Copper Smelter/Refinery Copper Smelter/Refinery Copper & Gold - Mine/Mill Operations Mineral Exploration PT Smelting Copper Smelter/Refinery Atlantic Copper.

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Copper Smelter/Refinery Copper Smelter/Refinery Copper & Gold - Mine/Mill Operations Mineral Exploration PT Smelting Copper Smelter/Refinery Atlantic Copper Atlantic Copper PT-FI 91% 100% 25% Phelps Dodge Domestic Operating Subs 100% 85% Varying Interest Morenci Mine Interests in Foreign Operations FCX

Major Copper & Gold Operations Copper Gold Copper Gold United States United States Canada Chile Peru Argentina South Africa Africa Australia

Atlantic Copper PT Smelting PT-FI Eastern Mining Copper Smelter/Refinery Mineral Exploration Copper & Gold - Mine/Mill Operations Mineral Exploration PT Smelting Copper Smelter/Refinery Atlantic Copper Atlantic Copper Eastern Mining FCX PT-FI Corporate Structure 91%100% 25%

4 Reserves 12/31/06 Copper (billion lbs) Molybdenum (billion lbs) Gold (million ozs) Average Production Volumes ( ) Copper (billion lbs) Molybdenum (million lbs)7774 Gold (million ozs) Implied Reserve Life (years) Copper21 21 Molybdenum2525 Gold2222 Mineralized Material (1) Ore (million metric tons)9,9729,341 average % copper average g/t gold Geographically Diverse, Long-Lived Asset Base 2006 Copper Production by Geography Pro forma Net Consolidatedinterest ____________________ (1) Geologic resources (i.e. Mineralized Material) are not included in reserves. The geologic resources will not qualify as reserves until comprehensive engineering studies establish their economic feasibility. Accordingly, no assurance can be given that the estimated resources and mineralization will become proven and probable reserves. North America 32% Chile 8% Peru 11% Africa 3% Indonesia 46% North America 42% Chile 19% Peru 4% Indonesia 35% 2006 Copper Reserves by Geography