Best of British Conference JP Morgan Cazenove

Well placed to address cyclical uncertainties Best of British Conference JP Morgan Cazenove November 18, 2015 CFO Mario Arreguín LSE:Fres BMV:Fres www.fresnilloplc.com

Disclaimer This document includes statements that are, or may be deemed to be, forward-looking statements. These forwardlooking statements can be identified by the use of forward-looking terminology, including the terms believes, estimates, plans, projects, anticipates, expects, intends, may, will, or should or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this document and include, but are not limited to, statements regarding the Fresnillo Group s intentions, beliefs or current expectations concerning, among other things, the Fresnillo Group s results of operations, financial position, liquidity, prospects, growth, strategies and the silver and gold industries. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Forward-looking statements are not guarantees of future performance and the actual results of the Fresnillo Group s operations, financial position and liquidity, and the development of the markets and the industry in which the Fresnillo Group operates, may differ materially from those described in, or suggested by, the forward-looking statements contained in this document. In addition, even if the results of operations, financial position and liquidity, and the development of the markets and the industry in which the Fresnillo Group operates are consistent with the forwardlooking statements contained in this document, those results or developments may not be indicative of results or developments in subsequent periods. A number of factors could cause results and developments to differ materially from those expressed or implied by the forward-looking statements including, without limitation, general economic and business conditions, industry trends, competition, commodity prices, changes in regulation, currency fluctuations (including the US dollar and Mexican Peso exchange rates), the Fresnillo Group s ability to recover its reserves or develop new reserves, including its ability to convert its resources into reserves and its mineral potential into resources or reserves, changes in its business strategy, political and economic uncertainty. Forward-looking statements may, and often do, differ materially from actual results. Any forward-looking statements in this document speak only as of the date of this document, reflect the Fresnillo Group s current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Fresnillo Group s operations, results of operations, growth strategy and liquidity. Investors should specifically consider the factors identified in this document which could cause actual results to differ before making an investment decision. Subject to the requirements of the Prospectus Rules, the Disclosure and Transparency Rules and the Listing Rules or applicable law, the Fresnillo Group explicitly disclaims any obligation or undertaking publicly to release the result of any revisions to any forward-looking statements in this document that may occur due to any change in the Company s expectations or to reflect events or circumstances after the date of this document. 2

Fresnillo at a Glance Location HERRADURA DISTRICT Key Highlights World s largest silver producer (45 moz in 2014) and Mexico s second largest gold producer (596 koz in 2014) ORISYVO Market cap of US$7.5 billion* CIÉNEGA DISTRICT SOUTH PERU SAN JULIÁN FRESNILLO DISTRICT Silver resources of 2 billion ounces and gold resources of 34 million Mining concessions of 2 million hectares in Mexico and 370 thousand hectares in Peru Cash costs and AISC amongst the lowest in the industry Substantial, high quality project pipeline and strong commitment to disciplined and sustainable growth: production target of 65 moz of silver and 750 koz of gold by 2018 Fresnillo plc mines (6 and a satellite mine)** Development projects (2) Advanced exploration projects (4) Prospects in drilling Prospects at an early stage Focus on projects that can be developed into low-cost, worldclass mines As at 16 November 2015 ** Operations at Soledad-Dipolos are currently suspended 3

4 Our Business Model and Strategy Our Business Model supported by four strategic pillars to create value 1. Maximise potential of existing operations Operate at 100% capacity Low-cost producer Optimise mining method and metallurgy to maintain high recovery rates 2. Deliver growth through development projects Track record of delivery on time and on budget Focus on CAPEX control Specialised Engineering and Construction team 3. Extend the growth pipeline Evaluate early-state acquisitions Maintain reserves for 10 years Ensure organic growth and assess key acquisition opportunities 4. Advance sustainable development Improve general health Reinforce safety Minimise the environmental impact Maintain sound relations with communities

2014 Highlights Silver production of 45 moz and gold production of 596 koz Revenues: US$1.4 billion Continued focus on cost control Operating profit: US$245.6 million EBITDA: US$567.3 million; EBITDA margin of 40.1% Capex of US$425.6 million and total investment in exploration of US$184.5 million (including US$15.7 million capitalised) Total workforce: 7,090 (49.4% unionised employees and 50.6% contractors) Total assets: US$3.8 billion (as at 30 June 2015) Cash and investments: US$475.7 million (as at 30 June 2015) 5

Operations Review Fresnillo Key operating statistics 1H15 Silver production moz 7.8 Cost per tonne US$/t 48.5 Gold production koz 15.1 Cash cost - US$/oz 5.8 Silver ore grade - g/t 220 AISC - US$/oz 11.1 Gold ore grade - g/t 0.50 AISC (LoM) (2023) US$/oz 6.20 1H15 silver production decreased: Lower silver ore grade reflecting limited access to high ore grade areas Lower volumes processed due to development delays and stope instability Actions taken: Enhanced contractor supervision Additional contractors Measures to manage stope instability Should allow development rates of c.4,000m / month to be maintained Advancing declines in order to reach higher grade veins & regain operating stope flexibility Stabilise and then improve ore grades and production to provide solid base for potential expansion Ore grades expected to move towards reserve grade once operating stope flexibility regained 6

Operations Review (Cont d) Saucito Ciénega Key operating statistics 1H15 Silver production moz 11.4 Gold production koz 44.7 Silver ore grade - g/t 341 Gold ore grade - g/t 1.50 Cost per tonne US$/t 42.7 Cash cost - US$/oz 0.6 AISC - US$/oz 6.0 AISC (LoM) (2021) US$/oz 6.0 Key operating statistics 1H15 Gold production koz 45.7 Silver production moz 2.1 Gold ore grade - g/t 2.25 Silver ore grade - g/t 117 Cost per tonne US$/t 66.7 Cash cost - US$/oz 297.0 AISC - US$/oz 650.0 AISC (LoM) (2026) US$/oz 803.1 Efficiency improvements at Saucito II planned for 1H16: installation of vibrating screens Conclude analysis of alternatives for potential expansion to either 5,000 or 6,000 TPD post good exploration results 7

Operations Review (Cont d) Herradura Noche Buena Key operating statistics 1H15 Gold production koz 188.1 Gold ore grade g/t 0.74 Ore processed mt 10.9 Total volume hauled mt 57.7 Cost per tonne US$/t 8.7 Cash cost US$/oz 490.2 AISC - US$/oz 873.2 AISC (LoM) (2019) US$/oz 717.0 Key operating statistics 1H15 Gold production koz 70.5 Gold ore grade - g/t 0.48 Ore processed mt 8.7 Total volume hauled mt 42.3 Cost per tonne US$/t 8.2 Cash cost - US$/oz 897.9 AISC - US$/oz 940.9 AISC (LoM) (2019) US$/oz 1,124.5 Expect to reach steady state production by 4Q15 after ramp-up and resolution of solution processing issues Continue to focus on containing costs and maximising efficiency of production 8

Expected Delivery of Growth Investment (US$ million) Expected Avg. Annual Production (1) (2) PROJECT YEAR 2015 2016 2017 2018 2019 2020 515 10.3 mill Oz Ag & 44 thds Oz Au SAN JULIÁN (3) CONSTRUCTION LEACHING PLANT CONSTRUCTION FLOTATION PLANT PRODUCTION 30 3 mill Oz Ag FRESNILLO 9,000 TPD (Optimization project) MINE DEVELOPMENT & PLANT ADEQUATION DETAILED ENGINEERING PRODUCTION 155 3.5 mill Oz Ag & 13 thds Oz Au (3) PYRITES PLANT (Optimization project) DETAILED ENGINEERING LEACHING PLANT CONSTRUCTION CONSTRUCTION TAILINGS FLOTATION PRODUCTION 55 15 thds Oz Au & 1.3 mill Oz Ag CIENEGA 5,000 TPD (Optimization project) DETAILED ENGINEERING MINE DEVELOPMENT PLANT CONSTRUCTION PRODUCTION 350 136 thds Oz Au ORISYVO BASIC ENGINEERING MINE DEVELOPMENT DETAILED ENGINEERING PLANT CONSTRUCTION PRODUCTION 300 10 mill Oz Ag & 30 thds Oz Au JUANICIPIO BASIC ENGINEERING MINE DEVELOPMENT DETAILED ENGINEERING PLANT CONSTRUCTION PRODUCTION 155 200 thds Oz Au CENTAURO EXTENSION DEVELOPMENT 2ND DYNAMIC LEACHING PLANT CONSTRUCTION PRODUCTION 365 225 thds Oz Au CENTAURO DEEP BASIC ENGINEERING DEVELOPMENT DETAILED ENGINEERING PLANT CONSTRUCTION PRODUCTION (1) Estimated. (2) Total average annual production. (3) Approved 9

Approved Projects San Julián Key metric estimates Avg. annual silver production Avg. annual gold production Pre-operative capex Cash cost (average LoM) All-in sustaining costs (average LoM) Phase 1 capacity (DLP to treat ore from veins) Phase 2 capacity (flotation plant to process ore from disseminated ore body) Life of mine 10.3 moz 43.9 koz $515 m $7.77 /oz $9.33 /oz 3,000TPD 6,000TPD 13 years Mining works at the main ramp concluded & further progress made on plant infrastructure However, delays in permitting, weather-related issues and high rotation of contractor personnel due to project s remote location together resulted in execution delays Phase 1 now expected to be commissioned 1H16 (vs. previous expectation of 4Q15); phase 2 remains on track (4Q16) 10

Approved Projects San Julián: Commissioning 1H16 11

Approved Projects Pyrites Plant Key metric estimates Avg. annual silver production 3.5 moz Avg. annual gold production Pre-operative capex 12.8 koz $155 m Fresnillo Plant Saucito I Saucito II Cash cost (average LoM) $2.51 /oz Old Tailings Tailings Plant Fe Plant Detailed engineering continues Filtration Plant Hauling (Truck) Leaching Plant 12

Potential Brownfield Expansions Ciénega Optimisation Fresnillo Optimisation Centauro Extension Centauro Deep Description Optimisation project to increase capacity Optimisation project to increase capacity Natural evolution of the Centauro pit at Herradura Potential underground mine beneath the Centauro pit at Herradura Expected avg. annual production 15 koz gold 1.3 moz silver* 3 moz silver 200 koz gold 225 koz gold Estimated preoperative capex $55 m* $30 m $155 m $365 m Status Evaluation of increasing capacity to either 5,000TPD or 6,000TPD, following good exploration results Post evaluation of alternative options, smaller expansion to 9,000TPD now planned (from previous expectation of 10,000TPD) Evaluation of optimal pit design based on increased reserves as at YE 2014 Additional exploration activities ongoing to accurately de-lineate the ore bodies Expected commissioning 2018 2017 2019 2020 * Assuming a 5,000TPD expansion 13

Advanced Exploration Projects Juanicipio (JV with MAG Silver. Fresnillo: 56%) 8km from the Fresnillo mine; Juanicipio s mineral zones are located in silver-gold rich sulphide shoots of the veins. This project will be developed on a stand-alone basis Key metric estimates (100% basis) Avg. annual production Pre-operative capex Indicated & inferred resources 10 moz silver 30 koz gold $300 m First production 2018 205 moz silver 811 koz gold Orisyvo Assessing a 8,000TPD mine with a DLP processing facility; focusing on higher grade zones of the gold resource base Key metric estimates Avg. annual production Pre-operative capex Indicated & inferred resources 136 koz gold $350 m First production 2018 8.7 moz gold 11.4 moz silver Positive drilling results will result in an increase in inferred resources Preliminary economic assessment in progress 14

Strong Organic Growth Pipeline Mine Operations 2015 Budget: c.us$160m Fresnillo Saucito I & II 34% Herradura (DLP) Noche Buena Ciénega - San Ramón Soledad &Dipolos* Pipeline allows us to focus on projects that have the potential to be developed into low cost, world-class mines Development Projects San Julián Pyrites Plant 1% Advanced Exploration Prospects in drilling Early stage Exploration Orisyvo Juanicipio Cluster Cebollitas Centauro Deep Fresnillo District Rodeo Guanajuato Tajitos Candameña Guachichil Pilarica (Perú) San Nicolás Guazapares Coneto Lucerito Cebadillas La Yesca Cairo Dátil Amata (Perú) Norias Sonora and Sinaloa : San Javier Nudo Carina Cerritos Dorado Rosario Bellavista Olivos Chihuahua: S. Brígida Rosetillas SJPinal Lucero Tempisque Durango: Pereñita La Huerta El Carmen Zacatecas: Urite Atotonilco Corredor Concha-Nieves Argentum Villa García Perú: Huacravilca Sto. Domingo La Pampa 35% 30% * Operations at Soledad & Dipolos are currently suspended. Projects in blue are being prioritised Systematic Project Generation 15

Proven Track Record of Delivering on Time and on Budget Saucito I commissioning ($273m / 9 moz Ag) San Ramón satellite at Ciénega ($20m/ 25 koz Au; 2.5 moz Ag) Commissioning of DLP ($116m / 50 koz Au) 2010 2011 2012 2013 2014 Commercial production at Soledad-Dipolos began ($68m / 100 koz Au) Commercial production at Noche Buena began ($63m / 75 koz Au) (Total invested / expected average annual production) Milling capacity expansion at Ciénega ($25m / increase of 180 ktpy) Saucito II commissioning ($235m / 8 moz Ag) 16

Achieving 65moz Silver by 2018 Thousand Oz 100,000 Attributable Juanicipio - 56% 90,000 Pyrites Plant 80,000 San Julián 70,000 Saucito II 60,000 Saucito I 50,000 Noche Buena 40,000 Herradura 30,000 Ciénega Expansion 20,000 Ciénega 10,000 9,000 TPD Fres Expansion - 2014 2015 2016 2017 2018 Yr Fresnillo 17

Achieving 750koz Gold by 2018 Thousand Oz 1,000 900 800 700 600 500 400 300 200 100 Attributable Orisyvo Juanicipio - 56% San Julián Pyrites Plant Saucito II Saucito I Ciénega Expansion Ciénega Fresnillo Nochebuena Dynamic Leaching - 2014 2015 2016 2017 2018 Yr Herradura 18

CAPEX & Exploration Spend CAPEX Expectations US$ Million 2015 Sustaining New Prior Sustaining $145 $185 Million Usd 900 800 Mining Works (Underground) Mining Works (Stripping) New Projects $105 $87 $89 $89 San Julián $130 $133 Pyrites Plant $1 $60 Saucito II $53 $53 Merrill Crowe at DLP $25 $25 Ciénega s exp $4 $30 Others $18 $32 700 600 500 400 300 200 100 0 2015 2016 2017 2018 2019 2020 * Sustaining Projects Approved Projects for Approval Capex for the full year 2015 now expected to be in the region of US$570m (vs. original budget of c.us$700m) Total risk capital invested in exploration in 2015 now expected to be around US$160m (vs. original budget of c.us$170m) * Includes sustaining capex for projects yet to be approved 19

Advancing our Sustainable Development Zero fatalities since May 2014 Zero new cases of occupational diseases in 1H15 Fresnillo included in the new Euronext Vigeo EM 70 Environment, Social and Governance (ESG) Index Maintaining sound relations with personnel and unions Focusing on effectively engaging with local communities Minimising the environmental impact of our activities 20

Well placed to address cyclical uncertainties Conclusions & Outlook

Conclusions and Outlook Pricing environment continues to be challenging However our strategic objectives remain unchanged Invest through the cycle, delivering growth and returns for our shareholders Low cost operating mines to continue to provide a solid platform for growth Development projects to deliver significant growth Investment in exploration to further extend growth pipeline Financial and operational flexibility allows us to adapt to market dynamics Robust contingency plan if prices continue to decline and remain at lower levels for a prolonged period Remain on track to reach our production targets: 45-47 moz of silver and 715-730 koz of gold in 2015 65 moz of silver and 750 koz of gold in 2018 22

Investment Case World-class assets Strong organic growth pipeline Operational excellence Competitive cash cost performance Financial strength and flexibility Strong community support 23

Well placed to address cyclical uncertainties Appendix

2014 Production Overview 2014 PRODUCTION* 2013 PRODUCTION* SILVER (Koz) GOLD (Oz) SILVER (Koz) GOLD (Oz) Fresnillo mine Silver underground mine 20,098 35,676 22,764 33,079 Saucito mine Silver underground mine 15,397 57,227 11,581 45,177 Ciénega mine (including San Ramón satellite mine) Gold-Silver underground mines 4,075 108,211 4,240 112,053 Herradura mine Gold open pit mine 679 265,564 299 264,562 Noche Buena mine Gold open pit mine 102 129,242 49 108,729 Soledad-Dipolos mine Gold open pit mine - - 31 47,285 Subtotal 40,352 595,920 38,965 610,884 Silverstream Sabinas polymetallic underground mine (operated by Peñoles) 4,648 N/A 3,945 N/A Total 45,000 595,920 42,910 610,884 *All figures include 100% of production from the Penmont mines (Herradura, Soledad-Dipolos and Noche Buena) 25

Income Statement (IFRS) ACCUM JUNE CHANGE C O N C E P T 1H 2015 % 1H 2014 % $ % ADJUSTED REVENUES 822.4 750.4 72.0 9.6 HEDGING (METALS) 0.8 0.0 0.8 8,971.1 TREATMENT AND REFINING CHARGES (70.9) (73.3) 2.4 (3.2) REVENUES 752.3 100.0 677.1 100.0 75.2 11.1 ADJUSTED PRODUCTION COST (316.2) (42.0) (291.3) (43.0) (24.8) 8.5 PROFIT SHARING (6.0) (0.8) (8.6) (1.3) 2.7 (31.0) DEPRECIATION (159.7) (21.2) (133.3) (19.7) (26.4) 19.8 HEDGING (MXP/USD EXCHANGE RATE) (10.2) (1.4) (0.2) (0.0) (9.9) 4,153.3 N/A CHANGE IN INVENTORIES 13.1 1.7 60.8 9.0 (47.6) (78.4) UNPRODUCTIVE COST 0.2 0.0 (9.2) (1.4) 9.5 N/A COST OF SALES (478.7) (63.6) (382.0) (56.4) (96.7) 25.3 GROSS PROFIT 273.6 36.4 295.1 43.6 (21.5) (7.3) ADMINISTRATIVE EXPENSES (17.5) (2.3) (15.4) (2.3) (2.2) 14.1 CORPORATE EXPENSES (15.9) (2.1) (14.5) (2.1) (1.4) 9.9 EXPLORATION EXPENSES (75.4) (10.0) (69.0) (10.2) (6.4) 9.3 OTHER INCOME (EXPENSE) (5.3) (0.7) (7.8) (1.1) 2.5 (32.2) SELLING EXPENSES (6.7) (0.9) (5.1) (0.7) (1.6) 31.9 PROFIT FROM CONTINUING OPERATIONS 152.9 20.3 183.4 27.1 (30.6) (16.7) SILVERSTREAM REVALUATION 1.8 0.2 47.3 7.0 (45.5) (96.3) FINANCE INCOME / (EXPENSE) (2.9) (0.4) (24.5) (3.6) 21.6 (88.2) FOREIGN EXCHANGE GAIN / (LOSS) (15.6) (2.1) 2.0 0.3 (17.6) (875.4) PROFIT BEFORE INCOME TAX 136.1 18.1 208.2 30.8 (72.1) (34.6) MINING RIGHT (11.2) (1.5) (13.1) (1.9) 1.9 (14.5) INCOME TAX EXPENSE (48.6) (6.5) (58.1) (8.6) 9.5 (16.3) PROFIT FOR THE PERIOD 76.4 10.2 137.1 20.2 (60.7) (44.3) ATTRIBUTABLE TO: EQUITY SHAREHOLDERS OF THE GROUP 76.5 10.2 130.1 19.2 (53.6) (41.2) MINORITY INTEREST (0.1) (0.0) 7.0 1.0 (7.1) (101.9) 76.4 10.2 137.1 20.2 (60.7) (44.3) EBITDA 317.9 42.3 324.5 47.9 (6.7) (2.1) 26

Cash Flow (IFRS) CHANGE C O N C E P T (Million USD) 1H 2015 1H 2014 $ % CASH GENERATED BY OPERATIONS BEFORE CHANGES IN WORKING CAPITAL 314.9 336.7 (21.8) (6.5) WORKING CAPITAL (18.0) (71.5) 53.5 (74.8) INCOME TAX AND PROFIT SHARING PAID (33.5) (110.5) 77.0 (69.7) NET CASH FROM OPERATING ACTIVITIES 263.4 154.7 108.8 70.3 OTHER PROCEEDS SILVERSTREAM CONTRACT 22.7 31.4 (8.7) (27.6) OTHERS 0.8 2.6 (1.8) (70.3) PROCEEDS FROM THE SALE OF PROPERTY, PLANT AND EQUIPMENT 4.3 5.3 (1.0) (18.1) CAPITAL CONTRIBUTION 3.1 1.6 1.5 89.2 TOTAL OTHER PROCEEDS 30.9 40.9 (10.0) (24.5) PURCHASE OF PROPERTY, PLANT AND EQUIPMENT (229.1) (212.0) (17.2) 8.1 DIVIDENDS PAID (22.1) (50.1) 28.1 (56.0) NET INTEREST RECEIVED (PAID) (17.1) (19.4) 2.2 (11.6) USES OF CASH (268.3) (281.4) 13.1 (4.7) NET INCREASE / (DECREASE) IN CASH DURING THE PERIOD 26.0 (85.9) 111.9 (130.2) EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS 0.4 (1.5) 1.9 N/A CASH AND CASH EQUIVALENTS AT 01 JANUARY 449.3 1,251.7 (802.4) (64.1) CASH AND CASH EQUIVALENTS AND SHORT TERM INVESTMENTS AT 30 JUNE 475.7 1,164.3 (688.5) (59.1) - - 27

Balance Sheet (IFRS) Change Concept (Million USD) 30-JUNE-15 31-DIC-14 % Assets Cash and Investments 475.7 449.3 5.9 Trade and Other Receivables 430.7 456.1 (5.6) Inventories 321.7 305.6 5.3 Prepaid Expenses 1.7 3.4 (50.0) Silverstream 373.6 392.3 (4.8) Derivative Financial Instruments 27.9 14.6 91.8 Property, Plant and Equipment 2,047.8 1,969.4 4.0 Other Assets (Long term) 144.4 151.5 (4.7) Total Assets 3,823.6 3,742.2 2.2 Liabilities Profit Sharing 6.2 11.6 (46.1) Other Liabilities (Short term) 125.3 128.2 (2.3) Retirement and Pension Plan Reserves 13.9 13.8 0.7 Deferred Taxes 353.5 336.8 5.0 Senior Notes 800.0 796.2 0.5 Other Liabilities ( Long term) 165.8 153.8 7.8 Total Liabilities 1,464.7 1,440.3 1.7 Share Capital and Share Premium 1,153.8 1,522.4 (24.2) Share Capital Subscribed 368.5 0.0 N/A Retained earnings 1,320.2 1,265.8 4.3 Other Accounts (513.2) (512.9) 0.1 Stockholder's Equity 2,329.4 2,275.3 2.4 Minority Interest 29.5 26.5 11.1 Total Stockholder s Equity 2,358.9 2,301.8 2.5 Total Liabilities and Stockholder's Equity 3,823.6 3,742.2 2.2 28

Cost Per Tonne (IFRS) COST PER TONNE * 1H 2015 1H 2014 % CHANGE MINE UNIT Fresnillo US$/TONNE 48.53 45.02 7.8% Saucito US$/TONNE 42.65 62.09-31.3% Ciénega US$/TONNE 66.66 67.61-1.4% Herradura US$/TONNE 8.71 ** 8.03 ** 8.5% Noche Buena US$/TONNE 8.16 ** 8.89** -8.2% * Cost per tonne is calculated as total production costs less depreciation, profit sharing and the exchange rate hedging effects. ** Cost per tonne excluding unproductive costs 29

Cash Cost (IFRS) CASH COST * 1H 2015 1H 2014 % CHANGE MINE UNIT Fresnillo PER OZ. SILVER 5.75 6.13-6.2% Saucito PER OZ. SILVER 0.64 3.36-81.1% Ciénega PER OZ. GOLD (By-prod.) 296.99 180.64 64.4% ** PER OZ. GOLD (Equiv.) 702.08 649.50 8.1% PER OZ. GOLD (Co-prod.) ** 643.83 586.86 9.7% ** PER OZ. SILVER (Co-prod.) 8.79 9.09-3.3% Herradura PER OZ. GOLD 490.18 403.74 21.4% Noche Buena PER OZ. GOLD 897.91 737.27 21.8% * Cash cost per ounce is calculated as total cash cost (cost of sales plus treatment and refining charges less depreciation) less revenues from by-products divided by the silver or gold ounces sold. ** For Ciénega we have also shown the calculation on a co-product basis, and an equivalent ounces basis. The two coproduct lines should be considered together. 30

All In Sustaining Cost (US$/Oz)* LIFE OF MINE CASH COST * 1H 2015 1H 2014 % CHANGE WEIGHTED AVERAGE MINE UNIT Fresnillo PER OZ. SILVER 11.05 9.93 11.3% 6.20 (2023) Saucito PER OZ. SILVER 5.95 7.66-22.3% 6.00 (2021) Ciénega PER OZ. GOLD 649.97 594.58 9.3% 803.12 (2026) Herradura PER OZ. GOLD 873.23 839.51 4.0% 716.95 (2019) Noche Buena PER OZ. GOLD 940.87 969.02-2.9% 1,124.49 (2019) * All in sustaining cost is calculated as traditional cash cost plus on-site general, corporate and administrative costs, community costs related to current operations, capitalised stripping & underground mine development, sustaining capital expenditures and remediation expenses. Life of mine weighted average basis is shown from 2015 onwards for each mine 31

Consolidated Cost Inflation (1H15 vs. 1H14, USD Based) Unit Price Weighted Increase % Weight (*) Average Labour Unionized Personnel -8.3% 7.4% -0.6% Employees -9.3% 2.7% -0.3% Weighted -8.5% Operating Materials -2.1% 21.3% -0.4% Energy Electric Energy -31.3% 7.4% -2.3% Diesel -5.9% 9.4% -0.6% Gasoline -5.7% 1.4% -0.1% Weighted -16.1% Contractors -5.7% 29.4% -1.7% Maintenance -4.8% 14.4% -0.7% Freights -0.8% 1.1% 0.0% Insurance -5.0% 0.8% 0.0% Others -3.0% 4.7% -0.1% -3.3% TOTAL 1.00-6.79% (*) Not including Depreciation and Profit Sharing 32

Breakdown of Adjusted Production Costs (1H15) Adj Prod Cost: US$316.2m 1 Contrac Mainten Op Mat Person Energy & Diesel Others Freights 1 Contractors are hired to execute specific tasks. Fees paid include labour, operating materials, equipment, diesel and any other items required to fulfill such tasks. Fresnillo Ciénega Herradura Sol & Dip Saucito Noche Buena Other Consol Personnel 11.46 19.6% 5.84 13.4% 9.85 10.3% 0.00 0.0% 1.27 2.6% 3.46 4.9% 0.04 31.93 10.1% Maintenance and repairs 8.47 14.5% 4.00 9.2% 18.33 19.3% 0.00 0.0% 5.96 12.1% 8.68 12.2% 0.01 45.45 14.4% Operating materials 12.03 20.5% 9.88 22.7% 26.02 27.3% 0.00 0.0% 8.74 17.7% 14.96 21.1% 0.42 72.05 22.8% Diesel 1.46 2.5% 0.58 1.3% 19.17 20.1% 0.00 0.0% 0.33 0.7% 8.28 11.7% 0.00 29.82 9.4% Electricity 7.76 13.2% 3.30 7.6% 4.78 5.0% 0.00 0.0% 6.46 13.1% 0.76 1.1% 0.22 23.28 7.4% Total Energy 9.22 15.7% 3.88 8.9% 23.95 25.1% 0.00 0.0% 6.79 13.7% 9.04 12.7% 0.22 53.10 16.8% Contractors 13.65 23.3% 16.39 37.6% 10.85 11.4% 0.00 0.0% 21.04 42.6% 31.59 44.5% (0.28) 93.23 29.5% Freight 0.72 1.2% 1.08 2.5% 1.97 2.1% 0.00 0.0% 0.42 0.9% 0.88 1.2% 0.00 5.08 1.6% Others 3.00 5.1% 2.49 5.7% 4.27 4.5% (3.59) 0.0% 5.21 10.5% 2.32 3.3% 1.64 15.34 4.9% Production Costs 58.55 100.0% 43.57 100.0% 95.23 100.0% (3.59) 0.0% 49.42 100.0% 70.93 100.0% 2.05 316.16 100.0% 33

Margins by mine (Metal price AISC*) (1H15 vs. 1H14) (USD/Oz) Fresnillo Saucito Ciénega Herradura NB 10.2moz 7.4moz 6.1moz 10.6moz 48.6koz 39.8koz 103.8koz 188.3koz 63.8koz 68.4koz Chg. + -27.4% Chg. +73.3% Chg. -18.3% Chg. +81.9% Chg. +7.2% Ounces Sold Stoppage of operations continued at Soledad-Dipolos *All in Sustaining Cost 34