FREEPORT-McMORAN COPPER AND GOLD (FCX $36.14, rated Overweight, price target cut to $79 from $86) COMMENTS FROM MORENCI MINE VISIT NOV. 2ND AS ESTIMATES CUT WITH LOWER METALS PRICES AND OUTPUT 11/22/2011

FREEPORT-McMORAN COPPER AND GOLD (FCX $36.14, rated Overweight, price
target cut to $79 from $86) COMMENTS FROM MORENCI MINE VISIT NOV. 2ND
AS ESTIMATES CUT WITH LOWER METALS PRICES AND OUTPUT 11/22/2011