UK Investor roadshow

21 – 22 August 2014

About Barloworld

3

Current company structure

100% 100%

4

Performance – September 2013

• Revenue: R65.1 billion

• Operating Profit: R3.5 billion

• Total Assets: R40.7 billion

• Energy Consumption (GJ): 2 838 435

• GHG Emissions (tCO2e): 267 624

• Water consumption (ML): 848

• LTIFR: 1.02

• CSI: R16.9m

5 5

Group revenue

Equipment Southern Africa Automotive and Logistics

Handling

Equipment Europe

Equipment Russia

6

Where we operate

Operations in 24 countries; 19100 people

Equipment

Equipment

7

The divisions and brands

Financial overview

9

Income statement highlights

(Rm) 1H’14 1H’13 % chg

Continuing operations

Revenue 29 887 28 561 5

EBITDA 2 800 2 401

Operating profit 1 639 1 384 18

Fair value adjustments on financial instruments (108) 7

Net finance costs (525) (488)

Profit before exceptional items 1 006 903 11

Exceptional items (49) (34)

Taxation (345) (304)

Income from associates 95 64 48

Net profit from continuing operations 707 629 12

Profit from discontinued operations 424 29

Net profit 1 131 658 72

Basic earnings per share (cents) 494 289 71

HEPS (cents) 336 304 10

HEPS - continuing operations (cents) 316 291 9

10

Statement of financial position

(Rm) 1H’14 FY’13

Non-current assets 15 980 16 023

Current assets (excluding cash) 25 267 21 518

Cash and cash equivalents 1 810 2 695

Assets classified as held for sale 371

Total assets 43 057 40 607

Interest of all shareholders 16 472 15 907

Total debt 13 008 10 253

Other liabilities 13 577 14 341

Liabilities classified as held for sale 106

Total equity and liabilities 43 057 40 607

Net debt 11 198 7 558

11

Summarised statement of cash flows

(Rm) 1H’14 1H’13

Operating cash flows before working capital 2 925 2 648

Increase in working capital (3 234) (2 405)

Net investment in leasing assets and vehicle rental fleet (1 713) (1 108)

Cash utilised in operations (2 022) (865)

Other net cash flows (935) (725)

Dividends paid (481) (358)

Net cash applied to operating activities (3 438) (1 948)

Net cash applied to investing activities (440) (963)

Net cash outflow (3 878) (2 911)

12

Capital structure remains strong

Group segmental gearing ratios

Debt to equity (%) Trading Leasing Car Rental Total group

Target range 30 - 50 600 - 800 200 - 300 Gross Net

31 Mar 2014 53 599 219 79 68

31 Mar 2013 64 464 233 89 77

30 Sept 2013 38 664 225 65 48

● Net debt of R11 198m (Mar 2013: R11 147m)

● EBITDA interest cover 5.2 x (Mar 2013: 4.8 x)

● Excludes R1.2bn from Australian sale received on 1 Apr 2014

13

Debt maturity profile

Interest bearing debt Redemption

(Rm) Total Short-term Long-term

South Africa 11 737 4 331 7 406

Offshore 1 271 446 825

Total debt March 2014 13 008 4 777 8 231

Total debt March 2013 12 712 5 762 6 950

Total debt September 2013 10 253 2 968 7 285

● Ratio of long-term to short-term debt 63:37 (Sept 2013 – 71:29)

● R1.5bn long-term bonds raised in in Dec 2013

● R5.5bn unutilised bank facilities at Mar 2014

● Cash and cash equivalents R1 810m (Sept 2013 – R2 695m)

Business overview

Equipment southern Africa

15 15

Southern Africa sales history

16 16

Southern Africa revenue profile – March 2014

17

Market outlook indicates mining turnaround in 2016

Mining

Contract mining

Source: Internal analysis

$ B

illi

on

s

Mining

Contract mining

18

Commodity RSA's rank

2013 RSA's output, t Pricing Price trend

Share of commodity in

RSA Mining Revenue,

%

Iron

Ore 13 67 93 USD/t 5%

Copper

10 853 7169 USD/t 14%

Diamonds

1 38.55mn n/a 17%

Commodities snapshot

19

Commodities snapshot

Commodity RSA's rank

2013 RSA's output, t Pricing Price trend

Share of commodity in

RSA Mining Revenue, %

Uranium

6 4 327 28.7 USD/lb 3%

Platinum

1 140 1413.50 USD/oz 12%

Coal

9 270 75.8 USD/t 40%

Gold

2 145

1317.73 USD/oz

3%

20

Major surface mining opportunities 2015 - 2020

Orapa Cut 3 (2015-2016)

Belfast Project–Exxaro (2016-2018)

Sishen - KIO (2015-2020)

Waterberg Coal –Sekoko (2017)

ResGen – Boikarabelo (2015)

Zonnebloem Xstrata (2017)

Anglo – New Largo (2017)

Cateruca - AEMR

(2016-2018)

Moatize exp - Vale (2016)

Coal Copper Iron ore Uranium Diamonds Platinum

Kipanya BHP (2016-2018)

Lumwana-Barrick

Gold (2018) Zambeze Rio Tinto (2017)

Sedibelo PPM (2016)

Argent- Shanduka(2015)

Exxaro Medupi Exp(2015)

Etango-Bannerman (2019-2020)

Jwaneng Cut 9

(2017-2020)

Mogalakwena Amplats (2017)

21

Major underground mining opportunities to grow sales 2015 - 2020

Sasol Bossjespruit

Anglo – New Denmark

Kangra – Kusiponga

Coal Copper Diamonds

Lonmin – Boabab

Glencore Mopani Vaalbult - Highwall Mine

De Beers Venetia

Ivanhoe Platinum

PGM- Waterberg

Continental- De Wittekrans

Platinum

ARM/Vale - Lubambe

Hebei iron/IDC- Palabora

(lift two)

Iron ore

22

South Africa, Angola & Mozambique

Driving Activity

Market outlook indicates continued growth

Heavy Construction

Building Construction

$ B

illi

on

s

23

Major infrastructure projects dependent on governments’

ability to execute and raise finance

Equipment Russia

25 25

Russia sales history

26 26

Russia revenue profile – March 2014

27

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

28 28

Mining – greenfield projects

2015 2016 2017

Units 37 143 101

Dollars $30m $330m $398m

29 29

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

30 30

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

Equipment Iberia

32

Iberia sales history

33 33

Iberia revenue profile – March 2014

34 34

Machine Industry trend and outlook (Iberia)

Global Power Systems

36

Business definition

• Provision of power generating solutions, including engines and other complementary

equipment, to fulfill our customer needs in a wide range of applications:

• Ensuring excellence in after sales product support, including parts and service, through many

different channels

Electric Power Marine Petroleum Industrial/ Rail

37

Regional drivers

Southern Africa

• Electricity shortfall

• Large-scale infrastructure development

• Mining and offshore exploration and production

Russia

• Ukraine crisis - uncertainty

• RUS Government planning to increase generating capacity by 50 GWT by 2020

• Old electric grid and cogeneration plants

Iberia

• Slow recovery from European debt crisis

• Removal of Gas/ cogeneration subsidies

• Shipbuilding is rebounding

38

Electric power – analysis and drivers Global

Energy Infrastructure shortfall

• Ageing infrastructure & investment shortfalls

• Concerns on energy security

Growth in mining power • Africa, Russia Gas and CHP potential

• Driven by gas availability & emissions

Relevance of “green issues” • Carbon trading, green legislation

etc. • C02 emissions reduction

Global Energy Demand Growth

• Continued population & GDP growth drive global energy demand increase

Renewables gaining traction

Electric Power

39

Customer segments Global

Drilling Production

Well Service

Jackup Rig

Semisubmersible Rig

Drillship

FPSO Land Power Module

Emergency Genset

Mud Pumps

Well Head

Primary Gathering

Gas Processing Plant

Transmission Station

Storage

Refinery

Offshore Platform

Crude Pumping

Fire Pumps

Coal Bed Methane

Camp Power

Well Fracturing Workover

Cementing WS Pumps

Nitrogen

Air Compressor

Rental Downhole Pumps

Gas Compression

Petroleum

40

Current marine business Global

Fishing

Fishing Fishing

Ferry

PRIME SALES AFTER SALES

Fishing

Military Paramilitary

Tug&Salvage

Offshore/T&S Fishing

Offshore

Offshore

Offshore Fishing

Marine

41

Systems integration Global Marine

Automotive and Logistics

43 43

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

Transport

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

44

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

45 45

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

46 46

● 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

-2

0

2

4

6

8

10

12

Rental Days Revenue per Day Fleet Utilisation Fleet Size

% G

row

th

Leading IndicatorsJul '14 YTD Sep '13 YTD

47 47 Source: Dr N. Bruton

Motor Retail

48 48

● Southern Africa

• Fewer, Bigger, Better” Strategy continues

• 75 new vehicles sold per dealership per month 1H’14

(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

10

15

20

25

30

New Units Service Hours Parts Revenue F & I Net Profit

% G

row

th

Leading Indicators

Jul'14 YTD Sep'13 YTD

49 49

● 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

-10

0

10

20

30

Maintenance Fleet Finance Fleet Total Fleet

% G

row

th

Leading Indicators

Jul '14 YTD Sep '13 YTD

50 50

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

THANK YOU