This document provides an update from Caterpillar on their financial outlook. It summarizes Q3 2008 results which showed sales and revenue growth as well as maintained EPS outlook for 2008. It then discusses expectations for a decline in global economic growth in 2009, especially in developed regions. However, emerging markets are expected to continue growing albeit at a slower pace. For 2009, Caterpillar expects sales and revenues to remain about the same as 2008 due to factors like commodity demand, their backlog, and price increases.

1. R
Caterpillar Update
Director of Investor Relations
Mike DeWalt
November 2008

2. SAFE HARBOR STATEMENT UNDER THE PRIVATE R
SECURITIES LITIGATION REFORM ACT OF 1995
Certain statements contained in this presentation are forward-looking and involve risks,
assumptions and uncertainties that cause actual results of Caterpillar to be materially
different from those projected or implied in the forward looking statements. In this context,
words such as quot;willquot;, “believes,” “expects,” “estimates,” “anticipates,” “will be,” “should” and
similar words or expressions identify forward-looking statements made on behalf of
Caterpillar. It is important to note that actual results of Caterpillar may differ materially from
those described or implied in such forward-looking statements based on a number of
factors and uncertainties, including, but not limited to, changes in economic conditions;
currency exchange or interest rates; political stability; market acceptance of Caterpillar's
products and services; significant changes in the competitive environment; changes in law,
regulations and tax rates; and other general economic, business and financing conditions
and factors.
A more complete summary of risks and uncertainties is described in more detail in
Caterpillar's Form 10Q filed with the Securities and Exchange Commission on October 31,
2008. Caterpillar undertakes no obligation to update these forward-looking statements.

3. Q3 Sales and Revenues R
Products vs.
By Geography
Integrated Services
Latin
America
12%
North
Integrated Asia
America
Services Pacific
39%
35% 18%
New Machines
and Engines
65%
EAME
31%

4. 2007 Sales and Revenues R
New Machine Sales New Engine Sales
Truck
Other 9%
14% Marine
Heavy
11%
Quarry Construction Petroleum
10% 34% 35%
Industrial
General 15%
Construction
20% Electric
Mining
Power
22%
30%

5. 2008 Results R
Q3 Q3 YTD YTD
2007 2008 2007 2008
Sales and Revenues $11.4B $13.0B $32.8B $38.4B
EPS $1.40 $1.39 $3.87 $4.57

6. Maintained
2008 Outlook R
2008 Outlook
2007 2008
Actual Outlook
Sales and Revenues $45B Over $50B
About
EPS $5.37 $6.00

7. 2009 Outlook R
North America
We believe the National Bureau of Economic Research will
•
eventually declare a recession is underway in the U.S.
Credit markets disruptions almost certainly mean the economy will
•
continue to slow sharply in coming quarters.
The U.S. government & Fed have acted quickly and this should
•
eventually benefit economic growth … but not for 3 or 4 quarters.
The Canadian economy is near recession and the Bank of Canada
•
has cut interest rates. We expect further interest rate reductions,
but the economy will remain weak throughout 2009.
Overall we expect economic growth in North America to be 1% or
•
less in 2009.

8. 2009 Outlook R
Europe & Japan
• Economies in the euro-zone and UK are declining.
• We believe much of Europe will be in recession by year end.
• Governments and central banks have reacted to the crises.
• However, interest rates are well above levels that were
needed to start the last recovery in Europe. Moving rates
much lower could take considerable time.
• We are not planning on a recovery in Europe in 2009.
• The Japanese economy declined in Q2 and is 0robably in
recession, and we do not expect a recovery in Japan in 2009.

9. 2009 Outlook R
Emerging Markets
• Significant growth over the past few years as a result of lower
inflation & interest rates, competitive exports and favorable
commodity prices. Many of those factors remain in place today.
• Commodity prices have declined sharply from very high levels. We
expect prices could ease further but not so low that producers will
sharply curtail investments.
• Developing countries had been tightening economic policies to slow
inflation. Some, such as China, have already reversed policies, and
we believe the financial crisis will cause others to reverse, policies.
• We expect developing economies to respond by using reserves and
sovereign wealth funds to maintain economic growth.
• Overall, we expect growth in developing economies will slow, but
have fewer problems in 2009 than developed economies.

10. Outlook R
Caterpillar Sales and Revenues
• Expect sharp declines in new machine sales in developed economies.
• We expect that developing economies, while slowing, will still grow
• We believe that commodity prices and our backlog, coupled with the
need to replace aged equipment, should support continuing demand
for our products related to mining and energy.
• Most dealers report inventories appropriate for their deliveries. We do
not anticipate a need for dealers to sharply reduce inventories in 2009.
• 2009 will include a full year of Caterpillar Japan sales.
• We expect growth in services.
• Price increases announced for 2009 are should be positive for sales.
2009 Sales and Revenues about the same as 2008

11. R
Questions