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|                                                           | Page   |
|----------------------------------------------------------------|--------|
| ARTICLE I GENERAL                                              | 2      |
|                                                           |   |
| Section 1.01.  Defined Terms                         | 2      |
|                                                           |   |
| ARTICLE II SALE AND PURCHASE OF SECURITIES                     | 5      |
|                                                           |   |
| Section 2.01.  Investment                            | 5      |
| Section 2.02.  Closing                               | 6      |
|                                                           |   |
| ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE COMPANY      | 6      |
|                                                           |   |
| Section 3.01.  Disclaimer                            | 6      |
| Section 3.02.  Existence and Qualification           | 6      |
| Section 3.03.  Power                                 | 6      |
| Section 3.04.  Authorization and Enforceability      | 7      |
| Section 3.05.  No Conflicts                          | 7      |
| Section 3.06.  Brokers’ Fees                   | 7      |
| Section 3.07.  Consents, Approvals or Waivers        | 7      |
| Section 3.08.  Litigation                            | 8      |
| Section 3.09.  Taxes                                 | 8      |
| Section 3.10.  Environmental Laws                    | 8      |
| Section 3.11.  SEC Documents                         | 8      |
| Section 3.12.  Financial Statements; Reserve Reports | 10     |
| Section 3.13.  No Material Adverse Effect            | 10     |
| Section 3.14.  Capitalization; Shares                | 10     |
| Section 3.15.  Title to Property                     | 11     |
| Section 3.16.  No Undisclosed Relationships          | 12     |
| Section 3.17.  Licenses and Permits                  | 12     |
| Section 3.18. Compliance With ERSA                             | 12     |
| Section 3.19.  Insurance                             | 12     |
| Section 3.20.  No Unlawful Payments                  | 13     |
| Section 3.21.  No Restrictions on Subsidiaries       | 13     |
| Section 3.22.  No Registration Rights                | 13     |
| Section 3.23.  Board Approval                        | 13     |
| Section 3.24.  Vote Required                         | 13     |
| Section 3.25.  Voting Debt                           | 14     |
| Section 3.26.  No General Solicitation               | 14     |
| Section 3.27.  Material Contracts                    | 14     |
| Section 3.28.  Voting Agreements                     | 14     |
| Section 3.29.  Qualification                         | 14     |

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| ARTICLE IV REPRESENTATIONS AND WARRANTIES OF PURCHASER AND                     |   |
|--------------------------------------------------------------------------------|--------|
| FREEPORT                                                                       | 15     |
|                                                                           |   |
| Section 4.01.  Disclaimer                                            | 15     |
| Section 4.02.  Existence and Qualification                           | 15     |
| Section 4.03.  Power                                                 | 15     |
| Section 4.04.  Authorization and Enforceability                      | 15     |
| Section 4.05.  Broker’s Fees                                   | 15     |
| Section 4.06.  No Conflicts                                          | 16     |
| Section 4.07.  Consents, Approvals or Waivers                        | 16     |
| Section 4.08.  Financing                                             | 16     |
| Section 4.09.  Ownership of Company Stock                            | 16     |
|                                                                           |   |
| ARTICLE V COVENANTS                                                            | 16     |
|                                                                           |   |
| Section 5.01.  Proxy Statement                                       | 16     |
| Section 5.02.  Stockholders’ Meeting and Board Representations | 17     |
| Section 5.03.  Company Recommendation                                | 18     |
| Section 5.04.  Public Announcements                                  | 19     |
| Section 5.05.  Operation of Business                                 | 19     |
| Section 5.06.  Commercially Reasonable Efforts                       | 21     |
| Section 5.07.  Reservation of Shares                                 | 22     |
| Section 5.08.  Exchange Listing                                      | 22     |
| Section 5.09.  Certificate of Designations                           | 22     |
| Section 5.10.  Further Assurances                                    | 23     |
|                                                                           |   |
| ARTICLE VI CLOSING CONDITIONS                                                  | 23     |
|                                                                           |   |
| Section 6.01.  Conditions of Each Party to Closing                   | 23     |
| Section 6.02.  Conditions of the Company to Closing                  | 23     |
| Section 6.03.  Conditions of Purchaser to Closing                    | 24     |
|                                                                           |   |
| ARTICLE VII TERMINATION                                                        | 25     |
|                                                                           |   |
| Section 7.01.  Right to Terminate                                    | 25     |
| Section 7.02.  Effect of Termination                                 | 26     |
| Section 7.03.  Fees and Expenses                                     | 26     |
| Section 7.04.  Amendment                                             | 27     |
| Section 7.05.  Waiver                                                | 27     |
|                                                                           |   |
| ARTICLE VIII INDEMNIFICATION                                                   | 27     |
|                                                                           |   |
| Section 8.01.  Indemnification                                       | 27     |
| Section 8.02.  Indemnification Actions                               | 29     |
| Section 8.03.  Limitations                                           | 30     |

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| ARTICLE IX MISCELLANEOUS                               | 32     |
|--------------------------------------------------------|--------|
|                                                   |   |
| Section 9.01.  Counterparts                  | 32     |
| Section 9.02.  Notices                       | 32     |
| Section 9.03.  Governing Law                 | 33     |
| Section 9.04.  Waiver of Jury Trial          | 33     |
| Section 9.05.  Captions; Headings            | 34     |
| Section 9.06.  Waivers                       | 34     |
| Section 9.07.  Assignment                    | 34     |
| Section 9.08.  Entire Agreement              | 34     |
| Section 9.09.  No Third Person Beneficiaries | 34     |
| Section 9.10.  References; Schedules         | 34     |
| Section 9.11.  Construction                  | 35     |
| Section 9.12.  Specific Performance          | 35     |
| Section 9.13.  Severability                  | 36     |
|                                                   |   |

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|   FORM OF STOCKHOLDER AGREEMENT By and Among McMoRAN EXPLORATION CO.,FREEPORT-McMoRAN PREFERRED LLC and FREEPORT-McMoRAN COPPER & GOLD, INC. __________, 2010    |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                                                  | Page   |
|---------------------------------------------------------------------------------------|--------|
| ARTICLE I DEFINITIONS                                                                 | 1      |
|                                                                                  |   |
| Section 1.1  Definitions                                                    | 1      |
| Section 1.2  Rules of Construction                                          | 3      |
|                                                                                  |   |
| ARTICLE II CERTAIN AGREEMENTS                                                         | 4      |
|                                                                                  |   |
| Section 2.1  Lock-Up                                                        | 4      |
| Section 2.2  Restrictions on Certain Transfers                              | 4      |
| Section 2.3  Standstill                                                     | 5      |
| Section 2.4  No Solicitation                                                | 6      |
| Section 2.5  Prohibition on Agreements with Plains Relating to Issuer Stock | 6      |
| Section 2.6  Prohibition on Agreements Relating to Issuer Stock             | 6      |
| Section 2.7  Board of Directors; Governance                                 | 7      |
|                                                                                  |   |
| ARTICLE III USE OF INFORMATION                                                        | 9      |
|                                                                                  |   |
| ARTICLE IV REGULATORY MATTERS                                                         | 9      |
|                                                                                  |   |
| Section 4.1  HSR Act                                                        | 9      |
|                                                                                  |   |
| ARTICLE V MISCELLANEOUS                                                               | 11     |
|                                                                                  |   |
| Section 5.1  Legend                                                         | 11     |
| Section 5.2  Notices                                                        | 12     |
| Section 5.3  Governing Law; Jurisdiction; Waiver of Jury Trial              | 13     |
| Section 5.4  Entire Agreement; Amendments and Waivers                       | 13     |
| Section 5.5  Binding Effect and Assignment                                  | 13     |
| Section 5.6  Enforcement of this Agreement                                  | 13     |
| Section 5.7  Severability                                                   | 14     |
| Section 5.8  Execution                                                      | 14     |

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| (i)   | THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO IS IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO TRANSFER AND OTHER RESTRICTIONS SET FORTH IN A STOCKHOLDER AGREEMENT, DATED AS OF [_________], 2010, COPIES OF WHICH ARE ON FILE WITH THE SECRETARY OF THE ISSUER. |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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