Compañía de Minas “Advances in Corporate Governance: Cia. de Minas Buenaventura” Roque Benavides Rio de Janeiro – December, 2002 Roque Benavides Rio de Janeiro – December, 2002 BVN LISTED NYSE

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 Cia. de Minas Buenaventura

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. Strategy

Cost / Benefit of Allocation (US$ millions) BEFORE OFFERING MAY 1996: Capital42.8 Investment shares 6.9 Additional capital 5.0 Total Equity 54.7 AFTER OFFERING MAY 1996: Capital50.7 Investment shares 7.9 Additional Capital Total Equity BENEFIT (OFFERING 1996):US$ TOTAL NET EQUITY (09/30/02):US$ 518.5

Ownership structure

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..

Improving Shareholders’ Value US$/oz US$ millions

Corporate governance in Latin America Source: CLSA, 2002

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. Following principles of corporate 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. Following principles of corporate governance

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

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

50 years in mining Contact Person: Denise Garrido Telephone: (511) BVN LISTED NYSE Compañía de Minas Compañía de Minas