What we do

1
What we do

• Business solutions
• through leading industrial brands,
• supported by service, relationships
• and attention to detail,
• that make our customers businesses excel

2
Understanding Barloworld

• The key to Barloworld is how we do things, not
  what we do
• A strong, stable, committed, innovative, dynamic
  global management team
• A deep culture of integrity, ethics and winning

3
In November 2002 we said VBM has plenty of
scope to deliver value
Community (social and environment)
 

•  

Shareholders
Employees
Customers
4
H1 2003 strong operating performance

• Operating profit up 41
• Operating profit margins 6.5 (H1 02 4.7)
• Drive to improve quality of business
• 58 of profits outside SA (H1 02 52)

5
H1 2003sources of profit
Result by geography
Operating profit by line of business
6
In May 2003 we saidoutlook for H2 2003
cautiously optimistic

• Expecting a good H2 operating performance
• HEPS growth subject to Rand volatility and
  strength
• Focus on improving quality of existing businesses
• Further acquisitive growth

7
Exchange rate impactrand strength continues in
H2 2003
20
2002 R
15
Month end exchange rate
2003 R
2002 RUS
10
2003 RUS
5
0
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep

• Adverse impact of Rand strength
• IAS 39/21 charge to income statement
• Translation effect on non-SA earnings

8
H2 2003 trading environments
9
Capital Equipment Spainafter market continues
growing
100,000
98,000
96,000
94,000
92,000
Parts Sales Oct - July
(000 Euros)
90,000
88,000
86,000
84,000
82,000
2001
2002
2003
10
Capital Equipment Spain new equipment market
softer but remains at high levels
250
200
150
Barloworld New Unit Sales
100
50
0
Jun 01
Apr 02
Apr 03
Dec 01
Aug 01
Aug 02
Oct 02
Feb 02
Jun 02
Feb 03
Jun 03
Oct 01
Dec 02
11
Capital Equipment Spain rental business
continues to expand
3500
30000
3000
25000
2500
20000
2000
Number of Units
15000
1500
Fleet Cost (000 Euros)
10000
1000
5000
500
0
0
Oct 01
Jan 02
Apr 02
Jul 02
Oct 02
Jan 03
Apr 03
Units
Fleet cost
12
Capital Equipment Southern Africamarket buoyant
Barloworld unit sales
New Units
Used Units
South Africa, Botswana and Namibia
13
Capital Equipment South Africagrowing our
rental business
Units in fleet (month end)
Rent to Rent (Plant hire)
Rental Services (generators, compactors etc)
Lift Trucks (short long term) /10
14
Capital Equipment Southern Africa strong growth
in Angola
Mozambique Malawi
Zambia
Angola
2003 figures are Oct - July
15
Industrial Distribution Europelift truck
volumes improving
UK Belgium (units)
October to July Barloworld unit deliveries
16
Industrial Distribution USlift truck volumes
improving
US (units)
October to July Barloworld unit deliveries
17
Industrial Distributionlift truck rental fleets
continue to grow
18
Industrial Distribution US Freightliner volumes
improving
US (units)
October to July Barloworld unit deliveries
19
Industrial Distribution US Freightliner order
book has green shoots
20
SA Motor demand impacted by high real interest
rates
Motor industry stats for 10 months to July
350000
300000
250000
200000
Unit sales
150000
100000
50000
0
2001
2002
2003
Dealer
Government
Rental Companies
Single units
21
Cement SA demand stronger than anticipated
H2 FY 03
22
Coatings South Africa flagship brand focus
higher av. prices
25
20
15
Av price per litre sold
10
5
0
2001
2002
2003
October to July Barloworld average prices

• Decorative market growing 3 to 5 p.a.
• Opportunities for volume growth in expanding
  lower end market

23
Coatings Australiamarket still buoyant but
growth slowing
000 litres
35000
30000
25000
20000
15000
10000

5000
0
Jun 2000
Dec 2000
Jun 2001
Dec 2001
Jun 2002
Dec 2002
Jun 2003
Decorative coatings demand (quarterly total
market)
24
ScientificTough times continue in Melles Griot
25
Steel TubeSA market impacted by steel price rise
140,000
120,000
100,000
80,000
60,000
40,000
20,000
0
2001
2002
2003
Barloworld SA domestic mild steel tube sales
October to July (tonnes)
SA Steel Price Indexed (Oct 2000 100)
26
Steel Tubestainless exports margin squeeze
7000
6000
5000
Barloworld stainless exports (tonnes) October to
July
4000
3000
2000
1000
0
2001
2002
2003
27
Leadership renewal the executive team in 2002
28
Leadership renewalthe executive team in 2004
29
FY 2003 corporate activity update

• SA Motor leasing book sold
• April 2003 (R877 million)
• NW Arkansas Freightliner dealer acquired
• May 2003 (R49 million)
• BEE transactions
• Durban South Motors 50/50 JV, May 2003 (R2
  billion turnover, R300 million net assets)
• Afripack sale under way

30
2x4x4 growth goals on track

• VBM-driven quality of business improvements
• Expand existing and new business solutions and
  Smart Partnerships
• Acquisitions
• More of the same in new geographies
• Add complementary brands

31
Growing value moving and expanding the CFROI
bubble
27.00
22.00
8 Internal hurdle rate
17.00
12.00
Real Asset Growth Rate
7.00
2.00
-3.00
6.0
6.5
7.0
7.5
8.5
9.0
8.0
-8.00
1999
2000
2001
2002
32

• www.barloworld.com
• Mark Drewell
• Phone [phone]
• E-mail mdrewell_at_barloworld.com