<SEC-DOCUMENT>0001144204-13-068931.txt : 20140131
<SEC-HEADER>0001144204-13-068931.hdr.sgml : 20140131
<ACCEPTANCE-DATETIME>20131224143018
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-13-068931
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20131224

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:		CORRESP

	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>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: right; margin-bottom: 0pt">December 24<FONT STYLE="font-size: 10pt">, 2013</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Compa&ntilde;&iacute;a de Minas Buenaventura
S.A.A.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Form 20-F for Fiscal Year Ended December
31, 2012 filed April 30, 2013 and </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Form 6-K furnished October 31, 2013</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>File No. 001-14370</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms. Tia L. Jenkins</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549-4628</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Ms. Jenkins:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We note the receipt by Compa&ntilde;&iacute;a
de Minas Buenaventura S.A.A. (the &ldquo;Company&rdquo;), a <I>sociedad an&oacute;nima abierta</I> (open stock company) under the
laws of the Republic of Peru (&ldquo;Peru&rdquo;), of the comment letter (the &ldquo;Comment Letter&rdquo;) dated November 27,
2013 from the staff (the &ldquo;Staff&rdquo;) of the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) regarding
the above-referenced Form 20-F (the &ldquo;Form 20-F&rdquo;) and Form 6-K (the &ldquo;Form 6-K&rdquo;). On behalf of the Company,
we hereby provide the responses set forth below to the comments in the Comment Letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To assist the Staff review, we have included
the text of the Staff&rsquo;s comments below in bold type followed by the Company&rsquo;s responses in regular type. Except as
otherwise noted in this letter, the information provided in response to the Staff&rsquo;s comments has been supplied by the Company,
which is solely responsible for such information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Form 6-K furnished October 31, 2013</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD><B>In the earnings release, you disclose cash operating cost per ounce of gold, silver or copper at some of your operating
mines. To enhance an investor&rsquo;s understanding of these apparent non-IFRS metrics, please provide the following information
in future filings:</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Provide a reconciliation of these non-IFRS measures to the applicable IFRS measures, and clarify the nature and method of
calculating each of the adjustments made to compute the cash operating costs for each of your mines.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt">The Company acknowledges the Staff&rsquo;s comment
and confirms to the Staff that in prior earnings releases it disclosed a cash operating cost per mining operation financial metric.
This metric consisted of operating expenses, excluding depreciation and amortization, plus selling expenses, plus commercial deductions
and less by-product credit contribution. For both commercial deductions and by-product contribution figures, the Company used estimated
figures because, in most cases, such figures relate to sales that have not been closed and priced yet. In the case of commercial
deductions, which consist of treatment and refining charges, the Company used an estimated figure based on metal prices as of the
end of each month of production and deductions taken in existing commercial contracts. In the case of by-product credit contribution,
the Company used an estimated figure and calculated the contribution for a particular by-product by multiplying the volume of each
secondary recovered metal per month by the closing metal price at the end of each month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt">In future earnings releases, the Company plans to
no longer disclose cash operating cost and will instead disclose &ldquo;cost applicable to sales&rdquo; per mining operation, which
consists of cost of sales, excluding depreciation and amortization, plus selling expenses presented on a mine by mine basis. Notably,
cost applicable to sales would not include commercial deduction or by-product revenue figures. The Company will also include a
reconciliation of cost applicable to sales to the applicable IFRS measure on its financial statements, namely the line item &ldquo;cost
of sales, without considering depreciation and amortization&rdquo; on its income statement. The attached appendix shows how the
Company intends to present a reconciliation of cost applicable to sales per mining operation to cost of sales, without considering
amortization and depreciation. The Company will include this appendix in its future earnings releases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Disclose whether cash operating cost is presented net of by-product revenue and clearly label it as cash cost net of by-product
revenues. Disclose cash costs without adjusting for by-product revenues.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">The Company presented in prior earnings
releases cash operating cost net of by-product revenue contribution. However, as discussed above, the Company will instead disclose
in future earnings releases &ldquo;cost applicable to sales,&rdquo; which will not include by-product revenue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>If total by-product revenue is material, disclose the reasons why certain metals are considered by-products.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">The Company deems by-product revenue
from the sales of other metals to be very small and not material to its key performance measures or operating segments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>If there are multiple by-products, provide a reconciliation of the dollar amount of by-product credit attributable to each
metal to the total by-product credit. The total amount of the by-product credit in the reconciliation should agree with the total
amount deducted from cash costs, if aggregate cash costs are presented. Disclose the amount of by-product credits per ounce on
an aggregate and by-product basis as well if amounts per ounce are presented in the cash costs reconciliation.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"> As discussed above, the
Company does not plan to include by-product credit in its &ldquo;cost applicable to sales&rdquo; calculation in future
earnings releases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Clarify why this measure is meant to provide more or better information about the costs of producing gold or other metals
than an IFRS-derived measure (e.g., cost of revenue)</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">The Company&rsquo;s ability to manage
&ldquo;cost applicable to sales&rdquo; is one of its key performance drivers impacting both the Company&rsquo;s financial condition
and results of operations. Having a low production cost base allows the Company to remain profitable even during times of declining
metals prices and more flexible in responding to changing market conditions. In addition, a profitable operation results in the
generation of positive cash flows, which then improves the Company&rsquo;s financial condition. Please see the Company&rsquo;s
disclosure in the attached appendix.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>As these non-IFRS measures appear to be included in all of your earnings releases, tell us how you considered including
this information in your Form&nbsp;20-F.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">The Company previously included
&ldquo;cash operating cost&rdquo; in its Form 20-F but deleted this measure in response to the Staff&rsquo;s comments to the Company&rsquo;s
Form 20-F for Fiscal Year Ended December 31, 2009 (see response #3 in the Company&rsquo;s Response Letter, filed December 17, 2010)
because certain non-IFRS figures used to calculate cash operating cost could not be reconciled to IFRS measures. The Company continued
to disclose cash operating cost in its earnings releases. As discussed above in the Company&rsquo;s collective response to the
Staff&rsquo;s comment no. 1, the Company plans to no longer disclose &ldquo;cash operating cost&rdquo; and will instead disclose
in its future earnings releases &ldquo;cost applicable to sales,&rdquo; which will be reconciled to an IFRS measure on its income
statement, namely &ldquo;cost of sales, without considering amortization and depreciation.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Please provide us with draft disclosure
of your planned changes.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Company has included draft disclosure of its planned
changes in the attached appendix. Letters have been inserted in the proposed appendix to show how the figures for each mine will
add up to the corresponding aggregate IFRS amount set forth on the Company&rsquo;s income statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Form&nbsp;20-F for the Year Ended December&nbsp;31, 2012</U></B><U><BR>
<B>Item&nbsp;5. Operating and Financial Reviews and Prospects, page&nbsp;83</B><BR>
<B>Critical Accounting Policies and Estimates, page&nbsp;85</B></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD><B>We note your disclosure &ldquo;during the fourth quarter of&nbsp;2012, we updated our assessment of the recoverability of
the book value of our long-term assets under the procedures established by IAS&nbsp;36 - &ldquo;Impairment of Assets&rdquo; for
three of our mining units (Recuperada, Poracota and Antapite), which resulted in the recognition of asset impairment charges of
US$3.6&nbsp;million...&rdquo; Please clarify whether you performed an assessment of all mining properties or only the three properties
identified to determine whether there is any indication that there may be impairment. Refer to IAS&nbsp;36.9. Please provide us
with, and confirm to us that you will include in future filings, a more detailed explanation of your impairment assessment.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt">The Company acknowledges the Staff&rsquo;s comment
and advises the Staff that the Company&rsquo;s management performed an assessment for all of its mining properties as of December
31, 2012, and as a result of that Company-wide assessment it recorded an impairment loss for three mining units: Recuperada, Poracota
and Antapite. The Company provided full disclosure of its impairment assessment in note 11 to its 2012 consolidated financial statements
(page F-64) as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt">&hellip;&ldquo;As a result of the decrease in the
level and quality of the reserves in some mining units, during the year 2012, the Company&rsquo;s Management updated its assessment
of the recoverability of the book value of its long-lived assets. The provision made in the year 2012 amounts to US$3,617,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt">Assessing the impairment of long-lived assets involves
comparing their respective carrying amount with their recoverable values. The recoverable value of assets is the greater of its
fair value less the costs of sale or its value in use. The recoverable amount used in assessing the Antapite, Recuperada and Poracota
mining unit is the value in use. The Company estimated the use value of its long-lived assets using a discounted cash-flow model.
Cash flow was projected for the useful life of the mining units based on Management&rsquo;s expectations. This useful life depends
on several variables, including the mineral reserves of each unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.5in">The following assumptions
have been used for calculating the value in use:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 53.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Production volumes: the production volumes of the Antapite, Recuperada and Poracota units are substantiated by the reserves
and resources audited as of December&nbsp;31, 2012, considering Management&rsquo;s production plan for the coming years. According
to such reserves, the Poracota unit has a production horizon of one year, Antapite of two years and Recuperada of three years.
Management believes that there will not be significant changes in estimated production volumes that would result in the present
value of long-lived assets exceeding their recoverable value.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 53.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Discount rates: Future cash flows have been adjusted according to the specific risk assigned to this type of asset and discounted
at a pre-tax rate of 6.21 per cent. The discount rate used is the Weighted Average Cost of Capital (pre-tax WACC). Management believes
that there will not be significant changes in the discount rate that could increase the impairment loss.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 53.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Metals prices: The Company has used future metals prices (forward metal prices) obtained from the average of estimates made
by foreign investment banks.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 53.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Operating costs: The Company has projected its operating costs in relation to its cost structure as of the date of the consolidated
statement of financial position. Management believes that there will not be significant changes in estimated operating costs considered
that could increase the impairment loss.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt">In the opinion of the Company&rsquo;s Management,
the provision for impairment of long-lived assets covers the risk of impairment at the date of the consolidated statement of financial
position.&rdquo;&hellip;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Company believes the above disclosure in note
11 is consistent with the requirements under IAS 36.9. In the event that in the future the Company determines that another impairment
loss has occurred, the Company will provide appropriate cross-references in its discussion of such an impairment loss in Item 5
of its Form 20-F to the more detailed information concerning such impairment disclosed in the applicable note in its consolidated
financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B><U>Financial Statements</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B><U>Consolidated Statements
of Cash Flows, page F-10</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.</B></TD><TD><B>We note the subtotals for net cash used in investment and financing activities for the year ended December&nbsp;31, 2011
have materially changed from the amounts that were originally presented in your Form&nbsp;20-F filed on April&nbsp;30, 2012. We
observed Note. 2.4 on page F-43 states that approximately $164.9&nbsp;million from the net sales of investment shares to non-controlling
interest was reclassified from cash flows related to investment activities to cash flows related to financing activities. Please
further clarify the underlying reasons for the change in accounting for the components within the reclassified amounts and how
your revised cash flow presentation and disclosure satisfies the criteria set forth in IAS&nbsp;8.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: 0.55pt">The Company acknowledges the
Staff&rsquo;s comment and advises the Staff that during the 2012 financial statements closing process, the Company&rsquo;s management
identified a classification misstatement in its 2011 consolidated statement of cash flows related to transactions with non-controlling
interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: 0.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: 0.55pt">As disclosed in note 1(f) to
its 2012 consolidated financial statements, the Company purchased and sold interests in consolidated subsidiaries that did not
represent changes in control for the net amount of US$164.9&nbsp;million. This amount was originally disclosed in its 2011 financial
statements as cash flows related to investing activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: 0.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: 0.55pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: 0.55pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: 0.55pt">IAS 7 paragraph 42A
indicates that cash flows arising from changes in ownership interests in a subsidiary that do not result in a loss of control
shall be classified as cash flows from financing activities. Accordingly, the transactions described above should have been
reflected as financing activities and not investing activities in 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: 0.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: 0.55pt">In accordance with IAS 8 paragraphs
42 and 49, the Company retrospectively adjusted its 2011 consolidated statement of cash flows and provided the related disclosure
in note 2.4 (with reference to note 1(f)) to its 2012 consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: 0.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Notes to the Consolidated Financial Statements, page F-13</U></B><U><BR>
<B>Note&nbsp;2.3 Summary of Significant accounting principles and policies, page F-24</B><BR>
<B>(p)-Revenue Recognition, page F-38</B></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.</B></TD><TD><B>Disclose how you account for by-product revenues and whether they are classified as revenue, an offset to cost of sales,
etc. in the income statement. If by-products are material, please disclose the amounts recorded for by-products for the three years
ended December&nbsp;31, 2012. Please provide us with draft disclosure to be included in future filings.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt">The Company acknowledges the Staff&rsquo;s comment
and advises the Staff that revenues from&nbsp;by-product sales (carbon fines) are classified as gold and silver revenues (according
to the type of contained mineral) and are not an offset to cost of sales. The revenue attributable to the Company&rsquo;s different
products is disclosed in the table entitled &ldquo;Sales by product&rdquo; in note 18 to its 2012 consolidated financial statements
(page F-81), and the Company does not generate any other by-product revenue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt">The Company further advises the Staff that by-products
sales were not material to the consolidated financial statements of the Company for the 2012, 2011 and 2010 fiscal years and are
not expected to be material for the 2013 fiscal year; accordingly, the Company deems it unnecessary to disclose any information
related to by-products in its consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">*&#9;*&#9;*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company acknowledges that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the Company is responsible for the adequacy and accuracy of the disclosure in this filing;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action
with respect to the filing; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the
federal securities laws of the United States.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company would appreciate receiving any
further questions or comments that the Staff may have regarding this letter, the Form 20-F or the Form 6-K at the Staff&rsquo;s
earliest convenience. You should contact the undersigned at (212) 530-5546 or Michael Lee at (212) 530-5586.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">Sincerely,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>/s/ Arnold B. Peinado, III</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Arnold B. Peinado, III</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">cc:</TD><TD STYLE="text-align: justify">Securities and Exchange Commission:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brian McAllister<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nasreen Mohammed</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Compa&ntilde;&iacute;a de Minas Buenaventura
S.A.A.:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48pt">Carlos Galvez</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48pt">Leandro Garcia</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48pt">Daniel Dominguez</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><B>Appendix</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><B>Appendix __: Cost Applicable
to Sales Reconciliation per Mine (in thousands of US$ and US$ per unit sold, except for volume sold)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><B>(*) indicates an amount that
will be stated on the face of the applicable Buenaventura consolidated income statement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.5pt; text-indent: 4.5pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.25in">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4Q13</FONT></TD>
    <TD STYLE="text-indent: 0in; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">4Q12</FONT></TD>
    <TD STYLE="text-indent: 0in; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">FY 2013</FONT></TD>
    <TD STYLE="text-indent: 0in; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">FY 2012</FONT></TD>
    <TD STYLE="text-indent: 0in; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.5in; padding-left: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cost of sales,
    without considering depreciation and amortization (&ldquo;COS&rdquo;)<SUP>(*)</SUP></FONT></TD>
    <TD STYLE="text-indent: 0in; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$(x)</FONT></TD>
    <TD STYLE="text-indent: 0in; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Add:</B></FONT></TD>
    <TD STYLE="text-indent: 0in; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; padding-left: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Selling expenses<SUP>(*)
    (1)</SUP></FONT></TD>
    <TD STYLE="text-indent: 0in; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(y)</FONT></TD>
    <TD STYLE="text-indent: 0in; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.5in; padding-left: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cost of sales,
    without considering depreciation and amortization, plus selling expenses</FONT></TD>
    <TD STYLE="text-indent: 0in; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$(z)</FONT></TD>
    <TD STYLE="text-indent: 0in; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%; text-indent: 0in; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>By
    mine and metal</B></FONT></TD>
    <TD STYLE="width: 1%; text-indent: 0in; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-indent: 0in; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">4Q13</FONT></TD>
    <TD STYLE="width: 1%; text-indent: 0in; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-indent: 0in; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">4Q12</FONT></TD>
    <TD STYLE="width: 1%; text-indent: 0in; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-indent: 0in; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">FY
    2013</FONT></TD>
    <TD STYLE="width: 1%; text-indent: 0in; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-indent: 0in; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">FY
    2012</FONT></TD>
    <TD STYLE="width: 1%; text-indent: 0in; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 27pt; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">COS &ndash; Orcopampa,
    gold</FONT></TD>
    <TD STYLE="padding-left: 27pt; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">$(a)</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 27pt; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">COS &ndash; Orcopampa,
    silver</FONT></TD>
    <TD STYLE="padding-left: 27pt; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 27pt; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">COS &ndash; Uchucchacua,
    silver</FONT></TD>
    <TD STYLE="padding-left: 27pt; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 27pt; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">COS &ndash; Uchucchacua,
    zinc</FONT></TD>
    <TD STYLE="padding-left: 27pt; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 27pt; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">COS &ndash; Uchucchacua,
    lead</FONT></TD>
    <TD STYLE="padding-left: 27pt; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 27pt; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">COS &ndash; Julcani,
    silver</FONT></TD>
    <TD STYLE="padding-left: 27pt; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 27pt; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">COS &ndash; Julcani,
    lead</FONT></TD>
    <TD STYLE="padding-left: 27pt; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(g)</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 27pt; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">COS &ndash; Breapampa,
    gold</FONT></TD>
    <TD STYLE="padding-left: 27pt; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(h)</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 27pt; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">COS &ndash; Breapampa,
    silver</FONT></TD>
    <TD STYLE="padding-left: 27pt; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 27pt; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">COS &ndash; Recuperada,
    zinc</FONT></TD>
    <TD STYLE="padding-left: 27pt; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(j)</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 27pt; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">COS &ndash; Recuperada,
    silver</FONT></TD>
    <TD STYLE="padding-left: 27pt; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(k)</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.25in">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 27pt; text-indent: -27pt; width: 55%">COS &ndash; Recuperada, lead</TD>
    <TD STYLE="padding-left: 27pt; text-indent: -27pt; width: 1%">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; width: 10%">(l)</TD>
    <TD STYLE="text-indent: 0in; width: 1%">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; width: 10%">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; width: 1%">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; width: 10%">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; width: 1%">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; width: 10%">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 27pt; text-indent: -27pt">COS &ndash; La Zanja, gold</TD>
    <TD STYLE="padding-left: 27pt; text-indent: -27pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">(m)</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 27pt; text-indent: -27pt">COS &ndash; La Zanja, silver</TD>
    <TD STYLE="padding-left: 27pt; text-indent: -27pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">(n)</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 27pt; text-indent: -27pt">COS &ndash; El Brocal (Colquijirca), zinc</TD>
    <TD STYLE="padding-left: 27pt; text-indent: -27pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">(o)</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 27pt; text-indent: -27pt">COS &ndash; El Brocal (Colquijirca), silver</TD>
    <TD STYLE="padding-left: 27pt; text-indent: -27pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">(p)&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 27pt; text-indent: -27pt">COS &ndash; El Brocal (Colquijirca), lead</TD>
    <TD STYLE="padding-left: 27pt; text-indent: -27pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">(q)</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 27pt; text-indent: -27pt">COS &ndash; El Brocal (Marcapunta), copper&nbsp;&nbsp;&nbsp; </TD>
    <TD STYLE="padding-left: 27pt; text-indent: -27pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">(r)</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 27pt; text-indent: -27pt">COS &ndash; El Brocal (Marcapunta), silver</TD>
    <TD STYLE="padding-left: 27pt; text-indent: -27pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">(s)</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 27pt; text-indent: -27pt">COS &ndash; El Brocal (Marcapunta), gold</TD>
    <TD STYLE="padding-left: 27pt; text-indent: -27pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">(t)</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><B>Total COS<SUP>(*)</SUP></B></TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in"><B>$(x)</B></TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.5pt; text-indent: 4.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.5pt; text-indent: 4.5pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.25in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%; text-indent: 0in; border-bottom: Black 1pt solid"><B>By mine and metal</B></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 10%; text-indent: 0in; border-bottom: Black 1pt solid">4Q13</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 10%; text-indent: 0in; border-bottom: Black 1pt solid">4Q12</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 10%; text-indent: 0in; border-bottom: Black 1pt solid">FY 2013</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 10%; text-indent: 0in; border-bottom: Black 1pt solid">FY 2012</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Selling expenses &ndash; Orcopampa, gold</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">$(aa)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Selling expenses &ndash; Orcopampa, silver</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">(bb)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Selling expenses &ndash; Uchucchacua, silver</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">(cc)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Selling expenses &ndash; Uchucchacua, zinc</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">(dd)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Selling expenses &ndash; Uchucchacua, lead</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">(ee)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Selling expenses &ndash; Julcani, silver</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">(ff)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Selling expenses &ndash; Julcani, lead</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">(gg)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Selling expenses &ndash; Breapampa, gold</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">(hh)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Selling expenses &ndash; Breapampa, silver</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">(ii)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Selling expenses &ndash; Recuperada, zinc</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">(jj)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Selling expenses &ndash; Recuperada, silver</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">(kk)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Selling expenses &ndash; Recuperada, lead</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">(ll)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.25in">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; width: 55%">Selling expenses &ndash; La Zanja, gold</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; width: 10%">(mm)</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Selling expenses &ndash; La Zanja, silver</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">(nn)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in">Selling expenses &ndash; El Brocal (Colquijirca), zinc</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">(oo)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in">Selling expenses &ndash; El Brocal (Colquijirca), silver</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">(pp)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in">Selling expenses &ndash; El Brocal (Colquijirca), lead</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">(qq)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in">Selling expenses &ndash; El Brocal (Marcapunta), copper</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">(rr)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in">Selling expenses &ndash; El Brocal (Marcapunta), silver</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">(ss)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in">Selling expenses &ndash; El Brocal (Marcapunta), gold</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">(tt)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><B>Total selling expenses<SUP>(*)</SUP></B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in"><B>$(y)</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.5pt; text-indent: 4.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="7" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Orcopampa</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Gold</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Silver</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 55%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center; border-bottom: Black 1pt solid"><B>4Q13</B></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center; border-bottom: Black 1pt solid"><B>4Q12</B></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center; border-bottom: Black 1pt solid"><B>4Q13</B></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center; border-bottom: Black 1pt solid"><B>4Q12</B></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP>Cost of sales, without considering depreciation and amortization</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;$(a)</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;$(b)</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP>Selling expenses</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;$(aa)</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">$(bb)</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-left: 0.375in; text-indent: -0.375in"><B>Cost of sales, without considering depreciation and amortization, plus selling expenses</B></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;$[&nbsp;&nbsp;&nbsp;]</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">$[&nbsp;&nbsp;&nbsp;]</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP>Volume sold</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;[&nbsp;&nbsp;&nbsp;] oz.</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">[&nbsp;&nbsp;&nbsp;] oz.</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP><B>Cost applicable to sales / unit</B></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;$[&nbsp;&nbsp;&nbsp;] / oz.</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">$[&nbsp;&nbsp;&nbsp;] /oz.</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<!-- Field: Page; Sequence: 11; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.25in">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="11" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Uchucchacua</B></TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Silver</B></TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Zinc</B></TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Lead</B></TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 33%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center; border-bottom: Black 1pt solid"><B>4Q13</B></TD>
    <TD STYLE="width: 1%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: center; border-bottom: Black 1pt solid"><B>4Q12</B></TD>
    <TD STYLE="width: 1%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center; border-bottom: Black 1pt solid"><B>4Q13</B></TD>
    <TD STYLE="width: 1%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: center; border-bottom: Black 1pt solid"><B>4Q12</B></TD>
    <TD STYLE="width: 1%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center; border-bottom: Black 1pt solid"><B>4Q13</B></TD>
    <TD STYLE="width: 1%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: center; border-bottom: Black 1pt solid"><B>4Q12</B></TD>
    <TD STYLE="width: 1%; text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>Cost of sales, without considering depreciation and amortization</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$(c)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$(d)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$(e)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>Selling expenses</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$(cc)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$(dd)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$(ee)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in; text-indent: -0.375in"><B>Cost of sales, without considering depreciation and amortization, plus selling expenses</B></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$[&nbsp;&nbsp;&nbsp;]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$[&nbsp;&nbsp;&nbsp;]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$[&nbsp;&nbsp;&nbsp;]</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>Volume sold</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>[&nbsp;&nbsp;&nbsp;] oz.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>[&nbsp;&nbsp;&nbsp;] MT</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>[&nbsp;&nbsp;&nbsp;] MT</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><B>Cost applicable to sales / unit</B></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$[&nbsp;&nbsp;&nbsp;] /oz.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$[&nbsp;&nbsp;&nbsp;] / MT</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$[&nbsp;&nbsp;&nbsp;] / MT</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="7" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Julcani</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Silver</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Lead</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 55%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center; border-bottom: Black 1pt solid"><B>4Q13</B></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center; border-bottom: Black 1pt solid"><B>4Q12</B></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center; border-bottom: Black 1pt solid"><B>4Q13</B></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center; border-bottom: Black 1pt solid"><B>4Q12</B></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP>Cost of sales, without considering depreciation and amortization</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;$(f)</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">$(g)</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP>Selling expenses</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;$(ff)</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">$(gg)&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-left: 0.375in; text-indent: -0.375in"><B>Cost of sales, without considering depreciation and amortization, plus selling expenses</B></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;$[&nbsp;&nbsp;&nbsp;]</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;$[&nbsp;&nbsp;&nbsp;]</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP>Volume sold</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;[&nbsp;&nbsp;&nbsp;] oz.</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;[&nbsp;&nbsp;&nbsp;] MT</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP><B>Cost applicable to sales / unit</B></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;$[&nbsp;&nbsp;&nbsp;] / oz.</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;$[&nbsp;&nbsp;&nbsp;] / MT</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<!-- Field: Page; Sequence: 12; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.25in">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="7" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Breapampa</B></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Gold</B></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Silver</B></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 55%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center; border-bottom: Black 1pt solid"><B>4Q13</B></TD>
    <TD STYLE="width: 1%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: center; border-bottom: Black 1pt solid"><B>4Q12</B></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center; border-bottom: Black 1pt solid"><B>4Q13</B></TD>
    <TD STYLE="width: 1%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: center; border-bottom: Black 1pt solid"><B>4Q12</B></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>Cost of sales, without considering depreciation and amortization</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;$(h)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;$(i)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>Selling expenses</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;$(hh)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;$(ii)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in; text-indent: -0.375in"><B>Cost of sales, without considering depreciation and amortization, plus selling expenses</B></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;$[&nbsp;&nbsp;&nbsp;]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;$[&nbsp;&nbsp;&nbsp;]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>Volume sold</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;[&nbsp;&nbsp;&nbsp;] oz.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;[&nbsp;&nbsp;&nbsp;] oz.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><B>Cost applicable to sales / unit</B></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;$[&nbsp;&nbsp;&nbsp;] / oz.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>$[&nbsp;&nbsp;&nbsp;] / oz.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.25in">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="11" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Recuperada</B></TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Zinc</B></TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Silver</B></TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Lead</B></TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 33%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center; border-bottom: Black 1pt solid"><B>4Q13</B></TD>
    <TD STYLE="width: 1%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center; border-bottom: Black 1pt solid"><B>4Q12</B></TD>
    <TD STYLE="width: 1%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center; border-bottom: Black 1pt solid"><B>4Q13</B></TD>
    <TD STYLE="width: 1%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center; border-bottom: Black 1pt solid"><B>4Q12</B></TD>
    <TD STYLE="width: 1%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center; border-bottom: Black 1pt solid"><B>4Q13</B></TD>
    <TD STYLE="width: 1%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center; border-bottom: Black 1pt solid"><B>4Q12</B></TD>
    <TD STYLE="width: 1%; text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>Cost of sales, without considering depreciation and amortization</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$(j)</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$(k)</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$(l)</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>Selling expenses</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$(jj)</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$(kk)</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$(ll)</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in; text-indent: -0.375in"><B>Cost of sales, without considering depreciation and amortization, plus selling expenses</B></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$[&nbsp;&nbsp;&nbsp;]</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$[&nbsp;&nbsp;&nbsp;]</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$[&nbsp;&nbsp;&nbsp;]</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>Volume sold</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>[&nbsp;&nbsp;&nbsp;] MT</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>[&nbsp;&nbsp;&nbsp;] oz.</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>[&nbsp;&nbsp;&nbsp;] MT</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><B>Cost applicable to sales / unit</B></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$[&nbsp;&nbsp;&nbsp;] / MT</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$[&nbsp;&nbsp;&nbsp;] / oz.</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$[&nbsp;&nbsp;&nbsp;] / MT</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.25in">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="7" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>La Zanja</B></TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Gold</B></TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Silver</B></TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 55%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center; border-bottom: Black 1pt solid"><B>4Q13</B></TD>
    <TD STYLE="width: 1%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center; border-bottom: Black 1pt solid"><B>4Q12</B></TD>
    <TD STYLE="width: 1%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center; border-bottom: Black 1pt solid"><B>4Q13</B></TD>
    <TD STYLE="width: 1%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center; border-bottom: Black 1pt solid"><B>4Q12</B></TD>
    <TD STYLE="width: 1%; text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>Cost of sales, without considering depreciation and amortization</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$(m)</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$(n)</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>Selling expenses</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$(mm)</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$(nn)</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in; text-indent: -0.375in"><B>Cost of sales, without considering depreciation and amortization, plus selling expenses</B></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$[&nbsp;&nbsp;&nbsp;]</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$[&nbsp;&nbsp;&nbsp;]</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>Volume sold</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>[&nbsp;&nbsp;&nbsp;] oz.</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>[&nbsp;&nbsp;&nbsp;] oz.</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><B>Cost applicable to sales / unit</B></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$[&nbsp;&nbsp;&nbsp;] / oz.</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$[&nbsp;&nbsp;&nbsp;] / oz.</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.25in">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="11" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>El Brocal - Colquijirca</B></TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Zinc</B></TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Silver</B></TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Lead</B></TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 33%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center; border-bottom: Black 1pt solid"><B>4Q13</B></TD>
    <TD STYLE="width: 1%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center; border-bottom: Black 1pt solid"><B>4Q12</B></TD>
    <TD STYLE="width: 1%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center; border-bottom: Black 1pt solid"><B>4Q13</B></TD>
    <TD STYLE="width: 1%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center; border-bottom: Black 1pt solid"><B>4Q12</B></TD>
    <TD STYLE="width: 1%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center; border-bottom: Black 1pt solid"><B>4Q13</B></TD>
    <TD STYLE="width: 1%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center; border-bottom: Black 1pt solid"><B>4Q12</B></TD>
    <TD STYLE="width: 1%; text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>Cost of sales, without considering depreciation and amortization</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$(o)</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$(p)</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$(q)</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>Selling expenses</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$(oo)</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$(pp)</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$(qq)</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in; text-indent: -0.375in"><B>Cost of sales, without considering depreciation and amortization, plus selling expenses</B></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$[&nbsp;&nbsp;&nbsp;]</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$[&nbsp;&nbsp;&nbsp;]</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$[&nbsp;&nbsp;&nbsp;]</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>Volume sold</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>[&nbsp;&nbsp;&nbsp;] MT</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>[&nbsp;&nbsp;&nbsp;] oz.</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>[&nbsp;&nbsp;&nbsp;] MT</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><B>Cost applicable to sales / unit</B></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$[&nbsp;&nbsp;&nbsp;] / MT</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$[&nbsp;&nbsp;&nbsp;] / oz.</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$[&nbsp;&nbsp;&nbsp;] / MT</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.25in">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="11" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>El Brocal - Marcapunta</B></TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Copper</B></TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Silver</B></TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Gold</B></TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 33%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center; border-bottom: Black 1pt solid"><B>4Q13</B></TD>
    <TD STYLE="width: 1%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center; border-bottom: Black 1pt solid"><B>4Q12</B></TD>
    <TD STYLE="width: 1%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center; border-bottom: Black 1pt solid"><B>4Q13</B></TD>
    <TD STYLE="width: 1%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center; border-bottom: Black 1pt solid"><B>4Q12</B></TD>
    <TD STYLE="width: 1%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center; border-bottom: Black 1pt solid"><B>4Q13</B></TD>
    <TD STYLE="width: 1%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center; border-bottom: Black 1pt solid"><B>4Q12</B></TD>
    <TD STYLE="width: 1%; text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>Cost of sales, without considering depreciation and amortization</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$(r)</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$(s)</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$(t)</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>Selling expenses</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$(rr)</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$(ss)</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$(tt)</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in; text-indent: -0.375in"><B>Cost of sales, without considering depreciation and amortization, plus selling expenses</B></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$[&nbsp;&nbsp;&nbsp;]</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$[&nbsp;&nbsp;&nbsp;]</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$[&nbsp;&nbsp;&nbsp;]</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>Volume sold</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>[&nbsp;&nbsp;&nbsp;] MT</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>[&nbsp;&nbsp;&nbsp;] oz.</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>[&nbsp;&nbsp;&nbsp;] oz.</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><B>Cost applicable to sales / unit</B></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$[&nbsp;&nbsp;&nbsp;] / MT</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$[&nbsp;&nbsp;&nbsp;] / oz.</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>$[&nbsp;&nbsp;&nbsp;] / oz.</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><B>_________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><B>Note</B>: Cost applicable to
sales consists of cost of sales, excluding depreciation and amortization, plus selling expenses. Cost applicable to sales per unit
sold for each mine consists of cost applicable to sales for a particular metal produced at a given mine divided by the volume of
such metal produced at such mine in the specified period. The cost applicable to sales and cost applicable to sales per unit sold
figures disclosed herein are calculated without adjusting for by-product revenue figures. Buenaventura notes that cost applicable
to sales is not directly comparable to the cash operating cost figures disclosed in previously furnished earnings releases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cost applicable to sales and cost applicable to sales per unit
sold are considered key measures by Buenaventura in managing and evaluating Buenaventura&rsquo;s operating performance and are
widely reported in the precious metals industry as a benchmark for performance, but do not have standardized meanings. Cost applicable
to sales and cost applicable to sales per unit sold are not measures of financial performance under IFRS, and may not be comparable
to similarly titled measures of other companies. You should not consider cost applicable to sales or cost applicable to sales per
unit sold as alternatives to cost of sales determined in accordance with IFRS, as indicators of Buenaventura&rsquo;s operating
performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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