=345>
<TR><TD VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=32>
<P ALIGN="CENTER"><B><FONT FACE="Arial" SIZE=5 COLOR="#ffffff">Silver Derivatives</B></FONT></TD>
</TR>
<TR><TD VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=22>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">As of 01/01/06</B></FONT></TD>
</TR>
</TABLE>


<TABLE BORDER CELLSPACING=2 CELLPADDING=4 WIDTH=734>
<TR><TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=26>
<P></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#808000" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">At US $ 4.00</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#808000" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">At US $ 4.15</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#808000" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">At US $ 6.20</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#808000" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">At US $ 6.33</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#808000" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">At US $ 6.50</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#808000" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=4 COLOR="#ffffff"><P ALIGN="CENTER">At US $ 7.00</B></FONT></TD>
</TR>
<TR><TD WIDTH="7%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2 COLOR="#ffffff"><P ALIGN="CENTER">Year</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2 COLOR="#ffffff"><P ALIGN="CENTER">Oz</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2 COLOR="#ffffff"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2 COLOR="#ffffff"><P ALIGN="CENTER">Oz</B></FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2 COLOR="#ffffff"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2 COLOR="#ffffff"><P ALIGN="CENTER">Oz</B></FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2 COLOR="#ffffff"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2 COLOR="#ffffff"><P ALIGN="CENTER">Oz</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2 COLOR="#ffffff"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2 COLOR="#ffffff"><P ALIGN="CENTER">Oz</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2 COLOR="#ffffff"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2 COLOR="#ffffff"><P ALIGN="CENTER">Oz</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2 COLOR="#ffffff"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
</TR>
<TR><TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=22>
<FONT FACE="Arial"><P ALIGN="CENTER">2006</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=22>
<FONT FACE="Arial"><P ALIGN="CENTER">200,000</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=22>
<FONT FACE="Arial"><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=22>
<FONT FACE="Arial"><P ALIGN="CENTER">200,000</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=22>
<FONT FACE="Arial"><P ALIGN="CENTER">6.0</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=22>
<FONT FACE="Arial"><P ALIGN="CENTER">240,000</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=22>
<FONT FACE="Arial"><P ALIGN="CENTER">6.0</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=22>
<FONT FACE="Arial"><P ALIGN="CENTER">266,000</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=22>
<FONT FACE="Arial"><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=22>
<FONT FACE="Arial"><P ALIGN="CENTER">300,000</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=22>
<FONT FACE="Arial"><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=22>
<FONT FACE="Arial"><P ALIGN="CENTER">400,000</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=22>
<FONT FACE="Arial"><P ALIGN="CENTER">6.00</FONT></TD>
</TR>
<TR><TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=23><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">200,000</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">6.00</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">200,000</B></FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">6.0</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">240,000</B></FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">6.0</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">266,000</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">6.00</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">300,000</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">6.00</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">400,000</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=23>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">6.00</B></FONT></TD>
</TR>
</TABLE>

<B><P>Appendix 5</P></B>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=4 WIDTH=512>
<TR><TD WIDTH="91%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=21>
<P><B><FONT FACE="Arial">Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
</TR>
<TR><TD WIDTH="89%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
</TR>
<TR><TD WIDTH="89%" VALIGN="BOTTOM" HEIGHT=21>
<B><FONT FACE="Arial"><P>Consolidated Balance Sheets</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
</TR>
<TR><TD VALIGN="BOTTOM" COLSPAN=3 HEIGHT=26>
<FONT FACE="Arial"><P>As of December 31, 2004 (audited) and December 31, 2005 (audited)</FONT></TD>
</TR>
</TABLE>


<TABLE BORDER CELLSPACING=1 CELLPADDING=4 WIDTH=750>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=17>
<P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2005</B></FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">S/(000) </B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">S/(000) </B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">US$(000) </B></FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=20><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=20><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=20><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=20><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=20><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=20><P></P></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=40>
<B><FONT FACE="Arial" SIZE=2><P>Assets</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=40>
<B><FONT FACE="Arial" SIZE=2><P>Current assets</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>Cash and cash equivalents</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>614,862 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>332,102 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>96,795 </FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>Investment funds</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>86,971 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>52,884 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>15,414 </FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>Trade accounts receivable</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>97,061 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>93,354 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>27,209 </FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>Other accounts receivable, net</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>12,248 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>19,089 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>5,563 </FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>Accounts receivable from affiliates</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>46,078 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>66,038 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>19,247 </FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>Inventories, net</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>69,353 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>94,377 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>27,507 </FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>Current portion of prepaid tax and expenses</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>40,471 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>43,182 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>12,586 </FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=11><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=11>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=11><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=11>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=11><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=11>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=40>
<B><FONT FACE="Arial" SIZE=2><P>Total current assets</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>967,044 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>701,026 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>204,321 </FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>Long - term other accounts receivable</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>4,574 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>5,044 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>1,470 </FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>Prepaid tax and expenses</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>14,059 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>12,405 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>3,616 </FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>Investments in shares</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>1,531,347 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>2,502,267 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>729,311 </FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>Property, plant and equipment, net</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>603,559 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>583,281 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>170,003 </FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>Development costs, net</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>143,258 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>163,924 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>47,778 </FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>Deferred stripping costs</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>56,056 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>- </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>- </FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>Goodwill, net</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>6,199 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>5,303 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>1,546 </FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>Deferred income tax and workers' profit sharing asset, net</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>245,299 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>308,091 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>89,796 </FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=40>
<B><FONT FACE="Arial" SIZE=2><P>Total assets</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>3,571,395 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>4,281,341 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=40><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>1,247,841 </FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2005</B></FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">S/(000) </B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">S/(000) </B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">US$(000) </B></FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=20><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=20><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=20><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=20><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=20><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=20><P></P></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=36>
<B><FONT FACE="Arial" SIZE=2><P>Liabilities and shareholders' equity, net</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=36>
<B><FONT FACE="Arial" SIZE=2><P>Current liabilities</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>Bank loans</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>13,150 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>26,229 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>7,645 </FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>Trade accounts payable</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>61,188 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>53,089 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>15,473 </FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>Other current liabilities</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>133,261 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>204,597 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>59,633 </FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>Derivative instruments</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>70,927 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>59,138 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>17,236 </FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>Deferred income from sale of future production</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>74,937 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>107,079 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>31,209 </FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>Current portion of long-term debt</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>36,332 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>1,631 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>475 </FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=36>
<B><FONT FACE="Arial" SIZE=2><P>Total current liabilities</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=36>
<FONT FACE="Arial" SIZE=2><P>389,795 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=36>
<FONT FACE="Arial" SIZE=2><P>451,763 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=36>
<FONT FACE="Arial" SIZE=2><P>131,671 </FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>Long-term other liabilities </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>83,465 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>96,852 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>28,229 </FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>Derivative instruments</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>267,852 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>168,017 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>48,970 </FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>Long-term debt</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>15,031 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>1,367 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>398 </FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>Deferred income from sale of future production</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>568,772 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>613,791 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>178,896 </FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=36>
<B><FONT FACE="Arial" SIZE=2><P>Total liabilities</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=36>
<FONT FACE="Arial" SIZE=2><P>1,324,915 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=36>
<FONT FACE="Arial" SIZE=2><P>1,331,790 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=36>
<FONT FACE="Arial" SIZE=2><P>388,164 </FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP" HEIGHT=13><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=13>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=13><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=13>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=13><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=13>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=36>
<B><FONT FACE="Arial" SIZE=2><P>Minority interest</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=36>
<FONT FACE="Arial" SIZE=2><P>66,347 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=36>
<FONT FACE="Arial" SIZE=2><P>80,247 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=36>
<FONT FACE="Arial" SIZE=2><P>23,389 </FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=36>
<B><FONT FACE="Arial" SIZE=2><P>Shareholders' equity, net</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=45>
<FONT FACE="Arial" SIZE=2><P>Capital stock, net of treasury shares by S/49,659,000 in 2004 and 2005</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=45>
<FONT FACE="Arial" SIZE=2><P>596,755 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=45><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=45>
<FONT FACE="Arial" SIZE=2><P>596,755 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=45><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=45>
<FONT FACE="Arial" SIZE=2><P>173,930 </FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=43>
<FONT FACE="Arial" SIZE=2><P>Investment shares, net of treasury shares by S/66,000 in 2004 and S/127,000 in 2005</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=43>
<FONT FACE="Arial" SIZE=2><P>1,683 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=43><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=43>
<FONT FACE="Arial" SIZE=2><P>1,622 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=43><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=43>
<FONT FACE="Arial" SIZE=2><P>473 </FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>Additional paid-in capital</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>610,659 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>609,734 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>177,713 </FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>Legal reserve</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>129,276 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>129,276 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>37,679 </FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>Others reserves</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>923 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>923 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>269 </FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>Retained earnings</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>734,059 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>1,598,716 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>465,962 </FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>Cumulative translation loss</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>(148,513)</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>(67,962)</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>(19,808)</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=48>
<FONT FACE="Arial" SIZE=2><P>Cumulative unrealized gain on investments in shares carried at fair value</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=48>
<FONT FACE="Arial" SIZE=2><P>256,331 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=48><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=48>
<FONT FACE="Arial" SIZE=2><P>240 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=48><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=48>
<FONT FACE="Arial" SIZE=2><P>70 </FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P>Cumulative unrealized loss on derivative financial instruments</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P>(1,040)</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P>- </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P>- </FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=9>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=9>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=9>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=36>
<B><FONT FACE="Arial" SIZE=2><P>Total shareholders' equity, net </B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=36>
<FONT FACE="Arial" SIZE=2><P>2,180,133 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=36>
<FONT FACE="Arial" SIZE=2><P>2,869,304 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=36>
<FONT FACE="Arial" SIZE=2><P>836,288 </FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=9>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=9>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=9>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=36>
<B><FONT FACE="Arial" SIZE=2><P>Total liabilities and shareholders' equity, net</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=36>
<FONT FACE="Arial" SIZE=2><P>3,571,395 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=36>
<FONT FACE="Arial" SIZE=2><P>4,281,341 </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=36>
<FONT FACE="Arial" SIZE=2><P>1,247,841 </FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Arial" SIZE=2><P>&nbsp;</FONT></TD>
</TR>
</TABLE>


<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=4 WIDTH=338>
<TR><TD VALIGN="BOTTOM" HEIGHT=21>
<P><B><FONT FACE="Arial">Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</B></FONT></TD>
</TR>
<TR><TD VALIGN="BOTTOM" HEIGHT=20><P></P></TD>
</TR>
<TR><TD VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial"><P>Consolidated Statements Statements of Income</FONT></TD>
</TR>
</TABLE>


<TABLE BORDER CELLSPACING=1 CELLPADDING=4 WIDTH=890>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" ROWSPAN=2 HEIGHT=19>
<P></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">For the three-month</B></FONT></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">For the twelve-month</B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">periods ended December 31</B></FONT></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">periods ended December 31</B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="MIDDLE" HEIGHT=9><P></P></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=9>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________________________________</B></FONT></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=9>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________________________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2005</B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">US$(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P>Operating revenues</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>Net sales</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">270,816 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">275,120 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">80,187 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">908,441 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">936,595 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">272,980 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>Royalties income</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">36,633 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">53,796 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">15,679 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">128,889 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">152,342 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">44,402 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>Realized income from sale of future production</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">21,545 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">27,470 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">8,006 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">68,837 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">92,753 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">27,034 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P>Total revenues</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">328,994 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">356,386 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">103,872 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">1,106,167 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">1,181,690 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">344,416 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P>Costs of operation</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>Operating costs</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">92,939 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">90,531 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">26,386 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">340,697 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">343,327 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">100,066 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P>Exploration and development costs in operational mining sites</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">45,598 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">41,421 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">12,073 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">127,435 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">136,053 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">39,654 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>Depreciation and amortization</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">27,648 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">51,875 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">15,119 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">74,077 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">111,177 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">32,404 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P>Total costs of operation</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">166,185 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">183,827 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">53,578 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">542,209 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">590,557 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">172,124 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P>Gross margin</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">162,809 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">172,559 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">50,294 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">563,958 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">591,133 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">172,292 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P>Operating expenses</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>General and administrative</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">19,775 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">39,196 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">11,424 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">76,866 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">112,630 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">32,827 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P>Exploration costs in non-operational mining sites</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">18,542 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">28,760 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">8,382 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">88,241 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">91,919 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">26,792 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>Royalties </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">15,192 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">13,344 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">3,889 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">31,557 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">40,350 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">11,760 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>Selling</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">4,993 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">4,557 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">1,328 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">17,839 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">15,864 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">4,624 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>Amortization of goodwill</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">315 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">151 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">44 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">994 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">896 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">261 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P>Total operating expenses</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">58,817 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">86,008 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">25,067 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">215,497 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">261,659 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">76,264 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P>Operating income</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">103,992 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">86,551 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">25,227 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">348,461 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">329,474 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">96,028 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P>Other income (expenses), net</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>Share in affiliated companies, net</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">189,753 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">425,913 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">124,137 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">575,858 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">870,748 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">253,788 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P>Loss from change in the fair value of derivative instruments</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(57,223)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(59,499)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(17,342)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(58,774)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(87,872)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(25,611)</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>Interest income </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">5,534 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">644 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">188 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">12,132 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">11,646 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">3,394 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>Gain (loss) from exposure to inflation </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(277)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">- </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">- </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(9,847)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">- </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">- </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>Exchange difference gain (loss)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(355)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">1,444 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">421 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(12,636)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">1,483 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">432 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>Interest expense</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(667)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(1,375)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(401)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(7,515)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(5,797)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(1,689)</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>Other, net</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(5,733)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(45,217)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(13,179)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(13,505)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(18,305)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(5,334)</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P>Total other income (expenses), net</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">131,032 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">321,910 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">93,824 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">485,713 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">771,903 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">224,980 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=68>
<B><FONT FACE="Arial" SIZE=2><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=68>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">235,024 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=68>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">408,461 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=68>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">119,051 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=68>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">834,174 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=68>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">1,101,377 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=68>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">321,008 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>Provision for workers' profit sharing</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(7,068)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(6,545)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(1,908)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(18,356)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(8,569)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(2,498)</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>Provision for income tax</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(38,376)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(38,622)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(11,257)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(101,997)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(75,406)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(21,978)</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">_________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=51>
<B><FONT FACE="Arial" SIZE=2><P>Income before minority interest and cumulative effect of changes in accounting principle</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=51>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">189,580 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=51>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">363,294 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=51>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">105,886 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=51>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">713,821 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=51>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">1,017,402 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=51>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">296,532 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>Minority interest</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(6,986)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(33,735)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(9,832)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(28,171)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(66,003)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(19,237)</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=34>
<B><FONT FACE="Arial" SIZE=2><P>Income before cumulative effect of changes in accounting principle</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">182,594 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">329,559 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">96,054 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">685,650 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">951,399 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">277,295 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P>Cumulative effect of changes in accounting principle due to mine closing</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">- </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">- </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">- </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">- </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(10,416)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(3,036)</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">_________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P>Net income </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">182,594 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">329,559 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">96,054 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">685,650 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">940,983 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">274,259 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><U><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></U></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><U><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></U></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><U><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></U></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><U><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></U></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><U><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></U></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><U><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________ </B></U></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=68>
<B><FONT FACE="Arial" SIZE=2><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=68>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">1.44 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=68>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2.59 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=68>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">0.76 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=68>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">5.39 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=68>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">7.48 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=68>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2.18 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P>Cumulative effect of changes in accounting principle due to mine closing</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">- </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">- </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">- </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">- </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(0.08)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(0.02)</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=51>
<B><FONT FACE="Arial" SIZE=2><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=51>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">1.44 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=51>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2.59 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=51>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">0.76 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=51>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">5.39 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=51>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">7.40 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=51>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2.16 </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><U><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________</B></U></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><U><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________</B></U></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><U><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________</B></U></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><U><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________</B></U></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><U><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________</B></U></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><U><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________</B></U></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=34>
<B><FONT FACE="Arial" SIZE=2><P>Weighted average number of shares outstanding</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">127,236,219</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">127,229,844</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">127,229,844</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">127,236,219</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">127,229,844</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">127,229,844</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><U><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________</B></U></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><U><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________</B></U></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><U><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________</B></U></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><U><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________</B></U></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><U><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________</B></U></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><U><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">___________</B></U></FONT></TD>
</TR>
</TABLE>


<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=4 WIDTH=341>
<TR><TD VALIGN="BOTTOM" HEIGHT=21>
<P><B><FONT FACE="Arial">Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</B></FONT></TD>
</TR>
<TR><TD VALIGN="BOTTOM" HEIGHT=20><P></P></TD>
</TR>
<TR><TD VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial"><P>Consolidated Statements of Cash Flows</FONT></TD>
</TR>
</TABLE>


<TABLE BORDER CELLSPACING=1 CELLPADDING=4 WIDTH=884>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" ROWSPAN=2 HEIGHT=19>
<P></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">For the three-month</B></FONT></TD>
<TD WIDTH="30%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">For the twelve-month</B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">periods ended December 31</B></FONT></TD>
<TD WIDTH="30%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">periods ended December 31</B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=9>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">_____________________________</B></FONT></TD>
<TD WIDTH="30%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=9>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">_____________________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2005</B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">US$(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P>Operating activities</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=26><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Collection from customers</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">219,609 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">249,126 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">72,610 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">885,646 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">940,302 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">274,061 </FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Collection of dividends</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">157,409 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">135,101 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">39,377 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">419,782 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">307,926 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">89,748 </FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Collection of royalties</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">31,085 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">30,861 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">8,995 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">120,136 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">131,816 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">38,419 </FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Collection of interest</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">4,117 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">1,071 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">312 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">11,909 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">10,627 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">3,097 </FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Payments to suppliers and third parties</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(73,002)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(74,696)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(21,771)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(355,188)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(365,353)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(106,485)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Payments of exploration expenditures</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(45,412)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(54,050)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(15,753)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(172,215)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(181,921)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(53,023)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Payments to employees</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(21,226)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(26,937)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(7,851)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(119,594)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(147,048)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(42,859)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Payments of income tax</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(10,900)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(22,233)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(6,480)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(44,478)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(84,750)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(24,701)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Payments of royalties</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(8,355)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(12,324)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(3,592)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(27,248)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(42,803)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(12,475)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Payments of interest</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(478)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(1,375)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(401)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(5,170)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(5,797)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(1,690)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" ROWSPAN=2 HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P>Net cash provided by operating activities</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" ROWSPAN=2 HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">252,847 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" ROWSPAN=2 HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">224,544 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" ROWSPAN=2 HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">65,446 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" ROWSPAN=2 HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">713,580 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" ROWSPAN=2 HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">562,999 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" ROWSPAN=2 HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">164,092 </FONT></TD>
</TR>
<TR></TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P>Investing activities</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=26><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Payments by purchase of investments in shares</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(6,821)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">3,269 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">953 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(8,084)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(509,163)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(148,401)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Purchase of plant and equipment</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(29,204)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(33,000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(9,618)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(96,507)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(70,253)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(20,476)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Development cost expenditures</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(9,337)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(19,769)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(5,762)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(38,611)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(57,586)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(16,783)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Payments from derivative instruments settled, net</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(12,454)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(6,578)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(1,917)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(73,403)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(24,157)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(7,041)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Proceeds from sale of plant and equipment</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">93 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">- </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">- </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">1,595 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">663 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">193 </FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Decrease on time deposits in local currency</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">24,255 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">- </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">- </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(24,255)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<I><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">24,255 </I></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">7,069 </FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Decrease (increase) of investment fund</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">- </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">- </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">- </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(34,735)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">38,869 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">11,329 </FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Proceeds from sale of shares</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">- </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">- </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">- </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">330 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">- </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">- </FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" ROWSPAN=2 HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P>Net cash used in investing activities</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" ROWSPAN=2 HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(33,468)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" ROWSPAN=2 HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(56,078)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" ROWSPAN=2 HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(16,344)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" ROWSPAN=2 HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(273,670)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" ROWSPAN=2 HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(597,372)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" ROWSPAN=2 HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(174,110)</FONT></TD>
</TR>
<TR></TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P>Financing activities</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=26><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Payments of dividends</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(67,598)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(77,618)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(22,623)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(139,464)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(152,006)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(44,304)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Decrease on long-term debt</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(70,225)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(16,001)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(4,664)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(76,705)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(50,354)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(14,675)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Payments of dividends to minority interest shareholders</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(9,057)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(10,000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(2,915)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(33,521)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(36,840)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(10,737)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Increase of long term debt </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">12,147 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">1,989 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">580 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">12,147 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">1,989 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">580 </FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Increase (decrease) on bank loans, net</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">33,841 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(5,970)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(1,740)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(10,311)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">13,079 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">3,811 </FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" ROWSPAN=2 HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P>Net cash used in financing activities</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" ROWSPAN=2 HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(100,892)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" ROWSPAN=2 HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(107,600)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" ROWSPAN=2 HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(247,854)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" ROWSPAN=2 HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(224,132)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=26><P></P></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(31,362)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(65,325)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Net increase (decrease) in cash during the period</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">118,487 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">60,866 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">17,740 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">192,056 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(258,505)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">(75,343)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Cash at beginning of period</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">472,120 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">271,236 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">79,055 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">398,551 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">590,607 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">172,138 </FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=26><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P>Cash at period-end</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">590,607 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">332,102 </FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">96,795 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">590,607 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">332,102 </FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">96,795 </FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26>
<B><U><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________</B></U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26>
<B><U><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________</B></U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26>
<B><U><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________</B></U></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=26>
<B><U><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________</B></U></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=26>
<B><U><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________</B></U></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=26>
<B><U><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________</B></U></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" ROWSPAN=2 HEIGHT=26><P></P></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">For the three-month</B></FONT></TD>
<TD WIDTH="30%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">For the twelve-month</B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">periods ended December 31</B></FONT></TD>
<TD WIDTH="30%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">periods ended December 31</B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">_______________________________</B></FONT></TD>
<TD WIDTH="30%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">_______________________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2005</B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">US$(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=34>
<B><FONT FACE="Arial" SIZE=2><P>Reconciliation of net income to net cash provided by operating activities</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=34><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=34><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=34><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Net income</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">182,594 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">329,559 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">96,054 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">685,650 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">940,983 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">274,259 </FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P>Add (deduct)</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Amortization and depreciation</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">27,815 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">52,367 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">15,263 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">75,481 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">112,465 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">32,779 </FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P>Loss (gain) from change in the fair value of derivative instruments</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">57,223 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">59,499 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">17,342 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">21,937 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">87,872 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">25,611 </FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Minority interest</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">6,986 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">33,735 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">9,832 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">28,171 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">66,003 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">19,237 </FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P>Amortization of development costs in operating mining units</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">15,915 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">12,029 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">3,506 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">33,265 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">34,090 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">9,936 </FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Long-term officers' compensation</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">40 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">12,503 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">3,644 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">2,135 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">26,883 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">7,835 </FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Cumulative effect of changes in accounting principle</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">10,416 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">3,036 </FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Obsolescence inventory reserve</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">2,889 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">5,202 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1,516 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">2,889 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">9,382 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">2,735 </FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Accretion Expenses</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">3,539 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">3,521 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1,026 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">7,056 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">7,621 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">2,221 </FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Net cost of retired plant and equipment</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">2,596 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">756 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">754 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">3,598 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1,049 </FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Amortization of mining concessions and goodwill</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">315 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">151 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">44 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">994 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">896 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">261 </FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Income from sale of plant and equipment</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">991 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">137 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">40 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(157)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">137 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">40 </FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Allowance for doubtful accounts</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1,146 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">76 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">22 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1,146 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">76 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">22 </FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Loss from exposure to inflation</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">277 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">9,847 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">- </FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Gain from sale of shares</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(51)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">- </FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Share in affiliated companies, net of dividends received</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(32,344)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(246,920)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(71,967)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(160,947)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(562,822)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(164,040)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Realized income from sale of future production</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(21,545)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(27,470)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(8,006)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(68,837)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(92,753)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(27,034)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P>Loss (gain) for deferred income tax and workers' profit sharing expenses</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">10,835 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1,725 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">503 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">37,840 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(42,836)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(12,485)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Los (gain) from change in the fair value of investment fund</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(148)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">472 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">138 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(5,022)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(2,503)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(730)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Exchange difference gain</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">355 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(1,444)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(421)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">12,636 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(1,483)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(432)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P>Net changes in assets and liabilities accounts</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Decrease (increase) of operating assets -</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Trade and other accounts receivable</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(51,414)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(56,517)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(16,471)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(22,259)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(23,665)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(6,897)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Inventories</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">20,502 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(12,894)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(3,758)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">5,097 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(29,278)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(8,533)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Prepaid tax and expenses</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(26,861)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(93,313)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(27,197)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(48,952)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(97,515)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(28,422)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Increase (decrease) of operating liabilities -</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Trade accounts payable and other liabilities</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">53,737 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">149,530 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">43,580 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">94,907 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">115,432 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">33,644 </FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="MIDDLE" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P>Net cash provided by operating activities</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">252,847 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">224,544 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">65,446 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">713,580 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">562,999 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">164,092 </FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_________ </B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">- </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">- </B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">- </B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">- </B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">- </B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">- </B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P>Transaction that do not affect cash flows</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" ROWSPAN=2 HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Transfer from derivative instruments liabilitie to deferred income from sale of future production</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">- </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>- </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>- </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">- </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>172,540 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>50,289 </FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>Increase of the book value of long-lived assets</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">- </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>- </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>- </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">24,842 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>27,967 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>8,151 </FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>(*) This provision corresponds to a long term compensation (10 year program) granted to the</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P>Company to certain officers, as further explained in the note 17(b) to the annual audited report</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
</TABLE>


<FONT SIZE=2><P ALIGN="CENTER">Signature</P>

<P>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

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

<P>&nbsp;</P><DIR>
<DIR>

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

<P>&nbsp;</P></DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>

<P>Date: March 2, 2006</P>


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