FREEPORT-McMORAN COPPER AND GOLD (FCX $38.56, rated Overweight, price target cut to $61 from $74) ESTIMATED GRASBERG PRODUCTION CUT; GOLD PRICES LOWERED; DEBT REFINANCING CUTS INTEREST EXPENSE 3/16/2012

FREEPORT-McMORAN COPPER AND GOLD (FCX $38.56, rated Overweight, price
target cut to $61 from $74) ESTIMATED GRASBERG PRODUCTION CUT; GOLD
PRICES LOWERED; DEBT REFINANCING CUTS INTEREST EXPENSE 3/16/2012