BofAML Global Metals, Mining & Steel Conference 201513 May 2015

Octavio Alvídrez, CEOFresnillo plc

LSE: FRES BMV: FRESwww.fresnilloplc.com

“Well placed to address cyclical uncertainties”

2

This document includes statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking 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 forward-looking 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.

Disclaimer

3

Fresnillo at a Glance

Location Key Highlights

World’s largest silver producer and Mexico’s second largest gold producer

Market cap of US$8 billion*

Mining concessions of 2m hectares in Mexico and 370 thousand hectares in Peru

Cash costs and AISC amongst the lowest in the industry

Production target of 65 moz of silver and 750 koz of gold by 2018

Substantial, high quality project pipeline and strong commitment to disciplined and sustainable growth

Strategy of consolidating districts – 2014 acquisition of Newmont Mining’s 44% in Penmont JV with operating assets and several exploration projects in the prospective Herradura region

Focus on projects that can be developed into low-cost, world-class mines

* As at 5 May 2015** Operations at Soledad-Dipolos are currently suspended

Fresnillo plc mines (6 and a satellite mine)**

Development projects (2)

Advanced exploration projects (4)

Prospects in drilling

Prospects at an early stage

SOUTH PERU

HERRADURA DISTRICT

CIÉNEGADISTRICT

FRESNILLO DISTRICT

ORISYVO

SAN JULIÁN

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Our Business Model and Strategy

Our Business Model…

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

…supported by four strategic pillars to create value

5

Mining Districts

HERRADURA DISTRICT

Mines: Herradura, Soledad and Noche Buena2014 production: 394.8k oz goldResources: 8.95 Moz goldNew facilities: Dynamic Leaching PlantExploration: Centauro Deep, Tajitos, Choya, San Javier, Las Norias, El Nudo, Carina, Cerritos, El Dorado

FRESNILLO DISTRICT

Mines: Fresnillo and Saucito2014 production: 35.5 Moz silver, 92.9k oz goldResources: 1,200.2 Moz silver, 3.20 Moz goldProjects: Pyrites plantExploration: Juanicipio, Las Natalias

CIÉNEGA DISTRICT

Mines: Ciénega and San Ramón satellite mine2014 production: 108.2k oz gold, 4.1 Moz silver Resources: 1.58 Moz gold, 142.4 Moz silver Exploration: Cluster cebollitas, Manzanillas, Pereñita, La Huerta

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Districts of the Future

SAN JULIÁN

Under constructionSilver-gold veins and disseminated ore bodyResources: 190 Moz silver, 860 koz goldApproved CAPEX: US$515mFlotation plant with 6,000 tpd capacityDynamic leaching plant with 3,000 tpd capacityAverage expected level of production: 10.3 Moz silver and 44koz of gold

ORISYVO

Porphyry system

Resources: 8.7 Moz gold

Preparation of a preliminary economic assessment

7

2014 Operational Highlights

• Maximise the potential of existing operations

– Annual silver production (including Silverstream) up 4.9% to 45.0 moz

– Optimised milling capacity to 4,000 tpd at Ciénega

– Reached full capacity at Noche Buena following plant expansion

• Deliver growth through development projects

– Saucito II (silver mine expansion) commenced on time and on budget; San Julián (silver and gold project) on track to start production in 4Q15

– Acquired Newmont’s 44% stake in Penmont: consolidating assets we operate; entrenching leadership in the Herradura Corridor

– Construction of pyrites plant to improve precious metal recovery approved

8

2014 Operational Highlights

• Extend the growth pipeline

– Despite lower price assumptions1, total gold and silver reserves rose 45% and 21% respectively; gold

resources rose 2%

– Gold reserves and resources at Centauro pit grew 96% and 32% respectively; evaluated Mega Centauro

expansion as natural evolution of Herradura pit

– Continuing exploration at Centauro Deep

– Preparation of Las Casas-Rosario veins (Ciénega)

– Good progress at key exploration projects: Cebollitas, Guanajuato, Candameña, Rodeo, Pilarica

• Advance sustainable development

– HSECR system reached overall maturity of 84% (vs 77% in 2013)

– Obtained industry standard OHSAS 18001 certification at Penmont, Ciénega and Fresnillo

– Obtained the Mexican “Healthy Company” certification at Penmont and exploration HQ in Chihuahua

– Launched SafeStart at Fresnillo and Ciénega complementing existing behavioural safety initiatives

– Conducted a Great Place to Work® survey and achieved certification

1 Au price: $1,150/oz, Ag price: $18.0/oz

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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)

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Cash Costs

ESTIMATEDLIFE OF MINE

CASH COST Traditional* All-in sustaining costs** WEIGHTED AVERAGE

MINE UNIT

Fresnillo PER OZ. SILVER 5.29 9.84 6.20 (2023)

Saucito PER OZ. SILVER 2.48 5.43 6.00 (2021)

Ciénega PER OZ. GOLD 288.00 786.40 803.12 (2026)

Herradura PER OZ. GOLD 465.42 862.19 716.95 (2019)

Noche Buena PER OZ. GOLD 945.63 1,051.00 1,124.49 (2019)

* Cash cost per ounce is calculated as total cash cost (cost of sales plus treatment and refinning charges less depreciation) less revenues from by-products divided by the silver or gold ounces sold.

** All-In Sustaining Costs (AISC) 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.

Cash Costs among the lowest in the industry

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2014 Financial Highlights(variations vs 2013)

• Adjusted revenue of US$1,545m, down 12.3% as a result of lower prices (Au -10.2%; Ag -18.4%) and the stoppage of operations at Soledad-Dipolos

• Cost inflation in US$ terms remained subdued (+1.6%)

• Cost per tonne in the underground mines remained broadly flat, whereas in the open pit mines the increase was mainly due to the increase in the stripping ratios

• Gross profit and EBITDA of US$521m and US$567m, down 32% and 22% respectively

• Total risk capital invested in exploration (incl. capitalised exploration expenses) of US$185m, below original budget but, with decline in costs, pace of progress broadly in line with plan

• Profit for the year of US$117m, down 55%

• Financial strength and flexibility enabled US$450 million buyout of Penmont JV partner where we have since seen good exploration results

• Other key uses of cash: US$426m CAPEX; US$87m dividends and US$38m interest paid

• Year end cash balance of US$449m

• Total property, plant and equipment of US$1,970 million

• Total debt of US$796 million

• Basic and diluted earnings per ordinary share from continuing operations of US$0.147, 55% lower

• A 2014 final dividend of 3 US cents per share recommended by the Board

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Strong Pipeline

FresnilloSaucito I & II

Herradura (DLP)

NochebuenaCiénega - San Ramón

Soledad &Dipolos*

San Julián Pyrites Plant

Mega Centauro Orisyvo Juanicipio Cluster Cebollitas Centauro Deep

Fresnillo District Rodeo Lucerito Tajitos

Candameña Guachichil Guanajuato

San Nicolás Guazapares Coneto Cebadillas

La Yesca Cairo Dátil Amata (Perú) Norias Pilarica (Perú)

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

Systematic Project Generation

Mine Operations

Development Projects

Prospects in drilling

Early stage Exploration

Advanced Exploration

*Operations at Soledad-Dipolos are currently suspended. Arrows show changes from 2014 to 2015

Despite lower price assumptions, total gold and silver reserves rose

45% and 21% respectively; gold

resources rose 2%; silver resources declined 6%

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YEAR

PROJECT

155 3.5 moz Ag &

13 koz AuPYRITES PLANT

(Optimization project)DETAILED

ENGINEERING

DETAILED ENGINEERING

PLANT CONSTRUCTION

CENTAURO DEEP

JUANICIPIO

ORISYVO

365 225 koz Au

DEVELOPMENT

136 koz AuBASIC ENGINEERING

350

PLANT CONSTRUCTIONDETAILED

ENGINEERINGBASIC ENGINEERING

DETAILED ENGINEERING

PRODUCTIONMINE DEVELOPMENT

PLANT CONSTRUCTION300

10 moz Ag & 30 koz Au

55 15 koz Au & 1.3 moz Ag

CIENEGA 5,000 TPD (Optimization project)

10.3 moz Ag & 44 koz Au

100 8 moz AgFRESNILLO 10,000 TPD (Optimization project)

515 SAN JULIÁN

CONSTRUCTION LEACHING P LANT

PRODUCTION

PLANT CONSTRUCTION

LEACHING PLANT CONSTRUCTION PRODUCTION

CONSTRUCTION TAILINGS FLOTATION

PRODUCTIONDEVELOPMENT

PRODUCTION

DETAILED ENGINEERING

BASIC ENGINEERING

MINE DEVELOPMENTPRODUCTION

MINE DEVELOPMENT

CONSTRUCTION FLOTATION PLANT

20202015 2016 2017 2018 2019Investment (US$ million)

Expected Avg. Annual Production

PRODUCTIONDETAILED

ENGINEERING

PRODUCTIONMINE DEVELOPMENT

PLANT CONSTRUCTION

155 280 koz Au MEGA CENTAURO2ND DYNAMIC LEACHING PLANT

CONSTRUCTION

Expected Delivery of Growth

(1) (2)

(1) Estimated. (2) Total average annual production.

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Achieving 65moz Silver by 2018

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

2014 2015 2016 2017 2018

Thousand Oz

Yr

Juanicipio - 56%

Pyrites Plant

San Julián

Saucito II

Saucito I

Ciénega Expansion

Ciénega

10,000 TPD FresExpansion

Fresnillo

15

-

-

--

-

-

--

--

-

- -

- -

-

100

200

300

400

500

600

700

800

900

1,000

2014 2015 2016 2017 2018

Thousand Oz

Yr

Orisyvo

Juanicipio - 56%

San Julián

Pyrites Plant

Saucito II

Saucito I

Ciénega Expansion

Ciénega

Fresnillo

Nochebuena

Dynamic Leaching

Mega Centauro

Herradura

Achieving 750koz Gold by 2018

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CAPEX & Exploration Spend

2015 2016 2017 2018 2019 20200

100200300400500

600700800900

1,000

US$ Million

Sustaining CAPEX New Projects CAPEX

CAPEX 2015 US$ Million

Sustaining

• Sustaining $185

• Mining Works (Underground) $87

• Mining Works (Stripping) $89

New Projects US$

Million

• San Julián $133

• Pyrites Plant $60

• Saucito II $53

• Merrill Crowe at DLP $25

• Others $62

Budget Real2015 2014 Amount %

Operating Units 50.4 66.9 (16.5) (24.7) Advanced Projects 65.0 68.1 (3.1) (4.6) Prospection 25.2 22.5 2.7 12.0Regional Prospecting 17.8 12.5 4.4 42.1Mining Rights 13.9 14.5 (0.6) (4.1) Total Risk Capital Invested in Exploration 172.2 184.5 (12.3) (6.7)

(Million USD)Change

Risk Capital Invested in Exploration

(not related to operating mines)

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San Julián Project

The project encompasses an underground mine and the construction of two plants:

i) a flotation plant with 6,000 TPD capacity to process ore from the disseminated body

ii) a Dynamic Leaching Plant (DLP) to treat 3,000 TPD of ore from the veins

Construction progressing with the DLP expected to be commissioned in 4Q15 while the flotation plant will be commissioned in 2H16

In 2014, the construction of the DLP, tailings dam and wastewater treatment plant were initiated. Mining works at the vein system continued

Mining works and ventilation raises advanced 11,400m and 2,500m respectively, totalling 63,000m of accumulated development

Diamond drilling of approximately 20,000m converted a portion of the mineral resources into the reserve category, equivalent to 126moz silver and 61koz gold

Average Annual Silver Production 10.3 M OzAverage Annual Gold Production 43.9 K OzPre-operative CAPEX US$515 MLife of mine 13 yearsDisseminated Processing Capacity 6,000 TPDVeins Processing Capacity 3,000 TPDExpected Start-up 4Q 2015Traditional cash cost US$7.77/ozAll-in cash cost US$9.33/oz

Expected Operating Highlights

18

Pyrites Project

This facility is expected to increase silver and gold recovery by processing on-going tailings from the Fresnillo and Saucito mines, as well as historical tailings from Fresnillo

The plant will froth float pyrite concentrates that will be leached in a 2,000TPD DLP and Merrill-Crowe plant to produce precipitates

At the current tailings plant at Fresnillo, we plan to install a 13,000TPD tailings plant to process 5,000TPD from the old dams and 8,000TPD of the tailings

The project would increase the production of silver for the period 2017-2036 by an average of 3.5moz per year, however for the first 5 years (2017-2021), 4.7m additional ounces will be contributed per year

Cash cost per ounce of US$2.51/oz

Average Annual Gold Production 12.8 kozTotal Gold Production 255.4 kozAverage Annual Silver Production 3.5 mozTotal Silver Production 68.7 mozPre-operatice CAPEX US$153.7 MOPEX Pyrites Plant 50.39 USD/Ton

Expected Start-up 1H 2017

Expected Operating Highlights

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Conclusions and Outlook

Outlook

• We have had a strong start to 2015, with operations performing well and providing a good platform for growth

• Financial and operational flexibility maintained

• Defined strategic plan to address cyclical uncertainties

• We will maintain focus on stringent cost control across all operations

• We continue to invest prudently to achieve additional low cost ounces

• We continue to balance quality growth with returns to shareholders

• We continue identifying and adopting best practices in stakeholder engagement

Despite current markets and decline in precious metal prices, our strong balance sheet, high quality assets, operational flexibility and conservative approach will support our goals of optimising

performance and delivering returns

On track to meet 2018 production guidance

of 65 moz silver (incl. Silverstream) and 750,000 oz gold

Appendix

“Looking beyond the cycle”

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Fresnillo Mine: Summary

• World’s largest primary silver mine; one of oldest continuously operating mines

• Development rates reached 3,300m/month in 2014,

aiming to 4,000m/month

• Reserves of 229moz silver

• Resources of 753moz silver

• AISC (LoM basis): US$6.20/oz (2023)

• Resource base of c.25 years

2014 2013 Change %

Ore processed k t 2,625.0 2,703.4 -78.4 -2.9

Ore gradeSilver g/t 258.5 285.3 -26.8 -9.4Gold g/t 0.5 0.5 0.0 6.1Lead % 0.6 0.6 0.0 -6.4Zinc % 1.0 0.9 0.0 4.0

Total productionSilver m oz 20.1 22.8 -2.7 -11.7Gold k oz 35.7 33.1 2.6 7.9Lead kt 13.9 15.6 -1.7 -10.7Zinc kt 15.2 14.9 0.3 1.9

SILVER Ore Grade

22

Saucito Mine: Summary

• Saucito, including Saucito II, is one of the key growth drivers to achieve our 2018 production target

• Saucito II commenced operations on time & on budget in 4Q14, contributing low cost ounces to group profile

• Reserves of 116moz silver & resources of 447moz silver

• AISC (LoM basis): US$6.00/oz (2021)

• Resource base of c.25 years

2014 2013 Change %

Ore processed k t 1,534.6 1,181.7 352.8 29.9

Ore gradeSilver g/t 338.9 329.6 9.4 2.8Gold g/t 1.4 1.4 0.0 -0.4Lead % 0.7 0.6 0.2 34.4Zinc % 1.3 0.9 0.5 52.5

Total productionSilver m oz 15.4 11.6 3.8 32.9Gold k oz 57.2 45.2 12.1 26.7Lead kt 10.0 5.6 4.4 77.8Zinc kt 10.5 4.5 6.0 132.9

SILVER Ore Grade

250 265

330339

200

250

300

350

400

(Gms/Ton)

23

GOLDOre Grade

SILVER Ore Grade

Ciénega Mine: Summary

2014 2013 Change %

Ore processed k t 1,341.6 1,242.2 99.4 8.0

Ore gradeGold g/t 2.6 2.9 -0.3 -10.5Silver g/t 108.5 121.6 -13.0 -10.7Lead % 0.5 0.6 0.0 -5.3Zinc % 0.7 0.8 0.0 -3.4

Total productionGold k oz 108.2 112.1 -3.8 -3.4Silver m oz 4.1 4.2 -0.2 -3.9Lead kt 4.7 4.8 -0.1 -1.6Zinc kt 6.0 5.5 0.5 9.9

• Optimised milling capacity reached 4,000TPD

• Reserves of 0.89moz gold & resources of 1.58moz gold

• Reserves of 75moz silver & resources of 142moz silver

• AISC (LoM basis): US$803/oz (2026) (per gold ounce)

• Resource base of c.22 years

53

105122 109

20406080

100120140160180

(Gms/T)

24

Herradura Mine: Summary

2014 2013 Change %

Total Ore processed k t 22,305.1 14,363.3 7,941.8 55.3

Ore gradeGold g/t 0.7 0.6 0.1 18.9Silver g/t 1.2 1.1 0.1 12.0

Total productionGold k oz 265.6 264.6 1.0 0.4Silver k oz 679.1 299.0 380.1 127.1

GOLDOre Grade

• Full mining activities resumed in March 2014 post temporary stoppage

• DLP commissioned in March 2014

• 100% Fresnillo post acquisition of Newmont’s 44% stake in Penmont

• Reserves of 5.3moz gold (+96%) & resources of 6.8moz gold (+32%)

• AISC (LoM basis): US$717/oz (2019)

• Resource base of c.12 years

• Based on current mine plan, Herradura to move 120m TPY

• Potential for future growth as an underground mine

0.650.57 0.61

0.72

0.50.60.70.80.91.01.11.2

(Gms/T)

25

Heap Leach Pads (HL)

Dynamic Leaching

Plant (DLP)

Herradura Mine: Leaching Process

Gold Production

Gold Inventory of the Heap Leach Pads

26

Noche Buena Mine: Summary

• 100% Fresnillo post acquisition of Newmont’s 44% stake in Penmont

• Merrill Crowe Plant capacity increased from 750 to 1,600 m3/h

• Completed construction of 4th and 5th leaching pads

• Reserves of 1.1moz gold & resources of 1.3moz gold

• AISC (LoM basis): US$1,124/oz (2019)

• Resource base of c.5 years

2014 2013 Change %

Total Ore processed k t 15,607.2 12,283.7 3,323.5 27.1

Ore gradeGold g/t 0.5 0.5 0.0 -6.1Silver g/t 0.4 0.2 0.1 50.5

Total productionGold k oz 129.2 108.7 20.5 18.9Silver k oz 102.4 49.2 53.1 108.0

GOLDOre Grade

0.510.54

0.51

0.3

0.4

0.5

0.6

0.7

2012 2013 2014 2015 E 2016 E 2017 E 2018 E

(Gms/T)

27

Income Statement (IFRS) C O N C E P T 2014 % 2013 % $ %

ADJUSTED REVENUES 1,545.0 1,761.9 (216.9) (12.3) HEDGING (METALS) 0.1 0.3 (0.2) (61.1) TREATMENT AND REFINING CHARGES (131.4) (147.0) 15.6 (10.6) REVENUES 1,413.7 100.0 1,615.2 100.0 (201.5) (12.5)

ADJUSTED PRODUCTION COST (678.0) (48.0) (567.7) (35.1) (110.3) 19.4 PROFIT SHARING (12.6) (0.9) (20.2) (1.2) 7.6 (37.4) DEPRECIATION (296.2) (21.0) (239.3) (14.8) (56.8) 23.7 HEDGING (EXCHANGE RATE) (1.1) (0.1) 4.3 0.3 (5.4) N/A CHANGE IN INVENTORIES 104.7 7.4 1.3 0.1 103.4 7,836.6 UNPRODUCTIVE COST AND OTHERS (9.5) (0.7) (26.1) 0.0 16.7 (63.8) COST OF SALES (892.6) (63.1) (847.7) (52.5) (44.9) 5.3

GROSS PROFIT 521.1 36.9 767.4 47.5 (246.4) (32.1)

ADMINISTRATIVE EXPENSES (34.7) (2.5) (29.5) (1.8) (5.2) 17.5 CORPORATE EXPENSES (32.9) (2.3) (32.7) (2.0) (0.1) 0.4 EXPLORATION EXPENSES (168.8) (11.9) (207.8) (12.9) 39.0 (18.8) OTHER INCOME (EXPENSE) (25.5) (1.8) (2.4) (0.1) (23.2) 979.7 SELLING EXPENSES (INCLUDES EXTRAORDINARY MINING RIGHT) (13.6) (1.0) (7.0) (0.4) (6.7) 95.8

PROFIT FROM CONTINUING OPERATIONS 245.6 17.4 488.1 30.2 (242.5) (49.7)

SILVERSTREAM REVALUATION 40.1 2.8 (65.7) (4.1) 105.8 N/A SILVERSTREAM AMORTIZATION EFFECTS FOR THE PERIOD 36.9 2.6 11.7 0.7 25.2 216.1 FINANCE INCOME / (EXPENSE) (47.2) (3.3) (8.9) (0.6) (38.2) 427.1 FOREIGN EXCHANGE GAIN / (LOSS) (24.4) (1.7) (6.5) (0.4) (17.9) 277.6

PROFIT BEFORE INCOME TAX 251.1 17.8 418.7 25.9 (167.6) (40.0)

SPECIAL MINING RIGHT (15.7) (1.1) (36.2) (2.2) 20.5 (56.6) CORPORATE INCOME TAX (118.3) (8.4) (121.5) (7.5) 3.3 (2.7) INCOME TAX EXPENSE (134.0) (9.5) (157.7) (9.8) 23.7 (15.0)

PROFIT FOR THE PERIOD 117.1 8.3 261.0 16.2 (143.9) (55.1)

ATTRIBUTABLE TO:

EQUITY SHAREHOLDERS OF THE GROUP 108.4 7.7 240.4 14.9 (132.0) (54.9)

MINORITY INTEREST 8.6 0.6 20.6 1.3 (11.9) (58.0)

117.1 8.3 261.0 16.2 (143.9) (55.1)

EBITDA 567.3 40.1 729.8 45.2 (162.5) (22.3)

CHANGEACCUM DECEMBER

28

C O N C E P T YTD 2014 YTD 2013 $ %

CASH GENERATED BY OPERATIONS BEFORE CHANGES IN WORKING CAPITAL 568.5 750.2 (181.7) (24.2)

WORKING CAPITAL (183.4) 34.5 (217.9) N/A

INCOME TAX AND PROFIT SHARING PAID (263.5) (338.6) 75.2 (22.2)

NET CASH FROM OPERATING ACTIVITIES 121.6 446.0 (324.4) (72.7)

OTHER PROCEEDS

SILVERSTREAM CONTRACT 58.8 63.8 (5.0) (7.9)

PROCEEDS FROM THE SALE OF PROPERTY, PLANT AND EQUIPMENT 14.2 12.2 2.0 16.8

CAPITAL CONTRIBUTION 4.4 4.9 (0.6) (11.2)

SENIOR NOTES 0.0 793.9 (793.9) N/A

PLACEMENT OF NEW ORDINARY SHARES 0.0 346.1 (346.1) N/A

LOANS FROM PARTNERS 0.0 40.9 (40.9) N/A

TOTAL OTHER PROCEEDS 77.4 1,261.9 (1,184.5) (93.9)

PURCHASE OF MINORITY SHARES (450.5) 0.0 (450.5) N/A

PURCHASE OF PROPERTY, PLANT AND EQUIPMENT (425.6) (572.1) 146.6 (25.6)

DIVIDENDS PAID (87.0) (505.2) 418.3 (82.8)

NET INTEREST RECEIVED (PAID) (37.6) 6.1 (43.7) N/A

OTHERS 3.5 5.3 (1.8) N/A

TRANSACTIONS COSTS SENIOR NOTES 0.0 (4.9) 4.9 N/A

USES OF CASH (997.2) (1,070.9) 73.7 (6.9)

NET INCREASE / (DECREASE) IN CASH DURING THE PERIOD (798.2) 637.0 (1,435.2) N/A

EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS (4.0) 0.9 (5.0) N/A

CASH AND CASH EQUIVALENTS AT 01 JANUARY 1,251.7 613.8 637.9 103.9

CASH AND CASH EQUIVALENTS AT 31 DECEMBER 449.3 1,251.7 (802.4) (64.1) - -

CHANGE

Cash Flow (IFRS)

(Million USD)

29

Balance Sheet (IFRS)

(Million USD)Concept 31-DIC-14 31-DIC-13 %

Assets

Cash and Investments 449.3 1,251.7 (64.1)

Trade and Other Receivables 456.1 267.5 70.5

Inventories 305.6 208.1 46.8

Prepaid Expenses 3.4 5.3 (37.0)

Silverstream 392.3 372.8 5.2

Derivative Financial Instruments 14.6 2.1 607.5

Property, Plant and Equipment 1,969.4 1,838.1 7.1

Other Assets (Long term) 151.5 149.2 1.5

Total Assets 3,742.2 4,094.9 (8.6)

Liabilities

Profit Sharing 11.6 20.4 (43.4)

Loans from Partners - 40.9 N/A

Other Liabilities (Short term) 128.2 88.9 44.2

Retirement and Pension Plan Reserves 13.8 11.5 20.6

Deferred Taxes 336.8 334.2 0.8

Senior Notes 796.2 800.0 (0.5)

Other Liabilities ( Long term) 153.8 127.0 21.1

Total Liabilities 1,440.3 1,422.9 1.2

Share Capital and Share Premium 1,522.4 1,177.3 29.3

Placement of new Ordinary Shares (0.0) 345.1 N/A

Retained earnings 1,265.8 1,270.0 (0.3)

Other Accounts (512.9) (518.9) (1.2)

Stockholder's Equity 2,275.3 2,273.4 0.1

Minority Interest 26.5 398.5 (93.3)

Total Stockholder´s Equity 2,301.8 2,672.0 (13.9)

Total Liabilities and Stockholder's Equity 3,742.2 4,094.9 (8.6)

Change

30

Cost Per Tonne (IFRS)

* Cost per tonne is calculated as total production costs less depreciation, profit sharing and the exchange rate hedging effects.

CHANGE

2014 2013 % CHG.

COST PER TONNE *

MINE UNIT

Fresnillo US$/TON 47.29 45.60 3.7%

Saucito US$/TON 59.14 61.00 -3.1%

Ciénega US$/TON 70.84 70.81 0.0%

Herradura US$/TON 9.29 8.38 10.8%Total Vol. Hauled Charged to Costs US$/TON 2.37 2.67 -11.3%

Soledad & Dipolos US$/TON - 9.90 N/A

Noche Buena US$/TON 9.98 7.84 27.2%

Total Vol. Hauled Charged to Costs US$/TON 1.68 1.60 5.4%

ACCUM DEC

** Total volume hauled includes ore deposited at the pads and material hauled to the waste deposit (charged to production cost).

**

**

31

LIFE OF MINE

YTD 2014 YTD 2013 % CHG. WEIGHTED AVERAGECASH COST *

MINE UNIT

Fresnillo PER OZ. SILVER 9.84 9.06 8.6% 6.20 (2023)

Saucito PER OZ. SILVER 5.43 6.66 -18.5% 6.00 (2021)

Ciénega PER OZ. GOLD 786.40 547.95 43.5% 803.12 (2026)

Herradura PER OZ. GOLD 862.19 1,029.25 -16.2% 716.95 (2019)

Soledad-Dipolos PER OZ. GOLD - 922.06 N/A N/A

Noche Buena PER OZ. GOLD 1,051.00 1,362.73 -22.9% 1,124.49(2019)

All In Sustaining Cost (US$/Oz)

• 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

*

32

Consolidated Cost Inflation 2014(USD Based)

Unit Price WeightedIncrease % Weight (*) Average

Labour Unionized Personnel 1.7% 7.3% 0.1%Employees 0.8% 2.7% 0.0%Weighted Average 1.4%

Operating Materials -1.8% 19.9% -0.4%

Energy Electric Energy 0.2% 8.6% 0.0%Diesel 6.3% 9.2% 0.6%Gasoline 4.3% 1.4% 0.1%Weighted Average 3.4%

Contractors 3.4% 32.0% 1.1%

Maintenance -0.3% 12.8% 0.0%

Freights 4.8% 0.9% 0.0%

Insurance -3.0% 1.0% 0.0%

Others 2.6% 4.2% 0.1%1.5%

TOTAL 100% 1.60%

(*) Not including Depreciation and Profit Sharing

33

Contribution by Mine to the Gross Profit

Gross Profit from operating units: US$567.6

YTD14 YTD13 US$ %

Fresnillo 206.7 36.4% 316.6 42.3% (109.9) (34.7) Herradura 136.2 24.0% 126.9 17.0% 9.3 7.3 Ciénega 40.8 7.2% 94.7 12.7% (53.9) (56.9) Saucito 188.9 33.3% 181.3 24.2% 7.5 4.2 Sol & Dipolos (16.5) -2.9% 10.1 1.4% (26.6) N/A Noche Buena 11.5 2.0% 18.7 2.5% (7.2) (38.5) Total for operating mines 567.6 100.0% 748.3 100.0% (180.7) (24.1)

MXP/USD exchange rate hedging gains (1.1) 4.3 (5.4) N/A

Other subsidiaries (45.4) 14.8 (60.2) N/A

Total Fresnillo plc 521.1 767.4 (246.4) (32.1)

CHANGE

34

Margins by Mine (Metal price – Cash Cost)(2014 vs 2013)

(USD/Oz)

Fresnillo Ciénega Herradura SDSaucito NB

21.7Moz. 19.5Moz. 11.1Moz. 14.7Moz. 106.8Koz. 97.0Koz. 262.2Koz. 263.5Koz. 46.6Koz. 0.0Koz.* 106.9Koz. 127.9Koz. Chg. + -10.1% Chg. +32.6% Chg. -9.3% Chg. +0.5% Chg. -100.0% Chg. +19.7%

* Stoppage of operations continued at Soledad-Dipolos.

*

35

Reserves 2014

Mine / project Tonnes Au Ag Pb Zn Ag Eq. *Cut-off Mt Au gpt Ag gpt % Pb % Zn koz Moz kt kt Moz

Fresnillo 2014 165 gpt Ag Eq. 26.79 0.64 266 1.46 2.96 552 229 392 793 4022013 125 gpt Ag Eq 31.83 0.65 271 1.47 2.75 668 278 467 875 460

% Incr. 32.0% -15.8% -1.8% -1.9% -0.3% 7.7% -17.3% -17.4% -16.1% -9.3% -12.5%Saucito 2014 216 gpt Ag Eq. 9.23 1.70 389 1.71 3.10 504 116 158 286 199

2013 145 gpt Ag Eq 10.42 1.80 384 1.75 2.91 604 129 182 304 218% Incr. 49.0% -11.4% -5.8% 1.5% -2.0% 6.4% -16.6% -10.1% -13.2% -5.7% -8.4%

Cienega 2014 1.88 a 3.21 gpt Au Eq 15.24 1.82 154 0.56 0.90 894 75 86 137 1582013 2.12 a 2.94 gpt Au Eq 14.71 1.71 142.5 0.55 0.88 809 67 81 129 141

% Incr. 2.5% 3.6% 6.6% 7.9% 2.6% 2.1% 10.5% 11.8% 6.3% 5.9% 12.2%Herradura 2014 Multi ple ** 209.57 0.79 5,317 340

2013 Multi ple *** 105.89 0.80 2,708 174% Incr. 97.9% -0.8% 96.4% 95.7%

Noche Buena 2014 0.30 gpt Au Eq. 63.15 0.55 1,107 712013 0.30 gpt Au Eq. 63.93 0.54 1,117 72

% Incr. 0.0% -1.2% 0.3% -0.9% -1.3%Soledad & Dipolos 2014 0.30 gpt Au Eq. 37.73 0.65 784 50

2013 0.30 gpt Au Eq. 37.73 0.64 780 50% Incr. 0.0% -0.0% 0.6% 0.6% 0.3%

San Julian - veins 2014 159 gpt Ag Eq. 7.29 2.06 155 483 36 67San Julian - disseminated 2014 132 gpt Ag Eq. 22.42 0.07 175 0.50 1.25 50 126 112 280 169

* Metal prices used for 2014: 1,150 USD/oz Au, 18 USD/oz Ag, 0.95 USD/lb Pb and 0.95 USD/lb Zn. For year 2013: 1,250 USD/oz Au, 19.50 USD/oz Ag, 0.99 USD/lb Pb and 0.88 USD/lb Zn.

** Herradura ore reserves are reported at varied cut-offs dependent on material types and grade. Oxide material above 0.30 gpt Au reports to the heap leach, transitional and sulfide material

from 0.35 to 0.60 gpt Au report to the heap leach, oxide material above 1.14 gpt Au reports to the mill, transitional and sulfide material above 0.60 gpt Au reports to the mill.

*** In 2013, the cut-off grades for Herradura are: 0.3 gpt Au Eq. for oxides and 0.56 gpt Au Eq. for transitional and fresh ore.

Tonnes and GradesGrades

Metal content

36

Mineral Resources 2014: Operating Mines & San Julian Project

Mine / project Tonnes Grades Au Ag Pb Zn Ag Eq. *Cut-off Mt Au gpt Ag gpt % Pb % Zn koz Moz kt kt Moz

Fresnillo 2014 103 gpt Ag Eq 66.20 0.73 354 1.41 2.80 1,563 753 931 1,851 1,1762013 83 gpt Ag Eq 69.48 0.76 358 1.45 2.82 1,688 800 1,006 1,961 1,216

% Incr. 24.1% -4.7% -2.8% -1.2% -2.9% -1.0% -7.4% -5.9% -7.5% -5.6% -3.3%Saucito 2014 136 gpt Ag Eq 39.50 1.29 352 1.26 2.28 1,643 447 496 899 714

2013 98 gpt Ag Eq 44.39 1.44 363 1.38 2.39 2,054 518 611 1,060 823% Incr. 38.8% -11.0% -10.1% -3.0% -8.8% -4.7% -20.0% -13.7% -18.8% -15.2% -13.2%

Cienega 2014 1.35 a 2.64 gpt Au Eq 29.95 1.64 148 0.57 0.95 1,583 142 170 284 2962013 1.48 a 2.05 gpt Au Eq 31.76 1.58 141 0.54 0.96 1,609 144 171 303 296

% Incr. 13.0% -5.7% 4.3% 4.8% 5.5% -0.8% -1.6% -1.1% -0.5% -6.5% -0.1%Herradura 2014 Multiples ** 265.69 0.79 6,786 434

2013 0.30 gpt Au Eq. 226.44 0.71 5,135 329% Incr. 17.3% 12.6% 32.2% 31.7%

Noche Buena 2014 0.30 gpt Au Eq. 75.21 0.53 1,292 832013 0.30 gpt Au Eq. 104.09 0.52 1,754 112

% Incr. -27.7% 1.9% -26.4% -26.6%San Julian - veins 2014 122 gpt Ag Eq 13.34 1.89 149 809 64 115

2013 15.11 1.73 148 841 72 126% Incr. -11.7% 9.0% 0.7% -3.8% -11.1% -8.1%

San Julian - disseminated 2014 102 gpt Ag Eq 20.41 0.08 194 0.56 1.46 50 127 115 298 1782013 21.30 0.08 189 0.55 1.42 52 129 117 303 176

% Incr. -4.2% 1.2% 2.7% 2.2% 2.5% -3.0% -1.5% -2.0% -1.8% 1.5%

14,598 1,533 1,711 3,331 3,05314,004 1,663 1,905 3,627 3,135

* Metal prices used for 2014: 1,150 USD/oz Au, 18 USD/oz Ag, 0.95 USD/lb Pb and 0.95 USD/lb Zn. For year 2013: 1,250 USD/oz Au, 19.50 USD/oz Ag, 0.99 USD/lb Pb and 0.88 USD/lb Zn.

** Herradura ore resources are reported at varied cut-offs dependent on material types and grade. Oxide material above 0.30 gpt Au reports to the heap leach, transitional and sulfide material

from 0.35 to 0.60 gpt Au report to the heap leach, oxide material above 1.14 gpt Au reports to the mill, transitional and sulfide material above 0.60 gpt Au reports to the mill.

Tonnes and Grades Metal content

37

Mineral Resources 2014 (cont): Exploration Projects

Mine / project Tonnes Au Ag Pb Zn Ag Eq. *Cut-off Mt Au gpt Ag gpt % Pb % Zn koz Moz kt kt Moz

Orisyvo 2014 Multiple ** 279.42 0.97 1 8,718 11 5682013 Multiple ** 321.47 0.96 1 9,892 13 648

% Incr. 0.0% -13.1% 1.4% -2.8% -11.9% -15.5% -12.2%Candameña 2014 Multiple *** 62.01 0.51 20 1,019 39 104

2013 Multiple *** 63.50 0.52 20 1,066 40 109% Incr. 0.0% -2.4% -2.1% -1.0% -4.4% -3.4% -4.2%

Rodeo 2014 0.30 gpt Au 42.32 0.54 4 730 6 522013

% Incr.

Pilarica 2014 30 gpt Ag Eq. 16.17 68 0.30 0.44 0 35 48 70 492013 25 gpt Ag Eq. 10.83 111 0.31 0.50 39 34 54 48

% Incr. 20.0% 49.4% -38.5% -3.9% -12.3% -8.1% 43.6% 30.9% 3.3%Centauro Deep 2014 1.70 gpt Au Eq. 40.00 3.35 4,313 276

2013 1.50 gpt gAu Eq. 37.89 3.19 3,882 249% Incr. 13.3% 5.6% 5.2% 11.1% 10.7%

Juanicipio 2014 US$70.27/t 8.21 1.72 434 1.93 3.51 454 115 159 288 1962013 US$70.29/t 8.02 1.76 447 1.92 3.49 453 115 154 280 189

% Incr. -0.0% 2.4% -2.1% -2.9% 0.8% 0.4% 0.3% -0.5% 3.2% 2.8% 3.3%Guanajuato 2014 2.10 gpt Au-Eq 5.77 2.61 185 485 34 65

2013 2.10 gpt Au-Eq 2.42 2.37 159 184 12 24% Incr. 0.0% 138.4% 10.5% 17.0% 163.5% 178.9% 170.9%

6,067 206 159 288 646* Metal prices used for 2014: 1,150 USD/oz Au, 18 USD/oz Ag, 0.95 USD/lb Pb and 0.95 USD/lb Zn. For year 2013: 1,250 USD/oz Au, 19.50 USD/oz Ag, 0.99 USD/lb Pb and 0.88 USD/lb Zn.

** For 2014 and 2013: 0.20 gpt Au-Eq for oxide material and 0.50 gpt Au-Eq for sulphide material.

*** For 2014 and 2013: 0.30 gpt Au-Eq for oxide material and 0.70 gpt Au-Eq for sulphide material.

**** For 2014 and 2013: 0.20 gpt Au-Eq for oxide material and 0.70 gpt Au-Eq for sulphide material.

Tonnes and Grades Metal contentGrades