Investment Case

• Market leader – providing integrated solutions in distribution, rental, fleet management, product support and logistics
• Service excellence underpins integrated solutions

• Three core divisions – Equipment, Automotive and Logistics, and Handling
• Achieving profitable growth and enhancing financial returns

• Caterpillar, Hyster, Avis and leading automotive and agricultural brands

• Exposure to mining, infrastructure, power, agriculture, automotive, tourism and logistics sectors with above-average long-term growth potential particularly in southern Africa, Russia and other emerging markets

• Operations across various industries in 26 countries as well as business diversity and exposure to mix of commodities, brands and sector opportunities enhances resilience through the business cycle

• Limited reliance on short-term funding facilities
• Gearing Debt expressed as a % of the sum of debt and Shareholder’s equity levels within target ranges, reducing net debt levels with strong operational cash flows and significant unutilised borrowing facilities
• Fitch credit rating maintained at investment grade A+

• Proven ability to execute strategies with effective cash flow, capex, working capital and expense management focus
• Capable and adaptable Barloworld people at all levels

• Broad stakeholder-based approach to governance and sustainable development
• Significant investment in skills development and training programmes