#1FREEPORT FOREMOST IN COPPER ESG Investor Presentation | November/December 2020 fcx.com FCX LISTED NYSE A member of ICMM International Council on Mining & Metals FM FREEPORT-MCMORAN#2| Cautionary Statement FREEPORT FOREMOST IN COPPER This presentation contains forward-looking statements in which FCX discusses its potential future performance. Forward-looking statements are all statements other than statements of historical facts, such as plans, projections, expectations, targets, objectives, strategies or goals relating to environmental, social, safety and governance performance, including focus areas of climate and water stewardship, tailings management, reclamation and waste management, biodiversity, and sustainability, and the underlying assumptions and estimated impacts on FCX's business related thereto; FCX's approach to lower carbon and reduced emissions; plans and expectations in relation to future clean energy transition; future risk mitigation; FCX's continuing commitment to safe and reliable operations; FCX's commitment to human rights and creating a diverse and inclusive workplace; FCX's aim to deliver responsibly produced copper and its Copper Mark ambitions; and statements and goals related to copper's antimicrobial properties. The words "anticipates," "may," "can," "plans," "believes," "estimates," "expects," "projects," "targets," "intends," "likely," "will," "should," "could," "to be," "potential," "assumptions," "guidance," "future" and any similar expressions are intended to identify those assertions as forward-looking statements. FCX cautions readers that forward-looking statements are not guarantees of future performance and actual results may differ materially from those anticipated, expected, projected or assumed in the forward-looking statements. Important factors that can cause FCX's actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, the factors described under the heading "Risk Factors" in FCX's Annual Report on Form 10-K for the year ended December 31, 2019, and subsequent Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, each filed with the U.S. Securities and Exchange Commission (SEC), as updated by FCX's subsequent filings with the SEC. Investors are cautioned that many of the assumptions upon which FCX's forward-looking statements are based are likely to change after the forward-looking statements are made. Further, FCX may make changes to its business plans that could affect its results. FCX cautions investors that it does not intend to update forward-looking statements more frequently than quarterly notwithstanding any changes in its assumptions, changes in business plans, actual experience or other changes, and FCX undertakes no obligation to update any forward-looking statements. 2#3| Freeport: Foremost in Copper FREEPORT FOREMOST IN COPPER World-Class Developer Industry leading track record for major project execution in Block Cave Leader Industry leading technical capabilities; Decades of block caving experience PT FREEPORT INDONESE ELLOCO Responsible Producer Long-standing commitment to all of our stakeholders including our employees, communities, host countries, customers and suppliers Global Industry Leader Trusted Operator One of the world's Strong largest publicly reputation and producers; traded copper Seasoned and franchise in 4 countries; Synergistic complex value-driven global team; operation of all jurisdictions assets 30+ year reserve life with substantial additional resources 3#4| Leading Responsible Copper Producer Committed to all stakeholders FREEPORT FOREMOST IN COPPER Health & Safety Workforce Communities & Indigenous Peoples Human Rights PEOPLE COMMITMENT SAFETY ENVIRONMENT RESPECT FREEPORT FOREMOST IN COPPER EXCELLENCE GOVERNANCE INTEGRITY By supplying responsibly produced copper, FCX is proud to be a positive contributor to the world well beyond our own operational boundaries • Business Integrity & Ethics Independent & Engaged Board Oversight • Responsible Value Chains Transparency & Accountability • • Climate & Water Stewardship Biodiversity Tailings Management Reclamation & Waste Management#5Copper is Critical to Progress Copper is strategically important to enabling society's progress SUSTAINABILITY EFFICIENCY RECYCLABILITY Cu RELIABILITY • FREEPORT FOREMOST IN COPPER • • Decarbonization By 2030, copper could reduce global carbon emissions by 16%* Copper is a critical component for electric vehicles, charging stations, high-efficiency motors and renewable energy • Infrastructure Copper is essential for reliable, advanced electrical grids (production and delivery of energy and energy storage) and telecommunications (data centers, networks and cell towers) and railways Technology Copper is crucial for connecting and advancing society and smart cities/homes, including artificial intelligence, smart grids, 5G technologies, mobile phones and computers • Public Health** Copper could play an invaluable role in public health if used more frequently on "high touch" surfaces given its substantial antimicrobial properties, which can eliminate bacteria, viruses and other pathogens, reducing the risk of transmission * copperalliance.org **www.copperalloystewardship.com 5#6| Responsible Value Chains Dedicated to delivering responsibly produced copper to markets around the world FREEPORT FOREMOST IN COPPER • • . Focused on advancing responsibility in our value chains by: (1) managing risks in our own supply chain; (2) managing risks of our products and by-products in use; and (3) understanding life cycle impacts of our products along the value chain Recently published a Responsible Sourcing of Minerals Policy and inaugural OECD Step 5 Due Diligence Report FCX is committed to achieving the the Copper Mark, starting with 6 sites The Copper Life Cycle 2 The Copper Mark is a new assurance framework developed to demonstrate the copper industry's responsible production practices THE COPPER MARK MINING RECYCLING 0 →> SMELTING & REFINING SEMI- FABRICATION PRODUCT MANUFACTURE USE PHASE 6#7| Aligned to International Best Practices Dedicated to continuous improvement and evolving with changing expectations FREEPORT FOREMOST IN COPPER Voluntary Memberships & Commitments: A member of ICMM International Council on Mining & Metals Cu EITI Extractive Industries Transparency Initiative International Copper Association Copper Alliance WE SUPPORT UN GLOB COMPACT SUSTAINABLE DEVELOPMENT GOALS Sustainability Reporting Frameworks: GRI Empowering Sustainable Decisions TCFD UNITED NATIONS GUIDING PRINCIPLES ON BUSINESS & HUMAN RIGHTS VOLUNTARY PRINCIPLES ON SECURITY HUMAN RIGHTS WILDLIFE HABITAT COUNCIL® ISO TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES SUSTAINABIL ABILIT ACCOUNTING SASB STANDARDS BOARD Committed to SASB for FY2020 reporting 7#8| 2019 ESG Performance Snapshot 82% of total water utilized was from recycled sources $100 million invested in our communities 1st in North America in 2019 Corporate Human Rights Benchmark Assessment FREEPORT FOREMOST IN COPPER 99% of our employees are from the countries where we operate 13% women in global workforce, up from 10% in 2016 17% reduction in global GHG emissions over the last five years 81% of purchased power from low-carbon or renewable sources ZERO significant environmental incidents at our operations A'S MOST COMPANIES Forbes 2020 Forbes 2019 AMERICA'S BEST LARGE EMPLOYERS POWERED BY STATISTA AMERICA'S MOST RESPONSIBLE COMPANIES 2020 Newsweek 100 BEST CORPORATE CITIZENS Top 10 most ESG-transparent in S&P 500: Most Transparent S&P 500 Companies in Reporting ESG Metrics Forbes Magazine's JUST 100 Forbes Magazine's Best Employers List FOWERED BY statista☑ Newsweek's America's 300 Most Responsible Companies Corporate Responsibility Magazine's 100 Best Corporate Citizens 10 Most Transparent Companies in S&P 500 for ESG reporting 8#9People FREEPORT FOREMOST IN COPPER 6#10COVID-19 Response Protecting our people is protecting our business FREEPORT FOREMOST IN COPPER • • Protecting our Workforce & their Families Adhering to global standards to manage health and hygiene Established flexible, remote working plans for all administrative employees starting in mid-March All non-essential travel cancelled Committed to maintaining health benefits during the pandemic and beyond Offering guidance resources to support mental and physical well-being Ongoing communication and engagement efforts • Supporting our Local Communities Partnering with local governments, medical institutions, charities and NGOs to provide support Providing monetary and in-kind contributions of medical supplies and food including: 1 Ventilators and an ambulance in Calama, Chile; Portable oxygen plant and cylinders to the community of Arequipa, Peru; Testing and food donations in Papua, Indonesia; - Supplies to hospitals, health clinics and first responders in 27 different locations in 4 states and 6 tribal nations across the U.S. • • Maintaining Resiliency & Value Rapid response efforts initiated at corporate and sites Wide-ranging controls in place across all operations including temperature checks, rapid/PCR tests, social distancing, extensive cleaning and established isolation areas on- site in the event of positive tests Focused on supply chain resiliency Managing costs and financial liquidity Maximizing cash flow while preserving large resources & asset values for the future 10 10#11Health & Safety We choose to work safely because it MATTERS FREEPORT FOREMOST IN COPPER In 2020, rolling out our new "Safe Production Matters" strategy: Optimize health & safety resources Eliminate systematic causes of incidents and issues Focus on high risk/potentially fatal events Promote proactive data-driven decisions. and deliver technology that improves safety experience Empower a culture of safe behavior across all levels of the business Incident Frequency (per 200,000 hours worked) 0.76 0.74 0.72 0.71 0.70 2016 2017 2018 2019 2020 Target Potentially Fatal Event Trends 38 24 22 SAFE PRODUCTION MATTERS 18 2016 2017 2018 2019 11#12Human Rights We are committed to respecting the rights of all people FREEPORT FOREMOST IN COPPER Committed to the Universal Declaration of Human Rights and to implementing the United Nations Guiding Principles on Business and Human Rights and the Voluntary Principles on Security and Human Rights The 2019 Corporate Human Rights Benchmark Assessment ranked FCX's human rights program and performance 1st among all companies in North America and 3rd amongst all extractives assessed globally VOLUNTARY PRINCIPLES ON SECURITY HUMAN RIGHTS UNITED NATIONS GUIDING PRINCIPLES ON BUSINESS & HUMAN RIGHTS CHRB Corporate Human Rights Benchmark 12#13| Communities & Indigenous Peoples Community investments totaled more than $1.8 billion since 2009 FREEPORT FOREMOST IN COPPER Sarah 90 111 We are increasingly focused on investing in the "sustainability of people" which includes providing the enduring skills and opportunities individuals need to achieve productive livelihoods post-mining 2019 TOTAL: $100 MILLION Community Investment Focus Areas: • Community & Economic Development Indigenous Peoples Objectives in partnership with our local communities: • • Build lasting trust Minimize/mitigate negative impacts & maximize benefits Build resiliency & well-being Develop the skills & capacity to thrive beyond the mine. • Education & Training • Public Health & Nutrition • 13 333#14Our Employees Focused on adapting and excelling in the "new normal" Global Employees FREEPORT FOREMOST IN COPPER (As of December 31, 2019) Prioritizing a lean, flexible, and highly- engaged workforce North America 46% Indonesia 25% Approximately 27,500 Employees South America 24% Europe/Other 5% Promoting the Agile framework throughout the organization Working to understand the unique challenges and opportunities for a more diverse and inclusive workforce In support of the workforce transformation, established two new HR positions: Chief Human Resources Officer Vice President - Transformation and Organizational Development (specific responsibility for diversity & inclusion) North America 45% Minority (Hispanic and/or other) Global by Age 40% Indigenous Papuan Indonesia 98% Indonesian Nationals ① 22% over 50 14% under 30 Global by Nationality 64% between 30-50 99% In-Country Nationals 1% Expatriates Note: Figures exclude contractors 14#15| Diversity & Inclusion Progress on strengthening gender diversity across the value chain MIN FREEPORT FOREMOST IN COPPER 2019 Women Employed by Region (%) Zer 19% 17% 8% 7% 13% North America Europe /Other South Indonesia America FCX Global Women represent 33% of the Board of Directors, 13% of global workforce and 21% of new hires in 2019 Targeted programs to support and advance women in our communities - DreamBuilder, STEM education, etc. Identifying and understanding site-specific challenges and circumstances relating to gender and diversity Women as % of Global Workforce 10% 13% 13% 12% 15% 2016 2017 2018 2019 2020 Target Note: Figures exclude contractors 15#16Environment FREEPORT FOREMOST IN COPPER 16#17|Environmental Stewardship We spent $400 million on our environmental programs in 2019 FREEPORT FOREMOST IN COPPER • • Seek to avoid and minimize the adverse impacts of our operations on the environment while promoting opportunities to conserve and enhance resources in the areas of our operations Stewardship initiatives aim to produce benefits for the environment and people, build trust, and support our social license to operate Environmental focus areas include climate, water, tailings management, biodiversity, reclamation and waste management All operations' Environmental Management Systems certified to ISO14001 FCX is dedicated to responsibly managing water resources. In 2019, we utilized 4X MORE recycled water than new water. 17#18| Climate Our GHG emissions have reduced by 17% in the last 5 years Climate Strategy outlined in inaugural Climate report: 1. Reduce GHG emissions 2019 Purchased Powerby Source FREEPORT FOREMOST IN COPPER Natural Gas 35% Hydro 32% Coal, Other Fossil 18% 81% Nuclear 9% from low-carbon or renew able sources Solar, Wind, Geothermal 5% Other 1% Global GHG Reduction by Five-Year Trend (Total Metric Tons CO2e in Millions) 10 9 2. Enhance resilience to climate change risks 3. Contribute responsibly produced copper to the energy transition 7 8 165432-0 2015 2016 2017 2018 2019 REDUCTION RESILIENCE CONTRIBUTION Scope 1 Scope 2 18#19Tailings Stewardship Safety is at the foundation of our tailings management approach We support, and are committed to implementing, the new Global Tailings Standard FREEPORT FOREMOST IN COPPER • Tailings Stewardship program launched in 2004 FACILITIES BY DESIGN & STATUS UPSTREAM CENTERLINE DOWNSTREAM • Program has a foundation in Active 13 5 • • 52 52 5 1 COMMUNICATION & ACTION independent third-party reviews Comprehensive measures to ensure facilities are designed, built, operated and monitored to minimize risk to employees, neighboring communities and the environment Substantial engineering expertise, technological monitoring, and multi-tiered oversight Inactive or Closed ☑ Employ third-party expert Technical Review Boards Provided enhanced public disclosures of our tailings facilities on our website 2019 ENGINEERING & DESIGN MONITORING & TECHNOLOGY MULTI-TIERED OVERSIGHT LEARNING FROM PAST EXPERIENCES 19 19#20| PT-FI Controlled Riverine Tailings Alternative with lowest risk to human health and the environment FREEPORT FOREMOST IN COPPER • • • PT-FI's controlled system selected after extensive evaluations by international experts given extreme terrain and site- specific conditions A conventional tailings management system would have created an unacceptably high risk to human health and the environment 20+ year history of performing as designed Extensive monitoring and testing - 60 active monitoring programs currently Monitoring programs have established natural revegetation occurs and that the impacts are reversible at the end of the mine life PT-FI spends $100 million annually to monitor and manage the controlled system 20 20#21Governance AECO AECO ACCOM FREEPORT FOREMOST IN COPPER 21#22Sustainability Governance Focused on integrating sustainability into all aspects of our business and culture FREEPORT FOREMOST IN COPPER • • • • • • Active oversight from Board of Directors and dedicated Board-level Corporate Responsibility Committee Sustainability embedded in values and business strategy and cascades to leadership at the sites Promote culture of sustainability leadership & responsibility at all levels. Executive compensation aligned with ESG metrics (25% of annual incentive program) Dedicated to highest level of ethical and legal conduct in all business activities Zero tolerance for corruption & bribery and expect the same from our employees and contractors Continuously striving to embrace evolving stakeholder expectations and implement best practices Being a Responsible Producer means integrating sustainability in everything we do, everywhere, every day 22#23Corporate Governance Strong Board oversight and governance practices FREEPORT FOREMOST IN COPPER Highly Independent and Engaged Board: • • Active Board oversight of risks Board has four standing committees composed of independent directors Corporate Responsibility Committee is responsible for providing oversight on ESG matters Over 90% attendance at Board and Committee meetings by all current directors in 2019 Annual Board and Committee performance evaluations Demonstrated Board refreshment and diversity • Strong Governance Practices: Majority voting for directors Annually elect directors Non-Executive Chairman of the Board Stock ownership guidelines for directors and executives Robust shareholder engagement program with participation by independent directors Shareholder Rights: Shareholder right to call special meetings (15%) Shareholder right to act by written consent Shareholder proxy access 23#24| Board of Directors Actively focused on enhancing our Board through recruitment FREEPORT FOREMOST IN COPPER RICHARD C. ADKERSON Vice Chairman, President & CEO, Freeport-McMoRan Inc. GERALD J. FORD Non-Executive Chairman of the Board, Freeport-McMoRan Inc. LYDIA H. KENNARD President & CEO, KDG Construction Consulting DUSTAN E. MCCOY Retired Chairman & CEO, Brunswick Corporation • . • • Enhancing the composition and size of the Board remains a top priority Focused on achieving an appropriate balance of tenure, diversity, skills and experience to support effective oversight and long-term value creation In October 2019, added a new director (Mr. Stephens) with financial expertise to the Board and Audit Committee Professional search firm engaged to assist with identifying and evaluating potential director candidates Search firm instructed to include diverse individuals in the pool of candidates FRANCES FRAGOS TOWNSEND Vice Chairman, General Counsel and Chief Administrative Officer MacAndrews & Forbes Holdings Inc. JOHN STEPHENS Senior Executive Vice President & CFO, AT&T Inc. 24 24#25Board of Directors Focused on achieving a balance of tenure, diversity, skills and experience Diverse Experience, Qualifications & Skills Out of 6 Board Members Board diversity, tenure and age will continue to evolve as we progress our Board refreshment process Senior Leadership Experience Accounting/Financial Expertise Public Company Board Experience Board Composition Only CEO 16% 3 Years or Less Independence 5 of 6 33% 4-7 Years Operational Management 50% 50% 65 & Over 7 Under Average Tenure Years 10 Years Average Age 66.8 Years 50% 66+ International Business Capital Markets/Banking FREEPORT FOREMOST IN COPPER Environmental/Sustainability/Corporate Responsibility Government, Legal and Regulatory Compliance 16% Minority 33% Women Diversity Data as of April 22, 2020 25#26Executive Compensation Shareholder-informed program drives pay-for-performance alignment Element 2019 Components FREEPORT FOREMOST IN COPPER Base Salary • Fixed cash compensation used to calculate other compensation elements Annual Incentive • Annual variable cash compensation Formula-driven plan based on pre-established Program (AIP) performance weighted metrics . Annual cash awards capped at a multiple of base salary 25% ESG 10% Sustainability 15% Safety 40% Financial Annual Incentive Program 35% Operational Long-Term Incentive Program (LTI Program) Program is made up of 3 components: 1. Performance Share Units - PSUs (50% of LTI Program Awards) payable in shares of stock after a 3-year performance period Based on an ROI metric measured over 3-year performance period, adjusted with a relative TSR modifier 2. Options (25% of LTI Program Awards) - vests over a 3 year period from grant date 3. Restricted Stock Units - RSUs (25% of LTI Program Awards) – vests over a 3 year period from grant date 26 26#27Executive Compensation Committed to Best Practices FREEPORT FOREMOST IN COPPER Cash Paying for Performance: 67% of target compensation is delivered in equity, aligning CEO's interests with those of shareholders 87% of target total direct compensation is at-risk COVID-19 Impact on Compensation Program: From May through the end of 2020, CEO and CFO salaries cut by 25%, reflecting prudent measures during COVID-19 management Only 10% of their reduced salaries will be payable in cash during 2020, with the remainder paid in award of restricted stock units Other Compensation Program Best Practices: • • • • Claw-back policies Minimum share ownership requirements Double-trigger change of control provisions No excise tax gross-ups No hedging of company stock No excessive pledging of company stock Appropriate use of equity incentives 2019 Compensation Mix (CEO % shown) Total Compensation at Risk: 87% 17% Options 13% Base Salary 17% Restricted Stock Units Stock 33% Performance Share Units 20% Annual Incentive Program 27 27#28Appendix FREEPORT FOREMOST IN COPPER 28#29Senior Leadership Broad and experienced management expertise MARK JOHNSON Director, Executive Vice President and Chief Operating Officer, Freeport-McMoRan Indonesia RICHARD C. ADKERSON Vice Chairman, President Chief Executive Officer KATHLEEN L. QUIRK Executive Vice President and Chief Financial Officer JOSH OLMSTED President and Chief Operating Officer Americas FREEPORT FOREMOST IN COPPER RICK COLEMAN President, Freeport-McMoRan Mining Company MICHAEL J. KENDRICK President, Climax Molybdenum Co. DOUGLAS CURRAULT Senior Vice President and General Counsel STEPHEN T. HIGGINS Senior Vice President and Chief Administrative Officer BILL COBB Vice President and Chief Sustainability Officer PAM MASSON Vice President and Chief Human Resources Officer BERTRAND ODINET Vice President, Chief Information Officer and Chief Innovation Officer TONY WENAS President Director, PT Freeport Indonesia 29 29#30| International Council on Mining & Metals FCX founding member of ICMM in 2001 and CEO elected Chair in August 2020 FREEPORT FOREMOST IN COPPER • • • • International organization dedicated to a safe, fair and sustainable mining and metals industry Membership includes 27 companies with responsibility for more than 650 sites across 50 countries Maintains broad reach to 2,000+ companies through support from national, regional and commodity associations ICMM's 10 Mining Principles are a condition of membership and define good ESG practice through a comprehensive set of 38 Performance Expectations Implementation is supported by robust site-level validation, transparent disclosures of the outcomes and third-party assurance Source: icmm.com ICMM aims to continuously set the standard and strengthen ESG performance across the global mining and metals industry A member of ICMM International Council on Mining & Metals 793C 30#31Cybersecurity Resiliency is critical with digital acceleration and increase in the use of new technologies FREEPORT FOREMOST IN COPPER • • • IT infrastructure and information security management systems are reviewed by internal audit firm (Deloitte) annually Partner with third-party IT security support (Accenture) Audit Committee of the Board has oversight for cybersecurity program, with periodic reports from the Chief Information Security Officer Conduct annual, company-wide security awareness training for employees, supplemented with periodic phish testing, password strength testing, and regular security Security awareness related news and communication to ensure top of mind for remote employees Focused on aligning our cyber strategy with the new remote business environment emerging from COVID-19 31#32SHER COMMITMENT SAFETY RESPECT TEAM FREEPORT FOREMOST IN COPPER EXCELLENCE INTEGRITY F:v