## Making the Grade 

The high-grade ore sample on the cover of this report illustrates the dramatic mineralization in our Grasberg minerals district. The Grasberg district contains both the world’s largest proven and probable gold reserves and the second-largest proven and probable copper reserves. Our success results not only because of our long-lived, high-grade mineral reserves, but also because of our commitment to excellence in safety, environmental management and corporate responsibility. Our success in “making the grade” reflects the culmination of efforts involving a broad range of business activities. We achieve success when we provide returns to our shareholders and creditors while contributing in a responsible fashion to the economic well-being in the commu- nities where we operate and to the countries where we conduct our businesses. We worked diligently in meeting challenges to make the grade in 2004. Our progress in 2004 and our track record of operating achievements over many years demonstrate that we have the right skills and the right assets to make the grade in the years ahead. 

