Management’s Report on Internal Control Over Financial Reporting Freeport-McMoRan Copper & Gold Inc.’s (the Company’s)  management is responsible for establishing and maintaining  adequate internal control over financial reporting. Internal  control over financial reporting is defined in Rule 13a-15(f)  or 15d-15(f) under the Securities Exchange Act of 1934  as a process designed by, or under the supervision of, the  Company’s principal executive and principal financial officers  and effected by the Company’s Board of Directors, manage- ment and other personnel, to provide reasonable assurance  regarding the reliability of financial reporting and the  preparation of financial statements for external purposes in  accordance with generally accepted accounting principles and  includes those policies and procedures that: Because of its inherent limitations, internal control over  financial reporting may not prevent or detect misstatements.  Projections of any evaluation of effectiveness to future  periods are subject to the risk that controls may become  inadequate because of changes in conditions, or that the  degree of compliance with the policies or procedures may  deteriorate. The Company’s internal control system was  designed to provide reasonable assurance to the Company’s  management and Board of Directors regarding the preparation  and fair presentation of its published financial statements. Our management, including our principal executive officer  and principal financial officer, assessed the effectiveness of our internal control over financial reporting as of the end of  the fiscal year covered by this annual report on Form 10-K.  In making this assessment, our management used the criteria  set forth in Internal Control-Integrated Framework issued by  the Committee of Sponsoring Organizations of the Treadway  Commission (COSO). Based on our management’s assess- ment, management believes that, as of December 31, 2004,  our Company’s internal control over financial reporting is  effective based on the COSO criteria. Ernst & Young LLP, an independent registered public  accounting firm, has issued their attestation report on  our management’s assessment of the effectiveness of our  internal control over financial reporting as of December 31,  2004, as stated in their report dated March 9, 2005, which  is included herein. Richard C. Adkerson  President and Chief  Executive Officer  Kathleen L. Quirk Senior Vice President, Chief Financial Officer  and Treasurer • Pertain to the maintenance of records that in reasonable  detail accurately and fairly reflect the transactions and  dispositions of the Company’s assets; • Provide reasonable assurance that transactions are  recorded as necessary to permit preparation of financial  statements in accordance with generally accepted  accounting principles, and that receipts and expendi- tures of the Company are being made only in accordance  with authorizations of management and directors of the  Company; and • Provide reasonable assurance regarding prevention or  timely detection of unauthorized acquisition, use or dispo- sition of the Company’s assets that could have a material  effect on the financial statements. 48 |  FREEPORT-McMoRan COPPER & GOLD INC.