Perú: Economic and Political Overview

Perú: Economic and Political Overview

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

Economy Growth MM. S/. 250000 Gross Domestic Product 200000 150000 100000 50000 0 In 2010, Perú grew 8.78% explained by domestic demand and exports Index 80% 70% 60% 50% 40% 30% 20% 10% 0% Mining GDP 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Perú GDP Mining GDP In the period 2000-2010, Mining GDP grew 55%

GDP Per-Capita 6000 GDP Per-Capita (US$) 5000 4000 3000 2000 1000 Perú has increased in 146% its GDP per capita from 2000-2010 15000 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 20102011* * Estimate GDP Per-Capita Latam 12000 9000 6000 Chile has the highest GDP pc. In the region and Bolivia the lowest 3000 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011* * Estimate GDP Per-Capita Perú GDP Per-Capita Chile GDP Per-Capita Colombia GDP Per-Capita Bolivia GDP Per-Capita Ecuador

Fiscal Summary Fuente: BCRP, IPE

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

Economy Risk 1600 1400 1200 1000 800 600 400 200 0 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

Inflation Since 2002, Perú has an explicit Inflation Targeting Policy. 2% +/-1% 8 Consumer Price Index (Var.%) 7 6 5 4 3 2 1 0-1 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Source: BCRP

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

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

Perú: Mining

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

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

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 1,000,000 500,000 0 Mining Production vs. Exports 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 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

Major Metals Production 1,400,000 1,200,000 1,000,000 800,000 600,000 400,000 200,000 0 4,500,000 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000,000 500,000 0 Copper 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Copper (FMT) Price Silver 35.00 30.00 25.00 20.00 15.00 10.00 5.00 0.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Silver (KG) Price Gold 240,000 1,600 200,000 1,400 1,200 160,000 1,000 120,000 800 80,000 600 400 40,000 200 0 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 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 2,500 800,000 2,000 600,000 1,500 400,000 1,000 200,000 500 0 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Zinc (FMT) Price

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

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

Mining: The Potential Source: BCRP Annoucements of Investment Projects by sectors (MM. US$) Sector 2010 2011 2012 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 1,208 796 4,440 Other Sectors 2,031 1,491 793 4,315 Total 12,709 13,655 14,098 40,462

Map of major mining projects

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

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

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

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

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

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

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

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

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

BUENAVENTURA La Zanja

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

Financial Track Record 32

Buenaventura & Affiliates Revenues & EBITDA Breakdown 33

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

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

Reserves & Resources 36

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

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

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

BVN LISTED NYSE

Major mining properties & projects in Cajamarca 41

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