CORPORATE PRESENTATION Lima, February 2015 Q & A

CORPORATE PRESENTATION Lima, February 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 Operational Performance Mr. Víctor Gobitz - CEO Financial Highlights Ms. Claudia Torres- CFO Closing Remarks Ms. Claudia Torres - CFO 3

Milpo is a mining company with historical growth, which is also reflected in results Annual Total Concentrates Production (thous tonnes) 180 201 321 498 576 681 136 year 721 1999 2006 2007 2008 2010 2012 2013 El Porvenir 3k tpd El Porvenir 1949 (Start-up) Polymetallic located in Pasco, Peru 50 tpd 1999 Ivan 2006 Chapi (Start-up) Copper operation located in Moquegua, Peru 10k tpy copper cathodes Copper operation located in Antofagasta, Chile 12k tpy copper cathodes (Acquisition) Polymetallic located in Ica, Peru 2007 2008 Atacocha 3.8k (Acquisition) Polymetallic located in Pasco, close to El Porvenir mine. Cerro Lindo 5k (Start-up) 2010 Alliance with Votorantim Metais Important Latin American conglomerate committed to Milpo s growth Increase in Cerro Lindo s treatment capacity 2010 Cerro Lindo 10k (Capacity increase) 2012 Cerro Lindo 15k El Porvenir 5.6k (Capacity increase) Increase in El Porvenir Cerro Lindo s treatment capacity Focus on exploration campaigns in the Units surrounding prospects 2012 Temporary suspension Ivan Chapi 2013 Consolidation of operating financial results as a result of the strategy implemented in 2012 Issuance of International Bonds for US$ 350MM 2013 Definition of a 5 pillar strategy Integration of El Porvenir Atacocha Mines (Pasco Unit) in progress Increase in Cerro Lindo s treatment capacity to 18ktpd 4

In, Milpo became the second zinc producer in Peru (3 rd in 2013), maintaining its position in the other metals Zinc (000 MT) Lead (000 MT) 285 279 266 58 46 111 47 22 21 15 Volcan Milpo Antamina Quenuales Catalina H. Volcan Milpo Corona BVN + Brocal Quenuales Copper (000 MT) Silver (000 Kgf) 362 319 235 167 70 47 643 591 461 405 245 Antamina SouthernCerro Verde Xstrata Chinalco Milpo Volcan BVN + Brocal Hochschild Antamina Milpo *Hochschild: Suyamarca + Ares Source: Minister of Energy Mines ( production). 5

results are in part related to the execution of Milpo s 5-pillar strategy In, the corporate office consolidated its role as a strategic service provider, through a leaner more efficient organization. Also, the Shared Services Center was implemented, diminishing headcount optimizing operating services. MAIN RESULTS Concentrates : 721 Mt (+ 6% YoY) Sales : US$ 758 MM (+ 5% YoY) EBITDA : US$ 266 MM (+ 4% YoY) In, the acquisition of a participation in the Aripuana Bongara zinc projects from Vototantim was completed. Opportunities will continue to be searched focusing on value generation. Brownfields Copper Projects Polymetallic Projects I II III IV V Social Responsibility Continuous focus on improving safety environmental stards, social responsibility practices employee s capabilities EP ATA: In, the 1st stage of the operational integration was completed (administrative), the 2nd began will continue until 1Q15 (tailings deposition) the 3rd was defined will be completed in 2016 (mines plants) CL: In, treatment capacity was increased from 15ktpd to 18ktpd (biggest Peruvian underground mine) In, scoping studies were completed for Pukaqaqa Magistral the feasibility study for Magistral will be completed in 2015. EIA for Pukaqaqa is in the final approval stage. Ivan & Chapi: In, exploration activities in the operations surrounding areas were completed to define next steps for both units. Definition continues in progress. Definition for Hilarion began is in progress. Two new prospects were recently added to the portfolio: Aripuana Bongara In Aripuana, additional geology engineering studies will take place to obtain feasibility level in approximately 18 months. In Bongara, next steps are to be defined. 6

Milpo confirms its track record as a mining company with an extended life of mine: up to 13 years Consolidated Reserves Resources Growth (million of tonnes) (1) (2) 15k 16.5k 16.9k 20k 25k 25k 28k 169 108 62 88 88 90 83 96 101 46 46 49 51 46 48 68 2008 2009 2010 2011 2012 2013 Reserves Replacement (million of tonnes) Reserves Resources Treatment Capacity (k tpd) Consolidated Life of Mine (LOM) (based on production without inferred resources) Increase in reserves due to: (i) activities that allowed access to higher quality ore bodies (ii) the integration between EP-ATA that allowed access to new ore bodies between both mines. 46 43 +22 MMt 65 68 Higher reserves allowed increase in LOM +2 years 13 years 11 years 6 6 7 5 2008 Treated Mineral 09 14 Reserves Replacement (1) The mineral resource reserve estimates are made in accordance with the stards specified in the JORC code. (2) inventories here informed are currently under external auditing by international companies. 2013 Reserves Resources (Pd+Pb) (M+I) 7

Life of Mine by Unit Incremental Life of Mine (LOM) (based on production without inferred resources) +2 years Cerro Lindo 12 years 14 years 6 7 6 7 Intensive diamond drilling campaigns (41,397m. in ) were conducted in new ore bodies following the alignment NW-SE, allowing an increase in reserves resources. 2013 Reserves (Pd+Pb) Resources (M+I) El Porvenir 12 years 7 5 +3 years 15 years 5 10 The diamond drilling program (36,120m. in ) the deepening of the hoist system allowed access to new ore bodies (such as the ore body called El Porvenir 9). 2013 Reserves Resources (Pd+Pb) (M+I) Atacocha 5 years 2 3 +2 years 7 years 3 4 2013 Reserves Resources (Pd+Pb) (M+I) The intensive diamond drilling program (50,997m. in ), the economic effect of the integration concept (since Atacocha will use El Porvenir s infrastructure to access deeper mining areas), the change in the cut off the ease in the preparation development activities of new areas allowed the increase in reserves resources. 8

During, higher production levels supported robust operational financial performance Concentrates production (thous of tonnes) Concentrates production by metal (thous of tonnes) 521 576 681 6% 721 Zinc (thous of tonnes) Copper (thous of tonnes) 3% 479 494 4% 143 10% 158 5% 2011 2012 2013 121 126 38 40 2013 4Q13 2013 4Q13 176 4% 184 Lead (thous of tonnes) Silver (million of ounces) 18% 69 59 16 8% 18 10% 6.8 6.2 1.6 4% 1.7 4Q13 2013 4Q13 2013 4Q13 Zinc Lead Copper Zinc Lead Copper Silver 9

Operational performance by mining unit 268 315 429 8% 462 144 Concentrates production (thous of tonnes) CERRO LINDO EL PORVENIR ATACOCHA 158 147 11% 163 109 104 105 8% 96 2011 2012 2013 2011 2012 2013 2011 2012 2013 113 5% 119 38 6% 41 Lead (thous of tonnes) 25% 20.4 16.3 4.3 24% 5.3 1.6 Silver (million of ounces) 12% 1.7 0.4 4% 0.4 4Q13 4Q13 2013 4Q13 Zinc (thous of tonnes) 14% 82.9 71.0 18.9 5% 17.9 2013 4Q13 Copper (thous of tonnes) 17% 5.6 4.7 1.2 35% 0.8 Zinc Lead Copper Zinc Lead Copper 2013 Lead 4Q13 Silver 2013 Zinc 4Q13 Copper 10

Revenues Breakdown By Product Copper Cathodes 1% Pasco Complex 33% Lead conc. 19% Copper conc. 34% Zinc conc. 46% By Unit Atacocha 13% El Porvenir 20% Others 1% Cerro Lindo 66% By Metal Silver 15% Gold 1% 36% 3% 5% 58% 60% Copper 30% Lead 8% Zinc 45% 92% 64% 42% 40% Zinc Copper Lead Silver Cerro Lindo Pasco Complex Chapi 11

results continue to confirm Milpo s track record as a lowcost mining producer Cash Cost US$/t Zinc equivalent Consolidated 1,090 Cerro Lindo 29.1 11% Cash Cost US$/t rom Due to higher maintenance underground mine preparation development costs anticipating the increased capacity of 18k tpd 32.5 42.5 El Porvenir -11% 38.0 Cerro Lindo 995 2013 2013 El Porvenir Atacocha 1,211 1,385 Atacocha Consolidated -6% 1% 46.2 43.5 35.0 35.5 2013 2013 Strategies implemented in oriented to reduce the consolidated cash cost allowed Milpo to respond to LME variations market volatility efficiently Costs reductions through the optimization of consumption ratios, use of alternative technologies, optimization of mines design the use of higher scale machineries 12

Milpo maintains its world class stard as a low-cost zinc producer Low-Cost Zinc Producer Wood Mackenzie Zinc Mine Composite Cost Curve Cash Cost (C1) US$c / Lb (1) Milpo Consolidated (US$c 47.4/lb) (weighted average) Cerro Lindo (US$c 45.1/lb) El Porvenir (US$c 54.9/lb) Atacocha (US$c 62.8/lb) Cumulative Paid Metals (MM lbs) 5,000 10,000 15,000 1st quartile 2nd quartile 3rd quartile 4th quartile Source: Wood Mackenzie (1) Represents C1 cash costs which reflect direct cash costs of producing metal incorporating mining, processing offsite realization costs having made appropriate allowance for the co-product revenue streams. 13

Milpo has a diversified extended Projects Portfolio to grow BONGARA MAGISTRAL TRUJILLO LIMA PERU HILARION ATACOCHA EL PORVENIR BRASIL MANAUS ARIPUANA PORTO VELHO C O P P E R P R O J E C T S MAGISTRAL PROJECT (Cu Mo) Located in Ancash - Peru 232Mt @ 0.55%Cu, 0.05%Mo (cut off 0.3%Cu) 104,794m. DDH (1969 ) PUKAQAQA PROJECT (Cu - Au) Located in Huancavelica - Peru 273Mt @ 0.49%Cu, 0.08g/t Au (cut off 0.3%Cu) 150,496m. DDH (1997-) IVAN & CHAPI (Cu Cathodes) method Open Pit method Open pit CERRO LINDO PACIFIC OCEAN MINING UNIT COPPER ASSETS POLYMETALIC ASSETS PUKAQAQA AREQUIPA CHAPI MINA IVAN ANTOFAGASTA CHILE P O L Y M E T A L L I C P R O J E C T S HILARION PROJECT (Zn, Pb, Ag) Located in Ancash - Peru 52Mt @ 4.53%Zn, 0.70%Pb, 1.01optAg (cut off 3%Zn) 247,910m. DDH (2005-) ARIPUANA PROJECT (Zn, Pb, Cu, Ag) Located in Mato Groso - Brasil 34Mt @ 4.3%Zn, 1.5%Pb, 0.3%Cu, 37.4g/t Ag 132,324m. DDH (1992-2013) BONGARA PROJECT (Zn, Pb, Ag) Located in Amazonas - Peru 14Mt @ 10.5%Zn, 1.2%Pb, 12.6g/t Ag (cut off 3% Zn) 117,380m. DDH (1997-2013) method Underground method Underground method Underground Current focus: Reduce risks associated with their development through the implementation of the projects by stages following Cerro Lindo s model 14

Agenda Copper Assets Polymetallic Assets 3 2 1 Business Operational Performance Mr. Víctor Gobitz - CEO Financial Highlights Ms. Claudia Torres - CFO Closing Remarks Ms. Claudia Torres - CFO 15

Milpo s robust financial position continues to support high liquidity low indebtedness Maintaining investment grade status (BBB) (BBB-) Stable Stable (*) Consistent EBITDA generation Robust financial position * Rating recently affirmed Net Debt/EBITDA which also traduces in Having a net cash position US$MM EBITDA 0.15x 0.17x 0.01x (0.19x) (0.28x) Dec-13 Mar-13 Jun-14 Sep-14 Dec-14 257 266 275 277 266 TOTAL DEBT 378 368 367 359 362 CASH 343 322 364 412 437 16

Margin (%) In, Milpo s consolidated financial position improved in comparison to that of 2013 in spite of lower metal prices 401 CAGR 14% 738 696 586 Revenues (US$ million) 185 (2) (4) 1 1 181 5% 720 758 577 2% Highlights vs. 2013 Revenues were US$ 758 million, 5% higher due to the increase in concentrates production in spite of lower metal prices. 2009 2010 2011 2012 2013 Revenues 4Q13 EBITDA (US$ million) CL EP ATA Others Revenues EBITDA of US$ 266 million, 4% increase mainly due to higher revenues lower cash costs in El Porvenir Atacocha which compensated higher costs in Cerro Lindo. 162 CAGR 287 319 10% 204 257 4% 266 65 (10) (3) (2) 16% 5 55 Consolidated Net Profit of US$ 104 million, a robust 59% increase. results include a negative price effect because of lower copper silver prices. 2009 40% 2010 49% 2011 43% 2012 29% 2013 36% 35% EBITDA 4Q13 CL EP ATA Others EBITDA 35% 30% 17

Margin (%) Cerro Lindo s financial performance (66% of Milpo s revenues) 336 372 Revenues (US$ million) 5% 503 477 126 Highlights vs. 4Q13 2% Increase in concentrates 124 production due to higher treated ore: 243 ZINC 5% 5% LEAD 7% 11% 2010 2011 2012 2013 4Q13 COPPER 6% 12% EBITDA (US$ million) SILVER 14% 4% 3% 116 223 216 265 257 68 15% 58 Revenues of US$ 124 million, 2% decrease due to lower metal prices, partially offset by the increase in concentrates production. (Revenues increased 5% in YOY) 2010 2011 2012 2013 68% 67% 58% 56% 51% 4Q13 54% 47% EBITDA of US$ 58 million, 15% decrease due to lower revenues higher cash costs. (EBITDA decreased 3% in YoY) 18

Margin (%) El Porvenir s financial performance (20% of Milpo s revenues) Revenues (US$ million) Highlights vs. 4Q13 140 157 154 8% 138 149 35 11% 31 Increase in concentrates production due to higher treated ore: ZINC 8% 10% LEAD -1% 18% 2010 2011 2012 2013 EBITDA (US$ million) 4Q13 COPPER 10% -6% SILVER -1% 18% 72 79 61 41 9% 45 11 28% 8 Revenues of US$ 31 million, 11% decrease due to lower metal prices in spite of higher production. (Revenues increased 8% in YoY) 2010 52% 2011 2012 50% 40% 2013 30% 30% 4Q13 30% 25% EBITDA of US$ 8 million, 28% decrease due to lower revenues in spite of lower cash cost (US$/t 40.1 vs US$/t 35.6). (EBITDA increased 9% in YoY) 19

Margin (%) Atacocha s financial performance (13% of Milpo s revenues) 123 2010 57 46% 135 2011 56 111 2012 24 41% 22% Revenues (US$ million) 94 2013 EBITDA (US$ million) 16 17% 5% 36% 99 22 2010 2011 2012 2013 23% 4% 22 23 4Q13 50% 5 3 4Q13 23% 11% Highlights vs. 4Q13 Increase in lead concentrates production offset the decrease in zinc copper: ZINC -5% -14% LEAD 24% 25% COPPER -35% -17% SILVER -4% 12% Revenues of US$ 23 million, 4% higher due to higher lead concentrates production which offset lower prices zinc copper production. (Revenues increased 5% in YoY) EBITDA of US$ 3 million, 50% decrease in spite of lower cash costs (US$/t 44.3 vs US$/t 42.0). In, EBITDA increased in 36% to US$ 22 million due to higher lead silver production lower cash costs. 20

Capex was invested in upgrading, sustaining in the acquisition of important zinc projects Capex (US$ million) 221 195 79 87 37% 119 2010 2011 2012 2013 18 344% 80 4Q13 Main Investments during : 1. Third mill installation at Cerro Lindo that, along with other investments, allowed the expansion of the treatment capacity to 18ktpd. Expansion (US$MM) 50 53 Sustaining others (US$MM) 37 66 Capex breakdown per unit 5 13 53 27 2. Tailing dam elevation at El Porvenir, related to the integration process with Atacocha. 45% Atacocha 6% Cerro Lindo 32% El Porvenir 16% 3. Acquisition of Zinc Projects in Brazil Peru according with Milpo s growth strategy. US$ 119 MM 21

SILVER COPPER ZINC Metal prices outlook 2015 Price Evolution (Quarter Average) Highlights 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 CURRENT PRICE * 2015 FCST US$/ton (1) 1,840 1,854 1,909 2,029 2,073 2,311 2,235 2,032 2,200 In spite of the US dollar strengthening, current zinc price is maintaining its level above US$ 2,100. Fundamentals for this metal are still strong, expecting a better positive medium long term scenario, given the announced future mines closures market in deficit. US$/ton (1) Current copper prices have been affected by China s weaker dem, the sharp decline in oil price other events. 7,146 7,059 7,153 7,038 6,787 6,992 6,621 5,657 6,000 However, market fundamentals have change little, still considering a positive expected scenario for the long term due to future mine closures lower copper grades. US$/oz (1) 23 21 21 20 20 20 17 16 17 Combination of lower oil prices stronger US dollar has put silver prices under pressure, reducing silver financial dem since investors will leave precious metals to invest in US dollars in more risky assets. (1) Source: Bloomberg. Current price: LME cash prices Fcst Milpo: Average 2015 *23 rd February,2015. 22

Agenda 3 2 1 Business Operational Performance Mr. Víctor Gobitz - CEO Financial Highlights Ms. Claudia Torres - CFO Closing Remarks Ms. Claudia Torres - CFO 23

Closing Remarks Milpo s track record as a low-cost mining producer its flexibility to prioritize its capex allow the Company to respond to LME variations or market volatility efficiently. Our units have long life of mines due to the constant replacement of reserves resources inventories in spite of the also constantly increasing treatment capacity. Milpo s strong diversified projects portfolio secures its future disciplined growth. Milpo has a robust financial performance driven by the five pillar strategy with a focus on productivity, operational synergies, cost reductions business growth. Healthy cash generation following an improved operating performance led to a decrease in the leverage ratio to high liquidity levels. 24

Q & A