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  1. 1. FREEPHRT-MCMORAN xx Bankofnmerica/ í. ' ¡Vierrill Lynch 2015 Global Metals Mining & Steel Conference , x / _ Richard C. Adkerson / President & CEO VALU E AT 3 OURCORE May 12, 2015 É FCX fcx. com
  2. 2. :¡'. °Í11~"CLÍ" f: I'll: [Ú ¡ÍIÃÍ A âzuisíiacisix~gr ; Wit-Ligcsuaiaais? _. g -i~i'. iag; czixfslligi ejsoákmscsfé; ..osiiclcg 373?_ ; atue/ ias * *Lu-I: W -1II: - mm: This presentation contains forward-looking Hatements in which Fã discusses its potential future performance. Forward-looking Hatements are all Hatements other than Hatements of historica/ facts such as projecdons or expectations relating to ore grades and milling rates production and sales volumes unit net cash mas cash production coss per barrel of oil equivalent (E05), operating cash flows capital emenditures exploration elform and results development and production activities and costs liquid/ ty, tax rates the impact of copper, gold, molybdenum, cobalt, oil and natural gas price changes the impact of derivative positions the impad of deferred intercompany pro/ is on eamings reserve estirnates fiiture dividend payments debt reduction and share purchases. The words 'anacipates " "may, ' "can, " " / ans ' "believes ' "potential, ' "esimates " "expeds ' "projects ' “targets ' "intends ' “likely, " will, " "should, ' 'to be'and any similar emressions are intended to identity those assertions as forward-looking aatements The declaration of diwdends is at the discretion of Fãs Board and will depend on Fãs financial results cash requirements future prospects and other factors deemed relevant by the Board. Fã cautions readers that forward-looking aatements are not guarantees of ñiture perfomance and its actual resuls may diiter materia/ ly #om those anticipated, projected or ass/ med in the forward-looking statements. Important factors that can cause Fãs actual results to oiFer matenally from those anticipated in the forward-looking aatements include commodity prices mine sequencing, production rates induary risks regulatory changes political risks drilling results die outcome of ongoing discussions with the Indonesian govemment regarding an amendment to P7' Freeport Indonesias (PT-FTs) Contrad' of Work, PT -F1°'s ability to obtain renewa/ of its export license alter July 25, 2015 the potential eitects of Wolence iri Indonesia, the resolution of adminisrrative disputes iri the Democratic Republic of Congo, our ability to raise additional capital for our oil and gas business weather- and climate« related risks labor relations enwronmental risks litigation results and other factors described in more detail under the head/ ng "Risk Fadors' in Fãs Annual Report on Form 10-K for the year ended December 31, 2014, filed with the United States (MS. ) Securities and Exchange Commission (SEC) as updated by Fãs subsequent filings with die SEC Nothing herein shall be deemed to constitute an offer to sell securities Inveaors are cautioned that many of the assumptions on which Fãs forwarddooking statemens are based are likely to change alter its forward-looking satemenzs are made, including for example commodity prices which Fã cannot control, and production volumes and costs some aspects of which Fã may or may not be able to control. Further, Fã may make changes to its business plans that could or will affect its results Fã cautions investors Mat it does not intend to update forward-looking statements more frequently than quarteriy notwithstarioing any changes in Fãs assumptions dianges in business plans actual experience or other changes and Fã undertakes no obligation to update any forward-looking statements This presentation also includes forward-looking Hatements regarding minerali'zed material not included in proven and probable mineral reserves The mineralized material descnbed in this presentation will not qual/ ly as reserves until comprehensive engineering studies establish dieir economic feasibility. According/ y, no assurance can be given that the estimated mineralüed material not included in reserves will become proven and probable reserves The SEC requires companies with significant oil and gas producing activities to disclose, in their filings with the SEC, proved oil and gas reserves that have been demonarated by actual production or conclusive formation tests to be economica/ ly and legal/ y producible under ensvng economic and operating conditions The SEC also permite the disclosure of probable and possible oil and gas reserves as such terms are defined by the SEC. Fã uses certain phraxs and terms in this presentation, such as "net unrisked resource potentia, ' 'net rewurce potential” and "gross unrisked resource potential, ' which the SECs rules prohibit Fã from including in its ñlings with the SEC. "Net unrisked resource potential, ' 'net resource potential' and "gross unnsked rewurce potential' do not take into account the certainty of resource recovery, which is contingent on exploration success technical llllp/ 'OVE/ Tle/ IE in dri/ ling access commerciality and other factors and is therefore not indicative of expected future rewurce recovery and should not be relied upon. This presentation also contains certain financial measures such as unit net cash costs per pound of copper and per pound of molybdenum, oil and gas rea/ Hed revenues cash production mas cash operating margin and Aojuaed EDIT DA, which are not recognized under generally accepted accounting principles in the MS As required by SEC Regulation G, reamciliations of these measures to amounts reported in Fãs conso/ idated financial HatemenL-t are in the supplemental schedules of Fãs 10 2015 press release, which are available on Fãs website, "fcxc com. " 1
  3. 3. l'JHÍÉÃULLIV'. '¡l"l»| ›l'lll: l.' h kll| Ky . _vg _ UL. , n¡ A an e . g 7 Z / eilus a: Our Sor: 'Íl-'lã VlÍlÍ JUN¡ _ã 20.1' , sí-nn U6/ f: ep ari' . '-. 'i_glili_çíi'2i': Substantial Values in Long-Lived, Geographically Diverse Natural Resources - Premier Portfolio of Global Mining Assets - High-Quality, U. S.-Based Oil & Gas Assets with Attractive Growth Pipeline a Growing Production and Cash Flow Profile a Exposure to Markets with Favorable Fundamentals ' Financially Strong a Environmentally Responsible ' Experienced Team
  4. 4. l 'x ? ElmatwLtr~. '.[›ê›'›(I_ sm; l me_ j! E 44 J "'55 'J @lot/ al Footprint 5 e ” '/ *^, -.II: *h HII: um: u a Jutsu: O_: ie: :-J. íw. ~.s D; ã; '/ L'. '.'. &v; Fax-J w: : 2.42 bn lbs 635 MMBOE¡ E' copper Cl CopperlGoldl Silver 1.9 bn lbs 95 mm lbs3 143 MBOE/ d Cl Molybdenum É] Cobalt Cl Oil/ Natural Gas Grasberg (90.64°/ o) 'Ianlsa- @fab/ Fr 455 mm lbs 34 mm lbs Note: FCY cormídatedreservesairdarvwal sales; reservesesofDecevriber 31, 2014. Sala figures arebesedon 2015e. e = sorvete. See CãUDÍMó/ VSBIE/ flãil. 1 Cu carreiras/ Verena (85%), Sie/ rita (100 96), Bagdad ( 100 %), Tyrone ( 100 96), Señbrd (100 36), Main¡ ( 100 96) and dim ( 100 96); Primary No: Henobrsm ( 100 36) and 05716¡ ( 100 7o): GV 8: Gas operaborzs: onslwe/ oñshore O1, Aladdm, Ha mes/ it's', Gai/ shelfã Deepivate'. ? 2° Resdvesmoiictmg Pra vedof390 : W505 and Prabable of 245 #739017 as of 12/31/14. -' ¡nobdes rrioly sales íon¡ South America. 'Cu opaabbm: Cerro Verde (53. 6 &sjandã Abra (51%), 4
  5. 5. :g'gü~g. “l van-w. LIFn'. tam'. m ; mp . l LI” q* / fsy Prix/ rf. ? ' Maintain Strong Balance Sheet & Liquidity ' Manage Operations and CAPEX to Maximize Cash Flow in Weak Market Environment ' Mitigate Funding Gap in Oil & Gas - Evaluating IPO Alternative ' Complete Near-term Mining Projects - Expand Free Cash Flow Generation " Generate Values from Large Resource Base ' g-"tn= ~ l 37' v "4 l i7 __ z¡ TF . -3. - -v. ^ I Safin' 3 ÍQCÕI C' i5¡ . *'-¡Í3C~'. .". ÍÕÍ'I Il¡ 7 71' * J. 'É '71' 'q' Tr' V* . TH '54' 'É' f' R. ? IMG¡ : :I . 73s'. 72.1¡ ¡Í! Juh¡ 'SIT t. ..
  6. 6. 'fl 3541-7114,¡_li-. 'ul'js'›l'lili. l›' pa¡ a Successful Ramp-up of Morenci Expansion 1911/41/51_ Record Quarterly Tenke Sales Following Successful Phase 2 Expansion in 2013 Cerro Verde Construction on Track to Become World's Largest Concentrator Facility Entering Phase of Higher Ore Grades at Grasberg Set Stage for Growth in Production/ Declining Capital Expenditures 191./ f/ JgfJ/ Jg/ JJE l 'i Positive Drilling Results at Holstein 'Ma-Hz W HII: MUN: *O ai¡ ; é : m: f] Deep, Power Nap and King - significant Expansion of Resource Base " Established New Production at Lucius, Dorado, Highlander - Producing 25,000 BOE/ d at End of March Enhanced Inventory of Financially Attractive Development Projects I Advancing Plans for External Funding, Including Consideration of a Sale of Public Equity for a Minority Interest in FM 0&G
  7. 7. ,. _ a ' "fg fl754442»Lcr-. '.[›ê»'. (~_)¡7;: l x Wxçy t ' l a ' ~ 'Í J ' o í a n _ W Seg/ pare: 01/ »dantes 4 ° o 9 u -, ' f V* ' Aug: _L4 J-í/ U/JJ/ s u» Copper Price History (gt/ lb) Brent Crude Price History* ($/ bbl) 350 $120 300 $100 25o $130 20o $60 15o 54o o' sv' sv" e” e'. ,~'“,9~°@~" e” s? s? s** e? e” sv' e* sv' s›°'@~°, ,~'. §~“ s? ” o” e” o** sv” «No . .to «Vlw . .Vlw . ”°. ,°° , â y** SS' »VG 59° . xy »V0 «V0 9*** «V0 . V9 $9.99* s** y* o** od» M” . V0 »VG _ O f' z" f" m i z z “Epp-ar z ÊíeuÊsÍ-uñ; f_ _ _ - @id 114.). _ Q1953) __ 12-Month Price Range $2.42 - $3.27 $47 - $116 Current Spot $2.93 $66 Change from 12-mo. High -10°/ o -42°/ o Change from 12-mo. Low +21% +41°/ o Five-year Futures $2.92 $72.50 All-Time High $4.65 (Feb '11) $146 (July '08) ! V0 7P: Bloomberg as of Apr/ l 29, 2015 * F0( reaized 81 % of Brent before hang/ ng in 1 Q 2015 7
  8. 8. Irani_ FllEEPnllT-MCMORAI World Class Copper VALUE AT OUR CORE Disco Veries Are Extreme/ y Rare Reco verable Copper Reserves 2014e Copper Production Million metric tons Thousand metric tons 0 5 10 15 20 75 30 35 0 200 400 600 000 1000 1200 1M” fscxmdida« ! VPU Esamdida~1GS1 Colaluas' - 1880 Chuquitzmala - 1916 Grasberg Complex- 1%* Collahuas' - 188m Buemvista- 18345* ElTaúaIte- 151V* Andina- 186? LosBmnos-lãõ? KGHMPoñsIICopper- H9/ Lospehnjnes- Luis Toquepda- 180% Mormci~ 157k): Cenovade- JSLÊLÍV: Anhumas? ) EITañente- mw Horilsk- 193* oyuTolga' - zum GrasbeIgConulex- 1088 Source: WoodMac/ renz/ e 1015 e= e5mute 8
  9. 9. :¡Í"F~, '“l ? nnguu ; _n-. '. t›-: .'. m m; su” , ug/ af . JJJaníG-L* Ca/ /J/ Jxafuêxf/ Market Expectations for Surpluses Have Not Materialized o China - Slowing Growth Rate on Larger Base; Economic Stimulus U. S. Growing at Moderate Rate ' Economic Stimulus in Europe and Japan “ Continuing Supply Side Challenges * Near-term Price Uncertainty with Bullish Long-term Fundamentals - FCX in Strong Position to Beneñt
  10. 10. 'fl 3541-7114,¡_li-. 'ul'ís'›l'lili. lf Assuming 2.5°/ o Global Growth Over Next 10 Years, Copper Market Expected to Grow by +7.6 mm tonnes (28°/ o) *' Over Same Period, Production from Existing Mines Expected to Decline by 3.1 mm tonnes (17°/ o) °' 10.7 mm tonnes Shortfall Will Need to be Made Up by Expansions and New Projects “ In 2014, Top 10 Mines in the World Estimated to Produce Less than 5 mm tonnes per Annum O. : in mm tonnes n a . CUM/ gr »lar/ raia - _Agrária/ xxx V é; Fil/ JL/ EJJJ/ &l/ .lfl-'Jb' Jaguar: Pa) : lua Our/ auf: W Total Copper Consumption l à +7.6 mm _, , +5.2 mm _ 28% 23°ln r l É H É 2004 20 14 e 20 24 e Base Mine Production Excluding Expansions 20 e +3.7 mm ' (3-1 mm) 25% (17%) b¡ U1 | Cu in mm tonnes H 2004 20141! 2024!! Source: Wooollackemíe 1o
  11. 11. 'g3?niátw¡, c!-. '.[›ê»'›l-)¡M! lc. u, s. x; P99' 1791135/ far lda/ yin : :é _ c aaa 521.111.1.001/ 970m1¡ _jjwwlzg chupar gay/ Ê #w171i J l 11550117113 010317315311263» : Hull/ el (rnillionsoflbs) $2.00 (Her/ b) 1,500 9- . g _ _, ,, 5 ¡'"'l _IYAJÍÍ L O I, _§"'h 11250 v warn ! Í $1.00 ~ ' 1,000 _ ¡ , . . A v _ $0.50 750 l p J so 00 1Q15 2Q15e 2H15e 2016e 500 _1/33/11/7111/ 15111111137 Cali/3.1* 1710.1715: 250 l S5 . $557 ($inbns) O 4 $4 ' x” 7 7$ 2_ 7 1Q15 2Q15e 3Q15e 4Q15e 2016e 53 ! AQUI " Qu_ $2 * __u_«g35g3; M9- 51 l l ÊDSJJÍLLÚJL! $0 e = ESÊWIBÍQ. See Caut/ onaryStatevmt 2015e 20168 11
  12. 12. _ ' t '~ P573.?1044:»; _cu-. '.t›+. '.mn, w; K x __ r l l 4 . -1 .1 A ' ' a ' a ' ' o ol V. 5 arm / jfrjs 1111// :spams/ on p_ 'i Detailed engineering & major procurement activities complete v_ 'j - To become world's largest concentrating facility V _j _ - Construction advancing on schedule& Í . 1*_ ' A 'X Í' approximately 70°/ o complete v Completion expected in Iate 2015 v Expected to add 600 mm lbs of Cu per annum v $4.6 billion project; $3.5 billion incurred to-date* . C3_- . -=. à à PrimaryCrushers n¡ ¡ r' ' , Ã 'r 4 'e «u í u r â , _. e; . s. _acha_ _1 J_. Concentrator Site Works ; ':›: .I' . :SQL ' ' É A A ' TailingThickener . l ' . Q-Â-ií"? -. .r r --, ... 'g
  13. 13. :: yfl10:32.'. ¡_cv-. '.[›+»'. II)HA; l ~__ . . 1115/91/35/“2/ W * Engaged in Active Discussions with Government to Amend COW - Positive Long-term Partnership - Economic Engine for Development of Papua - Operations Provide significant Benefits to Indonesian Economy - All Rights Under COW to Continue Until Agreed Amendment - Negotiations to Take Into Consideration PT-FI's Requirement for Assurance of Legal and Fiscal Terms to support Major Investments HW"”EJ3H"H'7E 3'55"w””" a MOU Extended to July 2015 Far l " Advancing Plans for New smelter in *k 1,9% / Parallel with COW Amendment (2007-2014) ~$18 Billion 13
  14. 14. lÚHÍÉULEJÍ'. '.l"lilil'lllivlf K x l~__ r . i . p 1 o - ' ' ~. .x r @max/ avg ; i5 11 _Up/ Lg y Underground 19/1113 . Ui-! VB/ Upjf/ HJJÍ «s Completed development of access to underground ore bodies e Expect DMLZ start-up in late 2015 & Grasberg BC in 2018 «e Key development activities include work on ore flow systems & Grasberg BC shaft e Development capital* of $3.1 bn spent to date ($2.5 bn net to PT-FI) s PT-FI's share of UG development expected to Homqnsta/ ¡atmn average $0.6* bn / year over next five years Grasberg Bcservice shaft z = n. E s : r a; : _ . i : LEGEND s . .E -ilaãg-'ÊWEL 5% z _- ¡ ¡ Ê _t s. _t -- A - e _t 7 . _ ¡ Initial Development ' ' ' l " ' 7 ' ' j A f First Production Ore Ê : : : l . , T Ramo-up + 'f' *o* n 4' l 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 F"" Rates * In/ tra/ de ve/ oprnentGp/ ta/ spend through ach/ e element afñ/ lrates' apita¡ does not rriclude costs for processmg and paiva' facriltfes hcluded t¡ development paris to opt/ mize the handling af underground ore types " Ore grades in first 1 0 years expected to be blg/ ie' than ilfepf-nme average; P T-Hfs share ofproduct/ on expected to average 1.2 biátion ; bs C u â 1. 4 murilo/ z os Au per annum between 2018-2021 14
  15. 15. É: v;«4;: .«u›-. '.ta. '.t~_i¡in; Lx_ Kgx/ Jirwzegfc' 1952373375111 JL. 933,: '/J'Ví/13” 94 b" 51151/131/.750 _ _ , n _ 17h17m* Jxpr/ prniñrrr¡ ': ¡¡"¡ 1gb _t/ a.'. I§l, .fÇ'g! I1iI§1i.1_›" 511110111821117? ! II * ' *e w significant Current Oil - Financially Attractive - Strategic Acreage Production with strong Development Activities Near Existing Facilities Cash Margins to Drive Growth with Excess Capacity ' Mar"" ' Hdstei" Deep I Near-term Subsea : :glrgtgxuntam ' "Êldelber 9 Tieback Opportunities: -Vito/ Power Nap _Kmg - Lucius - KOQV ' Substantial _ gerado Infrastructure with _ . . Excess capacity to Other Opportunities Su pport Growth 15
  16. 16. É: vniauuLn-. '.I›4U. Ix›¡1:. : Mx_ j! . › _ . _¡ 1;¡ . z ¡ _ a r. ; _ ' Kg 9354519735291' mu¡ w Mesa. . : :TU fuel/ sr ; Ver J mm: : w ums. um: ;O , ._ . .A I _. fla: ¡Ju/ Entrem! Lili/ bbw away/ se ; luisa/ JM ' *e +2; m» ~ 447 : yj/ /ÍUJJ " f Dorada . . .. , ,r K " ; rm V " , Ji *; .. r . . 470 à"" * ' n* r . ÍÍÍ'RaP1P9W°"ÍÊMQ~L, j Àñ : :l : Í / jr A! A¡ 4 j( ; Êxiüllalvãnlu 1 tie? ar- r j: .É n( f. - r . L , L . ..JME ' J t' . › 'H . .r . ig- AV r 7 7 Jr, V: :y KVM” 7' _ á 77%: I 17.5# xr" ' A E Holstein Deep ] ¡ “ À 7,459133? W353.? n . « . r l ' l _"P. ÍIH¡P ' A' ' 'l v¡ . j": I l V; › . rrkfufig_ 7:1? › J ' _^ Juh-NJ : Ind . . ' '“'_ " . . 4› A' . .u _ z* r_ vt; N. J: __. __. ILLI. LL' l* : um Heidelberg e , -”:3Li 2_ , - | f' " e Vç-; r'g-. ›ya¡'jr. _“j: v', , 'Í' _u ¡npei à'1fw'-Í4~; 'Í; §f1 ! J 4 1 e. . : df , u Ãaaün'ay”. qu'¡›yw› / D '“ Lucius u ! JeWaQa-_gxagji - _¡ _ . ' ' L , T. l l J e í _A_ ãpíxííjyíí' m j: u . ' 7+5 333 : LEXUS ' . u ”l_ í; _ J v. _ - À _ ' : z A ' : g-_i-fãíeãààgàk . UÍJZUUHFJ/ l ÍL' . A" 'í/ 1 Âülâtâ' 'R' ri: : agp-; . 'l , .réjzei-éfvâvvã. P33; aâlbíà* - 'v ' ~ . '.¡ú', _¡ 3, . . %-, ___. _~-. , »JJ : f 1], 16
  17. 17. É; mami; _.. -.'. r›e. '.r«_›n; ,w; VX_ J¡- oi -r - ' kw . /01 ye Outlook 'ÍLlQ-'Ii "Í 'Ult- "Wlflí : :3.1/w aux/ our: l í 31112.59?! J - Copper: 4.2 Billion lbs. . $1_53¡| b(2)°f copper I Gold: 1.3 Million ozs. . $19/BoE - Molybdenum: 95 Million lbs. - Oil Equivalentsa): 52.3 MMBOE (~67°/ o Oil) l A àpymãrgslwlzlâlgaw í ÍÉEJpJÍEI/ «Árya/ /gé/ EJ/ Iw - ~$4.4 Billion (@$2.75/ lb Copper for . $5_5 B¡| |¡°n Remainder °f 2015) - $3.7 Billion for Mining I Each 104:/ lb Change in Copper for _ 523 mma" fo¡- m¡ & Gas Remainder of 2015 = $250 Million (J) includes 352 ill/ Hab# of crude o/ Z 89. 6 Bcf of natural gas and 2. 1 All/ BM' of / VGLs (2) Asumes average prices of sLzoo/ az gold and 58/1) moA/ bdenum for remainder ofzollí; 20 20159 net cash costs expected to approxvrzate 51. 62/33. (3) Assu/ nes average prices ofsLzoo/ oz gold, sem molybdenum and . $65/bbl for Brent crude o¡ for remamder of2015; each 51 (Ja/ oz change in gold would ha ve an approx/ mate 560 mm vnpact, each 52/1: change in nwMJdenum would have an approxmate 595 mm rnpact, and each , sií/ bb/ change n ol would have an approxmate 580 nm xnwact. AtErent crude o# prices approxvrlathg $65/bbl FO' would rece/ ve a benefit 01320/1211# on / enzawmg 20155' vol/ mes 0173.] Mil/ Bb# before (along into accountprern/ Urrzs of $6. . SIS/ Ml. e = estimate. See CautnnaryState/ nmt 17
  18. 18. _ ' t '~ P573.? uma»; _cu-. '.t›+. '.tu›n, w; K x __ 531.¡ ' _É . rr/ fabjÚ/ â - K 'IJg-UI: N ml: mm: Copper Sales (billion lbs) G0” 53/95 ¡”"'""”” 015) 6 ~ 3 , 2 2.4 ' a 1.9 1 : 1.25 1.3 10 14 20 l5e 20 168 20 178 Note: Covisobdatedgoldsa/ esmdxde 12k 05m 2014, 1204' ozsn 2015e, 175( 02s m 2016eand 220k ozs i1 2017e fournoncontroaítlng nte/ st. Molybdenum Sales (million lbs) 12o a A lilo' l/ Íu' 80 v ' a: : A , w 2014 2015e 2016e 2017e - Oil & Gas Sales (MMBOE) 2014 20 15e 2016e 2017e 75 , Note: c onsoldated copper sales bclude 715 mm bs i7 2014, 720 mm bs h 2015e , - , x, 1, 080 mmbs n 201 Ge, and 1, 030 nrnbs h 2017e for noncontroillng nte/ est; 50 ' _ah- _-. .a, . Ó ,7,° ' r excbdes purchased copper. ' ' 7 ' 4 ' " 25 ^ 0 A e = est/ mate. See Caut/ onarystatemevrt 2014 2015e 20166 2017e 13
  19. 19. i1;1'~I, ¡_I! '.'. [HMIJHAJ 2015e Uparzjfiug _rã-*fi/ ¡Jz/ fes 'WM-HC 'HL' *UNC . - í. 3.0133 . Io/ Jr P/ ydusiJy/ J a» ] nd f' NOTUI South (Parma o copper) America America Indonesia Africa Consolidated (1) Site Production & Delivery (21 $1.74 $1.58 $2.28 $1.67 $1.81 By-product credits (0.15) (0.07) (1.78) (0.47) (0.51) Treatment Charges 0.12 0.20 0.29 - 0.16 Ro alties s. Ex ort Duties - 0.01 0.30 0.06 0.07 Unit Net Cash Costs $1.71 $1.72 $1.09” $1.26 $1.53(3¡ Í ; migra/ asi 51133917111 . l North America South America Indonesia Africa 1,935 | 1 95'” 935 885 1 3 Í Í I i 455 31.. l Su M; ¡ Au › ç; ¡' : rm-Ju: -r ¡* 'l-NNDS ^' ¡ "y ¡ r' ¡' mmozs ' f , ¡ ic1vuIi›: '¡ Estivnates assume averaoe prices of 5275/! ? lb! CzyverASLZDO/ oz for gold, QM? ) hit mol and 51.3515 ñzr cabe/ t Ear me rev/ nanda' 0152015. @after/ y m: coss isca-F' va. fica/750' : M177 @Jader/ y metal sat-es vomrrres. Mv! COUSÕAPÉW net coss for 2015 »vou/ d #Exige by ~$0.01ü'o fiz' eadi 550/01 manga n _aa-'d and S). 01.5127 . c eadi 52h? ) change m molybdenmi. Prod/ com cossnobde , otro/ fl sharing n Saudi America and severa/ ice üxesn North A/ nerra. Indonesia and cansotdated 2015e um( cos: nabde 14174.5 and ãc/ b, resoecbvdy, forexpart ot/ ties and increased royalty rats atPT-FI. ¡noirdes Molybdenum moá/ ced n South America. Note: e = esbmate. See Caubonary Sete/ nem. 19
  20. 20. Kg: : :*. ~'; ;f”/ '_0;J 21x15/ 539w rios/ y “ : j: Jal/ Jau: : Jagger Prices '/ y.. r¡; “y 01H: M0174: . .e significant Increase From 2015 $15 (uss billions) $10 " $5 ' 2016e/2017e Average Cu $2.50/lb A 4 Cu $3.00/ lb . w Cu $3.50/| b A verage Operating Cash Flow (excluding Working Capital changes) (51, 200 Gold, 58 Molybdenum & 570 Oil) $ 12 ~ (uss billions) 7 $8 $4 4 ' o 'a JU. .k~: av_/ A1›. .~/ ;- AL43.': .u_t- $0 » » i cu $2.50/Ib cu $3.00/| b cu $3.50/ lb Note: For 20156/201765 verage, each 550/02 dia/ agem ga/ d appronmates $100 inn-FSM to EEHDA and S50 / rzuf-'Ívon to operalmg cas# How; eadv S1. (JO/ ü dae/ agem mo/ ybde/ um aawomtates $100 m-: lífan to &WDA and 580 to operamg cash fion; sad¡ 55. üô/ bwdiangem 0.4:" amrarimates $170 m. 955m ro 5177.24 and 5140mv1ifon to ooeramgaash fim-v. SEDA covas qoeramgnccvne abs deareaabon, deoáebon and amoruzaoon. e = estimate. See fautroiaaryàzatement. 20
  21. 21. É! ?Hawk¡Jr-. HIHCNIJ¡MJ _captar _ríyparrg/ iizrre; (1 ' (USS billions) *8 $7.2 v** $6.5 $6 E Lt# . Õhllilk % léíxulsss: TOTAL Q , . 3,. ; MINING 4.0 Mila¡ . ÉUHIAJ . L-l 2014 2015e ; x32 A e 2.2 . uu 7 2017e (J) Cap/ tal ewendrture esbrmtes ; nd/ de project i7 progress. Projectsaendrng nas# contmre to be re vrened and re vsed subject tv market com/ tram. (2) Prmarró/ noi/ des Cerro Verde exoansron and Grasberg underground devdopmmt Note: includes mortaázed nte/ est. e= est/ Ivete. 5 ee Cautronary Statanevt 21
  22. 22. VHHWE. |F'. '.IH»'›IIJH: !.' ixg VN. ; Da/ anote . af/ agf r9ffjrjsjgarrjarjf -: n-'r ". gnçytrv" 313142015 Balances (S in bns) . .u- l , f~ f! " : r ~. ,. f. , #ao . ,Jwsõé ? lt - Large Resource Base with Strong Cash Flows and Capital Discipline - Have Taken Steps to Reduce Cost & CAPEX, Complete Asset Sales and Reduce Common _-í", "§1fr. z' ' ~ 4 . '›; .,'H, " Stock Dividend - Increasing Volumes & Declining CAPEX Profile Will Enhance Credit Metrics - Advancing Plans for External Funding, Including Consideration of a Sale of Public ; k Equity for a Minority Interest in FM 0&G “ ' Available Liquidity Under FCX Revolver TOÍÔ' Debt Net Debt and Cerro Verde Facility of Approximately Debt/ EBITDA* $4 Bn as of March 31, 2015 (L m pr) 3.0x* 2.9x* A verage Interest Cost: 3. 7% "Pro forma for the sale of Eagle Ford and Canderarü/ Qfos axets Note: 3/31/15 babnces ndude 521 9mm n far' vai/ e adjustrnerzts 21
  23. 23. El? nááux¡_cv-. '.[›-§»'›II)¡l: lÇ . FCX - . A . Pra/ MGM 0:3; rJzLuâzLrrru” _iwcurârse Carrrpzrrs/ World's Largest Publicly Traded Copper Producer Long-lived Reserves with Large Incremental Resources High-Quality U. S. Based Oil & Gas Assets Growing Cash Flow & Production Profile Through Brownfield Expansion Experienced Technical Team Environmentally Responsible Track Record of Capital Discipline and Return Driven Investments ¡Firm/ j! ¡ÇOC/ .lâed on : irareiioiaier Pi/ .alue

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