CORPORATE PRESENTATION Lima, August 2015 Q & A

CORPORATE PRESENTATION Lima, August 2015 Q & A

Disclaimer The information contained in this presentation concerning projections may be deemed to include statements which constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve a certain degree of risk uncertainty with respect to business, financial, trend, strategy other projections, are based on assumptions, data or methods which although considered reasonable by Milpo at the time may turn out to be incorrect or imprecise, or may not be possible to realize, or may differ materially from actual results, due to a variety of factors. Milpo can not guarantee that expectations disclosed in this presentation will prove to be correct does not undertake, specifically disclaims any obligation to update any forward-looking statements, which speak only for the date they are made. The market competitive position data used throughout this presentation were obtained from internal surveys, market research, publicly available information industry publications. Although Milpo has no reason to believe that any of this information or these reports are inaccurate in any material respect, Milpo has not independently verified the competitive position, market share, market size, or other data provided by third parties or by industry or other publications therefore do not make any representation as to the accuracy of such information. This presentation its contents are proprietary information may not be reproduced or otherwise disseminated in whole or in part without Milpo s prior written consent.

Agenda 3 2 1 Business Strategy Results Closing Remarks 3

Milpo s 5-pillar corporate strategy continues to be executed focused on value generation Sustainability Pillar I The corporate office continues in its role as a strategic service provider, focusing on its employees development system Milpo s shareholders approved a possible shares buy back, delegating on the Board faculties to decide its execution Pillar V Acquisition of the Aripuana (7.7%), Bongara (70%) Shalipayco (50%- 75%) zinc projects completed Private Initiative presented for the execution of the Michiquillay Project Brownfields Social Responsibility Copper Projects Polymetallic Projects I II III IV V Continuous focus on improving safety environmental stards, social responsibility practices employee s capabilities Pillar II EP ATA: The 2 nd stage of the integration (one tailing deposit for both mines) was completed will start operations in the coming months the 3 rd stage, will be completed in 2016 (mines plants integration) EIA for Magistral submitted for approval (30ktpd). Feasibility level expected in 4Q15 (10-30ktpd) EIA for Pukaqaqa already approved. Design of a modular approach in progress (10 30 ktpd) Pillar III/IV Feasibility for Aripuana expected in 2016. Public audience to be held in August Road construction to improve access to Bongara to be completed soon oxides/sulphides definition CL: Stabilization full treatment at 18ktpd capacity during the semester Definition continues for Ivan & Chapi Prefeasibility for Shalipayco already concluded considering potential synergies with El Porvenir Definition continues for Hilarion 4

Results + Growth Agenda Copper Assets Polymetallic Assets 1 Business Strategy 3 2 Results Closing Remarks 5

SILVER ZINC COPPER Metal prices have charaterized by high volatility in the last months are currently reaching minimun levels Price Evolution Trading US$/t US$/t Var % Var % Zinc 2,051 2,138 4% 2,073 2,195 6% Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 1,832 Today Max : 2,546-02/2011 Historical Price Min Data Since 2011 : 1,750-10/2011 Current : 1,832-08/2105 US$/t US$/t Var % Var % Copper 6,913 5,934-14% 6,787 6,054-11% Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 5,140 Today Historical Price Data Since 2011 Max : 10,148-02/2011 Min : 5,136-08/2015 Current : 5,140-08/2015 US$/oz US$/oz Var % Var % Silver 20.1 16.6-17% 19.6 16.4-16% Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 15.3 Today Max : 48.7-04/2011 Historical Price Min Data Since 2011 : 14.5-08/2015 Current : 15.3-08/2015 6

Margin (%) Margin (%) In, lower prices impacted Milpo s revenues EBITDA. This negative effect was partially compensated by higher volumes lower costs expenses Results + Growth Copper Polymetallic Assets Assets Revenues (US$ million) EBITDA (US$ million) 720 +5% 758 257 +4% 266 145 (38) 377-8% 348 145-19% 118 Zn +4% Cu -14% 6 6 118 Pb -11% Ag -17% 2013 2014 2013 2014 36% 35% 38% 34% EBITDA Prices Volume Costs & Expenses EBITDA Highlights vs. 189-5% 179 169 74-12% 65 54 Revenues of US$ 348 million, 8% decrease due to lower metal prices in spite of higher fine content in concentrates production. EBITDA of US$ 118 million, 19% decrease due to lower revenues in spite of lower costs expenses. 1Q15 1Q15 39% 36% 32% EBITDA was higher in comparison to that of 1Q15 due to higher revenues, lower cash costs expenses optimization. 7

Increased zinc, lead silver fine content in concentrates production partially compensated negative price effect Results + Growth Copper Polymetallic Assets Assets Fine content in concentrates production (thous of tonnes) Consolidated 334 +6% 353 Zinc (thous of tonnes) +7% By metal Copper (thous of tonnes) -9% 129 138-1% 20 19-11% 63 62 11 10 2013 2014 170 +6% 180 +15% Lead (thous of tonnes) +12% Silver (million of ounces) 84-1% 83 20 23 10 +12% 11 3,4 3,8 1,7 +12% 1,9 Copper Lead Zinc 8

Operational performance by mining unit Results + Growth Copper Polymetallic Assets Assets Fine content in concentrates production (thous of tonnes) CERRO LINDO EL PORVENIR ATACOCHA 202 +9% 221 76 +8% 82 56-9% 51 2013 2014 2013 2014 2013 2014 106 +10% 117 39-2% 39 25 0% 25 52 +2% 53 19-1% 19 12-11% 11 Copper Lead Zinc Copper Lead Zinc Copper Lead Zinc 9

Lower consolidated cash costs also helped mitigate the negative price effect Results + Growth Copper Polymetallic Assets Assets Cash Cost US$/t Zinc equivalent 35.4-5% 33.8 34.5 Cash Cost US$/t rom -3% 33.6 Consolidated 1,135 31.7-7% 29.4 30.5-7% 28.4 Cerro Lindo 1,024 +1% +6% 39.0 39.5 38.5 40.7 El Porvenir 1,286 44.5 +1% 44.9 44.4 +7% 47.3 Atacocha 1,432 Milpo maintains its position as a low-cost mining producer 10

Margin (%) Margin (%) Cerro Lindo s financial performance (68% of Milpo s revenues) Results + Growth Copper Polymetallic Assets Assets Revenues (US$ million) EBITDA (US$ million) 477 +5% 503 247-5% 235 265-3% 257 134-13% 117 134 (17) 1 (1) 117 2013 2014 2013 2014 56% 51% 54% 50% EBITDA Prices Volume Costs & Expenses EBITDA Highlights vs. -4% 126 121 114 70-10% 63 54 Higher fine content in concentrates production due to the stabilization of treatment capacity to 18,000 tpd better grades: ZINC 14% LEAD 19% COPPER -8% SILVER 26% 1Q15 56% 1Q15 52% 48% Revenues of US$ 235 million, 5% decrease due to lower metals prices in spite of higher production. EBITDA of US$ 117 million, 13% decrease due to lower revenues in spite of lower cash costs (US$/t 29.4 vs US$/t 31.7). 11

Margin (%) Margin (%) El Porvenir s financial performance (18% of Milpo s revenues) Results + Growth Copper Polymetallic Assets Assets Revenues (US$ million) EBITDA (US$ million) 138 +8% 149 76-16% 64 41 +9% 45 24-34% 16 24 (11) (0) 3 16 2013 2014 2013 2014 30% 30% 31% 24% EBITDA Prices Volume Costs & Expenses EBITDA Highlights vs. 0% 35 35 29 9 +11% 10 6 Lower fine content in concentrates production compensated by the increase in silver contents: ZINC -2% LEAD -3% COPPER -4% SILVER 7% 1Q15 1Q15 Revenues of US$ 64 million, 16% decrease due to lower metal prices. 26% 28% 19% EBITDA of US$ 16 million, 34% decrease due to lower revenues. 12

Margin (%) Margin (%) Atacocha s financial performance (13% of Milpo s revenues) Results + Growth Copper Polymetallic Assets Assets Revenues (US$ million) EBITDA (US$ million) 94 +5% 99 +36% 22 13 (10) 50-12% 44 16 13-67% 4 (3) 4 4 2013 2014 2013 2014 17% 23% 25% 9% EBITDA Prices Volume Costs & Expenses EBITDA Highlights vs. 26-20% 21 23 7-87% Lower zinc copper fine content in concentrates production compensated by higher lead fine content: ZINC -9% LEAD 36% 1Q15 1 3 1Q15 COPPER -43% SILVER -4% Revenues of US$ 44 million, 12% decrease due to lower metal prices in spite of higher lead fine content in concentrates production. 27% 5% 13% EBITDA of US$ 4 million, 67% decrease due to lower revenues. 13

In, total Capex was of US$ 60 million Results + Growth Copper Polymetallic Assets Assets Capex (US$ million) Capex breakdown per unit +37% Cerro Lindo 119 10% 87 50 37 53 66 28 +117% 60 35 1 28 24 58% 26% El Porvenir 2013 2014 6% Atacocha +282% 47 Total US$ 60MM 12 35 1 12 11 Expansion Sustaining Others Main Investments during : Acquisition of a participation in the Shalipayco zinc project. Tailing dam elevation at El Porvenir, related to the integration with Atacocha. 14

In spite of the lower EBITDA, Milpo generated a positive cash flow during, maintaining a strong financial position Results + Growth Copper Polymetallic Assets Assets Cash Flow Generation (US$ million) Net Debt/EBITDA (x times) 118-0.28x -0.37x (60) 437 446 362 358 (27) 14 (24) 21 EBITDA Capex Dividends Working Capital Others Income Tax FCF 2014 Cash Total Debt Net Debt Evolution as of june 2015 (US$ million) Investment Grade Status (BBB) Stable (75) Net Debt Dec 2014 (21) FCF 8 Debt Service (88) Net Debt June 2015 (BBB-) Stable 15

Agenda 3 2 1 Business Strategy Results Closing Remarks 16

Closing Remarks Milpo has a robust financial position driven by the five pillar strategy with a focus on productivity, operational synergies, cost reductions business growth. Milpo s track record as a low-cost mining producer, with an extended life of mine, its flexibility to prioritize its CAPEX allow the Company to respond to LME variations or market volatility efficiently. Healthy cash generation has allowed the company to maintain high liquidity levels with a decrease in its leverage ratio, even in the current scenario strongly impacted by the LME prices reduction. Milpo s strong diversified projects portfolio secures its future disciplined growth. 17

Q & A