Electrifying the Future

Financial Policy ELECTRIFYING THE FUTURE FREEPORT FOREMOST IN COPPER Strategic Objectives 膩 Maintain strong balance sheet Increase cash returns to stockholders Up to 50% Free Cash Flow (1) to Be Returned To stockholders under performance-based payout framework $0.60 Per Share in Dividends Includes $0.30 per share annual base dividend and $0.30 per share variable dividend for 2022 Advance organic growth opportunities Share Repurchase Program Scorecard as of April 20, 2022 Authorized $3.0 billion By Board in November 2021 Shares Repurchased 26.8 million Including 14.1 mm in 2022 Repurchased ~$1.1 billion Including $631 mm in 2022 Avg. Price $41.69 per share 2022 avg. of $44.74/share Remaining ~$1.9 billion Shares Outstanding ~1.45 billion As of April 20, 2022 Board will assess future cash returns at least annually based on performance NOTE: Net Debt not to exceed $3 - $4 bn, excluding project debt for additional smelting capacity in Indonesia. (1) Available cash flows generated after planned capital spending (excluding Indonesia smelter projects funded with debt and discretionary CAPEX) and distributions to noncontrolling interests. See Cautionary Statement. 16

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