Freeport-McMoRan Inc. commenced cash tender offers to purchase a portion of its outstanding 3.55% Senior Notes due 2022, 3.875% Senior Notes due 2023 and 4.55% Senior Notes due 2024 (collectively, the Notes) for an aggregate purchase price up to $800 million (the principal amount of Notes that does not cause such amount to be exceeded, subject to increase, decrease or elimination, the Aggregate Maximum Tender Cap), subject to the acceptance priorities set forth in the table and the 2024 SubCap. The net proceeds from one or more debt financings and, if necessary, cash on hand or available liquidity, will be used to fund the tender offers. FCX will not be obligated to accept for purchase any Notes pursuant to the tender offers unless certain conditions are satisfied or waived by FCX, including FCX having obtained a minimum of $800 million in gross proceeds from one or more debt financings, as the same may be upsized. No tender offer is conditioned on any minimum amount of Notes being tendered or the consummation of the other tender offers. Subject to applicable law, FCX may amend, extend or terminate any of the tender offers in its sole discretion. Subject to the Aggregate Maximum Tender Cap and the acceptance priority levels, the aggregate principal amount of 4.55% Senior Notes due 2024 (the 2024 Notes) to be purchased by FCX will not exceed $100 million, excluding accrued but unpaid interest (subject to increase, decrease or elimination, the 2024 SubCap). The tender offers are being made solely pursuant to the terms and conditions set forth in an Offer to Purchase, dated July 13, 2020, which sets forth a more detailed description of the tender offers. Holders of the Notes are urged to carefully read the Offer to Purchase before making any decision with respect to the tender offers.