Buenaventura: Leading Precious Metals Mining in Peru

1. Cia. de Minas Buenaventura • Since 1953 in mining. • Mining of gold and silver in Peru. • Six majority-owned operating mines. • Aggressive and proven exploration program. • 43,6% stake in Yanacocha, Latin America’s largest gold mine. • Best geological information in Peru. • Joint ventures with Newmont, Teck-Cominco, SPCC, BHP Billiton & Meridian Gold. • Growing reserves, production and earnings. • Quoted on the Lima Stock Exchange (BUE.LM) since 1971 and NYSE: BVN since 1996.

2. Strategy • Focus on precious metals mining in Peru. • Remain strong operating company. • Upgrade operations. • Generate reserves throug effective exploration. • Pursue acquisitions preferably in Southamerica. • Share risks through joint ventures. • Long-term hedging policies. • Permanent contact with our investors.

3. Cost / Benefit of Allocation (US$ millions) BEFORE OFFERING MAY 1996: Capital 42.8 Investment shares 6.9 Additional capital 5.0 Total Equity 54.7 AFTER OFFERING MAY 1996: Capital 50.7 Investment shares 7.9 Additional Capital 163.6 Total Equity 222.2 BENEFIT (OFFERING 1996): US$ 167.5 TOTAL NET EQUITY (09/30/02): US$ 518.5

4. Ownership structure

5. Outcomes • Enhanced shareholder value. • Increased our gold & silver production. Solid reserve base. • Increased benefits for stakeholders. • Improved our economic results. Raised the competitiveness and performance of the company. • Improved and strengthened image and corporate reputation and good practices of corporate governance..

6. Improving Shareholders’ Value US$/oz US$ millions

7. Corporate governance in Latin America - 2001 Source: CLSA, 2002

8. Following principles ofcorporate governance 1. Rights of shareholders of Buenaventura. • Rights of shareholders are sufficiently defined and protected. • Including the right of shareholders to participate in, and to be sufficiently informed on, decisions concerning fundamental corporate changes. • Shareholders participate and vote in Annual and Extraordinary General Meetings.

9. Following principles ofcorporate governance 2. Equitable treatment of shareholders of Buenaventura. • There is a equitable treatment of shareholders, including minority and foreign shareholders. • Members of the board and managers can be required to disclosure any manterial interests. • Change capital structure: one type of share.

10. Following principles ofcorporate governance 3. Role of stakeholders • Recognise the rights of stakeholders as established by law. • Implementing mechanisms to increase stakeholder participation.

11. Following principles ofcorporate governance 4. Disclosure and transparency • In order to ensure that timely and accurate disclosure is made on all material matters regarding the corporation. • Disclosure include material information on financial and operating results, company objectives, etc. • Information is prepared, audited and disclosed in accordance with high quality standards of accounting. • Annual audit is performed by an independent auditor. • Channels for disseminating information are provide for fair and cost-efficient access to information by users.

12. Following principles ofcorporate governance 5. Responsibilities of the board • They act on a fully informed basis and in the best interest for the company and the shareholders. • The board is able to exercise objective judgement on corporate affairs. There is not conflict of interest. • Board members have access to accurate, relevant and timely information. • Functions: reviewing guiding corporate strategy, major plans of action; propose and appoint directors, etc. • Ensuring the integrity of the company’s accounting and financial reporting systems.

13. Our principles • Be careful with the environment. • Respect to communities. • Apply sound corporate governance.

14. BVN LISTED NYSE 50 years in mining Compañía de Minas www.buenaventura.com Contact Person: Denise Garrido Telephone: (511) 419-2538 e-mail: dhuguet@buenaventura.com.pe