Perú: Economic and Political Overview

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2 Perú: Economic and Political Overview

3 Economy Growth GDP: Quarterly Growth - Develop vs. Emerging vs. Perú Latin-American GDP

4 Economy Growth MM. S/ Gross Domestic Product In 2010, Perú grew 8.78% explained by domestic demand and exports Index 80% 70% 60% 50% 40% 30% 20% 10% 0% Mining GDP Perú GDP Mining GDP In the period , Mining GDP grew 55%

5 GDP Per-Capita 6000 GDP Per-Capita (US$) Perú has increased in 146% its GDP per capita from * * Estimate GDP Per-Capita Latam Chile has the highest GDP pc. In the region and Bolivia the lowest * * Estimate GDP Per-Capita Perú GDP Per-Capita Chile GDP Per-Capita Colombia GDP Per-Capita Bolivia GDP Per-Capita Ecuador

6 Fiscal Summary Fuente: BCRP, IPE

7 Economy Forecast Growth will be driven by increased private investment GDP Growth Rate (Var. %) *Projected Source: BCRP

8 Economy Risk Sovereign Bonds Spread Ene-00 Abr-01 Jul-02 Oct-03 Ene-05 Abr-06 Jul-07 Oct-08 Ene-10 Source: Bloomberg EMBI LATINO EMBI PERU EMBI CHILE

9 Inflation Since 2002, Perú has an explicit Inflation Targeting Policy. 2% +/-1% 8 Consumer Price Index (Var.%) Source: BCRP

10 Free Trade Agreements FTA Signed Country Date of sign Tailand November 2005 United States April 2006 Chile August 2006 Canada May 2008 Singapur May 2008 China April 2009 EU May 2010 EFTA July 2010 South Corea November 2010 Source: COMEX FTA Negotiating Country Australia New Zealand Mexico Japan P4 FTA on Agenda Country Morocco South Africa Turkey Russia Panama India Hong Kong Caribean Zone

11 Presidential elections Voting Intentions 30% 26% 25% 20% 19% 17% 15% 15% 9% 10% 5% 0% Alejandro Toledo Keiko Fujimori Luis Castañeda Ollanta Humala Pedro Kuczynski Source: Ipsos Apoyo / published on March 13, 2011

12 Perú: Mining

13 Perú: World's leading producer Production Ranking 2010 METAL Latin-American World Silver 1 1 Zinc 1 2 Tin 1 3 Mercury 1 3 Lead 1 4 Gold 1 6 Copper 2 2 Source: USGS

14 Impact of mining GDP Profit Fiscal Deficit Investment Public Expenditure EXPORTS Mining Production TAXES Jobs Public Debt Investment in social development PURCHASE OF SUPPLIES Trade Balance

15 Major Metals Production In 2010, major metals production decreased but mining exports increased 4,500,000 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000, ,000 0 Mining Production vs. Exports Copper (FMT) Zinc (FMT) Gold (KG) Silver (KG) Total Exports US$ MM. 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0

16 Major Metals Production 1,400,000 1,200,000 1,000, , , , , ,500,000 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000, ,000 0 Copper 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1, Copper (FMT) Price Silver Silver (KG) Price Gold 240,000 1, ,000 1,400 1, ,000 1, , , , Gold (KG) Price Zinc 1,800,000 5,000 1,600,000 4,500 1,400,000 4,000 1,200,000 3,500 3,000 1,000,000 2, ,000 2, ,000 1, ,000 1, , Zinc (FMT) Price

17 Mining: Current Operations Gold Production 2010 Cerro Corona La Zanja Silver Production 2010

18 Mining: The Potential Only 1% of the territory is carrying out exploration and explotation 11.5% of the national territory has been granted as a mining concession 0.78% of national territory is destined to the extraction of minerals in the operational phase

19 Mining: The Potential Source: BCRP Annoucements of Investment Projects by sectors (MM. US$) Sector Total Mining 3,477 6,102 7,519 17,098 Hydrocarbons 2,446 2,078 2,186 6,711 Electricity 828 1,487 1,801 4,116 Industrial 1,490 1,289 1,003 3,782 Infrastructure 2,437 1, ,440 Other Sectors 2,031 1, ,315 Total 12,709 13,655 14,098 40,462

20 Map of major mining projects

21 Expansions W/ EIA approved or construction W/ EIA submitted or assessment Exploration

22 Mining Projects (Expansions) Southern Perú Estimated Total Investment US$ 600 Millions Compañía Minera Antamina Estimated Total Investment US$ 1,100 Millions Votorantim Cajamarquilla Estimated Total Investment US$ 500 Millions

23 Mining Projects (Expansions) Shougang Hierro Perú Estimated Total Investment US$ 1,000 Millions Sociedad Minera El Brocal Estimated Total Investment US$ 238 Millions Sociedad Minera Cerro Verde Estimated Total Investment US$ 1,500 Millions

24 Mining Projects Tía María Estimated Total Investment US$ 950 Millions Copper and molybdenum deposit Arequipa

25 Mining Projects Toromocho Estimated Total Investment US$ 2,200 Millions Silver, copper and molyb. deposit Potencial: 150k MT per day Junín

26 Mining Projects (Feasibility stage) Quellaveco Estimated Total Investment US$ 2,200 Millions Moquegua Copper deposit Operation start: 2013

27 Mining Projects (Feasibility stage) Rio Blanco Estimated Total Investment US$ 1,440 Millions Copper deposit Operation start: To be defined Piura

28 Mining Projects (Exploration) Antapaccay Estimated Total Investment US$ 700 Millions Cusco Copper deposit Exploration has started in 2010

29 Mining Projects (Exploration) Las Bambas Estimated Total Investment US$ 1,500 Millions Apurimac Copper deposit Exploration start: To be defined

30 BUENAVENTURA La Zanja

31 Company overview towards 60 years in mining Strong portafolio of mining projects Strong cash position / balance sheet At least 70% of revenues from precious metals Experienced team Growing gold production from direct operations Listed in the NYSE (BVN) and the Lima Stock Exchange (BVN.LM) Attractive Equity Investments 43.65% stake in Yanacocha 19.26% stake in Cerro Verde 49.00% stake in Chucapaca No hedges Focused in explorations

32 Financial Track Record 32

33 Buenaventura & Affiliates Revenues & EBITDA Breakdown 33

34 AFFILIATES DIRECT OPERATIONS Main Operations NAME METALS TYPE (Open Pit / Underground) Uchucchacua Silver, Lead, Zinc Underground Orcopampa Gold, Silver Underground Poracota Gold, Silver Underground Julcani Silver, Copper, Lead Underground Recuperada Silver, Lead, Zinc Underground Antapite Gold, Silver Underground Shila-Paula Gold, Silver Underground El Brocal (Colquijirca, Marcapunta) Zinc, Lead, Silver, Copper Open Pit La Zanja Gold, Silver Open Pit Yanacocha (43.65%) Gold, Silver Open Pit Cerro Verde (19.26%) Copper, Molybdenum Open Pit 34

35 Gold, Silver, Copper and Zinc Equity Production * Estimated 35

36 Reserves & Resources 36

37 Location of Exploration Prospects El Faique La Zanja Tantahuatay Hualgayoc Yanacocha La Joya Uchucchacua Colquijirca Mallay Marcapunta Lima Mining districts Development projects Exploration projects Julcani / Recuperada Antapite Trapiche Breapampa Paula Poracota Orcopampa Cerro Verde Chucapaca Colquemayo La Joya Chucapaca Trapiche Colquemayo Hualgayoc Pachuca / Real del Monte * El Faique * 100 Km north of Mexico City, in the state of Hidalgo. 37

38 Creating Value Through EXPLORATIONS OPERATIONS M & A Focused on precious metals Solid exploration portfolio Exploring inside Peru & Latinamerica Share risk through joint venture Improving mining operations Improving metallurgical process Incorporating chemical process Assuring power supply Mainly gold and precious metals Junior companies Located in Peru & Latinamerica Controlling interests SUSTAINABILITY Taking care of environmental issues Improving community relations Good corporate governance SAFETY IN EVERYTHING WE DO 38

39 Shareholders Strategy BVN has not issued new equity for 15 years 39

40 BVN LISTED NYSE

41 Major mining properties & projects in Cajamarca 41

42 Shareholders Structure NAME INTEREST Institutional Investors 55 % Benavides Family 27 % Peruvian Pension Funds (AFP s) 12 % Others 6 % OUTSTANDING SHARES 254,442,328 42