Tenke FungurumeProject UpdateProject UpdateFebruary 2009

Cautionary StatementsyCaution Regarding Forward Looking Statements

This presentation contains forward looking statements These forward looking statements are not basedThis presentation contains forward-looking statements. These forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events. These forward-looking statements are subject to risks and uncertainties. These risks and uncertainties could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements.

Caution Regarding Inferred Resources

This presentation may use the terms "Measured", "Indicated" and "Inferred" Resources. U.S. investors are advised that while such terms are recognized and required by Canadian regulations, the Securities and Exchange Commission does not recognize them. "Inferred Resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Resources may not form the basis of feasibility or other economic studies. U.S. investors are cautioned not to assume that all or any part of Measured or Indicated Resources will ever be converted into reserves.

Tenke Fungurume“…potentially the largest/highest grade copper/cobalt resource in the world”

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Ownership and Funding

• 82.5% TF Holdings Ltd (70:30 funding)

• 17.5% Gecamines ( i d)17.5% Gecamines (carried)

A World Class Copper District

Copper ClearingsCopper Clearings

Mine Plan and Resource Expansion

• FS b i 40 i l• FS basis 40 year mine plan

• Oxides-Kwatebala, Fwaulu and Tenke deposits developed firstdeposits developed first

• Open pit - low strip ratio

• High grade mine plan

• Prove up new high grade for expansions with aggressive drilling program

Exploration prioritiesExploration priorities

Development Plan• Initial phase – 115,000 tpa Cu cathode / 8,000 tpa Co

• Commissioning/first copper cathode target – 2nd Q09

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Commissioning/first copper cathode target – 2nd Q09

• Investment for initial facilities/expansion capability: $US1 75 billion$US1.75 billion

• Full Production - second half 2009

• Exploration, expansion concept studies advancing

• Objective: expand to + 400,000 tpa copper in stages

“Before”

December 2007

“After”

December 2008

Kwatebala Prestripping

Mining Method

Process Process

GrindingCopper / Cobalt OreFrom Mine

Whole Ore Agitated Leaching

Thickening and Counter Current

DecantationTailings Neutralization

Residue to disposal

First and Second Stage Impurity

Removal

Solvent Extraction Cobalt Hydroxide Precipitation

Intermediate product to

Market

Electrowinning Cobalt Refinery (future expansion)

Cobalt metal to Market

Copper cathode to

Market

Tenke FungurumeDevelopment Project Update

Construction SiteJanuary 2009Construction SiteJanuary 2009

FF IIDevelopment Project Update II

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JJ

DD HH

EEGG

AA

GG

AA

BBBBCC

A – Heavy Duty Shop, B – Dump Pocket, C – Stockpile, D – Grinding (SAG mill), E –Leach and CCD, F – Cobalt Precipitation, G – PLS Ponds, H – Solvent Extraction, I –Electrowinning, J – Sulphuric Acid Plant

Regional InfrastructureConstruction AirstripConstructionVillagePlant

Access Road

Airstrip

Waste Dump

SNEL

Tailings Pond

Kwatebala

FwaluPit

220 KV Power Line

SNELPower Substation

TFM CampTenkePit

KwatebalaPit

150 KV P LiSNCC RailwayPit

National Road

150 KV Power Line

Each grid line = 2km

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DRC’s Power SupplyDRC s Power Supply• Tenke a major

investor ininvestor in rebuilding system capacity

• Investing inInvesting in reliability and for expansions

• Restarting latent capacity

Transportation – A key Issue

C t S i l R ibilit

• Safely run project and operations

Corporate Social Responsibility

• Equator Principles

• Voluntary Principles - Security and Human Rights

• Applicable IFC and WB standards & guidelines

• Freeport - high corporate standards

• Extractive Industries Transparency Initiative

• Implemented in partnership with NGO’sTenke Fungurume training programs

Key Social Issues

• Resettlement Plan

• Community DevelopmentCommunity Meeting in Mulumbu• Employment/Economic

Opportunities

• A Sustainable Future

Community Meeting in Mulumbu

A Sustainable Future

New Fungurume School

Social/Regional C it tCommitments

• Re settlement to high international standards• Re-settlement to high international standards

• Environmental protection

• Education, agriculture, water, health programs

• Micro enterprise development

• Infrastructure investment roads border power• Infrastructure investment – roads, border, power

• Operating Phase Social Development Foundation

DRC Contract ReviewDRC Contract Review•Complex political process – very different issues between contracts

•Tenke agreements - legally sound, equitable, binding. Cooperative dialogue on current issuesCooperative dialogue on current issues.

•Tenke Agreements = DRC Mining Code fiscal terms + g gadditional financial + project and social commitments

60% f h l f T k l l b i•> 60% of the value of Tenke goes to local business, the DRC Government and Gecamines

Tenke Fungurume – one of the World’s Largest New Copper Mines

• Superb, experienced development team on site

• Freeport making excellent progress.

• Critical circuits for first copper production nearing completion – stretch target first cathode - Q2

• Major expansion planning in progress

• Best in class practices

For Our ShareholdersFor Our Shareholders

• Stakeholders in a world class copper projectpp p j

• Freeport as Operator

• Lo cash operating costs• Low cash operating costs

• Strong project economics

• Extraordinary upside potential

Tenke FungurumeTenke Fungurumegg