Merrill Lynch Conference

Sun City 24 – 26 March 2014

2 2

Group revenue

53%

29%

7%

7% 4%

Revenue Sept 2013

50%

28%

7%

7%

8%

Revenue Sept 2012

Equipment Southern Africa Automotive and Logistics

Handling

Equipment Europe

Equipment Russia

3 3

Group operating profit

42%

48%

0%

12%

2%

-2%

-10%

0%

10%

20%

30%

40%

50%

60%

Operating Profit Sept 2013

39%

51%

-5%

12%

1% 2%

-10%

0%

10%

20%

30%

40%

50%

60%

Operating Profit Sept 2012

Equipment Southern Africa Automotive and Logistics

Handling

Equipment Europe

Equipment Russia Corporate

Equipment Division

5 5

Caterpillar enhancing distribution model

Objectives

Strengthening the Caterpillar-Dealer model 1

Enhancing customer focus 2

Achieving superior economics for Caterpillar

and the dealer

3

Seizing opportunities / mitigating risks 4

Business overview

Equipment southern Africa

7 7

Market outlook by segment (Rm)

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Building Construction Heavy Construction Contract Mining Mining Houses

31%

34%

54%

46%

8

Xstrata – Tweefontein (2013-)

Major surface mining opportunities 2013 - 2018

Copper/Nickel Iron ore

Extract Resources – Husab

B2 Gold (2013-)

Exxaro Medupi Exp (2013-)

Jindal (2015)

Kumba – Sishen (2013-)

Exxaro – Belfast Project (2015)

FQM – Kalumbila (2014) Vedanta – KCM (2013-14)

CoAL – Makhado (2016)

ResGen – Boikarabelo (2015)

Nippon Steel- Revuboè (2015)

Vale/Rio Tinto –Tete (2013-)

Zonnebloem Xstrata (2016)

Anglo – New Largo (2017)

Coal Uranium Gold

9

Major infrastructure opportunities 2013 - 2018

Potential

Various Road Rehab

Neckartal Dam

To commence short term

17 Strategic Integrated

Projects (SIPs) developed

and approved in South Africa

Awarded and in progress

Dams, Rail, Ports, Roads

Refinery

North South Water Pipeline

Mine Infrastructure and Provincial and Municipal

Infrastructure

Mine Infrastructure

Infrastructure Backlogs

Power, Ports, Roads

and Railways

Mine Infrastructure

Rail and Dams

10 * Fully Caterpillarised former Unit Rig LMT

We have the broadest mining truck line in the industry

Helping customers choose the trucks that match precisely to their unique hauling needs

CAT

MECHANICAL DRIVE

MINING TRUCKS

CAT

ELECTRIC DRIVE

MINING TRUCKS

UNIT RIG

ELECTRIC DRIVE

MINING TRUCKS

797F 793F 793D 789D 785D 785C

795F AC 793F AC

MT6300 AC MT5500 AC MT5300D AC* MT4400D AC* MT3700 AC MT3300 AC

11

Kumba | Electric Drive truck trial update

● Six Cat 795 AC trucks placed

at Sishen (R250m)

● Performance is measured on

• Fleet availability

• Mean Time Between Failure

• Life Cycle Costing

● Fleet performance is above

contractual KPI targets to date

● Exceptional parts and component

availability

12

Zambia | FQM Kalumbila

● Order of R1.1bn placed in 2011 for

three Cat 7495 rope shovels and

seven Cat MD 6640 drills

● 2 Rope shovels and 2 drills currently

being assembled on site

● 39 local employees on site for the

assembly of the machines

First Cat electric rope shovel to be delivered in Zambia

13

Namibia | Swakop Uranium – Husab Project

● First machine, Cat 6060FS hydraulic

shovel arrived in Walvis bay in

September 2013; machine has been

assembled, tested and handed over

● Assembly of second rope shovel

and other machines in progress

● The whole fleet is expected to be

commissioned by November 2014

● Barloworld Operational team being

put in place

Components of the Cat 6060 in transit

Assembled shovel and Barloworld Equipment team on site

Total contract value

R1.3bn

14 14

Southern Africa revenue profile 2013

52%

41%

4% 3%

Revenue by line of business

New equipment sales Product support

Used equipment sales Rental

42%

26%

11%

10%

11%

New equipment sales by industry

Mining Construction

EMPR Power

Contract Mining

15 15

Southern Africa sales history

37%

30%

28% 34%

46%

36%

33%

41%

0

5 000 000

10 000 000

15 000 000

20 000 000

25 000 000

2006 2007 2008 2009 2010 2011 2012 2013

R‘000

Equipment sales Product support

16 16

● January 2014 firm back orders at R3.6bn (Sept 2013: R3.55bn)

● EMPR large mining machine deliveries and site solutions expected to offset

slowdown in CAT legacy mining sales

● Strong after sales activity to continue

● Continued growth in construction with solid prospects for the medium term

● Positive outlook for Rental operation based on current market conditions

Equipment southern Africa – outlook

0 2 000 4 000

SouthernAfrica

Firm Order Book (Rm)

Jan 2014 Sep 2013

Business overview

Equipment Russia

18

Commodities overview – Russia

Oil Copper Coal

Gold Aluminium Platinum

Silver Nickel Diamond

Industry value

US$448bn

Industry value

US$7bn

Industry value

US$33.3bn

Industry value

US$13.1bn

Industry value

US$8.8bn

Industry value

US$1.7bn

Industry value

US$1.4bn

Industry value

US$4.9bn

Industry value

US$4.4bn

19 19

Russia revenue profile 2013

63%

33%

2% 2%

Revenue by line of business

New equipment sales Product support

Used equipment sales Rental

71%

16%

7% 3%

3%

New equipment sales by industry

Mining Construction Power systems

Oil and gas Other

20 20

Russia sales history

25%

24%

25%

29%

36%

28%

27% 33%

0

100 000

200 000

300 000

400 000

500 000

600 000

2006 2007 2008 2009 2010 2011 2012 2013

US$ ‘000

Equipment sales Product support sales

21 21

Green field projects – surface

2015 2016 2017

Units 147 136 101

US$ 282m 313m 398m

22 22

EVRAZ Holding

Raspadskaya mine

Coal reserves – 451 m tonnes

Raspadskaya Koksovaya mine

Coal reserves – 101 m tonnes

SUEK JSC

A.D. Rubana mine Coal reserves – 40 m tonnes

Underground greenfield mining projects

Yakutsk Petropavlovsk-

Kamchatskiy

Magadan

Anadyr

Mirniy

Chita

Achinsk

Omsk

Kemerovo

Barnaul

Tomsk

Krasnoyarsk

Abakan

Novosibirsk

Region 1

Western and

Eastern Siberia

Region 2

Yakutia and

Russia Far East

UGMK

Baykaimskaya mine (underground)

Coal reserves – 68,7 m tonnes

Nerungry

MC Kolmar

Nerungryugol JSC

Inaglinskaya Mine

Coal reserves – 76,8 m tonnes

Denisovskaya Mine

Coal reserves – 64,5 m tonnes

SDS Ugol

Yuzhnaya Mine – Lutuginskiy

mine site:

Coal reserves – 40 m tonnes

EVRAZ Holding

Mezhegey Ugol

Coal reserves – 700 m tonnes

MC Sibirskaya

(Sibuglemet)

Uvalnaya mine

Coal reserves – 342 m tonnes

Depressed

coal market

delaying

investment

23 23

Yakutsk Petropavlovsk-

Kamchatskiy

Magadan

Anadyr

Mirniy

Chita

Achinsk

Omsk

Kemerovo

Barnaul

Tomsk

Krasnoyarsk

Abakan

Novosibirsk

Region 1

Western and

Eastern Siberia

Region 2

Yakutia and

Russia Far East

BAM railway

• mega project (second spur of Baikal-Amur Mainline)

• Stage: start in 2014 • $15 bn

Severo-Sibirskaya

railroad

• 2 000km (Nizhnevartovsk to Ust-Ilimsk (BAM))

• Stage: start 2016 – US$4bn

Railways Oil & Gas projects

Nerungry

Kyzyl-Kuragino

railroad • 411,7 km • 2013 - Contractor chosen –

Mostovik • US$5,57bn

Power of Siberia

gas pipeline • implem. period – 2012-

2016 • Length – over 2700 km • Cost – over $13,6 bn

Ust-Kut GPP

• 2,3 bn m3 of natural gas to be processed (INK)

• Commissioning – 2014

Kuyumba – Tayshet

oil trunk pipeline • implem. period – 2013-2016 • Length – 704 km • Cost – $3 bn

Construction/oil and gas – opportunity

24 24

● Mining order book showing downward trend

● Gold under pressure with coal market still weak

● Continued branch infrastructure development throughout the territory remains key

to growing long term market share

Equipment Russia – outlook

0 20 40 60

Russia

Order book (US$m)

Jan 2014 Sep 2013

Order book excludes EMPR orders retained

by CAT to the value of US$28.7m – VT will

receive margin via service fee

Business overview

Equipment Iberia

26 Source: IMF and Ministry of Economy Spain

GDP Forecasts

1.0%

1.5%

3.4%

0.8%

-3.8%

-0.2% -0.1%

-1.6% -1.2%

0.5% 0.9%

2007 2008 2009 2010 2011 2012 2013 2014 2015

Actual Previous forecast - Oct 2013 Current forecast - Feb 2014

Spain starting to recover

27 27

Machine Industry trend and outlook (Iberia)

0

5 000

10 000

15 000

20 000

25 000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Un

its

28 SITECH + MYTRACTOR: 9 employees

2 388 2 363

2 146

1 954

1 665

1 482 1 428 1 423 1 407

1792

1150 1134

250 0 0

346 264 264

0

500

1 000

1 500

2 000

2 500

3 000

Sept 2007 Sept 2008 Sept 2009 Sept 2010 Sept 2011 Sept 2012 Sept 2013 Jan 2014 Sept 2014

BW Iberia staff BW FSA BW MERA BW STET

Headcount

• Headcount across the Iberian region has

been reduced by 965 employees or 40.4%

29 29 * Construction includes contract mining

Iberia revenue profile 2013

38%

35%

25%

2%

Revenue by line of business

New machine sales Product support

Used machine sales Rental

35%

14% 5%

46%

New equipment sales by industry

Mining Construction

Other Power

30

Iberia sales history

32%

30% 30%

34%

40% 37% 33% 35%

0

100 000

200 000

300 000

400 000

500 000

600 000

700 000

800 000

900 000

2006 2007 2008 2009 2010 2011 2012 2013

€ ‘000

Equipment sales Product support

31 31

● Iberian economy appears to have bottomed

● Order books continue at low levels but slightly better than 2013

● Focus on maintaining market share, margins and cost control

● New Mining projects appear on the horizon

● Power systems sector remains solid

● Improved operating performance due to lower cost base

Equipment Iberia – outlook

0 20 40 60

Iberia

Order book (€m)

Jan 2014 Sep 2013

Business overview

Global Power Systems

33

Power Systems opportunities

Oil & Gas

● Good progress in penetration of international key accounts

● After sales growth in Angola and Russia

● Working with Concession holders and service providers on large-

scale projects i.e. Mozambique LNG and Karoo unconventional

gas

Electric Power

● Electricity shortfall and large-scale infrastructure development

are driving the market

● Growing gas opportunities; cogeneration, landfill, greenhouses,

etc

● Project participation and orders growing

Marine

● Main prime and after sales opportunities with offshore vessels,

ferries, cargo, governmental (military) and fishing (tuna)

● Emphasis going forward on gas propulsion, systems integration

and coverage of international key accounts following CAT´s

acquisition of Berg

Automotive and Logistics

35 35

Strategic positioning

Barloworld Automotive

(Automotive Business model)

Au

tom

otive

an

d L

og

istics D

ivis

ion

Barloworld Logistics

Communication, HR, IT, Legal, Finance, Sustainable Development, Strategy,

Empowerment and Transformation, Risk Management, Business Development and

Sales, Governance, Ethics and Compliance

Customers

Car

Rental

Fleet

Services

Digital

Disposal

Solutions

Motor

Retail

Southern

Africa

Motor

Retail

Australia

Freight

Mangmt

and

Services

Supply

Chain

Mangmt

Supply

Chain

Mangmt

Transpor

t

Solutions

• Inter-business unit synergies and cost efficiencies

• Apply Collective Wisdom

• Leveraging Automotive infrastructure to achieve

critical mass for growth

• Retain strategic focus on each business unit

36 36

Sense of scale

General Information

Employees 10 765

Countries 16

Automotive Principals

Avis, Audi, BMW, Ford, General Motors, Mazda, Mercedes-Benz,

Toyota, Volkswagen

Car Rental locations >190

Wholly owned Motor Retail dealerships (SnA & Oz) 40

Key Indicators FY Sep ‘12 FY Sep ‘13

Rental Days 5.71m 6.06m

New & Used retail units sold 88 467 97 484

Total vehicles under management 227 019 277 164

New vehicles sold per dealership per month incl. Oz 76 83

DTS km’s travelled FY’13 75.0m

SAT tons shipped FY’13 16 333t

37 37

● Strong overall result in a demanding trading environment

● Revenue: R34.4bn (FY’12: R29.5bn) – up 17%

● Record operating profit R1 479m (FY’12: R1 152m) – up 28%

● Operating margin for the year 4.3% (FY’12: 3.9%)

● All business segments performed well

Operational review

+38%

+39%

+20%

+26%

0 150 300 450 600

Logistics

Fleet Services

Motor Retail

Car Rental

Operating profit (Rm)

2013 2012

7.7%

7.1%

2.5%

2.4%

16.7%

15.2%

2.3% 2.1%

Margin

38 38

● Revenue CAGR = 14%

● Operating profit CAGR = 27%

● Operating margins improved from

3.4% to 4.3%

● Balanced mix of businesses

delivers value through synergies

Integrated automotive and logistics business model delivers

2.0%

3.0%

4.0%

5.0%

0

10

20

30

40

2011 2012 2013

Margin Rbn Revenue and Margin

Revenue Margin

0200400600800

1 0001 2001 4001 600

2011 2012 2013

Rm Operating profit

39

Division overview

● Enhance return on equity

● Continued cash focus

● Targeted capital allocation

● Growing market share

● Optimising vehicle fleets (utilisation)

● Managing working capital levels

● Improving asset turn

● Expense management

● Controlling interest costs

● Implementing Logistics growth

strategy

● Targeted growth opportunities

across all units

● Exceeding customer expectations

● Australia negotiations

40 40

● Improved rental days despite competitive market

● Static revenue per day

● Continued focus on operating costs

● Fleet utilisation remains well controlled

● Continued solid used vehicle profit contribution

● Sustained customer satisfaction above 90%

Car Rental

-5

0

5

10

15

Rental days Rate per day Fleet utilisation Fleet size

% G

row

th

Leading indicators

Jan '14 YTD Sept '13 YTD

41 41 Source: RGT

Motor Retail

0

100

200

300

400

500

600

700

800

900

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Total South African Vehicle Market

Passenger LCV M&HCV

42 42

● Southern Africa

• Fewer, Bigger, Better” Strategy continues

• 71 new vehicles sold per dealership per month

(Sep’13: 75)

• Appropriate dealership footprint

• Focused brand strategy aligned to overall Automotive

business model presents some targeted growth

• Improved operating margin through cost containment

and margin expansion

• Continued strong finance and insurance contribution

Motor Retail

-5

5

15

25

New units Service hours Parts revenue F & I Net profit

% G

row

th

Leading indicators

Jan '14 YTD Sept '13 YTD

43 43

● Pleasing performance in low interest rate

environment

● Finance fleet growth slows post large contract

roll-outs

● Strong growth in fleets under maintenance

● Continued strong used vehicle profits

● COJ settled and performing well

● Awaiting adjudication on further tenders

● Investigating further African growth opportunities

Fleet Services

-5

5

15

25

Maintenance fleet Finance fleet Total fleet

% G

row

th

Leading indicators

Jan '14 YTD Sept '13 YTD

44 44

Logistics

Good turnaround and positioned for growth

● Manline contributing strongly to the newly

formed Barloworld Transport Solutions

from 1 Feb 2013

● Niche acquisition effective 5 Jun 2013,

rebranded Manline Mega, is well

positioned in the abnormal load transport

market with further growth potential

● Successfully renewed all expiring

contracts in Supply Chain Management

and Dedicated Transport

● Awarded Pioneer Bakery fleet 4PL

contract

● International operations continue to face

difficult trading conditions

• Restructured Spanish operations

• Exited Far East business effective 1 Nov

2013

Merrill Lynch Conference