Caterpillar : 3Q 2022 Caterpillar Inc. Earnings Conference Call

Third Quarter 2022

Financial Review

October 27, 2022

3Q 2022 EARNINGS RELEASE

Forward-Looking Statements

Certain statements in this financial review relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of

1995. Words such as "believe," "estimate," "will be," "will," "would," "expect," "anticipate," "plan," "forecast," "target," "guide," "project," "intend," "could," "should" or other similar words or

expressions often identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions. These statements do not guarantee future performance and speak only as of the date they are made, and we do not undertake to update our forward-looking statements.

Caterpillar's actual results may differ materially from those described or implied in our forward-looking statements based on a number of factors, including, but not limited to: (i) global and regional economic conditions and economic conditions in the industries we serve; (ii) commodity price changes, material price increases, fluctuations in demand for our products or significant shortages of material; (iii) government monetary or fiscal policies; (iv) political and economic risks, commercial instability and events beyond our control in the countries in which we operate; (v) international trade policies and their impact on demand for our products and our competitive position, including the imposition of new tariffs or changes in existing tariff rates; (vi) our ability to develop, produce and market quality products that meet our customers' needs; (vii) the impact of the highly competitive environment in which we operate on our sales and pricing; (viii) information technology security threats and computer crime; (ix) inventory management decisions and sourcing practices of our dealers and our OEM customers;

1. a failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures or divestitures; (xi) union disputes or other employee relations issues; (xii) adverse effects of unexpected events; (xiii) disruptions or volatility in global financial markets limiting our sources of liquidity or the liquidity of our customers, dealers and suppliers; (xiv) failure to maintain our credit ratings and potential resulting increases to our cost of borrowing and adverse effects on our cost of funds, liquidity, competitive position and access to capital markets; (xv) our Financial Products segment's risks associated with the financial services industry; (xvi) changes in interest rates or market liquidity conditions; (xvii) an increase in delinquencies, repossessions or net losses of Cat Financial's customers; (xviii) currency fluctuations; (xix) our or Cat Financial's compliance with financial and other restrictive covenants in debt agreements; (xx) increased pension plan funding obligations; (xxi) alleged or actual violations of trade or anti-corruption laws and regulations; (xxii) additional tax expense or exposure, including the impact of U.S. tax reform; (xxiii) significant legal proceedings, claims, lawsuits or government investigations; (xxiv) new regulations or changes in financial services regulations; (xxv) compliance with environmental laws and regulations; (xxvi) the duration and geographic spread of, business disruptions caused by, and the overall global economic impact of, the COVID-19 pandemic; and (xxvii) other factors described in more detail in Caterpillar's Forms 10-Q,10-K and other filings with the Securities and Exchange Commission.

A reconciliation of non-GAAP financial information can be found in our press release describing third-quarter 2022 financial results which is available on our website at www.caterpillar.com/earnings.

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Strong Performance from our Global Team

THANK YOU	HEALTHY DEMAND	EXECUTING OUR
STRATEGY FOR LONG-
TO OUR	ACROSS	TERM PROFITABLE
MOST END MARKETS
GLOBAL TEAM	GROWTH

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Key Takeaways

Third Quarter 2022 vs. Third Quarter 2021

Sales	Operating	Operating	Profit	Adjusted Profit
& Revenues	Profit	Profit Margin1	Per Share	Per Share2

21%	46%	2.8pts	49%	48%
$15.0B	$2.4B	16.2%	$3.87	$3.95

1. Adjusted operating profit margin in the third quarter of 2022 was 16.5%. Adjusted operating profit margin is a non-GAAP measure, and a reconciliation to the most directly comparable GAAP measure is included in the appendix.
2. Third-quarter2022 adjusted profit per share excluded restructuring expenses of $0.08 per share. Third-quarter 2021 adjusted profit per share excluded restructuring expenses of $0.06 per share.

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ME&T Free Cash Flow1 and Capital Deployment

3Q 2022 ME&T Free	Returned to
Cash Flow1	Shareholders in 3Q 2022
$2.1B	$2.0B
Expect to deliver Investor Day2	Expect to return substantially
ME&T FCF1 targets for full year	all ME&T Free Cash Flow1 to
	shareholders over time

Dividend

Aristocrat

Paid higher annual

dividends to shareholders for 28 consecutive years

1. ME&T free cash flow represents ME&T operating cash flow less capital expenditures, excluding discretionary pension contributions and cash payments related to settlements with the U.S. Internal Revenue Service.
2. Investor Day targets based on Caterpillar Investor Day held in 2022. Caterpillar communicated a progressive adjusted operating profit margin target range of 10-13% at $39B sales and revenues and up to 18-21% at $66B sales and revenues and ME&T free cash flow in the range of $4B to $8B annually.

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