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Barloworld -- discussions at AGM

SENS Note - 25 January 2007

Barloworld announced on the 18th December 2006, that they would undertake actions to unlock shareholder value, including the unbundling of Pretoria Portland Cement Limited (PPC) and addressing areas of under performance in the group.

Trading update

• The equipment division - demand for capital equipment in southern Africa has maintained its strong growth, with the equipment order book now exceeding R3.0 billion from the R2.4 billion reported at the end of September 2006.
• Cement demand continues to grow strongly with regional demand for the quarter to December 2006 increasing by 8.3% over the comparable period last year.
• In South Africa, the motor retail operations continue to perform in line with growth in the market, with results well ahead of last year.
• The southern African coatings business is experiencing good growth, boosted by the acquisitions made during 2006. The Australian coatings business has shown a small recovery as improved trading activities and cost reduction initiatives take effect.
• The industrial distribution division completed the sale of the UK leasing business during November 2006.
• In the US the Truck Center business continues to show improved results despite lower activity in the freight industry while the handling business is trading in line with the prior year.
• In the UK our handling business is showing a strong recovery at the operating level after last year’s restructuring exercise.
• In the scientific division, activity levels are similar to last year but benefits from fixed cost reductions are resulting in improved operating margins.
• The logistics business continues to grow steadily and for the past quarter has performed above expectations.
• Further improvements are expected in the international businesses and overall we expect a strong first half to March 2007.

Due to the implementation of many of the strategic actions announced, including the PPC unbundling, our BEE transaction and asset disposals, the results for the full year will not be directly comparable with the prior year.

Chairmanship and board composition
Mr Warren Clewlow indicated that he would retire as the chairman of the group with immediate effect. The board has appointed Mr Dumisa Ntsebeza as chairman for an interim period until a permanent appointment can be made. Other directors retiring from the board are Mr Tony Phillips, Mr Lester Day and Mr Mike Coward.

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