FREEPORT-McMORAN COPPER AND GOLD (FCX $33.16, rated Overweight, price target cut from $56 to $48) LOWER ESTIMATED COPPER PRICES CUT ESTIMATED EARNINGS, CASH FLOW & PACE OF DEBT REPAYMENTS; “PERCENTAGE USA” EARNINGS ANALYZED AT COPPER PRICE SCENARIOS 3/14/2013

FREEPORT-McMORAN COPPER AND GOLD (FCX $33.16, rated Overweight, price
target cut from $56 to $48) LOWER ESTIMATED COPPER PRICES CUT
ESTIMATED EARNINGS, CASH FLOW & PACE OF DEBT REPAYMENTS;
“PERCENTAGE USA” EARNINGS ANALYZED AT COPPER PRICE SCENARIOS 3/14/2013

﻿FREEPORT-McMORAN COPPER AND GOLD (FCX $33.16, rated Overweight, price target cut from $56 to $48) LOWER ESTIMATED COPPER PRICES CUT ESTIMATED EARNINGS, CASH FLOW & PACE OF DEBT REPAYMENTS; “PERCENTAGE USA” EARNINGS ANALYZED AT COPPER PRICE SCENARIOS 3/14/2013

FREEPORT-McMORAN COPPER AND GOLD (FCX $33.16, rated Overweight, price target cut from $56 to $48) LOWER ESTIMATED COPPER PRICES CUT ESTIMATED EARNINGS, CASH FLOW & PACE OF DEBT REPAYMENTS; “PERCENTAGE USA” EARNINGS ANALYZED AT COPPER PRICE SCENARIOS 3/14/2013