Market Capitalization $19.7 Billion. Weekly Price: (US$) SMA (50) SMA (100) 1 Year 2 Years

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1 BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F BUSINESS DESCRIPTION Freeport-McMoRan Inc. engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. It primarily explores for copper concentrate, copper cathode, copper rod, gold, molybdenum, silver, and other metals, as well as oil and gas. STOCK PERFORMANCE (%) 3 Mo. 1 Yr. 3 Yr (Ann) Price Change GROWTH (%) Last Qtr 12 Mo. 3 Yr CAGR Revenues Net Income EPS RETURN ON EQUITY (%) Ind Avg S&P 500 Q Q Q Sub-Industry: November 19, 2017 HOLD HOLD RATING SINCE 01/26/2017 Weekly Price: (US$) SMA (50) SMA (100) 1 Year 2 Years Rating History SELL Volume in Millions COMPUSTAT for Price and Volume, TheStreet Ratings, Inc. for Rating History HOLD P/E COMPARISON RECOMMENDATION We rate () a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing nesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its growth in earnings per share, revenue growth and notable return on equity. However, as a counter to these strengths, we also find nesses including a generally disappointing performance in the stock itself and generally higher debt management risk EPS ALYSIS¹ ($) Ind Avg S&P 500 HIGHLIGHTS has improved earnings per share by 5.5% in the most recent quarter compared to the same quarter a year ago. The company has demonstrated a pattern of positive earnings per share growth over the past year. We feel that this trend should continue. This trend suggests that the performance of the business is improving. During the past fiscal year, continued to lose money by earning -$3.17 versus -$11.23 in the prior year. This year, the market expects an improvement in earnings ($1.10 versus -$3.17). Q Q Q Q Q Q Q Q Q Q Q 's revenue growth trails the industry average of 29.6%. Since the same quarter one year prior, revenues rose by 11.2%. This growth in revenue appears to have trickled down to the company's bottom line, improving the earnings per share = not available NM = not meaningful Compustat fiscal year convention is used for all fundamental data items % is the gross profit margin for which we consider to be. It has increased significantly from the same period last year. Regardless of the results of the gross profit margin, the net profit margin of 6.49% trails the industry average. The debt-to-equity ratio is very high at 2.12 and currently higher than the industry average, implying increased risk associated with the management of debt levels within the company. Even though the debt-to-equity ratio is, 's quick ratio is somewhat at 1.18, demonstrating the ability to handle short-term liquidity needs. In its most recent trading session, has closed at a price level that was not very different from its closing price of one year earlier. This is probably due to its earnings growth as well as other mixed factors. The fact that the stock is now selling for less than others in its industry in relation to its current earnings is not reason enough to justify a buy rating at this time. PAGE 1

2 PEER GROUP ALYSIS REVENUE GROWTH AND EBITDA MARGIN* Revenue Growth (TTM) -10% 80% AP UNFAVORABLE ATI 0% MTRN AKS EBITDA Margin (TTM) ASM NSU AEM FAVORABLE ABX TGB SCCO 60% Companies with higher EBITDA margins and revenue growth rates are outperforming companies with lower EBITDA margins and revenue growth rates. Companies for this scatter plot have a market capitalization between $68.2 Million and $32.8 Billion. Companies with or NM values do not appear. *EBITDA Earnings Before Interest, Taxes, Depreciation and Amortization. REVENUE GROWTH AND EARNINGS YIELD Revenue Growth (TTM) -10% 80% AP UNFAVORABLE -35% Earnings Yield (TTM) FAVORABLE TGB ASM SCCO ATI MTRN AEM ABX NSU AKS 15% Companies that exhibit both a high earnings yield and high revenue growth are generally more attractive than companies with low revenue growth and low earnings yield. Companies for this scatter plot have revenue growth rates between -5.8% and 75.1%. Companies with or NM values do not appear. INDUSTRY ALYSIS The metals and mining industry is comprised of companies that engage in exploration, mine development, and ore mining. The industry includes precious metals mining for metals such as gold, silver, and platinum aluminum as well as companies mining or processing industrial metals such as steel, copper, & aluminum. The US is the largest producer of primary aluminum and the second largest producer of gold, exporting materials worth over $26 billion annually. According to recent estimates, there are more than 7000 metals and mining firms in the US. The industry is mature, cyclical, capital intensive and dominated by large companies. Fierce consolidation activity has been a key trend since Some of the major names in the industry are Alcoa Inc. (AA), Century Aluminum Co. (CENX), Kaiser Aluminum Corporation (KALU), Nucor Corporation (NUE), Cliffs Natural Resources Inc. (CLF), and Newmont Mining Corp. (NEM). The US steel industry is currently worth more than $50 billion with annual growth rates around 1% to 2%. Process chains are long with high production volumes. Recently, large quantities of low-cost imports have impeded growth. However, the industry has seen enhanced productivity, energy efficiency, and higher yield due to restructuring, downsizing, and widespread implementation of new technologies. In the coming years, overcapacity and price instability will remain critical issues. Efficient production, better-suited products, enhanced capacity utilization and environmentally friendly practices are vital factors to future success. The US is the largest producer of primary aluminum, exporting $39 billion annually. The aluminum sector is cyclical, mature, capital intensive, and geographically concentrated. Demand comes from transportation, packaging, consumer electronics, construction, aerospace and power companies. The industry is overtly responsive to economic conditions. Companies are responding to pricing pressures through consolidation and vertical integration, which is aimed at streamlining the supply chain. In the US, Nevada accounts for four-fifths of all domestic gold output. Domestic demand for gold has declined as retail jewelry sales have fallen sharply in recent years. However, higher consumption in emerging countries and increased investor demand for gold investment products like ETFs have helped bolster market prices. High gold prices have attracted new players and have prompted existing ones to expand. Future growth for the US metals and mining industry depends upon demand from BRIC nations, developing countries, and domestic consumers. The industry faces a number of challenges including environmental concerns, deteriorating ore grades, overproduction, technological changes, and the global economy. Intense competition from nations such as Canada, Russia, China and Mexico pose threats to the US mining industry because those nations have lower labor costs, lax environmental regulations and lower operating costs. Sustainability of high prices, resurgent global demand, particularly from the Asia-Pacific region, and signs of increasing industrial output across Europe and the United States may boost industry performance. PEER GROUP: Metals & Mining Recent Market Price/ Net Sales Net Income Ticker Company Name Price ($) Cap ($M) Earnings TTM ($M) TTM ($M) , , , MTRN MATERION CORP , NSU NEVSUN RESOURCES LTD NM ASM AVINO SILVER&GOLD MINES LTD TGB TASEKO MINES LTD SCCO SOUTHERN COPPER CORP , , , ATI ALLEGHENY TECHNOLOGIES INC ,383 NM 3, AP AMPCO-PITTSBURGH CORP NM ABX BARRICK GOLD CORP , , , AKS AK STEEL HOLDING CORP , , AEM AGNICO EAGLE MINES LTD , , The peer group comparison is based on Major Copper companies of comparable size. PAGE 2

3 COMPANY DESCRIPTION Freeport-McMoRan Inc. engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. It primarily explores for copper concentrate, copper cathode, copper rod, gold, molybdenum, silver, and other metals, as well as oil and gas. The company's portfolio of assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde and El Abra mines in South America. It also operates a portfolio of oil and gas assets comprising oil and natural gas production onshore in South Louisiana; and on the GOM Shelf and oil production offshore California, as well as natural gas production from the Madden area in central Wyoming. As of December 31, 2016, the company's estimated consolidated recoverable proven and probable mineral reserves totaled 86.8 billion pounds of copper, 26.1 million ounces of gold, and 2.95 billion pounds of molybdenum, as well as estimated proved developed oil and natural gas reserves totaled 18 million barrels of oil equivalents. The company was formerly known as Freeport-McMoRan Copper & Gold Inc. and changed its name to Freeport-McMoRan Inc. in July Freeport-McMoRan Inc. was founded in 1987 and is headquartered in Phoenix, Arizona. 333 North Central Avenue Phoenix, AZ USA Phone: STOCK-AT-A-GLANCE Below is a summary of the major fundamental and technical factors we consider when determining our overall recommendation of shares. It is provided in order to give you a deeper understanding of our rating methodology as well as to paint a more complete picture of a stock's strengths and nesses. It is important to note, however, that these factors only tell part of the story. To gain an even more comprehensive understanding of our stance on the stock, these factors must be assessed in combination with the stock s valuation. Please refer to our Valuation section on page 5 for further information. FACTOR SCORE Growth 2.5 out of 5 stars Measures the growth of both the company's income statement and cash flow. On this factor, has a growth score better than 40% of the stocks we rate. Total Return 3.0 out of 5 stars Measures the historical price movement of the stock. The stock performance of this company has beaten 50% of the companies we cover. Efficiency 2.0 out of 5 stars Measures the strength and historic growth of a company's return on invested capital. The company has generated more income per dollar of capital than 30% of the companies we review. Price volatility 1.5 out of 5 stars Measures the volatility of the company's stock price historically. The stock is less volatile than 20% of the stocks we monitor. Solvency 1.5 out of 5 stars Measures the solvency of the company based on several ratios. The company is more solvent than 20% of the companies we analyze. Income 0.5 out of 5 stars Measures dividend yield and payouts to shareholders. This company pays no dividends. THESTREET RATINGS RESEARCH METHODOLOGY TheStreet Ratings' stock model projects a stock's total return potential over a 12-month period including both price appreciation and dividends. Our Buy, Hold or Sell ratings designate how we expect these stocks to perform against a general benchmark of the equities market and interest rates. While our model is quantitative, it utilizes both subjective and objective elements. For instance, subjective elements include expected equities market returns, future interest rates, implied industry outlook and forecasted company earnings. Objective elements include volatility of past operating revenues, financial strength, and company cash flows. Our model gauges the relationship between risk and reward in several ways, including: the pricing drawdown as compared to potential profit volatility, i.e.how much one is willing to risk in order to earn profits; the level of acceptable volatility for highly performing stocks; the current valuation as compared to projected earnings growth; and the financial strength of the underlying company as compared to its stock's valuation as compared to projected earnings growth; and the financial strength of the underlying company as compared to its stock's performance. These and many more derived observations are then combined, ranked, weighted, and scenario-tested to create a more complete analysis. The result is a systematic and disciplined method of selecting stocks. PAGE 3

4 Consensus EPS Estimates² ($) IBES consensus estimates are provided by Thomson Financial FINCIAL ALYSIS 's gross profit margin for the third quarter of its fiscal year 2017 has significantly increased when compared to the same period a year ago. The company has grown sales and net income during the past quarter when compared with the same quarter a year ago, however, it was unable to keep up with the growth of the average competitor within its industry. has average liquidity. Currently, the Quick Ratio is 1.18 which shows that technically this company has the ability to cover short-term cash needs. The company's liquidity has increased from the same period last year, indicating improving cash flow Q4 FY E 2017(E) 1.63 E 2018(E) At the same time, stockholders' equity ("net worth") has greatly increased by 47.35% from the same quarter last year. Together, the key liquidity measurements indicate that it is relatively unlikely that the company will face financial difficulties in the near future. INCOME STATEMENT Net Sales ($mil) 4, , EBITDA ($mil) 1, , EBIT ($mil) 1, Net Income ($mil) STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12-months. To learn more visit BALANCE SHEET Cash & Equiv. ($mil) 4, , Total Assets ($mil) 37, , Total Debt ($mil) 14, , Equity ($mil) 6, , PROFITABILITY Gross Profit Margin 41.09% 30.26% EBITDA Margin 38.00% 27.05% Operating Margin 25.78% 9.39% Sales Turnover Return on Assets 2.86% % Return on Equity 14.95% % DEBT Current Ratio Debt/Capital Interest Expense Interest Coverage SHARE DATA Shares outstanding (mil) 1,448 1,362 Div / share EPS Book value / share Institutional Own % Avg Daily Volume 17,708,007 18,504,345 2 Sum of quarterly figures may not match annual estimates due to use of median consensus estimates. PAGE 4

5 RATINGS HISTORY Our rating for has not changed since 1/26/2017. As of 11/16/2017, the stock was trading at a price of which is 20.2% below its 52-week high of $17.06 and 23.3% above its 52-week low of $ Year Chart SELL: $ HOLD: $15.84 $20 $15 $10 MOST RECENT RATINGS CHANGES Date Price Action From To 1/26/17 $15.84 Upgrade Sell Hold 11/16/15 $8.86 No Change Sell Sell Price reflects the closing price as of the date listed, if available RATINGS DEFINITIONS & DISTRIBUTION OF THESTREET RATINGS (as of 11/16/2017) 43.95% Buy - We believe that this stock has the opportunity to appreciate and produce a total return of more than 10% over the next 12 months % Hold - We do not believe this stock offers conclusive evidence to warrant the purchase or sale of shares at this time and that its likelihood of positive total return is roughly in balance with the risk of loss % Sell - We believe that this stock is likely to decline by more than 10% over the next 12 months, with the risk involved too great to compensate for any possible returns. TheStreet Ratings 14 Wall Street, 15th Floor New York, NY Research Contact: Sales Contact: $5 VALUATION HOLD. The current P/E ratio indicates a significant discount compared to an average of for the Metals & Mining industry and a discount compared to the S&P 500 average of Conducting a second comparison, its price-to-book ratio of 2.83 indicates a discount versus the S&P 500 average of 3.16 and a premium versus the industry average of The price-to-sales ratio is well below both the S&P 500 average and the industry average, indicating a discount. The valuation analysis reveals that, FREEPORT-MCMORAN INC seems to be trading at a discount to investment alternatives within the industry. Price/Earnings Peers Discount. A lower P/E ratio than its peers can signify a less expensive stock or lower growth expectations. is trading at a significant discount to its peers. Price/Projected Earnings 8.38 Peers Discount. A lower price-to-projected earnings ratio than its peers can signify a less expensive stock or lower future growth expectations. is trading at a significant discount to its peers. Price/Book 2.83 Peers 1.85 Premium. A higher price-to-book ratio makes a stock less attractive to investors seeking stocks with lower market values per dollar of equity on the balance sheet. is trading at a significant premium to its peers. Price/Sales 1.25 Peers 3.03 Discount. In the absence of P/E and P/B multiples, the price-to-sales ratio can display the value investors are placing on each dollar of sales. is trading at a significant discount to its industry on this measurement. DISCLAIMER: Price/CashFlow 4.99 Peers Discount. The P/CF ratio, a stock s price divided by the company's cash flow from operations, is useful for comparing companies with different capital requirements or financing structures. is trading at a significant discount to its peers. Price to Earnings/Growth NM Peers 0.42 Neutral. The PEG ratio is the stock s P/E divided by the consensus estimate of long-term earnings growth. Faster growth can justify higher price multiples. 's negative PEG ratio makes this valuation measure meaningless. Earnings Growth lower higher Peers Lower. Elevated earnings growth rates can lead to capital appreciation and justify higher price-to-earnings ratios. However, is expected to significantly trail its peers on the basis of its earnings growth rate. Sales Growth lower higher Peers Lower. A sales growth rate that trails the industry implies that a company is losing market share. significantly trails its peers on the basis of sales growth The opinions and information contained herein have been obtained or derived from sources believed to be reliable, but TheStreet Ratings cannot guarantee its accuracy and completeness, and that of the opinions based thereon. Data is provided via the COMPUSTAT Xpressfeed product from Standard &Poor's, a division of The McGraw-Hill Companies, Inc., as well as other third-party data providers. TheStreet Ratings is a division of TheStreet, Inc., which is a publisher. This research report contains opinions and is provided for informational purposes only. You should not rely solely upon the research herein for purposes of transacting securities or other investments, and you are encouraged to conduct your own research and due diligence, and to seek the advice of a qualified securities professional, before you make any investment. None of the information contained in this report constitutes, or is intended to constitute a recommendation by TheStreet Ratings of any particular security or trading strategy or a determination by TheStreet Ratings that any security or trading strategy is suitable for any specific person. To the extent any of the information contained herein may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person. Your use of this report is governed by TheStreet, Inc.'s Terms of Use found at PAGE 5