$95 2005e Capital Expenditures in millions of dollars e = Estimate Common Infrastructure DOZ 50K Expansion Capital Atlantic Copper & Other DOZ Capital Sustaining $17 $19 $23 $26 At the end of 2004, PT Freeport Indonesia’s share of  proven and probable reserves totaled more than 40 billion  pounds of recoverable copper and more than 46 million ounces  of recoverable gold contained in 2.8 billion metric tons  of ore averaging 1.09 percent copper and 0.97 grams per  metric ton of gold.  PT Freeport Indonesia’s exploration efforts in 2005  will be focused on evaluating potential extensions of  the ML Z and Deep MLZ deposits, a potential expansion  of the  Grasberg underground resource, and assessing  reconn aissance targets along the Wanagon and Idenberg  fault t rends, located south of the Grasberg open-pit mine.  The resumption of exploration activities in the 2.2 mil lion acre highly prospective exploration area outside  the ex isting producing area of the Grasberg minerals  distric t is being assessed. G eologists working in the  richly endowed Grasberg  minerals district apply  high technology to grow  the reserve base. AnnualReportonForm10-K  A detailed discussi on  of our operations and financial matters, including our  audited financial statements, is included in this repo rt.  We invite you to review “Management’s Discussion and  Analysis,” as well as the financial statements in the following pages. If you have any questions or would li ke  additional information about FCX or its affiliates, plea se  contact our Investor Relations Department, 1615 Poydra s  Street, New Orleans, LA 70112, (504) 582-4000; or access our web site, www.fcx.com. 2004 ANNUAL REPORT  | 11 05e 06e 07e 08e 09e FCX Capital Expenditures in millions of dollars e = Estimate 50 100 150 200