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<SEC-DOCUMENT>0001013131-06-000009.txt : 20060428
<SEC-HEADER>0001013131-06-000009.hdr.sgml : 20060428
<ACCEPTANCE-DATETIME>20060428113331
ACCESSION NUMBER:		0001013131-06-000009
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060428
FILED AS OF DATE:		20060428
DATE AS OF CHANGE:		20060428

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:		06787929

	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>bvnpr0306.htm
<TEXT>
<HTML>
<HEAD>

<TITLE>FOR IMMEDIATE RELEASE</TITLE>

</HEAD>
<BODY>

<U><FONT SIZE=2><P ALIGN="CENTER">FORM 6-K</P>
</U><P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">SECURITIES AND EXCHANGE COMMISSION</P>
<P ALIGN="CENTER">Washington, D.C. 20549</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">Report of Foreign Issuer</P>
<P ALIGN="CENTER">Pursuant to Rule 13a-16 or 15d-16 of the</P>
<P ALIGN="CENTER">Securities Exchange Act of 1934</P>
<P ALIGN="CENTER">For the month of April 2006</P>
<P ALIGN="CENTER">BUENAVENTURA MINING COMPANY INC.</P>
<P ALIGN="CENTER">(Translation of Registrant's Name into English)</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">CARLOS VILLARAN 790</P>
<P ALIGN="CENTER">SANTA CATALINA, LIMA 13, PERU</P>
<P ALIGN="CENTER">(Address of Principal Executive Offices)</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</P>
<P ALIGN="CENTER">Form 20-F <U>X </U>&#9;&#9;Form 40-F ___</P>
<P>&nbsp;</P>
<P>Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</P>
<P ALIGN="CENTER">Yes ___&#9;&#9;&#9;&#9;No <U>X&#9;</U> </P>
<P>&nbsp;</P>
<P>If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-________________.</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>This report consists of consolidated Financial Statements issued by Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries on April 27, 2006, announcing the Company's First Quarter and cumulative 2006 results</P>
</FONT><B><FONT FACE="Tahoma"><P ALIGN="RIGHT">&nbsp;</P>
<P ALIGN="RIGHT">&nbsp;</P>
<P ALIGN="RIGHT">FOR IMMEDIATE RELEASE</P>
</FONT><FONT FACE="Tahoma" SIZE=4 COLOR="#808000"><P ALIGN="JUSTIFY">Compa&ntilde;&iacute;a de Minas Buenaventura Announces</P>
<P ALIGN="CENTER">First Quarter 2006 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, April 27, 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 first quarter of 2006. All figures have been prepared in Peruvian GAAP and are stated in current Peruvian Nuevos Soles (S/.). For the convenience of the reader, figures are stated in U.S. dollars (US$) at a rate of S/.3.358 per US$1.00 for 1Q06 and S/.3.263 per US$1.00 for 1Q05.</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:</P>
<P ALIGN="JUSTIFY">"This quarter, Buenaventura's net income was US$125.1 million, or US$0.98 per ADS, which represents an increase of 89% when compared with 1Q05. This figure includes a negative effect in mark-to-market variation of US$10.3 million.</P>
<P ALIGN="JUSTIFY">Operating income was US$55.7 million, 111% higher than the figure recorded in 1Q05 due mainly to higher silver production and higher prices of silver, zinc and lead that benefited all our operations. Total EBITDA was US$190.8 million, which represented a 62% increase when compared to 1Q05. EBITDA from Buenaventura's direct operations was US$50.6 million, 87% higher than in 1Q05." </P>
<B><P ALIGN="JUSTIFY">Financial Highlights (in millions of US$, except EPS figures):</P></B></FONT>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=361>
<TR><TD WIDTH="52%" VALIGN="MIDDLE" HEIGHT=33>
<P></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=33>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">1Q06</B></FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=33>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">1Q05</B></FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=33>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Var%</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="MIDDLE" HEIGHT=28>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Total Revenues</B></FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">132.0</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">82.9</FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" HEIGHT=28>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">59%</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Operating Income</B></FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">55.7</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">26.4</FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">111%</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" 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="17%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">50.6</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">27.1</FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">87%</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" 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="17%" VALIGN="MIDDLE" HEIGHT=29>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">190.8</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=29>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">117.5</FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" HEIGHT=29>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">62%</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="MIDDLE" HEIGHT=34>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Net Income</B></FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">125.1</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=34>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">66.3</FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" HEIGHT=34>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">89%</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">EPS</B></FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.98</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.52</FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">89%</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Net Income Adjusted</B></FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">135.4</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">59.2</FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">129%</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">EPS Adjusted</B></FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">1.06</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=30>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">0.47</FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE" HEIGHT=30>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">129%</B></FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<P ALIGN="JUSTIFY">&nbsp;</P>
<P>&nbsp;</P>
<B><FONT SIZE=4><P>Operating Revenue</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">During 1Q06, net sales were US$106.3 million, a 58% increase when compared to the US$67.3 million reported in 1Q05 due to a 24% increase in silver sales as well as higher silver, lead and zinc prices. Royalty income during 1Q06 totaled US$13.0 million, a 29% increase when compared to the US$10.1 million reported in 1Q05. This was due to higher sales at Yanacocha. </P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=2 CELLPADDING=4 WIDTH=413>
<TR><TD WIDTH="43%" VALIGN="MIDDLE" HEIGHT=19>
<P ALIGN="CENTER"><B><FONT FACE="Tahoma" SIZE=1>Operating Highlights</B></FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">1Q06</B></FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">1Q05</B></FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Var.</B></FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="MIDDLE" HEIGHT=39>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Net Sales </P>
<P ALIGN="CENTER">(in millions of US$)</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">106.3</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">67.3</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=39>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">58%</B></FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="MIDDLE" HEIGHT=37>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Average Realized Price Gold (US$/oz) Direct Operations*</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=37>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">344</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=37>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">376</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=37>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">-8%</B></FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Average Realized Price Gold (US$/oz) inc. Yanacocha</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">506</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">415</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">22%</B></FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Average Realized Price Silver (US$/oz)</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">9.70</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">6.94</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">40%</B></FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Average Realized Price Lead (US$/TM)</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">1,226</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">979</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">25%</B></FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Average Realized Price Zinc (US$/TM)</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2,140</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">1,247</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">72%</B></FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Average Realized Price Copper (US$/Lb) inc. Cerro Verde</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2.24</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">1.48</FONT></TD>
<TD WIDTH="15%" VALIGN="MIDDLE" HEIGHT=38>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">51%</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=527>
<TR><TD VALIGN="MIDDLE" COLSPAN=4 BGCOLOR="#808000" HEIGHT=19>
<P ALIGN="CENTER"><B><FONT FACE="Tahoma" SIZE=1 COLOR="#ffffff">Sales Content</B></FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="MIDDLE" HEIGHT=29><P></P></TD>
<TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=29>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">1Q06</B></FONT></TD>
<TD WIDTH="19%" VALIGN="MIDDLE" HEIGHT=29>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">1Q05</B></FONT></TD>
<TD WIDTH="18%" VALIGN="MIDDLE" HEIGHT=29>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Var.</B></FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="MIDDLE" HEIGHT=29>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Gold (in oz) Direct Operations</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=29>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">100,120</FONT></TD>
<TD WIDTH="19%" VALIGN="MIDDLE" HEIGHT=29>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">85,228</FONT></TD>
<TD WIDTH="18%" VALIGN="MIDDLE" HEIGHT=29>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">17%</B></FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="MIDDLE" HEIGHT=26>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Gold (in oz) including Yanacocha</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">436,165</FONT></TD>
<TD WIDTH="19%" VALIGN="MIDDLE" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">422,594</FONT></TD>
<TD WIDTH="18%" VALIGN="MIDDLE" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">3%</B></FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="MIDDLE" HEIGHT=24>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Silver (in oz)</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">4,030,366</FONT></TD>
<TD WIDTH="19%" VALIGN="MIDDLE" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">3,250,029</FONT></TD>
<TD WIDTH="18%" VALIGN="MIDDLE" HEIGHT=24>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">24%</B></FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Lead (in MT)</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">7,838</FONT></TD>
<TD WIDTH="19%" VALIGN="MIDDLE" HEIGHT=23>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">6,830</FONT></TD>
<TD WIDTH="18%" VALIGN="MIDDLE" HEIGHT=23>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">15%</B></FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Zinc (in MT)</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">12,981</FONT></TD>
<TD WIDTH="19%" VALIGN="MIDDLE" HEIGHT=27>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">12,536</FONT></TD>
<TD WIDTH="18%" VALIGN="MIDDLE" HEIGHT=27>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">4%</B></FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
</B></FONT><P>&nbsp;</P>
<P>&nbsp;</P>
<B><FONT SIZE=4><P>Production and Operating Costs</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Buenaventura's equity production during 1Q06 was 93,144 ounces of gold, 5% higher than the 88,367 ounces reported in 1Q05, and 3,314,758 ounces of silver, a 1% increase when compared to the 3,288,099 ounces reported in 1Q05.</P>
<P ALIGN="JUSTIFY">&nbsp;</P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=629>
<TR><TD VALIGN="MIDDLE" COLSPAN=4 BGCOLOR="#808000" HEIGHT=18>
<P><B><FONT SIZE=1>Equity Production<SUP>1</B></SUP></FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=18><P></P></TD>
<TD WIDTH="24%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">1Q06</B></FONT></TD>
<TD WIDTH="26%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">1Q05</B></FONT></TD>
<TD WIDTH="30%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Var.</B></FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P>Gold (in oz)</B></FONT></TD>
<TD WIDTH="24%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">93,144</FONT></TD>
<TD WIDTH="26%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">88,367</FONT></TD>
<TD WIDTH="30%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">5%</B></FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P>Gold (including Yanacocha)</B></FONT></TD>
<TD WIDTH="24%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">442,537</FONT></TD>
<TD WIDTH="26%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">435,785</FONT></TD>
<TD WIDTH="30%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2%</B></FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P>Silver (in oz)</B></FONT></TD>
<TD WIDTH="24%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">3,314,758</FONT></TD>
<TD WIDTH="26%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">3,288,099</FONT></TD>
<TD WIDTH="30%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">1%</B></FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P>Lead (in MT)</B></FONT></TD>
<TD WIDTH="24%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">4,254</FONT></TD>
<TD WIDTH="26%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">4,244</FONT></TD>
<TD WIDTH="30%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">0%</B></FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P>Zinc (in MT)</B></FONT></TD>
<TD WIDTH="24%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">6,587</FONT></TD>
<TD WIDTH="26%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">6,004</FONT></TD>
<TD WIDTH="30%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">10%</B></FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Tahoma" SIZE=1><P>Copper (including Cerro Verde)</B></FONT></TD>
<TD WIDTH="24%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">4,216</FONT></TD>
<TD WIDTH="26%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2,015</FONT></TD>
<TD WIDTH="30%" VALIGN="MIDDLE" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">109%</B></FONT></TD>
</TR>
</TABLE>
</CENTER></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 1Q06 was 61,751 ounces, an 8% increase when compared to the 56,972 ounces in 1Q05. </P>
<P ALIGN="JUSTIFY">Cash operating costs increased 10%, from US$118/oz in 1Q05 to US$130/oz in 1Q06. This was mainly explained by an increase in supplies and contractors' expenses due to 135% increase in the decline construction to deepen the mine. Exploration and development labors increased from 228m in the 1Q05 to 556m in the 1Q06. </P>
<P ALIGN="JUSTIFY">Total royalties paid to the government at Orcopampa in 1Q06 totaled US$0.18 million.</P>
<P ALIGN="JUSTIFY">At <B>Uchucchacua</B> <B>(100%)</B>, total silver production during 1Q06 was 2,172,766 ounces, a 14% decrease when compared to the 2,536,761 ounces in 1Q05. For safety reasons the Company temporarily decided to: </P>
<OL>

<P ALIGN="JUSTIFY"><LI>Exploit in areas that reported lower silver grades.</LI></P>
<P ALIGN="JUSTIFY"><LI>Change the drilling method, which prevented from maintaining regular tonnage. </LI></P></OL>

<P ALIGN="JUSTIFY">As a consequence of these decisions, and due to higher development expenses in the <I>Casualidad Alta </I>area, in preparation for the future oxide ore production, cash operating cost increased 33% from $2.69/oz in 1Q05 to US$3.57/oz in 1Q06. </P>
<P ALIGN="JUSTIFY">Total royalties paid to the government at Uchucchacua in 1Q06 totaled US$0.23 million.</P>
<P ALIGN="JUSTIFY">At <B>Antapite (78.04%)</B>, total production during 1Q06 was 24,958 ounces of gold a 5% decrease when compared to the 26,308 produced in 1Q05 due to a 6% decrease in the gold grade.</P>
<P ALIGN="JUSTIFY">Gold cash operating cost in 1Q06 was US$230/oz, a 19% increase when compared to the US$193/oz in 1Q05. This was due to lower ounces recovered as well as higher fuel consumption and prices.</P>
<P ALIGN="JUSTIFY">Total royalties paid to the government at Antapite in 1Q06 totaled US$0.13 million.</P>
<P ALIGN="JUSTIFY">At <B>Colquijirca (34.29%)</B>, total zinc production was 15,508 MT in 1Q06, a 15% increase when compared to the 13,534 MT in 1Q05 due to higher zinc grade. Total silver production during 1Q06 was 1,997,908 ounces, a 140% increase when compared to the 831,727 ounces in 1Q05. This additional production was possible due to higher grade of silver in the area of the open pit under exploitation. </P>
<P ALIGN="JUSTIFY">Zinc cash operating costs decreased 85% from US$711 per MT in 1Q05 to US$105 per MT in 1Q06. This was due to a significant silver and lead by-product credit contribution.</P>
<P ALIGN="JUSTIFY">Total royalties paid to the government at Colquijirca in 1Q05 totaled US$0.36 million.</P>
<B><P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><FONT SIZE=4><P>Operating Expenses</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">General and administrative expenses for 1Q06 were US$8.1 million, a 21% increase compared to the US$6.7 million in 1Q05. This increase was due to the annual increase in payroll and the provision for the Company's long-term compensation program.</P>
<P ALIGN="JUSTIFY"><A NAME="OLE_LINK3">Exploration <A NAME="OLE_LINK4">costs in non-operating areas</A> </A>during 1Q06 were US$8.3 million, a 40% increase compared to the US$6.0 million during 1Q05. This quarter's figure includes a US$3.5 million expense for the purchase of mining concessions.</P>
<B><P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><FONT SIZE=4><P>Operating Income</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Operating income in 1Q06 was US$55.7 million, a 111% increase compared to the US$26.4 million in 1Q05. This was mainly due to an increase in silver sales in Colquijirca, as well as higher silver, zinc and lead realized prices.</P>
</FONT><FONT FACE="Arial Narrow" SIZE=1><P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><B><FONT SIZE=4><P>Income from Non-consolidated Affiliates</P>
</B></FONT><FONT FACE="Arial Narrow" SIZE=1><P>&nbsp;</P>
</FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">Buenaventura's income from non-consolidated affiliates was US$92.3 million during 1Q06, an increase of 79% when compared to the US$51.5 million reported in 1Q05. This increase is explained by higher results obtained at Yanacocha (US$76.6 million) and Cerro Verde (US$15.3 million).</P>
<P ALIGN="JUSTIFY"><A NAME="OLE_LINK1">At Yanacocha (43.65%), 1Q06 total gold production was 800,443 ounces of gold, an increase of 1% when compared to 1Q05 production (795,917 ounces), we continue to budget 2.6 million ounces for the full year. </P>
<P ALIGN="JUSTIFY">Gold cash cost at Yanacocha during 1Q06 was US$165/oz, which represented a 12% increase compared to a gold cash cost of US$147/oz in 1Q05 mainly due to an increase in tons mined, increased consumption of higher priced commodities, in addition to higher labor costs.</P>
<P ALIGN="JUSTIFY">Net income at Yanacocha during 1Q06, was US$173.0 million, a 54% increase when compared to the 1Q05 figure (US$112.6 million) due to higher gold prices. </P>
<P ALIGN="JUSTIFY">During 1Q06, EBITDA was US$288.8 million, an increase of 40% compared to 1Q05 (US$207.0 million). This increase was due to the 30% higher realized price of gold that increased from US$425/oz in 1Q05 to US$554/oz in 1Q06. </A></P>
<P ALIGN="JUSTIFY">At Cerro Verde (18.48%), 1Q06 total copper production was 22,741 MT a 5% increase when compared to 1Q05 (21,705 MT). </P>
<P ALIGN="JUSTIFY">Net sales at Cerro Verde increased 39% from US$67.2 million in 1Q05 to US$93.5 million in 1Q06 mainly due to an increase in the average price of copper in spite of a 6.2 million pounds lower dispatch of copper (lower sales) that increased inventories. Cost of sales during the 1Q06 was 25% over sales (40% in 1Q05).</P>
<P ALIGN="JUSTIFY">In 1Q06, net income reached US$77.2 million, a 136% increase compared to the 1Q05 (US$32.7 million). </P>
<P ALIGN="JUSTIFY">Capital expenditures for 1Q06 were US$162.6 million (US$32.7 million in 1Q05) of which US$160.3 million was allocated to the construction of the Primary Sulfide Project. Regarding this project, engineering is nearly complete, while advances are ahead schedule and within budget, despite increases in supply prices. </P>
</FONT><B><FONT SIZE=4><P ALIGN="JUSTIFY">Net Income</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">This quarter, Buenaventura's net income was US$125.1 million, representing US$0.98 per ADS, a 89% increase compared to 1Q05. This figure includes a loss of US$10.3 million, from a <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$135.4 million, or US$1.06 per ADS. </P>
</FONT><B><FONT SIZE=4><P>Hedging Operations</P>
</B></FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">On March 22, 2006, 340,000 gold ounces were converted from derivatives to physical delivery commitments with no cash effect for the Company. At the end of 1Q06, the Company has all its gold commitments in physical delivery as shown in Exhibit 3.</P>
<P ALIGN="JUSTIFY">The total hedge book mark-to-market value as of 04/01/2006 was a negative US$584.4 million. </P>
<P ALIGN="JUSTIFY">During 1Q06, the Company executed 150,000 ounces of silver in derivative instruments. </P>
</FONT><B><FONT SIZE=4><P ALIGN="JUSTIFY">Project Development</P>
</FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="JUSTIFY">UCHUCCHACUA</P>

<UL>
</B><P ALIGN="JUSTIFY"><LI>The sulfides cyanidation plant project was completed in April according to budget and testing will begin in May. The complementary facility to treat oxide ore is expected to be completed in 3Q06 with an estimated investment of US$3.6 million.</LI></P>
<P ALIGN="JUSTIFY"><LI>This quarter the Company started deepening the Master Shaft from 4060 to 3900 levels, which will lead to deepening the Carmen and Socorro mines. Expected total investment for this project is US$10.3 million.</LI></P></UL>

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

<UL>
</B><P ALIGN="JUSTIFY"><LI>Ramps at Nazareno and Prometida mines were extended 635m in the 1Q06 reaching the level 3490. This project began in May 2004 and accumulated an investment of US$19.8 million as of March 31, 2006. We expect completion by the end of 2006. Likewise, an auxiliary shaft to improve ventilation and ore transport will be constructed in the Prometida area. </LI></P></UL>

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

<UL>
</B><P ALIGN="JUSTIFY"><LI>In the 1Q06, the main decline advanced 246m, accumulating up to date 1,222m. We expect an advance of&nbsp;300m in the main ramp during&nbsp;the next quarter. In addition, in Marcapunta North, a pilot plant to treat 1000 MT/day is expected to begin full operations in 3Q06.</LI></P></UL>
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</FONT><B><I><FONT FACE="Arial Narrow" SIZE=2><P ALIGN="JUSTIFY">* * * * *</P>
</I></FONT><FONT FACE="Tahoma" SIZE=2 COLOR="#808000"><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></DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>

<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>
</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><FONT FACE="Tahoma"><P ALIGN="CENTER">&nbsp;</P>
</B></FONT><FONT FACE="Arial"><P>&nbsp;</P>
</FONT><B><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">18.48</FONT></TD>
<TD WIDTH="49%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Cerro Verde</FONT></TD>
</TR>
<TR><TD WIDTH="1%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Cedimin*</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">100.00</FONT></TD>
<TD WIDTH="49%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Shila / Paula</FONT></TD>
</TR>
<TR><TD WIDTH="1%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Minera Minasnioc*</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">60.00</FONT></TD>
<TD WIDTH="49%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Minasnioc Project</FONT></TD>
</TR>
<TR><TD WIDTH="1%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Minera La Zanja *</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">53.06</FONT></TD>
<TD WIDTH="49%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">La Zanja Project</FONT></TD>
</TR>
<TR><TD WIDTH="1%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Buenaventura Ingenieros*</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">100.00</FONT></TD>
<TD WIDTH="49%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-</FONT></TD>
</TR>
<TR><TD WIDTH="1%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Consorcio Energetico de Huancavelica*</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">100.00</FONT></TD>
<TD WIDTH="49%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">-</FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="RIGHT">*Consolidates</P>
<P ALIGN="RIGHT">Appendix 2. </P></B></FONT>
<TABLE BORDER CELLSPACING=2 CELLPADDING=4 WIDTH=534>
<TR><TD WIDTH="26%" VALIGN="BOTTOM" HEIGHT=21>
<P></TD>
<TD WIDTH="74%" VALIGN="BOTTOM" COLSPAN=6 BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">GOLD PRODUCTION</B></FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
<TD WIDTH="74%" VALIGN="BOTTOM" COLSPAN=6 BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">Three Months Ended March 31</B></FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="BOTTOM" HEIGHT=20><P></P></TD>
<TD WIDTH="38%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Orcopampa</B></FONT></TD>
<TD WIDTH="36%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Antapite</B></FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="BOTTOM" HEIGHT=20><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2006</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2006</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">%</B></FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial"><P>Ore Milled DST</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">114,756</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">110,054</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">4.3%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">44,202</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">44,335</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">-0.3%</B></FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial"><P>Ore Grade OZ/ST</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">0.56</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">0.54</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">3.2%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">0.59</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">0.62</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">-5.7%</B></FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial"><P>Recovery Rate %</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">95.8%</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">95.4%</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">0.4%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">96.4%</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">95.6%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">0.9%</B></FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="BOTTOM" HEIGHT=21>
<B><FONT FACE="Arial"><P>Ounces Produced</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">61,751</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">56,972</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">8.4%</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">24,958</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">26,308</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">-5.1%</B></FONT></TD>
</TR>
</TABLE>

<P>&nbsp;</P>
<TABLE BORDER CELLSPACING=2 CELLPADDING=4 WIDTH=576>
<TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=21>
<P></TD>
<TD WIDTH="76%" VALIGN="BOTTOM" COLSPAN=6 BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">SILVER PRODUCTION</B></FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
<TD WIDTH="76%" VALIGN="BOTTOM" COLSPAN=6 BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">Three Months Ended March 31</B></FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=20><P></P></TD>
<TD WIDTH="38%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Uchucchacua</B></FONT></TD>
<TD WIDTH="38%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Colquijirca</B></FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=20><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2006</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2006</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">%</B></FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial"><P>Ore Milled DST</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">190,849</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">202,850</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=20>
<B><FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">-5.9%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">366,384</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">365,857</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=20>
<B><FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">0.1%</B></FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial"><P>Ore Grade OZ/ST</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">15.70</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">16.88</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=20>
<B><FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">-7.0%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">7.10</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">3.12</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=20>
<B><FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">127.5%</B></FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial"><P>Recovery Rate %</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">72.5%</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">74.1%</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=20>
<B><FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">-1.6%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">77.1%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">72.6%</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=20>
<B><FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">4.4%</B></FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=21>
<B><FONT FACE="Arial"><P>Ounces Produced</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21>
<B><FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">2,172,766</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=21>
<B><FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">2,536,761</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=21>
<B><FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">-14.3%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=21>
<B><FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">1,997,908</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21>
<B><FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">831,727</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=21>
<B><FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">140.2%</B></FONT></TD>
</TR>
</TABLE>

<P>&nbsp;</P>
<TABLE BORDER CELLSPACING=2 CELLPADDING=4 WIDTH=534>
<TR><TD WIDTH="26%" VALIGN="BOTTOM" HEIGHT=21>
<P></TD>
<TD WIDTH="74%" VALIGN="BOTTOM" COLSPAN=6 BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">ZINC PRODUCTION</B></FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
<TD WIDTH="74%" VALIGN="BOTTOM" COLSPAN=6 BGCOLOR="#808000" HEIGHT=21>
<B><FONT FACE="Arial" COLOR="#ffffff"><P ALIGN="CENTER">Three Months Ended March 31</B></FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="BOTTOM" HEIGHT=20><P></P></TD>
<TD WIDTH="37%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Uchucchacua</B></FONT></TD>
<TD WIDTH="37%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">Colquijirca</B></FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="BOTTOM" HEIGHT=20><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2006</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2006</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">%</B></FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial"><P>Ore Milled DST</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">190,849</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">202,850</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">-5.9%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">366,384</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">365,857</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">0.1%</B></FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial"><P>Ore Grade %</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">1.15%</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">1.46%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">-21.5%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">6.26%</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">5.90%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">6.2%</B></FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial"><P>Recovery Rate %</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">52.9%</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">57.5%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">-4.6%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">74.4%</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=20>
<FONT FACE="Arial"><P ALIGN="CENTER">73.1%</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=20>
<B><FONT FACE="Arial"><P ALIGN="CENTER">1.3%</B></FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="BOTTOM" HEIGHT=21>
<B><FONT FACE="Arial"><P>ST Produced</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">1,156</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">1,728</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">-33.1%</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">17,095</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">14,918</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=21>
<B><FONT FACE="Arial"><P ALIGN="CENTER">14.6%</B></FONT></TD>
</TR>
</TABLE>

<B><FONT FACE="Tahoma" SIZE=1><P>Appendix 3. </P></B></FONT>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=2 CELLPADDING=4 WIDTH=421>
<TR><TD VALIGN="TOP" BGCOLOR="#808000" HEIGHT=18>
<P ALIGN="CENTER"><B><FONT FACE="Arial" COLOR="#ffffff">Total Gold Commitments</B></FONT></TD>
</TR>
<TR><TD VALIGN="TOP" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Physical Gold Delivery</B></FONT></TD>
</TR>
<TR><TD VALIGN="TOP" BGCOLOR="#808000" HEIGHT=18>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">As of 01/04/06</B></FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<P ALIGN="CENTER"></P>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=1 CELLPADDING=4 WIDTH=557>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2006</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2007</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2008</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2009</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2010</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2011</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">2012</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Total</B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">285</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">291,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">368,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">383,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">380,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,224,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">318.38 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">315.16 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">311.11 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">305.10 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">288.42 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">285.00 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">285.00 </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">302.96 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">290</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">291,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">368,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">383,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">380,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,224,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">329.20 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">326.71 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">322.71 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">317.44 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">302.24 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">299.75 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">290.00 </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">315.28 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">300</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">291,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">368,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">383,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">380,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,224,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">331.52 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">329.43 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">326.57 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">322.53 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">310.13 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">308.05 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">300.00 </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">320.52 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">345</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">291,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">368,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">383,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">380,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,224,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.94 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.13 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">342.96 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.44 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.66 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.42 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">342.97 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">350</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">291,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">368,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">383,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">380,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,224,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.94 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.13 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">343.74 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">347.21 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">348.82 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">348.09 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">344.38 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">385</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">291,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">368,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">383,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">380,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,224,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.94 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.13 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">349.15 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">359.54 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">370.92 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">366.78 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">345.00 </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">354.19 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">420</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">291,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">368,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">383,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">380,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,224,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.94 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.13 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354.56 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">370.12 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">393.03 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">394.11 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">404.00 </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">366.68 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">436</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">291,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">368,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">383,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">380,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,224,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.94 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.13 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354.56 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">370.12 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">403.13 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">402.65 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">404.00 </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">369.76 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">451</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">291,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">368,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">388,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">383,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">380,000 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354,000 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60,000 </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">2,224,000 </B></FONT></TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$/oz</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.94 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">338.13 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">354.56 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">370.12 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">403.13 </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">410.66 </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">404.00 </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="RIGHT">371.04 </B></FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Appendix 4. </P></B></FONT>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=2 CELLPADDING=4 WIDTH=345>
<TR><TD VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=32>
<P ALIGN="CENTER"><B><FONT FACE="Arial" COLOR="#ffffff">Silver Derivatives</B></FONT></TD>
</TR>
<TR><TD VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">As of 01/04/06</B></FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<P ALIGN="CENTER"></P>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=2 CELLPADDING=4 WIDTH=675>
<TR><TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=19>
<P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">At US $ 4.00</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">At US $ 4.15</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">At US $ 6.20</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">At US $ 6.33</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">At US $ 6.50</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">At US $ 7.00</B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Year</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Oz</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Oz</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Oz</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Oz</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Oz</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">Oz</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">$ / oz</B></FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2006</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">125,000</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">125,000</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">150,000</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">166,250</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">187,500</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.00</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">250,000</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6.00</FONT></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">125,000</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">6.00</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">125,000</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">6.00</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">150,000</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">6.00</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">166,250</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">6.00</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">187,500</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">6.00</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">250,000</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" BGCOLOR="#808000" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1 COLOR="#ffffff"><P ALIGN="CENTER">6.00</B></FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<B><FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">Appendix 5. </P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=4 WIDTH=408>
<TR><TD VALIGN="BOTTOM" HEIGHT=17>
<P><B><FONT FACE="Arial" SIZE=2>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</B></FONT></TD>
</TR>
<TR><TD VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD VALIGN="BOTTOM" HEIGHT=21>
<B><FONT FACE="Arial"><P>Consolidated Balance Sheets</B></FONT></TD>
</TR>
<TR><TD VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=2><P>As of December 31, 2005 (audited) and March 31, 2006 (not audited)</FONT></TD>
</TR>
</TABLE>


<TABLE BORDER CELLSPACING=1 CELLPADDING=4 WIDTH=589>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=17>
<P></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">2005</B></FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">2006</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">2,006</B></FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">S/(000) </B></FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">S/(000) </B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">US$(000)</B></FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=20><P></P></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=20><P></P></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=20><P></P></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=20><P></P></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=40>
<B><FONT FACE="Arial" SIZE=2><P>Assets</B></FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=40><P></P></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=40><P></P></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=40><P></P></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=40>
<B><FONT FACE="Arial" SIZE=2><P>Current assets</B></FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=40><P></P></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=40><P></P></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=40><P></P></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>Cash and cash equivalents</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">332,102 </FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">502,342 </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">149,596</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>Investment funds</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">52,884 </FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">55,681 </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">16,582</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>Trade accounts receivable</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">93,354 </FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">108,083 </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">32,187</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>Other accounts receivable, net</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">19,089 </FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">16,713 </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">4,977</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>Accounts receivable from affiliates</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">66,038 </FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">56,230 </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">16,745</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>Inventories, net</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">94,377 </FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">92,709 </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">27,608</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>Current portion of prepaid tax and expenses</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">43,182 </FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">46,335 </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">13,798</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=11><P></P></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=11>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&nbsp;</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=11>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=11>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=40>
<B><FONT FACE="Arial" SIZE=2><P>Total current assets</B></FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">701,026 </FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">878,093 </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">261,493</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=22><P></P></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=22><P></P></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=22><P></P></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>Long - term other accounts receivable</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">5,044 </FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">5,023 </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1,496</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>Prepaid tax and expenses</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">12,405 </FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">12,998 </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">3,871</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>Investments in shares</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">2,502,267 </FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">2,645,633 </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">787,860</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>Mining rights, property, plant and equipment, net</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">583,281 </FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">579,274 </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">172,506</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>Development costs, net</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">163,924 </FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">166,075 </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">49,457</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>Deferred income tax and workers' profit sharing asset, net</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">308,091 </FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">385,440 </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">114,783</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>Other assets</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">5,303 </FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">5,078 </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1,512</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=15>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&nbsp;</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=15>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=15>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=40>
<B><FONT FACE="Arial" SIZE=2><P>Total assets</B></FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">4,281,341 </FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P>4,677,614 </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=40>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1,392,978</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&nbsp;</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=17><P></P></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=17><P></P></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=17><P></P></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=17><P></P></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">2005</B></FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">2006</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">2,006</B></FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">S/(000) </B></FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">S/(000) </B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=17>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">US$(000)</B></FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=20><P></P></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=20><P></P></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=20><P></P></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=20><P></P></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=36>
<B><FONT FACE="Arial" SIZE=2><P>Liabilities and shareholders' equity, net</B></FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=36><P></P></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=36><P></P></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=36><P></P></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=36>
<B><FONT FACE="Arial" SIZE=2><P>Current liabilities</B></FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=36><P></P></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=36><P></P></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=36><P></P></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>Bank loans</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">26,229 </FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">17,408 </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">5,184</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>Trade accounts payable</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">53,089 </FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">47,863 </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">14,253</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>Dividends and other current liabilities</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">204,596 </FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">301,082 </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">89,661</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>Derivative instruments</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">59,138 </FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">4,464 </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1,329</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>Current portion of long-term debt</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1,631 </FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1,991 </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">593</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>Deferred income from sale of future production</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">107,079 </FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">164,646 </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">49,031</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&nbsp;</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=36>
<B><FONT FACE="Arial" SIZE=2><P>Total current liabilities</B></FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=36>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">451,762 </FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=36>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">537,454 </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=36>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">160,051</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=36><P></P></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=36><P></P></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=36><P></P></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>Long-term other liabilities </FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">96,852 </FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">100,442 </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">29,914</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>Derivative instruments</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">168,017 </FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>Long-term debt</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1,367 </FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1,696 </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">505</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>Deferred income from sale of future production</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">613,791 </FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">772,414 </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">230,022</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&nbsp;</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=36>
<B><FONT FACE="Arial" SIZE=2><P>Total liabilities</B></FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=36>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1,331,789 </FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=36>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1,412,006 </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=36>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">420,492</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP" HEIGHT=13><P></P></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=13><P></P></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=13><P></P></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=13><P></P></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=36>
<B><FONT FACE="Arial" SIZE=2><P>Shareholders' equity, net</B></FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=36><P></P></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=36><P></P></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=36><P></P></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=45>
<FONT FACE="Arial" SIZE=2><P>Capital stock, net of treasury shares by S/49,659,000 in 2005 and 2006</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=45>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">596,755 </FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=45>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">596,755 </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=45>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">177,711</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=43>
<FONT FACE="Arial" SIZE=2><P>Investment shares, net of treasury shares by S/127,000 in 2005 and 2006</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=43>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1,622 </FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=43>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1,622 </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=43>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">483</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>Additional paid-in capital</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">609,734 </FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">609,734 </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">181,577</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>Legal reserve</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">129,276 </FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">129,276 </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">38,498</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>Others reserves</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">923 </FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">923 </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">275</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>Retained earnings</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1,598,717 </FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1,926,817 </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">573,799</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P>Cumulative translation loss</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(67,962)</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">(112,190)</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=28>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">-33,410</FONT></TD>
</TR>
<TR><TD WIDTH="61%" 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="14%" VALIGN="MIDDLE" HEIGHT=48>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">240 </FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=48>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">255 </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=48>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">76</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=9>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&nbsp;</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=9>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=9>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=36><P></P></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=36>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">2,869,305 </FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=36>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">3,153,192 </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=36>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">939,009</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=36>
<FONT FACE="Arial" SIZE=2><P>Minority interest</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=36>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">80,247 </FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=36>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">112,416 </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=36>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">33,477</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=9>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&nbsp;</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=9>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=9>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=36>
<B><FONT FACE="Arial" SIZE=2><P>Total shareholders' equity, net </B></FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=36>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">2,949,552 </FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=36>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">3,265,608 </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=36>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">972,486</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=9>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&nbsp;</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=9>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=9>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=36>
<B><FONT FACE="Arial" SIZE=2><P>Total liabilities and shareholders' equity, net</B></FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=36>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">4,281,341 </FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=36>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">4,677,614 </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=36>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1,392,978</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=7>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&nbsp;</FONT></TD>
<TD WIDTH="14%" VALIGN="MIDDLE" HEIGHT=7>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" HEIGHT=7>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&nbsp;</FONT></TD>
</TR>
</TABLE>

<B><FONT FACE="Tahoma" SIZE=1><P>&nbsp;</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=4 WIDTH=457>
<TR><TD VALIGN="BOTTOM" HEIGHT=21>
<P><B><FONT FACE="Arial" SIZE=2>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</B></FONT></TD>
</TR>
<TR><TD VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
</TR>
<TR><TD VALIGN="BOTTOM" HEIGHT=24>
<B><FONT FACE="Arial"><P>Consolidated Statements of Income (not audited)</B></FONT></TD>
</TR>
</TABLE>

<B><FONT FACE="Tahoma" SIZE=1><P>&nbsp;</P></B></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=4 WIDTH=607>
<TR><TD WIDTH="62%" VALIGN="BOTTOM" HEIGHT=58>
<P></TD>
<TD WIDTH="39%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=58>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the three-month <BR>
periods ended March 31</B></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM" HEIGHT=8><P></P></TD>
<TD WIDTH="39%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=8>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">___________________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2006</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2006</B></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P>Operating revenues</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P>Net sales</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">219,626 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">356,804 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">106,255 </FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P>Royalties income</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">32,871 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">43,798 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">13,043 </FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P>Realized income from sale of future production</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">18,078 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">42,721 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">12,722 </FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_____ </B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">______ </B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">______ </B></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P>Total revenues</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">270,575 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">443,323 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">132,020 </FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_____ </B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">______ </B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">______ </B></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P>Costs of operation</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P>Operating costs</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">85,005 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">127,636 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">38,010 </FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="MIDDLE" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P>Exploration and development costs in operational mining sites</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">28,668 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">36,900 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">10,989 </FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P>Depreciation and amortization</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">17,960 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">20,263 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">6,034 </FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_____ </B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">______ </B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">______ </B></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P>Total costs of operation</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">131,633 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">184,799 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">55,033 </FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_____ </B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">______ </B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">______ </B></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P>Gross margin</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">138,942 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">258,524 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">76,987 </FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_____ </B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">______ </B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">______ </B></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P>Operating expenses</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P>Exploration costs in non-operational mining sites</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">19,459 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">27,984 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">8,334 </FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P>General and administrative</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">21,820 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">27,170 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">8,091 </FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P>Royalties to third parties</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">5,289 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">8,669 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2,582 </FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P>Selling</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">3,616 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">4,059 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1,209 </FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P>Royalties to Peruvian Government</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2,310 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">3,282 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">977 </FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P>Amortization of other assets</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">248 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">225 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">67 </FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_____ </B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">______ </B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">______ </B></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P>Total operating expenses</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">52,742 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">71,389 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">21,260 </FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_____ </B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">______ </B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">______ </B></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P>Operating income</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">86,200 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">187,135 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">55,727 </FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_____ </B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">______ </B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">______ </B></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P>Other income (expenses), net</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P>Share in affiliated companies, net</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">167,928 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">309,926 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">92,295 </FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P>Interest income</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">3,934 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">3,228 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">961 </FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P>Gain (loss) from change in the fair value of derivative instruments</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">15,821 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(43,876)</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(13,066)</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P>Interest expenses</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(3,247)</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(2,026)</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(603)</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P>Exchange difference gain</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(544)</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(6,326)</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(1,884)</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P>Other, net</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(5,491)</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(351)</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(104)</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_____ </B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">______ </B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">______ </B></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P>Total other income (expenses), net</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">178,401 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">260,575 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">77,599 </FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_____ </B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">______ </B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">______ </B></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P>Income before workers' profit sharing, income tax</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">264,601 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">447,710 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">133,326 </FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P>Workers' profit sharing</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(6,332)</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">7,893 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2,351 </FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P>Income tax</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(30,727)</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">13,980 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">4,163 </FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_____ </B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">______ </B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">______ </B></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P>Net income </B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">227,542 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">469,583 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">139,840 </FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P>Net income of minority interest</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(11,292)</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(49,656)</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(14,787)</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_____ </B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">______ </B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">______ </B></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P>Net income of Compa&ntilde;ia de Minas Buenaventura S.A.A.</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">216,250 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">419,927 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">125,053 </FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><U><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__</B></U></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><U><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">______</B></U></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><U><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">______</B></U></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM" HEIGHT=32>
<B><FONT FACE="Arial" SIZE=1><P>Basic and diluted earnings per share, of Compa&ntilde;ia de Minas Buenaventura S.A.A., stated in Peruvian Nuevos Soles and U.S. dollars</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1.70 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">3.30 </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=32>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.98 </FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_____ </B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">______ </B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">______ </B></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P>Weighted average number of shares outstanding</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">127,236,219</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">127,221,164</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">127,221,164</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<B><U><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">______</B></U></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<B><U><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">______</B></U></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<B><U><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">______</B></U></FONT></TD>
</TR>
</TABLE>

<B><FONT FACE="Tahoma" SIZE=1><P>&nbsp;</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=4 WIDTH=445>
<TR><TD VALIGN="BOTTOM" HEIGHT=21>
<P><B><FONT FACE="Arial" SIZE=2>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</B></FONT></TD>
</TR>
<TR><TD VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
</TR>
<TR><TD VALIGN="BOTTOM" HEIGHT=24>
<B><FONT FACE="Arial"><P>Consolidated Statements of Cash Flows (not audited)</B></FONT></TD>
</TR>
</TABLE>


<TABLE BORDER CELLSPACING=1 CELLPADDING=4 WIDTH=654>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=67>
<P></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=67>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">For the three-month <BR>
periods ended March 31,</B></FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" 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>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2,005</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2,006</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2,006</B></FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="TOP" HEIGHT=33>
<B><FONT FACE="Arial" SIZE=2><P>Operating activities</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=33><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=33><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=33><P></P></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P>Collection from customers</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">245,804 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">342,075 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">101,869 </FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P>Collection of dividends</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">42,677 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">131,644 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">39,203 </FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P>Collection of royalties</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">36,250 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">55,638 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">16,569 </FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P>Recoveration of value added tax receivable</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">6,652 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">23,810 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">7,091 </FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P>Collection of interest</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">3,661 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2,752 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">820 </FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P>Payments to suppliers and third parties</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(112,563)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(144,861)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(43,140)</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P>Payments to employees</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(41,977)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(65,255)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(19,432)</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P>Payments of exploration expenditures</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(41,818)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(52,833)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(15,734)</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P>Payments of income tax</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(13,607)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(27,794)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(8,277)</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P>Payments of royalties</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(6,239)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(14,156)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(4,216)</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P>Payments of interest</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(3,247)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(2,026)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(603)</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_____</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_____</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_____</B></FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" ROWSPAN=2 HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P>Net cash provided by operating activities</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" ROWSPAN=2 HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">115,593 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" ROWSPAN=2 HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">248,994 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">74,150 </FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_____</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_____</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_____</B></FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="TOP" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P>Investing activities</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P>Purchase of plant and equipment</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(8,055)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(22,396)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(6,669)</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P>Development cost expenditures</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(10,098)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(12,675)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(3,775)</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P>Payments by purchase of investments in shares</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">- </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(9,204)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(2,741)</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P>Payments from derivative instruments settled, net</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(7,300)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(9,127)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(2,718)</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P>Decrease (increase) of investment fund</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">34,816 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(3,290)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(980)</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P>Proceeds from sale of plant and equipment</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">- </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">257 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">77 </FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P>Decrease on time deposits in local currency</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">6,930 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">- </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">- </FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_____</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_____</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_____</B></FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" ROWSPAN=2 HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P>Net cash used in investing activities</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" ROWSPAN=2 HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">16,293 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" ROWSPAN=2 HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(56,435)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(16,806)</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_____</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_____</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_____</B></FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" ROWSPAN=2 HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P>Financing activities</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" ROWSPAN=2 HEIGHT=19><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P>Payments of dividends for minority interest shareholders </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">- </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(14,187)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(4,225)</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P>Decrease of bank loans, net</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(1,633)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(8,821)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(2,627)</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P>Increase (decrease) of long-term debt</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(12,339)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">689 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">205 </FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_____</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_____</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_____</B></FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" ROWSPAN=2 HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P>Net cash used in financing activities</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" ROWSPAN=2 HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(13,972)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" ROWSPAN=2 HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(22,319)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" ROWSPAN=2 HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(6,647)</FONT></TD>
</TR>
<TR></TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_____</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_____</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_____</B></FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P>Net increase in cash during the period</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">117,914 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">170,240 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">50,697 </FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P>Cash at beginning of period</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">590,607 </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">332,102 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=39>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">98,899 </FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_____</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_____</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_____</B></FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P>Cash at period-end</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">708,521 </B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">502,342 </B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">149,596 </B></FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
<B><U><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_____</B></U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
<B><U><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_____</B></U></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=19>
<B><U><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_____</B></U></FONT></TD>
</TR>
</TABLE>


<TABLE BORDER CELLSPACING=1 CELLPADDING=4 WIDTH=664>
<TR><TD WIDTH="64%" VALIGN="BOTTOM" HEIGHT=60>
<P></TD>
<TD WIDTH="36%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=60>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">For the three-month <BR>
periods ended March 31</B></FONT></TD>
</TR>
<TR><TD WIDTH="64%" VALIGN="BOTTOM" HEIGHT=8><P></P></TD>
<TD WIDTH="36%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=8>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">_______________________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="64%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2,005</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2,006</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2,006</B></FONT></TD>
</TR>
<TR><TD WIDTH="64%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="64%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="64%" VALIGN="TOP" HEIGHT=45>
<B><FONT FACE="Arial" SIZE=2><P>Reconciliation of net income of Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. to net cash provided by operating activities</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=45><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=45><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=45><P></P></TD>
</TR>
<TR><TD WIDTH="64%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P>Net income of Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A.</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">216,250 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">419,927 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">125,053 </FONT></TD>
</TR>
<TR><TD WIDTH="64%" VALIGN="BOTTOM" HEIGHT=34>
<B><FONT FACE="Arial" SIZE=2><P>Add (deduct)</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
</TR>
<TR><TD WIDTH="64%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P>Net income of minority interest</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">11,292 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">49,656 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">14,787 </FONT></TD>
</TR>
<TR><TD WIDTH="64%" VALIGN="BOTTOM" HEIGHT=48>
<FONT FACE="Arial" SIZE=2><P>Loss (gain) from change in the fair value of derivative instruments</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=48>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(15,821)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=48>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">43,876 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=48>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">13,066 </FONT></TD>
</TR>
<TR><TD WIDTH="64%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P>Depreciation and amortization</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">18,506 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">20,997 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">6,253 </FONT></TD>
</TR>
<TR><TD WIDTH="64%" VALIGN="BOTTOM" HEIGHT=50>
<FONT FACE="Arial" SIZE=2><P>Amortization of development costs</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=50>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">5,996 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=50>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">9,592 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=50>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2,856 </FONT></TD>
</TR>
<TR><TD WIDTH="64%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P>Accretion Expenses</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">974 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">4,315 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">1,285 </FONT></TD>
</TR>
<TR><TD WIDTH="64%" VALIGN="BOTTOM" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P>Exchange difference loss</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">544 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">6,326 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=38>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">1,884 </FONT></TD>
</TR>
<TR><TD WIDTH="64%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P>Net cost of retired plant and equipment</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">432 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">443 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">132 </FONT></TD>
</TR>
<TR><TD WIDTH="64%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P>Amortization of other assets</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">248 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">225 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">67 </FONT></TD>
</TR>
<TR><TD WIDTH="64%" VALIGN="BOTTOM" HEIGHT=44>
<FONT FACE="Arial" SIZE=2><P>Share in affiliated companies, net of dividends</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=44>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(125,251)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=44>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(178,282)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=44>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(53,092)</FONT></TD>
</TR>
<TR><TD WIDTH="64%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
</TR>
<TR><TD WIDTH="64%" 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="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">6,739 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(77,349)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(23,034)</FONT></TD>
</TR>
<TR><TD WIDTH="64%" VALIGN="BOTTOM" HEIGHT=45>
<FONT FACE="Arial" SIZE=2><P>Realized income from sale of future production</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=45>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(18,078)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=45>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(42,721)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=45>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(12,722)</FONT></TD>
</TR>
<TR><TD WIDTH="64%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P>Long-term officers' compensation, net *</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">- </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">3,771 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">1,123 </FONT></TD>
</TR>
<TR><TD WIDTH="64%" VALIGN="BOTTOM" HEIGHT=50>
<FONT FACE="Arial" SIZE=2><P>Loss (gain) from change in the fair value of investment fund</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=50>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">109 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=50>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(547)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=50>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(163)</FONT></TD>
</TR>
<TR><TD WIDTH="64%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P>Reversal of obsolescence inventory reserve</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(563)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">- </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">- </FONT></TD>
</TR>
<TR><TD WIDTH="64%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P>Allowance for doubtful accounts</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">26 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">- </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">- </FONT></TD>
</TR>
<TR><TD WIDTH="64%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P>Provision for exploration costs in subsidiary</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">6,286 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">- </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">- </FONT></TD>
</TR>
<TR><TD WIDTH="64%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P>Net changes in assets and liabilities accounts</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="64%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P>Decrease (increase) of operating assets -</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="64%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P>Trade and other accounts receivable</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">34,566 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(2,524)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(751)</FONT></TD>
</TR>
<TR><TD WIDTH="64%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P>Inventories</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(2,444)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">3,466 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">1,032 </FONT></TD>
</TR>
<TR><TD WIDTH="64%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P>Prepaid tax and expenses</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(30,813)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(3,746)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(1,115)</FONT></TD>
</TR>
<TR><TD WIDTH="64%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P>Increase (decrease) of operating liabilities -</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="64%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P>Trade accounts payable and other liabilities</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">6,595 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(8,431)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(2,511)</FONT></TD>
</TR>
<TR><TD WIDTH="64%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_____</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_____</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">______</B></FONT></TD>
</TR>
<TR><TD WIDTH="64%" VALIGN="MIDDLE" HEIGHT=34>
<B><FONT FACE="Arial" SIZE=2><P>Net cash provided by operating activities</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">115,593 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">248,994 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">74,150 </FONT></TD>
</TR>
<TR><TD WIDTH="64%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="64%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_____</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_____</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">______</B></FONT></TD>
</TR>
<TR><TD WIDTH="64%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P>Transaction that did not affect cash flows:</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="64%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P>Tranfer from derivative instruments to </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="64%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P>deferred income from sale of future production</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">- </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">258,911 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">77,103 </FONT></TD>
</TR>
<TR><TD WIDTH="64%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_____</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">_____</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">______</B></FONT></TD>
</TR>
</TABLE>


<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=4 WIDTH=554>
<TR><TD VALIGN="BOTTOM" HEIGHT=19>
<P><FONT FACE="Arial" SIZE=2>(*) This provision corresponds to a long term compensation (10 year program) granted to the</FONT></TD>
</TR>
<TR><TD VALIGN="BOTTOM" HEIGHT=19>
<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>
</TR>
</TABLE>

<P>&nbsp;</P>
<FONT SIZE=2><P ALIGN="CENTER">Signature</P>
<P>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P><DIR>
<DIR>
<DIR>
<DIR>
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<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: April 27, 2006</P>
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