Merrill Lynch Conference

13 – 15 March 2017 Group revenue and operating profit split – September 2016 2

Revenue (R66.5bn) Operating profit (R4.1bn)

55% 44%

56% 45%

Automotive and Logistics Equipment and Handling

Merrill Lynch Conference Divisional overview

Equipment southern Equipment southern Africa – operational update 4

. Order book of R1.7bn at end Jan 2017 (Sept 2016: R1.3bn) . Increase in mining and contract mining activity as commodity prices continue to improve . DRC: Major mining customer has indicated intent to resume mobilising a portion of mining fleet . Aftermarket activity remains resilient . Stronger Rand impacting Dollar translation

Order book (Rm)

Southern Africa

0 1 000 2 000

Jan 2017 Sept 2016

Merrill Lynch Conference Southern Africa sales history 5

Rbn

25

20

46% 50% 15 41% 33% 56%

28% 10 36% 34%

30% 46% 5

0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Equipment sales Product support

Merrill Lynch Conference Southern Africa revenue profile by line of business – September 6

2016 2015

5% 5% 8% 6%

31% 39%

50% 56%

New equipment Product support Used equipment Rental

Merrill Lynch Conference Southern Africa new equipment sales by industry – September 7

2016 2015

4% 4%

13% 15% 29%

40%

52% 43%

Mining Construction Power Contract mining

Merrill Lynch Conference Commodity price movement 8

. Upswing in coal and iron ore prices signalling positive global mining recovery . Improved oil price sustainable due to OPEC production cuts . Recent jump in Cu prices buoyed by production reaching plateau

Copper, Coal & Iron ore Platinum & Copper

160 9 000

USD 140 8 000

120 7 000 6 000 100 5 000 80 4 000 60 3 000 40 2 000 20 1 000 - - 2 013 2 014 2 015 2 016 2017M01

Coal Crude oil Iron ore Platinum Copper

Source: Global Economic Monitor (GEM) Commodities

Merrill Lynch Conference Commodity mix - mining unit sales by commodity - 2012 - 2016 9

Glencore Exxaro COAL South 32 Vale

Mopani Copper Copper Manganese Platinum COPPER Vedanta DML Other 2% 2% Barrick FQM 7% Rental Namdeb 14% DeBeers Iron Ore Petra Debswana 5% Catoca Gold Uranium 4% 1% GOLD B2Gold Gold One Zinc Diamonds 2% Sishen 13% IRON ORE Khumani Kolomela

MANGANESE South 32

PGM Coal PLATINUM Impala Anglo Platinum 25% Copper 13% URANIUM Rossing Uranium Swakop Uranium Contractors 12% Skorpion ZINC Rosh Pinah

Merrill Lynch Conference Surface mining project outlook 10 Coal PGM / Zinc / Manganese Diamonds Uranium Iron Ore

Debswana – Orapa Cut 3 (2020) Chitotolo / Catoca (2017) - Complete Vale – Moatize Expansion (2017/18)

Debswana – Jwaneng Cut 9 (2019) ICVL – Minas Benga (2017)

Valencia (Norasa) – (2020) Coal of Africa – Makhado (2018)

Avel Moolmans – Sishen - (2017) South 32 – Wwk (2017)

Tshipi Borwa (2019) ResGen – Boikarabelo (2018-2019)

Sekoko – Waterberg (2017) Transhex – Namakwa Diamonds (2018)

Glencore-Shanduka (2017) - Complete Glencore – Zonnebloem (2018)

Glencore - Makoupan Project (2017) Vedanta Gamsberg (2017) Foskor (2017) – Complete Exxaro – Belfast Project (2019)

Merrill Lynch Conference Underground mining project outlook 11

Coal PGM /Zinc/ Manganese Copper Chrome Gold Diamonds

Konkola Copper mines (2017 - 2020) Platreef Project (2019-2021)

DRC ANGOLA MALAWI Glencore Mopani (2017 - 2020) Palabora Copper (2017 - 2021) ZAMBIA

Venetia Underground Mine ZIMBABWE MOZAMBIQUE (2020 – 2021) Hernic Ferrochrome (2019) NAMIBIA

BOTSWANA B2Gold Wolfshag (2019 - 2020) Sasol Longwall (2020)

PGM Maseve (2017 - 2018) LESOTHO SOUTH Kgalagadi Project (2017 - 2020) AFRICA

Assmang Black Rock (2017-2019)

Merrill Lynch Conference - significant orders received 12

. Significant rise in the number of enquiries from contract miners

. May signal an increase in mining activities in the near future

. Orders received

. WBHO (R45m): A total of 6 units, mainly Cat CS533E Vibratory Soil Compactor & Motor Graders construction type of equipment. (6x140k, 4x 336D2L, 2x CS533E, 1x CS78B, 2x232D)

. Andru Mining: 20x OHT (10x 777’s and 10x 773’s)

. Foskor: 4x 789’s. We have managed to place equipment in this mine where it was previously only competitor equipment. This is a significant milestone.

. Exxaro: 8x 777 OHT (2 in Grootegeluk and 6 Off Highway Trucks (OHT’s) for Andru Mining & Exxaro in Leewpan mine)

Merrill Lynch Conference DRC update 13

. More positive outlook for 2017 than prior year

. Glencore indicated that they going to invest further in their operations in DRC

. Increase shareholding in Katanga Mining

. Katanga ore leach processing plant to be completed in second half of 2017

. Increase in on site presence at Katanga mining by approximately 120 people by end of 2017

. Large increase in component replacement expected in the following 18 months

. Joint Venture will benefit from:

. Cost restructuring that took place in 2016

. Increased customer base

Merrill Lynch Conference Divisional overview

Equipment Russia Equipment Russia – operational update 15 . Order book of $56.2m at end January 2017 (September 2016: $21.1m) . Commodity prices, specifically coal, showing signs of recovery – increase in tender activity

. Inflationary pressure on operating costs due to strengthening rouble

. Capitalise on mining greenfield opportunities driven by improvement in commodities . Protect and grow aftermarket revenues through technology and customer fit solutions . Stronger Rand impacting Dollar translation

Order book ($m)

Russia

0 20 40 60 Jan 2017 Sept 2016

Merrill Lynch Conference Russia sales history 16

$m

600

500 33% 27%

400

28% 46% 300 51% 25% 61%

200 36% 24% 29%

100

0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Equipment sales Product support

Merrill Lynch Conference Russia revenue profile by line of business – September 17

2016 2015

1% 4% 1% 4%

34%

43%

51% 61%

New equipment Product support Used equipment Rental

Merrill Lynch Conference Russia new equipment sales by industry – September 18

2016 2015

13% 8% 5% 4%

8% 18%

7%

59% 68% 10%

Mining Construction Power Oil and gas Other

Merrill Lynch Conference Current mining opportunities 19

Gross Kekura AS Siyaniye (Kupol) 1xD6R 1x725C 37 units 2x745 2x745 1xTH514 $21m (2018) $0.9m $0.9m Polyus 1x950GC Muna

34x793 / 2x785 / 6x777 / 4x773 1xD6R 37 units

$117m prime + $24m aftersales (2018) $0.3m $1.2m $47m (2018)

ZDK Pavlik

2x777D

1x16M3

Norilsk Nickel $2.7m

2xR1600 4xR1600 6xR1700

1xR1300

1xPM102 GV Gold Ugakhan $2.3m $2.7m $5.2m 1x6018 1xD9R

5x777G 1xD6R

Sovrudnik $8.7m

1xM16

$0.9m

Bystrinsky

RUSAL 4x789D 8x789D

4x777G 2x777G $9.3m $18.6m

$3.4m $1.7m

Vasilievsky Rudnik Delivered 2xD6R 12x773E Firm Orders 2xD9R

Greenfields / Major Projects $1.8m $7.5m

Merrill Lynch Conference Bystrinsky greenfield success 20 Prime Product . Contract signed in December 2016 for 12 CAT 789D mining trucks: • Delivery in 2017 • 4 units shipped in January 2017 • Deal Value: $28m • Future prospects for up to 20 more CAT 789D’s

. Additional equipment under negotiation: • 2 CAT 6030 FS Concentrator complex • 2 CAT 992K • 1 CAT 16M

Site service agreement – under negotiation . Parts – on site parts warehouse . Service - 24 hours a day, 7 days a week . Project Manager appointed . Health monitoring and oil sampling Mine workshop

Merrill Lynch Conference Polyus package deal success 21 Mining Truck order: . Confirmation letter received from Polyus in Feb 2017: • 34 CAT 793D’s - 2018 delivery • 6 CAT 777G’s - 2017 delivery • 2 CAT 785C’s - 2018 delivery • 4 CAT 773E’s - 2017 delivery

• Total Deal Value: $141m of the following: o Parts and tooling: $24m o Machines: $117m

Future prospects: . Up to 15 more CAT 785D’s in 2018-2020

Training and Support Deliverables: . Parts – on site parts warehouse . 24 Major components valued at $3.7m . Immersive Simulator . Preventative maintenance bay for 2 trucks

Merrill Lynch Conference Divisional overview

Equipment Iberia Equipment Iberia – operational update 23 . Spanish economic growth driven by buoyant tourism sector, but is not translating into increased activity in the segments served . Machine industry in Spain shows growth but concentrated in small equipment . Power systems co-generation repowering opportunity in medium term . Marine and Digital capabilities development remains key driver for future growth . Order book growth driven by new machines orders . Focus on cost management and improved efficiencies

Order book (€m)

Iberia

0 20 40 Jan-17 Sep-16

Merrill Lynch Conference Iberia sales history 24

€m

900

800 30% 700 30%

600

500

34% 400 33% 40% 37% 35% 300 41% 44% 44% 200

100

0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Equipment sales Product support

Merrill Lynch Conference Iberia revenue by line of business – September 25

2016 2015

3% 3% 12% 16% 37%

41%

44%

44%

New equipment Product support Used equipment Rental

Merrill Lynch Conference Iberia new equipment sales by industry – September 26

2016 2015

4% 2%

44% 46%

52% 52%

Power Mining Construction

Merrill Lynch Conference Divisional overview

Handling Handling - Operational update 28

. Agreement to dispose of Handling and Agriculture SA assets into 50/50 JV with BayWa at NAV

. Trading as BHBW (Pty) Ltd with effect from 1 March 2017 following approval by competition authorities

. Will continue as the exclusive southern African dealer of Hyster and UTILEV lift trucks and warehousing equipment.

. Will continue as the exclusive southern Africa dealer of AGCO products, Massey Ferguson and Challenger

. Extended offering in the agriculture value chain is planned

. R297m net proceeds received end February 2017

. Joint venture to be equity accounted from 1 March 2017

Merrill Lynch Conference Divisional overview

Automotive Automotive - operational update 30

. Record result in a challenging trading environment

. Revenue R31.4bn (2015: R28.7bn) – up 9.5%

. Operating profit R1 654m (2015: R1 529m) – up 8.2%

. Operating margin for the year maintained at 5.3%

. Strong used vehicle profit contribution

Operating profit (Rm) Margin

+14% 9.0% Car Rental 9.1%

-2.1% 15.4% Avis Fleet 17.0% +15% 2.6% Motor Trading 2.4%

0 100 200 300 400 500 600 700 Sept 2016 Sept 2015

Merrill Lynch Conference Integrated business model delivers value 31

. Well balanced Automotive portfolio provides resilience

. Revenue CAGR of 11% delivers operating profit CAGR of 16%

. Inter-business unit synergies continue to deliver value

. Targeted capital allocation supports value creation

. Recently acquired businesses performing in line with expectation

Operating profit Rm Operating profit by BU Rm 1800 1800 1500 1500 1200 1200 900 900 600 600 300 300 0 0 2011 2012 2013 2014 2015 2016 2011 2012 2013 2014 2015 2016 Operating profit 1H Operating profit 2H Car Rental Motor Trading Avis Fleet

Merrill Lynch Conference Car Rental 32

. Sustained growth in rental days

. Pleasing revenue per day increase

. Fleet utilisation maintained at 75%

. Strong used vehicle profit contribution

. Customer satisfaction remains above 90%

. Maintain market leadership

Car Rental YTD Jan’17 FY’16

Rental days +4.2% +3.8%

Rental revenue per day +2.4% +5.4%

Merrill Lynch Conference Avis Fleet 33

. FY’16 financed fleet negatively impacted by Lesotho contract

. Return to finance fleet growth in 2017

. Customer retention rates remain high

. Net reduction in OEM maintenance plans due to lower new vehicle sales

. Reduced fleet terminations impact used contribution in FY’16

. Positive start to this year with strong contribution from used

. Economic environment impact certain African countries

Avis Fleet YTD Jan’17 FY’16

Finance fleet +1.0% -2.4%

Under maintenance -3.8% -2.3%

Merrill Lynch Conference Motor Trading 34

. Focused dealership footprint – “Fewer, Bigger, Better” Strategy continues

. New vehicle market remains under pressure

. Recent acquisitions support result:

. Two Mercedes-Benz dealerships (1 Mar 2016)

. Majority share in SMD (1 May 2016)

. Positive contribution from aftermarket revenues

. Maintained market share

Motor Trading YTD Jan’17 FY’16 New unit sales -10% -6.4% Parts revenue +10% +13% Service hours +6.0% +0.6%

Merrill Lynch Conference Motor Retail 35

Total market forecast for 2017 calendar year: Growth of 2.5% - 3.5%

Total South African Vehicle Market 900 800 700 600 500 400 300 200 100 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Passenger LCV M&HCV Forecasts and information by Dr. Neal Bruton

Merrill Lynch Conference Automotive – outlook 36

Car Rental . Volume and revenue per day increases expected to deliver top line revenue growth, supported by the dual brand strategy . Productivity, fleet utilisation and cost focus will maintain strong return on equity . Continued positive contribution from used vehicle disposals

Avis Fleet . Well positioned for continued organic growth . Maintain market leadership position and continue to achieve strong return on equity . Awaiting outcome of large contract renewals

Motor Trading . Challenging trading conditions to continue, impacting overall margins . Under-performing dealerships and franchises under review . Recent acquisitions to contribute positively to revenue and profitability

Automotive . 2017 revenue outlook range of R33bn to R34bn (2016: R31.4bn) Division

Merrill Lynch Conference Divisional overview

Logistics Logistics - operational update 38

. Trading ahead of last year . Benefit from full financial impact of new contracts and acquisitions . Leveraging investments in Smartmatta, KLL Group and Aspen acquisitions . Diversifying and extending service offerings

Merrill Lynch Conference Diverse blue chip customer base 39

Merrill Lynch Conference Merrill Lynch Conference

13 – 15 March 2016