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1 Acquisition of Joy Global “P&H” is one of Joy Global’s brands July 21, 2016 President and CEO of Komatsu Tetsuji Ohashi 1. Transaction Overview 2 • Komatsu has entered into a definitive agreement to acquire 100% of Joy Global’s shares. • The purchase price is U$ 28.3 per share; U$ 2,891MM (JPY 303.6B*1) in total equity value. • The transaction is expected to close in mid-2017, subject to Joy Global’s shareholder approval, regulatory approvals and other customary closing conditions. Transaction Overview Joy Global’s Historical Sales and Operating Margin Company Name Joy Global Inc. Average Operating Margin over the Last 10 Years (’06 -‘15): 17.5% Surface Underground Operating • U$ 28.3 per share (U$ MM) Key Financials Mining Mining Margin − Acquisition Represents 20.5% premium to1 week average 10,000 25% FY 2015/10 Price share price 20.9% 20.7% (U$ MM) *1 19.5% • Total equity value of U$ 2,891MM (JPY 303.6Bn ) 18.4% 18.6% 20% 8,000 19.4% U$ 3,172 MM Sales • Cash merger between Joy Global and a wholly 13.9% 19.8% (JPY 333 Bn*1 Transaction 15% ） owned subsidiary of Komatsu America Corp. 16.1% 13.7% Structure 6,000 *2 (Komatsu’s wholly owned US subsidiary) 8.3% Adjusted 7.8% 10% U$ 262 MM Operating *1 • Cash on hand and loans 4,000 4.6% (JPY 28 Bn ) Financing Income*2 (No plan for equity finance) 5% -0.7% 2,000 U$ -1,178 MM • Joy Global’s shareholders Meeting to be held in -1.3% 0% Net Income JPY -124 Bn*1 October - December 2016 （ ） • Expected to close in mid-2017, subject to Joy 0 -5% Schedule Global’s shareholder approval and clearance of *2: Excluding impairment charges (U$ 1,338MM) and restructuring charge (U$ necessary regulatory filings and approvals under 33.4MM) competition laws in relevant countries Joy Global’s Share Price Performance Joy Global’s share Price (U$) S&P 500 Overview of Joy Global 110 2200 100 Joy Global’s Share Price (Left) 2000 Year of Foundation 1884 90 1800 80 S&P 500 (Right) 1600 Headquarters Milwaukee, Wisconsin, USA 70 1400 60 1200 Manufacture, sale and services of mining Business Description 50 1000 equipment for surface and underground mining 40 800 30 600 Listing Exchange NYSE 20 400 10 200 # of Employees 13,400 (as of 2015/10) 0 0 20012002 2003 2004 2005 200620072008 2009 2010 2011 2012 2013 2014 2015 2016 *1: U$ = JPY 105 2. Transaction Rationales 3 • While the industry is currently facing challenges, mining equipment demand is expected to recover in the mid to long term as production and consumption of major commodities increase. • In surface mining, demand for larger dump trucks is increasing to improve productivity, and Joy Global, which manufactures larger loading machines that match larger dump trucks, is attractive to Komatsu. • In hard rock mining (e.g., gold, copper), we expect a shift from surface to underground mining, and we can enter into underground mining business through acquisition of Joy Global. Mining Equipment Demand and Index of Major Commodity Consumption Consumption (Units) (Indexed) 10,000 Mining Equipment Demand *1 6.1% 250 Indexed Major Commodity Consumption (Production in 2000 indexed to 100)*2 0.0% 8,000 6.9% 200 Annual Growth Rate of Indexed Major Commodity Consumption*3 2.2% 6,000 150 3.0% 4,000 100 2,000 50 0 0 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 *1: For Komatsu’s mining product lines only *2: Major Commodity＝Thermal coal, met coal, iron ore, copper *3: Average of annual growth rate over the period Demand of Dump Truck by Size Commodity Production by Mining Type 200t 240-280t 320-345t 345-400t Underground Mid- / Small-size Players 100% Underground Majors (Super Cave) Underground Majors (excl. Super Cave) 80% Surface 60% Increase in Size 40% 20% More Production from 0% Underground Mining Commodity Production [indexed] Commodity Source: Komatsu Source: Komatsu estimate (dump truck demand) Estimate 3. Overview of Joy Global (1) 4 • Headquartered in Milwaukee, Joy Global is among the leading suppliers of both surface and underground mining equipment. • Strong customer base including Mining Majors. • High-margin service business (c. 76% of LTM sales), under direct sales and service model, has led to steady cash flow generation even in a challenging environment. History of Joy Global Sales by Segment (LTM *1) 1884 Establishment Original Equipment 1994 Acquired Joy Mining Machinery (US), underground mining equipment manufacturer 24% 2011 Acquired LeTourneau (US) , strengthening surface mining equipment business LTM Sales by 2012 Acquired IMM (China), strengthening underground mining equipment business Segment 2014 Acquired Hard Rock Business of Mining Technologies International (Canada) Service 2015 Acquired Montabert (France), strengthening hard rock business 76% Sales by Region Sales by Commodity Historical Free Cash Flow *1 *1 (LTM ) (LTM ) （U$ MM） 800 China Industrial Other Free Cash Flow *3 8% *2 Africa Minerals 9% 600 4% 8% Iron Ore North 5% Eurasia America 400 LTM Gold /Zinc / LTM 9% 38% Sales by Nickel Sales by Region Commodity 6% 200 Coal Latin Copper 56% America Australasia 20% 0 18% 19% FY10 FY11 FY12 FY13 FY14 FY15 LTM *1 *1: 2015/5 – 2016/4 *2: Salt, Potash, Trona, Gypsum *3: Calculated as (Operating Cash Flow) – (Investing Cash Flow). Adjusted for one-time items in FY2011 and 2012 3. Overview of Joy Global (2) 5 • Provide a broad range of mining equipment for both surface and underground mining. Surface Mining Underground Mining (Soft Rock) Continuous Miner Dragline Continuously mine Super-size soft rocks Loading Machine Sheerer Used with Roof Support; Continuously mine soft rocks Roof Support Rope Shovel Prevent mine collapse Blasthole Super-size Loading Machine Drills (Max. Bucket: 70m3) Underground Mining Open a hole for entry (Hard Rock) Conveyer LHD Jumbo Drills (Load, Haul, Dump Machine) Open a hole for entry Wheel Loader (Max. Bucket: 40m3) Hydraulic Breaker (Also available for Surface Mining) 3. Overview of Joy Global (3) 6 Size of Joy Global’s Products 67.7m (As high as a 23-story building) PC200 3.1 m height PC8000 9.4 m length 19,600 kg weight 10.7m 10.7 m height 18.5 m length 752,000 kg weight Dragline Rope Shovel Sheerer Source: Joy Global’s Website 4. Post-transaction Vision 7 • Komatsu considers the mining equipment business as an area with high growth potential in the mid to long term. • Among mining equipment manufacturers, Komatsu and Joy Global share common values and strategies. • Together with Joy Global, Komatsu will strengthen our commitment to customer safety and productivity. Shared Values Safety, Productivity ($/Ton reduction) Customer Focus Super-size Common Strategies Rope Shovel Hydraulic Excavator 1 1 Direct sales and service model (Surface Mining) (Surface Mining) Innovation Super-size Super-size (ICT, Hybrid products, 2 Wheel Loader 2 dump truck in-house production of key components） (Surface Mining) (Surface Mining) 3 Blasthole Drills Support FY2015 Sales FY2015 Sales (Surface Mining) 3 Equipment JPY 450 Bn JPY 330 Bn*1 Longwall Sheerer (Surface Mining) 4 (Underground Mining) LHD 4 Mine Management System 5 (Underground Mining) Komatsu will further promote innovation at mining jobsites (GEMBA) under a strengthened direct sales and service model, thereby further contributing to our customers’ safety and productivity. *1: Fiscal year ended 2015/10; U$ = JPY 105 5. Synergy Example (1): Full Line Offering of Mining Equipment 8 • Through acquisition of Joy Global, Komatsu enters the underground mining equipment business. • We will have a full product line-up for surface and underground mining customers, acquiring new products such as super-size loading machines and drills. • Integration of both companies’ technologies will further promote “Dantotsu” Solution (e.g., ICT, Automation). Komatsu Mining Equipment Surface Mining Equipment Underground Mining Equipment Hydraulic Wheel Loader Wheel Loader Continuous Bulldozer dump truck Rope Shovel Blasthole Drill Dragline Haulage Roof Support Road Header Sheerer LHD Excavator (Mechanical drive) (Electric drive) Miner ✓✓✓✓ ✓✓✓✓✓✓✓✓✓✓ Source: Joy Global’s Website 5. Synergy Example (2): Strong Combination of Surface Mining Products 9 • In surface mining, Joy Global manufactures rope shovels and wheel loaders that best match Komatsu’s super-size dump trucks complementing Komatsu's existing product line-up. 1. Dump truck / Shovel Process: Excellent Complementarity (based on material density of 1.8, 90% fill factor) Joy Komatsu Global WA900-3E0 WA1200-6 L-1850 L-2350 Wheel Loader Loading Bucket Bucket: Bucket: Bucket: 11.5/13m3 20/18m3 30/28m3 40.3/37.8m3 Possible/Matching Class (Mechanical drive) (Electric drive) HD785-7 HD1500-7 730E-8 830E-1AC 860E-1K 930E-4(SE) 960E-2(K) 980E Komatsu Dump Truck Best matching Payload: Payload: Payload: Payload: Payload: Payload: Payload: Payload: 91tonne 144tonne 181tonne 221.6tonne 254tonne 291.7tonne 327tonne 363tonne 4 pass loading Joy Komatsu Global PC3000-6 PC4000-6 PC5500-6 PC7000 PC8000-6 4100C 4100C 4100XPC 4800XPC BOSS Hydraulic Shovel Rope Shovel Bucket: Bucket: Bucket: Bucket: Bucket: Bucket: Bucket: Bucket: Bucket: 15/15m3 22/22m3 29/29m3 34/36m3 42/42m3 45.3m3 50.3m3 60.5m3 68.1m3 (Hydraulic Shovel) (Rope Shovel) 5. Synergy Example (3): Innovation at Mining Jobsites 10 • Collaboration with A will accelerate our innovation at mining jobsites: Enhanced capabilities to improve safety and productivity of customer operations and to advance teleoperation and semi / full automation processes Integration and Sharing of Information / Data between Trucks and Shovels Autonomous Haulage System (AHS ) Combination of Komatsu trucks and Joy Global shovels would enable teleoperation and automation in mining operations Promotion of Customer Benefit 1st Step：Improved Safety 2nd Step：Improved Productivity 3rd Step：Remote Control / Automation • Collision Avoidance • Operator assistance such as optimal • Teleoperation loading position control, etc.
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