creating long term value for...

Company UpdateDecember 18, 2015

Creating Long Term Value for Shareholders

© 2015 Joy Global Inc. All rights reserved

18 December 2015 Joy Global Company Update2

Forward Looking Statements

All statements in this presentation other than historical facts are forward looking statements within the meaning of the

Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties that may cause actual results to differ

materially from those indicated by such forward looking statements. These statements are identified by forward looking

terms such as “anticipate,” “believe,” “estimate,” “expect,” “indicate,” “may be,” “objective,” “plan,” “predict,” “will be,” and

similar expressions. Such statements are based on our current expectations and we undertake no obligation to update

such statements to reflect new information, events, or otherwise. In addition to the assumptions and other factors

referred to in this presentation, cautionary factors and other information are set forth in our public filings with the

Securities and Exchange Commission, including those set forth under “Risk Factors” in our Annual Report on Form 10-K

and Quarterly Reports on Form 10-Q.

Non-GAAP Measures: The company from time to time refers to various non-GAAP financial measures. We believe that

this information is useful to understanding the operating results and ongoing performance of our underlying businesses.

See our public filings in the investor relations section of our website www.joyglobal.com for reconciliations of material

non-GAAP financial measures to their related GAAP measures.



Creating Long Term Value

Supply surplus/low commodity prices reduces mine capex/maintenance

Selective projects are progressing, but without urgency

Service bookings impacted by short-term driven austerity measures

Longer-term industrialization and urbanization of emerging markets remains intact

Driving our key strategies

Direct Service – LCM, Consumables & JoySmart® Services

Joy Business Systems (JBS) Operational Excellence

China and High Growth Markets

Innovations, NPD &Transformational Technology

Solid cash flow across the cycle with current priority to reduce debt



Joy Global: Who We Are



Market Leading Full-Systems Solutions



Global Leader in:LTM Sales As of Q4 2015*

Commodities We Serve

Life Cycle Management

Geographies We Service

Americas North 40%

Latin America 19%

China 9%

Africa 9%

Eurasia 7%

Australasia 16%

Service 65% Consumables 9%

Equipment 26%

Coal 58%Industrial Minerals 3%Hard Rock 31%Other 8%

Industrial Minerals 3%(Salt, Potash, Trona, Gypsum)

Copper 20%

Gold, Zinc, Nickel, etc. 5%

Iron Ore 6%

Oil Sands 2%

ROW Thermal Coal 15%

ROW Met Coal 13%

China Coal (Thermal) 8%

U.S. Thermal Coal 17%

U.S. Met Coal 5%

Other 4%Tunneling 2%

*LTM sales of $3,172M Unaudited



The World Needs More Energy and Minerals

Source: IEA, EIA, Energy Annual, ICSG, LME, World Bank Development Indicators, World Energy Outlook 2014

Half the world’s population does not have adequate access to electricity

11011101431431

7171

Millions of People

Lacking adequate electricity (GW)

Have no electricity

Coal capacity under construction

'12 '20 '25 '30 '35 '40

Liquids Nuclear Renewables Nat Gas Coal

0

100

200

'00 '10 '250

100

200

'00 '10 '25

CopperThermal Coal

China

Rest of World

India

Coal Remains a Prominent Source For Electricity Generation

Urbanization Populations Lead to Higher Commodity Demand

China & India Driving Commodity Demand (2010 = 100)

774774

1901909999

727727

621621

1212

68682323

11

88

1818

12121111

Increasing urbanization rates will drive demand for electricity and electrical infrastructure



Current Market Landscape…Further Challenges in 2016

Source: IMF, World Bank, Bloomberg, Factset, Consensus Estimates, Joy Global Research

Current commodity prices between 5 and 10-year lows and 20-70% off peak pricing; expected to fall further in 2016Further supply curtailments and/or demand driver are needed to rebalance marketsGlobal GDP growth to rebound in 2016 to ~3.5%...should help to partially balance supply/demand Low commodity prices reduce customers’ cash flows; capital expenditures cut further, projected ⬇⬇⬇⬇18% in 2016

Commodity Prices Falling To Multi-Year Lows, Outlook Remains Dim…

Commodity 2012 Current% ∆2012

2016 (base case)

2016(bear case)

Met Coal Spot ($/t) $225 $77 -66% $87 $75

Seaborne Thermal Coal ($/t) $110 $52 -53% $56 $47

Natural Gas ($/mmBtu) $3.68 $2.14 -42% $2.68 $2.15

Copper ($/lb.) $3.90 $2.15 -45% $2.20 $2.00

Iron Ore ($/t) $149 $45 -70% $48 $41

Nickel ($/t) $21,636 $8,693 -60% $12,665 $9,654

Zinc ($/lb.) $0.98 $0.71 -28% $0.81 $0.70

Gold ($/oz.) $1,781 $1,078 -39% $1,125 $860

Platinum ($/oz.) $1,713 $855 -50% $1,025 $972

Palladium ($/oz.) $714 $564 -21% $775 $590

Oil ($/barrel) $108 $42 -61% $58 $43

Potash ($/t) $546 $318 -42% $270 $245

…Oversupply Still To Be Absorbed; Reducing Cash Flow & Capex

$63

$129(+26%)

$126(-2%)

$104(-18%)

$84(-19%)

$67(-19%)

$64(-5%)

$68(+5%)

$72(+7%)

$77(+7%)

0

20

40

60

80

100

120

140

2007 2009 2011 2013 2015e 2017e 2019e

Mining Capex $(YoY %)

Mining Industry Capital Expenditure Profile



Joy Global Direct Service Network

Consistent global world-classcomponents, processes, methods and metrics throughout the global network with the ability to

rapidly customize locally

Flawless from the StartJBS Operational Excellence SM

Products/Process/People

Life Cycle Management

Prognostics & Health Management

Performance Life Cycle Management

Every Customer is a Reference ®



Technologies: Creating New Revenue Streams

Hard Rock Mining Systems

Hybrid Shovel / ExcavatorElectric Rope Shovel competitive advantage

• Long-life, reliable, lowest TCO

Diesel/Electric Hybrid

• Smaller, fuel efficient, flexible

• ~3% increase in availability

• ~15% lower total cost of ownership

Hard RockMTI and Montabert Acquisitions

New LHD’s and transformational technology

Industrial minerals & share gain

High Performance Low Seam LongwallUnique solutions for low seams

• Highest productivity/lowest TCO

• 40% increase production

• 70% reduction in manpower

Innovations Creating Growth



Cost Reduction Summary Q4 2015

Accelerating facility optimization planDesign to utilization rates from below 50% to 75% on current volumesCost savings exceeding targetsFY16 targeted savings of $85M with implementation costs of $30M to $40M

-$29-$22

-$33 -$30 - $40

$40

$75$60

$85

$52

$81

$62

-60

-40

-20

0

20

40

60

80

100

FY13 FY14 FY15 FY16

$ Millions

Announced Cost

Announced Savings

Actual Savings



Strategies: Creating Growth in a Down Market

Hard Rock: ~ $600MMTI & Montabert AcquisitionsTransformational Mechanical CuttingIndustrial minerals & share gain

China & High Growth Markets: ~ $200MInjecting Joy technology; full-system solutionsDifferentiated products drive share gainLeverage S2/S3 products to new markets and geographies

New ProductDevelopment: ~ $200M

Footprint Optimization Beyond ’15: ~ $60M Leverage low-cost footprint & Supply ChainImprove manufacturing utilizationDrive world class operating performance

Company unique growth strategies could generate incremental revenues and adjusted EPS of $1.5 billion and $3.00 respectively over the next 5 years

2300XPC

China Miner Bolter

S3 Longwall

Direct Service Growth: ~ $500MInvestment in service facilitiesNew JOY branded service products & consumablesIncreased capture rate on installed base



Strategies: Generating Returns

0%

10%

20%

30%

40%

50%

FY11 FY12 FY13 FY14 FY15

Trade Working Capital Velocity(TWC % Sales)

Adding service inventory to improve capture ratesCustomers paying slowerCustomer advances slowing with lower OE order rate

$0

$2

$4

$6

$8

FY11 FY12 FY13 FY14 FY15

$/ShareAdjusted EPS*

FY15 Revenue of ~$3.2BFY15 EPS ~$1.95

*See website for a reconciliation of Non-GAAP financial measures to their related GAAP measures

Leverage in Operational Excellence programs will drive improvementsin margins and working capital velocity over the cycle



Cash Flow: Solid Throughout the Cycle

$368

$0

$200

$400

$600

$800

$1,000

2007 2008 2009 2010 2011 2012 2013 2014 2015

$ Millions

$0

$100

$200

$300

2008 2010 2012 2014 2016e

$ Millions

Adjusted Cash from Ops Before Pension Contribution

$0

$200

$400

$600

2007 2009 2011 2013 2015 2017

$ Millions Unfunded Pension Liability

CAPEX

Strategies coupled with profitability & asset efficiency deliver solid cash flow across the cycle

FY15 cash from operations before pension contributions of 12%, lower end of strategic 10-15% of revenue range

$13M in FY15, $10M in FY16

Op Ex, NPD, Service, Footprint



Q4 2015 Liquidity, Debt & Covenants

Liquidity ($M)

Cash $103

Credit Facility $850

LOC’s ($131)

Revolver Drawn ($59)

Net Credit Facility Available $660

Total Liquidity $763

Credit Facility Covenants Covenant Actual

Net Debt / EBITDA See Table 2.1

EBITDA / Interest ≥ 3x 7.29

Strong liquidity and manageable debt maturity profile

Managing to protect investment grade credit ratings

Current focus on debt reduction

0%

10%

20%

30%

40%

50%

0.0

1.0

2.0

3.0

4.0

5.0

2009 2010 2011 2012 2013 2014 2015

Debt to Total Cap$ Billions

Gross Debt Shareholders Equity Debt / Total CapitalizatonBorrowing ($M)

Term Loan due July 2019 $375

5.125% Sr. Note due Oct. 2021 $497

6.625% Sr. Note due Nov. 2036 $149

Revolver $59

Other $7

Total Borrowing $1,087

Net Debt $984

Net Debt / EBITDA Covenants By Quarter

Q1 ’16 Q2 ’16 Q3 ’16 Q4 ’16 Q1 ’17 Q2 ’17 Q3 ’17 Q4 ’17 Q1 ’18 >Q2 ‘18

3.00X 3.50X 4.25X 4.50X 4.50X 4.50X 4.25X 4.00X 3.50X 3.00X



Creating Long Term Value

Industry-leading product positionsR&D and acquisitions enhance product range and leveraging systems

Investments expand position in underground hard rock & high growth markets

Industry-leading service infrastructureBased on Life Cycle Management

Direct service network extended by JoySmart® Services

Financial strengthStrong balance sheet and solid margins/cash flow

Managing long-term performanceOperational efficiency

High growth market strategies

Investing in technologies that unlock value for customers and create growth

JOY:NYSE

100 East Wisconsin Avenue

Suite 2780

Milwaukee, WI 53202 USA

www.joyglobal.com

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