2015 EXECUTIVE SUMMARYYEAR IN REVIEW AND SUSTAINABILITY REPORTA MESSAGE TO SHAREHOLDERS

WHAT WE’VE

BUILT.

Caterpillar has designed and built the world’s
most powerful, innovative and durable machines
and engines. Our customers put them to work on
projects that support sustainable progress andimproved living standards.
DOUG OBERHELMAN
Chairman & CEO
Caterpillar Inc.

Caterpillar faced a tough year in 2015, but we have successfully managed through many economic cycles since our founding in 1925. We remain
financially strong and because of the actions we’re taking I believe we will, as we have in the past, emerge stronger and always able to competevery effectively around the world. We continue to manage what we can control today while also investing in our future.
What We’ve Built
Since our first days as a company, Caterpillar has designed and built the world’s most powerful, innovative and durable machines and engines. Our
customers put them to work on projects that support sustainable progress and improved living standards. We add value for our customers byhelping them achieve the lowest owning and operating costs through our sales and service network that reaches every corner of the globe.
Even in this environment, our market share for machines increased for the fifth year in a row. Our product quality continues to improve and is asstrong as I’ve ever seen it. Our safety record improved again in 2015. As we further deploy Lean, we’ve already seen improvements in warranty
and an up-to-95 percent reduction in internal defects per unit, and we anticipate substantial further improvements.
Where We’re Headed and What We’re Solving
Through Across the Table, we’re strengthening our expectations of Cat dealers and the Caterpillar teams that support them. There are about a dozen
specific projects underway – everything from expanded e-business to digital technology solutions connecting our machines and engines to our customers.
Digital transformation is a reality for our industry, and we’re applying advanced analytics and digital-driven technologies – like Cat® Connect
and MineStar™ – to improve worksite efficiency across our equipment and other brands, too. We also offer our customers Job Site Solutions, atrue collaborative effort focused on improving job site efficiency. We’re focused on using less fuel, increasing productivity and creating a safer
work environment.
These are a few examples of how sustainability doesn’t ever go out of style or focus at Caterpillar. Another is that our products – like distributed
power systems, which improve energy access while emitting fewer greenhouse gases than traditional power grid systems – bring traditional,
renewable and alternative energy options to urban, rural and remote communities across the world.
In 2015, we joined an effort to emphasize the vital role that restoration of natural infrastructure – forest, prairies, farmlands, wetlands andcoastal landscapes – plays in sustainable global development. Additionally, we have been remanufacturing our products for more than 40 years,
returning them to same-as-when-new condition, and conserving natural resources.
Caterpillar also supports the Caterpillar Foundation, which has invested more than $600 million since 1952 to transform lives and alleviate the root
causes of poverty.
We were also honored to receive the “Vision for America” award from Keep America Beautiful in 2015 – a recognition for our sustainability
commitment and significant progress toward aggressive sustainability goals.
Neither our accomplishments nor our goals are small or inconsequential. Given that we are Caterpillar, that shouldn’t surprise anyone.

Doug Oberhelman
Chairman and CEO2015 EXECUTIVE SUMMARY

1

WHERE WE
STARTED.

We form our first overseas
subsidiary – Caterpillar Tractor
Co. Ltd. in England – the start ofbuilding plants outside the UnitedStates to be closer to customers.
Business units reorganize
to become more accountable
for results.

The 21st century world you see today has been built with thehelp of Caterpillar machines and solutions. We’ve spent thepast 90 years creating, building, problem-solving, innovating,testing, servicing and improving. In the process, we’ve built a
global leader.

About two months after“Black Tuesday,” whichsome say signaled thestart of the Great
Depression, Caterpillar
Tractor Company stock
becomes available forpublic trading (NYSE: CAT).

2015 EXECUTIVE SUMMARY

Our manufacturing
headquarters move from
California to Illinois
and we change thestandard paint color of
our machines fromgray to yellow.

Setting forth the company’s beliefs to guidethe organization in all aspects of its worldwide business activities, Caterpillar publishes
a Worldwide Code of Conduct. Since then,the Code has been updated five times toreflect the company’s culture and theever-changing business environment.

Caterpillar introduces
SoLoNox Technology
for gas turbines.

2008
TO
2016

2006
TO
2013

2001

1992

1990

1986

1974

1969

1950

1948

A $1.8 billion facility
modernization program
streamlines manufacturing
processes and enhances
profitability.

Caterpillar machines go
to work on India’s
Bhakra Dam.
2

Cat® engines with
ACERT™ Technology are
unveiled to dramaticallyreduced harmful pollutants and waste emissions.

Caterpillar engines supply
power for Apollo moon
mission.

1944

1931

1931

1929

1925

1925

Cat® machines help start theconstruction of more than
70,000 miles of U.S. highways.

Our strong legacy of innovation
begins with the introduction of
our first diesel tractor.

First year sales are $13 million
for a product line of 5 tractors.

Holt Manufacturing Company
and the C.L. Best Tractor
Company merge to form
Caterpillar, reflecting the
movement of the company’sline of track-type tractors.

Acquisitions of Progress
Rail, Electro-Motive Diesel,
Johan Walter Berg AB,
Bucyrus, MWM and Shandong
SEM Machinery Co., Ltd.

Caterpillar introduces theCat® D7E in 2008 with afirst-of-its-kind electric
drive system.

WHAT WE’RESOLVING.
WHERE WE’RE
HEADED.
2015 EXECUTIVE SUMMARY

3

AT-A-GLANCE

AT-A-GLANCEFINANCIAL PERFORMANCE

2020 SUSTAINABILITY GOALSPRODUCT LINE

Construction

MiningEquipment

Diesel & Natural Industrial
Gas Engines Gas Turbines

PROFIT PER SHAREDIVIDENDS DECLARED(DILUTED)(PER SHARE)

$8.48

$7.40

Diesel-Electric
Locomotives

$5.75

$5.88

$1.82

$2.02

$2.32

$2.70

$3.01

$3.50

2011

2012

2013

2014

2015

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2011

2012

2013

2014

2015

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3 Million+

105,700

Products at Work
Around the World

Employees

CONSOLIDATED SALES AND REVENUESOPERATING PROFIT($ IN MILLIONS)($ IN MILLIONS)

ENDMARKETSINCLUDE:
Building Construction
Roads and Highway Construction
Infrastructure Projects
MiningQuarrying
Oil & Gas
Power Generation
MarineRail
Industrial

59%

Sales and Revenues
Outside the United States

CONSOLIDATED SALES AND REVENUESBY SEGMENT($ IN MILLIONS)$60,138$8,573$65,875$55,656$55,184$7,153$47,011$5,628$5,328$3,256

2011

2012

2013

2014

2015

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2011

2012

$2,2972013$1,539$1,3882014

2015

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42015 EXECUTIVE SUMMARY

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U.S. BY REGION($ IN MILLIONS)$2,466$2,046$2,5222012

2015($ IN MILLIONS)$3,3502011

2014

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RESEARCH AND DEVELOPMENT($ IN MILLIONS)$2,5152013$47.0B$2,135$2,165$13.0B

2011

2012• Energy & Transportation / $17,938• Construction Industries / $16,568• Resource Industries / $7,551• Financial Products / $3,078• All Other / $1,876

2013

2014

• EAME / $4,897• Asia-Pacific / $3,538• Latin America / $2,668• Canada / $1,878

Caterpillar has set aspirational, long-term goals for its operations and product stewardship. We believe thesestandards affirm our determination to lead our industry to a more sustainable future.

2020 GOALS FOR OPERATIONS

2020 GOALS FOR
PRODUCT STEWARDSHIPSAFETYSAFETY

Reduce our recordable workplace
injury rate to 0.6 and lost-timecase rate due to injury to 0.15.

ENERGY
Reduce energy intensity by
50 percent from 2006.

ENERGYUse alternative/renewablesources to meet 20 percent of
our energy needs.

GHG EMISSIONSReduce greenhouse gas emissions
intensity by 50 percent from 2006.

WATER
Reduce water consumption
intensity by 50 percent from2006.

BYPRODUCT MATERIALSReduce byproduct materials
intensity by 50 percent from2006.

SUSTAINABLE
CONSTRUCTION
Design all new facility construction
to meet Leadership in Energy andEnvironmental Design (LEED) or
comparable green building criteria.

Provide leadership in the safety ofpeople in, on and around our products.

PRODUCTS, SERVICES AND SOLUTIONS
Leverage technology and innovation to
improve sustainability of our products,
services and solutions for our customers.

SYSTEMS OPTIMIZATION
Increase managed fleet hours by
100 percent from 2013.

REMAN AND REBUILD
Increase remanufactured and rebuild
business sales by 20 percent from 2013.

2015

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2015 EXECUTIVE SUMMARY

5AT-A-GLANCESUSTAINABILITY GOALS & PROGRESSRECORDABLE INJURY FREQUENCY (RIF)

LOST-TIME CASE FREQUENCY RATE (LTCFR)

Recordable injuries per 200,000 hours worked

Work-related injuries resulting in lost time per 200,000 hours worked

6.22

2.97

1.02

2003

2012

0.78

0.71

0.59

0.60

2013

2014

2015

2020 GOAL

2003

0.30

0.29

0.23

0.20

0.15

2012

2013

2014

2015

2020 GOAL

ENERGY INTENSITYALTERNATIVE/RENEWABLE ENERGY1

Absolute gigajoules energy use/million dollars of revenue

Sum of alternative and renewable electrical energy
use/total electrical use x 100
Alternative
28.0%

692
502
417

2006

Renewable

2012

496

526

2013

2014

2015

18.2%

14.8%

346

2020 GOAL

2011

2012

27.4%

27.1%

9.4%

9.8%

9.9%

18.6%

17.6%

17.2%

2013

2014

2015

GHG EMISSIONS INTENSITYWATER CONSUMPTION INTENSITY2,3

Absolute metric tons of CO2e/million dollars of revenue

Absolute thousand gallons of water/million dollars of revenue

76.3

72.1

39.6

2006

2012

44.3

44.7

2013

2014

48.8

45.6

48.9

50.5

53.6
38.2

36.0

2015

2020 GOAL

BYPRODUCT MATERIALS INTENSITY
Absolute metric tons of byproduct materials/million dollars of revenue

2006

2012

2013

2014

2015

2020 GOAL

REMAN END-OF-LIFE “TAKE-BACK”
BY WEIGHT4
Millions of pounds of end-of-life material received

13.8

13.2

12.5

14.0

14.4
161

171

174

166

2012

2013

2014

154

6.9

2006

2012

2013

2014

2015

2020 GOAL

2011

2015

1	Total includes purchased and on-site generated alternative and renewable energy, as well as calculating the percentage of renewable energy fromgrid-purchased electricity using data obtained from the International Energy Agency.
2 Data prior to 2015 has been restated due to data updates realized from improved accuracy.
3 Water consumption intensity does not include non-contact cooling water from foundry operations.
4 Data does not include Progress Rail, Electro-Motive or Solar Turbines.

62015 EXECUTIVE SUMMARY

WHERE WE’RE

HEADED.

We’re investing in the future and, as we always have, facing challenges
head on and delivering the products and services that will keep
Caterpillar the industry leader tomorrow, as it is today.
2015 EXECUTIVE SUMMARY

7WHERE WE’RE HEADEDDATA AND INNOVATIONCAT® COMMAND STEERS MINING
IN A NEW DIRECTION
A fleet of gigantic Cat® 793 haul trucks rumbles along the dusty,
red-sand haul roads of the Solomon mine in a vast, arid region ofWestern Australia. Working continuously, 24/7, the trucks maneuver
through mine site traffic, back up into loading points and navigate
to dump sites – all with minimal human intervention.
Iron is the reason Fortescue Metals Group (Fortescue) is there. At fulloperation, the new Solomon mine is projected to deliver 70 million
tonnes of ore annually. It’s a big job – and one that demands safety andmaximized productivity. That’s where Caterpillar’s deep understandingof the mining industry and our customers’ needs put us in the ideal
position to offer semi-autonomous and autonomous solutions such as Cat® Command for Hauling. The realization of a longtime dream ofthe mining industry, Cat Command has improved safety and productivity.

For 90 years, Caterpillar has delivered breakthrough innovation inside our machines and engines. Today, that innovation is increasingly happening outside the machine. We’re going “beyond the yellow iron,” harnessing the power ofbig data to offer our customers insights that decrease operating costs, increase uptime and maximize profitability. In
the process, we’re shaping a new era for Caterpillar in which we not only manufacture machines and engines,
but also deliver value-added solutions that take our customer relationships to an entirely new level.

Trucks operating with Cat Command for Hauling use sophisticated onboard intelligence and advanced guidance technology, so a small
number of people can run the whole project and centralize the control. For job sites such as underground mines, autonomous solutions
are fast becoming a safety necessity.
Since its inception, Cat Command has gone through a progression of offerings. Semi-autonomous solutions such as Command for Dozing,for instance, allow one operator to oversee up to three semi-autonomous Cat® D11s – Caterpillar’s largest dozers – by remote control.
There’s even an option where the operator has no line of sight to the dozers and uses cameras for feedback.
”Every mine takes a different journey to autonomy,” explains Sean McGinnis, product development manager. “But that path always
leads to a safer, more productive mine site. Cat Command reduces variations in the way the machine is operating, ensuring that it operates the same way, every time. It’s like having the mine’s best operator at the controls, but he or she is located safely away from any
potential hazards. It’s the best of both worlds: increased productivity combined with increased safety.”

SIMULATION LEADS TO PRODUCTDESIGN OPTIMIZATION AND EFFICIENCY
The increased use of simulation in the development of everythingfrom power systems to machine structures has truly allowed
Caterpillar to improve overall product development efficiency,
sharpening product quality and reducing time to market. Simulation reduces or eliminates the need for prototypes to be usedin the design phase of development.
The large wheel loader team leverages the use of simulationin each new product development program. In fact, the firstfull phase of the Cat 994K product design, which is the largest
wheel loader in Caterpillar history, was done virtually, and simulation touched every area of this new centerline machine atsome point along the way.

Today, the Cat Command concept continues to meet customer needs in ways that we couldn’t anticipate five years ago. That’s what makes
innovation exciting and what energizes us to keep finding solutions that make a real difference.

INVESTING IN R&D
190

1,667

Completed New
Product Programs

Total Patents
Granted in 2015

$2,165M

15,9532015 R&D Spend

Total Number of Pending and
Granted Patents Worldwide

33
New technologies transferred from R&D to the
New Product Introduction development pipeline

82015 EXECUTIVE SUMMARY

2015 EXECUTIVE SUMMARY

9WHERE WE’RE HEADEDCUSTOMER SUPPORTHOMESTEAD DAIRY TURNSPROBLEM INTO PROFIT
Based in Plymouth, Indiana, Homestead Dairy began as a modest
family farm with only 110 cows. In 1979, brothers Floyd and Dan
Houin purchased the farm from their dad and turned it into the massive dairy operation that it is today. The dairy now hosts 1,800 milking cows and 300 dry cows, while an additional 1,700 cows come infrom three nearby facilities for milking. However, more cows means
more manure, and the odor directly impacted nearby residents.

Our business strategy is a simple one: make our customers more successful. We work with our dealer network
every day around the world to ensure that success – at construction sites and mining quarries and power plants.
Our goal is to speed the delivery of customer support by being an agile organization positioned to respond efficiently and effectively to customer needs. Because when our customers win, we win.

POWER TO PRESERVE THE PASTThe beautiful grounds and stunning architecture of Thomas
Jefferson’s historic residence, Monticello, function today as animportant U.S. landmark, world-class museum and academic
think tank, attracting more than 400,000 annual visitors.
Located outside of Charlottesville, Virginia, Monticello also houses
one of the country’s oldest and largest collections of historic
documents. To help preserve and protect those irreplaceable
collections for future generations, Caterpillar donated a 500kW
Cat® C15 generator set, with local Cat dealer Carter Machinery
providing the technical support, commissioning and testing. This
followed a previous donation of a 350 kW Cat® C15 diesel generator set that provides standby power for Monticello’s Robert
H. Smith International Center for Jefferson Studies.
The donations were part of the estate’s “Mountaintop Project,” amultiyear effort to authentically restore the house and grounds totheir appearance during Jefferson’s retirement. We are proud tosee these valuable assets entrusted to the quality and reliability ofCat® products.

102015 EXECUTIVE SUMMARY

The Houins saw the possibility to turn a problem into a profit.
They decided to build a biomass waste-to-energy facility that
could convert the manure into electric power. Floyd knew that
Homestead Dairy’s equipment would need to run 24/7 withminimal downtime, so dependability was the deciding factor inchoosing Caterpillar to supply the power. In researching the
project, Floyd Houin toured a farm with a renewable energy
facility that ran at peak efficiency, even with their older-modelCat® generator sets. That’s when the Houins knew they’d trust
their project to Caterpillar.
Homestead Dairy partnered with local Cat® dealer, Michigan
Cat, to customize a power generation system for Homestead
Green Energy, the energy-producing business within the dairy– two Cat® G3512A generator sets and ancillary equipment.

In researching the project, Floyd Houin toured afarm with a renewable energy facility that ran atpeak efficiency, even with their older-model Cat®
generator sets. That’s when the Houins knew
they’d trust their project to Caterpillar.

Homestead Green Energy has been in constant operation since
October 2013, and the Cat® generator sets are essential to thewaste-to-energy process. The manure is collected in pools andpiped 1,700 feet to a pair of mixing tanks that empty into two
anaerobic digesters. Once inside the tanks, the waste is heated
and treated with microbes that produce methane gas, which isused to fuel the gas generators. Generator exhaust heat andjacket water heat are used to warm up the digesters as part of
the fermentation process.

Beyond odor reduction and the financial return from producing
electricity, Homestead Dairy uses the dewatered solids from thedigesters as clean bedding for the cows. Additionally, the liquid
nutrient byproduct is held in lagoons and used to fertilize thefarm fields.
“By turning this abundant substance into an income stream,
we’ve made the dairy more profitable,” said Ryan Rogers, plant
operator for Homestead Green Energy. “It also helps increasenutrient value, which is great for the environment. The crops
absorb the manure better, and odor reduction for the community
is a huge benefit.”
The Homestead Green Energy installation demonstrates the economic viability of smaller-scale, waste-to-energy operations to create
wins for business, the community and the environment.

2015 EXECUTIVE SUMMARY

11

WHERE WE’RE HEADEDEFFICIENCYA GLOBAL SUPPLY NETWORK THATDELIVERS UNDER PRESSURE
Nearly 40 percent of U.S. trade to and from Asia passes throughWest Coast ports in California. Keeping the flow of goods
through these ports moving swiftly and efficiently is a priority forlogistics and procurement networks across countless companies,
including Caterpillar.
When a three-month labor dispute at one of these ports resulted
in significant terminal congestion, the expertise of Caterpillar’slogistics team translated into millions of dollars in savings, aswell as ensuring that our supply flow remained resilient.

In an insistent and urgent world, winning organizations make the most of every minute, resource and opportunity.
Caterpillar is going after that win by leveraging Lean, Engineered Value Chains and building strong Foundational
Capabilities throughout our value chain to fulfill our Customer Service Promise, maximize Operating Profit After
Capital Charge (OPACC) and create a competitive advantage. We’re becoming a more disciplined, less complex organization that is committed to finding smarter and faster ways to work across the enterprise. This translates into a
powerful competitive advantage that helps Caterpillar improve market position and sustain long-term success.

LEAN BENEFITS

Stabilizing
the Business

Enhancing
Product Quality

Improving
VelocityRESOURCE
INDUSTRIES
OFF-HIGHWAY TRUCKENERGY &TRANSPORTATION
MID-SIZE ENGINES

Reduction in field
assembly time

Increase inthroughput

45%

18%

Driving Valuefor Our
Shareholders
CONSTRUCTION
INDUSTRIESMOTOR GRADER

65%

Inventory reduction(days on hand)

When business operations eventually returned to normal, many
companies were left dealing with severe financial impact. While
Caterpillar experienced added costs and some slowing in our materials flow, these were a fraction of the impact on other companies.
That’s how we know our Global Supply Network can deliver underpressure – not merely reacting to fluctuations in logistics, but truly
taking charge of and managing our supply network.
Our staying power throughout the slowdown was due, in verylarge part, to the collaboration and flexibility of our Global Supply
Network. Using a winning combination of procurement and logistics
data and innovative thinking, a clearer inventory picture emerged
to help streamline and divert shipments.

“We were able to see not only the best ports, but also the best
terminals in those ports,” explained Global Supply Network
Director of Logistics Scott Shepherd, “so we could react fasterand accurately reroute shipments. This allowed us to movematerial more quickly, while limiting added costs andoverall supply disruption.”

AN INDUSTRY LEADER WITH
WORLD CLASS RESULTS
Caterpillar continues to improve upon historical best safety
performance, and we are an industry leader with worldclass results. Beginning in 2003, we implemented anenterprise-wide initiative to focus on safety called Vision
Zero. Today, we’re proud that our Recordable Injury
Frequency has improved 91%, but there is more work to
do. Breakthrough safety performance is continuing with
our Lean Transformation by focusing on standard work,
which means more folks are going safely home, every day.

Since 2013, we have been committed to Lean to drive process and quality improvements at Caterpillar. Lean challenges all employees toget closer to the customer so they can deliver products and services based on the customers’ true expectations. Our Lean journey goesbeyond manufacturing to include all functional areas that execute business processes on a daily basis, including engineering, marketing,purchasing, accounting and human resources.
122015 EXECUTIVE SUMMARY

2015 EXECUTIVE SUMMARY

13

WHERE WE’RE HEADEDPEOPLE
MARKING MILESTONES AT BOTH
ENDS OF A CATERPILLAR CAREER
In 2015, two Caterpillar employees marked career milestones in twovery different journeys. Their stories illustrate the satisfaction thatcomes at the end of a long career and the exhilaration that comesfrom being given the first chance to give your all.
In early 2015, Ed Flesburg retired after 60 satisfying years of service
with Caterpillar. As a 6 Sigma Black Belt within the Global Supply
Network Division (GSND), and over the course of his notable career,
Ed achieved much success and delivered many outstanding results
for the company.

Best quality. Best reliability. Best endurance. The same attributes that define our products define our people – morethan 105,000 of them around the world. For 90 years, Caterpillar people have been building the machines thathave built our world. We’re confident that Caterpillar’s long-term future is secure thanks to our global team’s
drive to perform at a superior level. It’s a commitment that extends beyond the workplace where Caterpillar
employees contribute their time and talents to making the world around us a better one.

REAL CAT FOLKS
To showcase the rich diversity, passion for life and strong work ethic present in our Caterpillar family, we began the Real Cat Folks project.
Inspired by Humans of New York, the project highlights that Caterpillar employees are real people – with real families, real pasts, real dreams
and real stories. Visit caterpillar.com/RealCatFolks to see dozens of published profiles, and check back weekly for updates.
”I grew up on a cotton field on the coast and came to Suzhou for school.
Suzhou is a beautiful city with the combination of modern industry andancient history. I like to spend my spare time playing soccer and climbing
mountains in the neighborhood. I’ve always wanted to learn to play guitar
and want to play for my son in the future. He’s 14 months old, and mybiggest wish is to watch him grow up happily.”— YOUXIANG ZHANG, CHINA“Caterpillar gave me a chance after being unemployed for five years. I neverthought they’d hire me because of my age. When my youngest was having
a rough time, I told her to fill out an application. The next thing I knew, she
was hired on full time after three months of being an agency worker. Today
she’s a team lead, going strong and learning as much as she can. I’m very
proud of her.”— HARRY, UNITED STATES

14

2015 EXECUTIVE SUMMARY

Ed began his career in 1955, as a chip wheeler in East Peoria,
Illinois. After returning from deployment to Korea, he spent the next
51 years in many different roles with the company, from janitor todrafting, designing and engineering.
Throughout his tenure, Ed achieved four company patents to his
name, developed 14 major design changes, resolved 11 major design
problems and generated more than $55 million in cost reductions. In
addition, he pioneered the development of the heat transfer coolant
category, where his experience and expertise was priceless.

According to a study conducted in Germany, only 15 percent ofcompanies are ready to hire young people with foreign roots.
Caterpillar in Lünen has been a part of this small group of companies for years, but Farooq, now successfully integrated into thecompany, was the first refugee hired.

Ed’s manager, James Dryden, sums up Ed’s outstanding tenure:“Famous basketball coach John Wooden once said ‘Who can ask
more of a man than giving all within his span? Giving all, it seems tome, is not so far from victory.’ I cannot think of a better quote todescribe Ed’s work ethic and outstanding accomplishments tomake Caterpillar the successful company it is today.”Caterpillar employees come to us in many different
ways, with many different stories. But we arehumbled by what they have in common: theloyalty and dedication to put their talents andenthusiasm to work to help us build the world.

As Ed was accepting well wishes for the future from his grateful
team, thousands of miles away 19-year-old Farooq Kahn was looking
forward to the future for the first time in a long time. Farooq is training
as an industrial mechanic at Caterpillar Mining in Lünen, Germany. Hisarrival at Caterpillar marks a milestone in a remarkable journey.

“We strongly believe it to be part of our social responsibility to giveyoung people like Farooq the possibility to enjoy a good education.”

Farooq escaped from his home country of Afghanistan when he
was only 15 years old, leaving his parents and siblings and all heknew behind him. It took him five months to arrive in Germany.
He spoke not one word of German, had a very dangerous escapebehind him and was completely on his own.
After his graduation from German elementary school, Farooq sent
over 70 applications to companies, but only Caterpillar in Lünen was
willing to give him a chance. At the time his German language skills
were limited, and, as a refugee, he only had a temporary residence
permit.

Farooq’s aim is to successfully complete his industrial mechanic
training and then possibly continue his studies. His instructor isvery enthusiastic about his curiosity, ambition and commitment.
“All I want is to build a new life for me here,” said Farooq.
Caterpillar employees come to us in many different ways, withmany different stories. But we are humbled by what they have incommon: the loyalty and dedication to put their talents and enthusiasm to work to help us build the world.

2015 EXECUTIVE SUMMARY

15

WHAT WE’RESOLVING.
Caterpillar continues to help make sustainable progress possible byoffering solutions to ongoing challenges in our world today.

WHAT WE’RE SOLVINGSAFE WORKPLACE SOLUTIONREVITALIZING A CULTURE OF SAFETY
As we work to reduce our enterprise Recordable Injury Frequency (RIF), there
are countless large and small steps we have taken, as demonstrated by ourprogress to date. But even the most dedicated facilities sometimes reach a“safety plateau,” where further improvements become more difficult toachieve. When our Mapleton, Illinois, Cast Metals Organization facility foundtheir safety numbers plateauing at the end of 2012, they deployed facilitywide initiatives to break through to the next level of safety excellence.
The safety team, aided by the commitment of each of the nearly 600 employees
on site and the Caterpillar Safety Services Zero Incident Performance (ZIP™)
Process, undertook a cultural shift in how they address safety, thinking of the
program as ‘creating the presence of safety’ rather than ‘the absence of injuries.’ Part of this shift involved making the concept of safety personal. An acronym like RIF is not easy to relate to daily work, but seeing and discussing howeach injury affects real people in their work and personal life truly drives home theimportance of safety. The safety team encouraged this viewpoint by dedicating
all-employee meetings to recent on-site injuries and dialogues about how tomake safety proactive instead of reactive. In 2015, Mapleton reduced its injury
rate by 18.3 percent over the previous year, and injury rates have fallen by
66.3 percent since 2010.
Many of the safety improvements that Mapleton has implemented tobreak through its safety plateau have been generated by the employees
themselves using a “Green Card” program to document and communiIn 2015, Mapleton reduced its injury ratecate when employees identify, and proactively fix, a safety risk. In 2015,by 18.3 percent over the previous year, and injury
Mapleton employees submitted nearly 5,000 Green Cards representing
rates have fallen by 66.3 percent since 2010.
potential hazards or conditions that they worked on independently orwith management to address, and believed could be improved. The facility
also uses a “Star Green Card” system to allow department heads to further recognize employees who have gone above and beyond to fix a potential safety risk. The facility has implemented a full-time
Safety Champion position for each department, empowering employees to apply their specific knowledge of shop floor and safety
practices to work with department heads to enact health and safety initiatives.
Because safety communication has been fundamental to the success of Mapleton’s efforts, the safety team created a safety
improvement video, which is screened throughout the facility and updated each month to reflect the process and facility safety
improvements that have been implemented. Often these videos highlight innovative solutions developed and implemented by theemployees. Facility Manager Gary Bevilacqua attributes the success of the videos to the fact that it is a communication methodthat allows a different type of dialogue. “People are starting to talk about safety more openly and listening to the messages on thevideos,” he said. “It’s generating awareness and more individuals are coming forward with new ideas and aren’t afraid to discussthem with their teams.”

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2015 EXECUTIVE SUMMARY

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WHAT WE’RE SOLVING

RENEWABLE ENERGY SOLUTION

BRINGING RENEWABLE ENERGY TO ANYWHERE IN THE WORLD

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MICROGRIDSOLUTIONSEMERGING
MARKETSMINE SITESREMOTE AREAS

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RELIA

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2015 EXECUTIVE SUMMARYREMOTEMONITORING

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Moving forward, we intend to deploy similar microgrid systems,
solar panels and energy storage systems to customers throughout
the world – whether in remote villages, mining sites, islands, military
installations, telecommunications facilities, or commercial/industrial facilities. By expanding Caterpillar’s broad power generation
portfolio and solutions, we are reducing customer costs and site
emissions, while expanding access to electricity to those in thegreatest need. Our goal is simple – to provide our customers andthe communities where they work and live a brighter future
no matter where they are in the world.

OW

Caterpillar is also leveraging the advanced thin film solar panel
technology for our traditional commercial and industrial customers’
energy needs in more developed markets such as the UnitedStates and China. The thin film solar panel technology has higher
energy capture characteristics than traditional solar panels,
yielding increased annual energy production for our customers.
Integration of these products with traditional standby generator
sets allows customers to leverage the benefits of renewableenergy even if the grid goes down, providing an even higher
level of energy independence.

Leading by example, Caterpillar is first deploying world-classmicrogrid technologies at some of its own facilities. Many
Caterpillar operations resemble the commercial/industrial operations of our customers, so microgrid installations at Caterpillar
facilities provide a hands-on educational and training experiencefor customers and dealers while simultaneously providing costand emission reductions for the company. A prime example is
the Caterpillar Tucson Proving Ground facility located in Arizona.
Caterpillar performs validation testing of its mining equipment at
this site, which comprises an office building, shop areas and large
open-air test areas. Existing Cat® C15 diesel generator sets operate continuously to provide approximately 400kW of electricity to
the site, consuming approximately 250,000 gallons of diesel fuelper year. Extending the local utility grid to this remote location iscost-prohibitive, but microgrid technology is now a cost-effective

complement to diesel generators alone. We are installing 500kW ofsolar panels, 500kW of energy storage and a microgrid controller toseamlessly integrate these sources with the existing diesel generators. The system will carry the site load during daylight hours,
enabling the diesel generators to reduce power output and shut
down. Fuel consumption and exhaust emissions are expected to be
reduced by 33 percent, and generator maintenance is expected tobe reduced by 25 percent, with the resulting cost reductions providing an attractive return on the investment in the microgrid. Real-time
performance of the system will be monitored remotely and will beavailable for viewing online by select Cat® dealers.

O U RCFor example, microgrid technologies that couple renewable energy
generation with traditional generators and energy storage systems
can be deployed to places where the grid is weak, or does notreach. In 2015, Caterpillar entered a strategic alliance with solar
industry leader First Solar to develop and distribute Cat branded
photovoltaic modules for incorporation into microgrid systems thatcan be utilized anywhere from remote villages to mining operations.
Caterpillar will distribute this innovative technology through ourglobal network of dealers, providing value to our customers by integrating solar energy systems with Caterpillar’s trusted expertise in
distributed power generation technologies.

Another important technology that is rapidly progressing is energy
storage systems, which allow customers to capture surplus renewable energy and store it for later use. Caterpillar, leveraging our bi-directional inverter technology developed for mining trucks and hybrid
tractors, offers a full range of energy storage technologies, ranging
from ultracapacitors for short duration storage to long duration
metal- air energy storage products. Recognizing the benefit thatenergy storage technology can offer our customers, in 2015
Caterpillar invested in Fluidic Energy, the makers of metal-air energy
storage technologies. We chose Fluidic Energy for this endeavorbecause the company’s technology offers potentially significant
advantages in terms of energy storage cost, depth of discharge,
cycle life and safety over some traditional energy storage products.

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Renewable energy technologies are showing great promise tochange how energy is produced around the globe, while addressing basic human needs. In 2015, Caterpillar launched a number of
initiatives that will provide reliable, cost-effective and sustainableenergy wherever it is needed.

SOLAR PANELS& SYSTEMS

ENERGY
STORAGE2015 EXECUTIVE SUMMARY

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WHAT WE’RE SOLVING

WHAT WE’RE SOLVING

MATERIAL RECOVERY SOLUTIONSANITATION IMPROVEMENT SOLUTION

MATERIAL RECOVERY
Caterpillar encourages circular economy principles through ourremanufacturing and rebuild businesses. This starts with durable
products, many designed to be rebuilt multiple times. Through ourremanufacturing and rebuild programs, components and machines
are overhauled, rather than simply repaired or replaced. Reuse ofparts, still within factory specifications, reduces waste and minimizes the need for additional raw materials necessary to produce
new parts. This system is where Caterpillar is making some of its
greatest contributions to sustainable development – keeping nonrenewable resources in circulation for multiple life cycles.
For more than 40 years, Caterpillar’s remanufactured products
have provided same-as-when-new performance, reliability andwarranty at fraction-of-new costs, as well as availability that gives
customers more options at repair and overhaul time.

In addition to giving our customers lower operations andmaintenance costs, using remanufactured equipment
gives Cat® dealers a competitive advantage.

An excellent example of how our reman programs deliver value
to customers can be found in the island nation of Dominica.
There, almost all energy is produced using a combination of gas,
diesel and fuel-oil generators. Rimco, the Cat® dealer in the
Eastern Caribbean, has put a priority on offering remanufactured
parts and components to the local electricity companies and customers. Remanufactured parts are more affordable, helping tomanage operating costs, and are more readily available on themarket, allowing faster turnaround time in the event of emergency repairs.

SUPPORTING GLOBAL SANITATION IMPROVEMENTS
For instance, a local energy company uses 11 Cat® generators –primarily Cat® 3516, Cat® 3608 and Cat® 3612 engines – to supply
the majority of the island’s electricity. During 2015, two of themain generators needed emergency replacement parts, reducing
the backup power available and increasing the risk to a disruption
in energy supply to the island. Rimco provided remanufactured
parts to the energy company, ensuring they could keep thepower flowing without interruption.
In addition to giving our customers lower operations and maintenance costs, using remanufactured equipment gives Cat® dealers
like Rimco a competitive advantage and has helped the 35-year-old
company meet the needs of its customers across the Eastern
Caribbean efficiently and affordably.

When we seek to meet basic human needs around the world,
particularly those of women and girls, sanitation is a high-impact
area where we can focus our efforts. In 2015, the Caterpillar
Foundation continued our support of The Global Poverty Project(GPP) with an investment to support universal access to sanitation. The grant will help GPP advocate for policies around theworld that enable entrepreneurship, especially for women, byremoving barriers caused by poor and inequitable access to sanitation – such as places to hand wash or use the toilet – and lackof access to basic education. GPP estimates universal sanitation
would improve the entrepreneurial potential of women by freeing
up more than 200 million hours for women and girls each day,enabling them to achieve an education, have time for paid
employment or to run their own small enterprises. Combined,
these measures would return an estimated $220 billion to theglobal economy annually.

In 2015, the United Nations adopted the Sustainable Development
Goals (The Global Goals), a series of 17 goals with 169 targets tobe achieved by 2030. Included in these goals were two key
aspects of our policy partnership with GPP: the recognition of theneed to ensure access to adequate sanitation and hygiene for all,and a commitment to end open defecation, especially for women,
girls and those in vulnerable situations. GPP will continue to workon other aspects of our sanitation-policy partnership, including
securing a $10 million-per-year increase in Water, Sanitation andHygiene (WASH) aid from the United States government, and urging four new governments or companies to allocate new, additional
financial resources to sanitation efforts.

GPP estimates universal sanitation would
improve the entrepreneurial potential of women byfreeing up more than 200 million hours for womenand girls each day, enabling them to achieve an
education, have time for paid employment or to
run their own small enterprises.

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2015 EXECUTIVE SUMMARY

2015 EXECUTIVE SUMMARY21

WHAT WE’RE SOLVING

WHAT WE’RE SOLVING

NATURAL INFRASTRUCTURE SOLUTIONSUSTAINABILITY VISION, MISSION,STRATEGY & PRINCIPLESSHINING A LIGHT ON THE
CLIMATE BENEFITS OF NATURALINFRASTRUCTURE
Cat® products are used to support infrastructure projects aroundthe world, including natural infrastructure projects such as the restoration of forests, wetlands and other landscapes. We believe that
Caterpillar’s expertise across industries puts us in a prime position
to drive the global discussion on the importance of natural infrastructure and its restoration. Not only is sustainability one of ourCore Values, but over our 90-year history we have also built relationships across a wide range of infrastructure businesses that willbe critical to restoring the world’s natural landscapes. Already,Caterpillar has supported a number of major natural infrastructure
restoration projects, including Everglades restoration projects in
Florida, cleanup work in the wake of Hurricanes Sandy and Katrina
and remediating Superfund sites across the United States.
Around the world, governments, industries and individuals aretalking about climate change, the threats it poses to our livelihoods and the best ways to address it. The majority of the conversation has focused on the role energy plays in our global carbon
footprint. Natural infrastructure – forests, prairies, agriculturallands, coastal landscapes, wetlands and other landscapes – also
plays a vital role in managing carbon and supporting global sustainability. In 2015, to complement our existing initiatives focused on
reduction of greenhouse gases, Caterpillar spearheaded an effort
to raise awareness of the benefits of natural infrastructure.

Caterpillar has supported a number of major natural
infrastructure restoration projects, including Everglades
restoration projects in Florida, cleanup work in thewake of Hurricanes Sandy and Katrina and remediating
Superfund sites across the United States.

Natural infrastructure sequesters billions of tons of carbon for
productive use in plants and soils. Scientists say that more carbon resides in soil than in the atmosphere and all plant life combined; there are 2,500 billion tons of carbon in soil, comparedwith 800 billion tons in the atmosphere and 560 billion tons inplant and animal life. The food, fiber and lumber produced fromnatural infrastructure provide our nourishment and much of the
raw materials for clothing and housing. With the earth’s population expected to grow from 7 billion to more than 9 billion in thenext few decades, ensuring the health and productivity of our
natural infrastructure will be integral to meet the growing needfor food and other basic human needs.

222015 EXECUTIVE SUMMARYVISIONOur vision is a world in which all people’s basic needs – such as shelter, clean water,
sanitation, food and reliable power – are fulfilled in a sustainable way and to be a company that
improves the quality of the environment and the communities where we live and work.

And yet, a recent United Nations report, the State of the World’s

MISSION
Our mission is to enable economic growth through infrastructure and energy development, and toprovide solutions that support communities and protect the planet.

STRATEGYLand and Water Resources for Food and Agriculture (SOLAW),
found 25 percent of the world’s lands are now considered “highly
degraded” as a result of poor management practices. This meansthat an area roughly the size of North America may suffer fromdeforestation, desertification, severe erosion and wetland contamination. As a result, communities that depend on these lands
may experience less productive farmland, poorer water quality
and lower storm resilience. According to Ohio State University’s
Carbon Management and Sequestration Center, restoring soils ofdegraded and desertified ecosystems has the potential to provide an additional 1 billion to 3 billion tons of in-soil carbon storage capacity annually, equivalent to approximately 3.5 billion to
11 billion tons of CO2 emissions.
In November 2015, Caterpillar hosted the first major nationalsummit in the United States of diverse stakeholders who havea part to play in natural infrastructure restoration. The summit
brought together leaders from engineering, construction, finance,
governments, academia and nongovernmental organizations toestablish a coordinated effort across these industries to develop
and deploy sustainable development solutions. Participants delved
into the scientific and business cases for natural infrastructure restoration and brainstormed policies, business models and financing
solutions needed to expand the world’s natural infrastructure
restoration efforts.
Following the summit, Caterpillar has published a comprehensive
white paper detailing the summit discussions. The paper highlights
the recommendations that businesses and governments may
consider to increase the effectiveness of efforts to restore natural infrastructure and keep pace with our need for the critical services, including carbon sequestration and resources, that natural
ecosystems provide. Through the use of our products for natural
infrastructure restoration projects and continuing to increaseawareness, this is another way that Caterpillar can continue tobuild a more sustainable world.

Our strategy is to provide work environments, products, services and solutions that make safe,
productive and efficient use of resources as we strive to achieve our vision. We apply innovationand technology to improve the sustainability performance of Caterpillar’s products, services, solutions and operations. We believe sustainable progress is made possible by developing better systems that maximize life cycle benefits, while also minimizing the economic, social and environmental
costs of ownership, as reflected in our sustainability principles. We will execute our strategy by working
to meet our aspirational sustainability goals.

SUSTAINABILITY PRINCIPLES
Sustainability is part of who we are and what we do every single day. We recognize that progress involves a balance of environmental
stewardship, social responsibility and economic growth.
Caterpillar Sustainability Principles drive our commitment to make sustainable progress possible.
Prevent Waste (Improve Safety, Efficiency and Productivity):
By increasing the safety, efficiency and productivity of processes and products, wereduce cost and minimize the use of materials, energy, water and land. We provide asafe work environment and the tools and training employees need to work safely. We
provide customers with products, services and solutions that improve the sustainabilityof their operations.

Prevent
Waste

Improve Quality (Team, Community, Environment and Operations):
We focus on improving quality for our company, customers, communities, environment
and the quality of life for our employees. We use Lean and 6 Sigma to improve ouroperations and products. Our employees and their families experience a better qualityof life when the quality of our company, communities and the environment ismaintained. We attract and develop the best teams.

Develop
Better
Systems

Develop Better Systems (Innovate):
We leverage innovation and technology to maximize efficiency and productivity. We
remanufacture, rebuild and recycle to conserve resources for multiple life cycles. We
develop products that contribute to communities through infrastructure development
and energy access. We develop better systems throughout the value chain, “engineering
the whole chain, not just the links,” in order to maximize life cycle benefits.

Improve
Quality2015 EXECUTIVE SUMMARY

23

LEGAL STATEMENTS© 2016 Caterpillar All Rights Reserved. CAT, CATERPILLAR, their respective logos, ACERT, BUILT FOR IT, MineStar, Product Link, Solar,
VisionLink, “Caterpillar Yellow,” the “Power Edge” trade dress as well as corporate and product identity used herein, are trademarks ofCaterpillar Inc. or its subsidiaries and may not be used without permission.
Forward-Looking Statements Certain statements in this 2015 Sustainability Report relate to future events and expectations and are forwardlooking 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,” “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, andwe do not undertake to update our forward-looking statements.

OFFICERS
Chairman of the Board& Chief Executive Officer
Douglas R. Oberhelman

Group Presidents
Robert B. Charter
Thomas A. Pellette
Edward J. Rapp
D. James Umpleby III
Denise Johnson –effective 2016

Group President &Chief Financial Officer
Bradley M. Halverson

Vice Presidents
Kent M. Adams
William P. Ainsworth
Mary H. Bell**Thomas J. Bluth
Wai Man (Raymond) Chan
Qihua Chen
Frank J. Crespo
Christopher C. Curfman**Bob De Lange
Michael L. DeWalt
Paolo Fellin
William E. Finerty**
Gregory S. Folley
Thomas G. Frake
Kimberly S. Hauer
Gwenne A. Henricks

Kenneth J. Hoefling*
Douglas O. Hoerr
Denise C. Johnson
Kathryn D. Karol
Philip G. Kelliher
Pablo M. Koziner
Julie A. Lagacy
Nigel A. Lewis

Steven W. Niehaus
E. Jean Savage
Mark E. Sweeney**
George H. Taylor, Jr.
Tana L. Utley
Karl E. Weiss
Ramin Younessi

Chief Accounting Officer
Jananne A. Copeland

Assistant Treasurer
Sally A. Stiles

Assistant Secretary
Patrick G. Holcombe

Corporate Controller
Jill E. Daugherty

Chief Audit Officer
Kimberly R. Doe

Chief Ethics andCompliance Officer
Lance W. HighTreasurer
Edward J. Scott

Executive Vice President,
Law and Public Policy &Chief Legal Officer
James B. Buda
Senior Vice President
David P. Bozeman

Corporate Secretary
Christopher M. Reitz

Caterpillar’s actual results may differ materially from those described or implied in our forward-looking statements based on a number offactors, including, but not limited to: (i) global and regional economic conditions and economic conditions in the industries we serve; (ii) government monetary or fiscal policies and infrastructure spending; (iii) commodity price changes, component price increases, fluctuations indemand for our products or significant shortages of component products; (iv) disruptions or volatility in global financial markets, limiting oursources of liquidity or the liquidity of our customers, dealers and suppliers; (v) political and economic risks, commercial instability and events
beyond our control in the countries in which we operate; (vi) failure to maintain our credit ratings and potential, resulting in increases to our cost of
borrowing and adverse effects on our cost of funds, liquidity, competitive position and access to capital markets; (vii) our Financial Products
segment’s risks associated with the financial services industry; (viii) changes in interest rates or market liquidity conditions; (ix) an increase indelinquencies, repossessions or net losses of Cat Financial’s customers; (x) new regulations or changes in financial services regulations; (xi) a
failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures or divestitures; (xii) international trade
policies and their impact on demand for our products and our competitive position; (xiii) our ability to develop, produce and market quality
products that meet our customers’ needs; (xiv) the impact of the highly competitive environment in which we operate on our sales and pricing; (xv) failure to realize all of the anticipated benefits from initiatives to increase our productivity, efficiency and cash flow and to reduce
costs; (xvi) additional restructuring costs or a failure to realize anticipated savings or benefits from past or future cost reduction actions;(xvii) inventory management decisions and sourcing practices of our dealers and our OEM customers; (xviii) compliance with environmental laws and regulations; (xix) alleged or actual violations of trade or anti-corruption laws and regulations; (xx) additional tax expense or
exposure; (xxi) currency fluctuations; (xxii) our or Cat Financial’s compliance with financial covenants; (xxiii) increased pension plan funding obligations; (xxiv) union disputes or other employee relations issues; (xxv) significant legal proceedings, claims, lawsuits or government investigations;(xxvi) changes in accounting standards; (xxvii) failure or breach of IT security; (xxviii) adverse effects of unexpected events, including natural
disasters; and (xxix) other factors described in more detail under “Item 1A. Risk Factors” in our Form 10-K filed with the SEC on February 16,
2016, for the year ended December 31, 2015.

To learn more about Caterpillar in 2015 and our sustainability journey, please visit the full 2015 Year in Review and Sustainability
Reports at http://reports.caterpillar.com/

Assistant Secretary
Joni J. Funk*Appointed in 2015**Retired in 2015

BOARD OF DIRECTORS

24David L. Calhoun

Jesse J. Greene, Jr.

Douglas R. Oberhelman

Edward B. Rust, Jr.

Daniel M. Dickinson

Jon M. Huntsman, Jr.

William A. Osborn

Susan C. Schwab

Juan Gallardo

Dennis A. Muilenburg

Debra L. Reed

Miles D. White

2015 EXECUTIVE SUMMARY

2015 EXECUTIVE SUMMARY

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Caterpillar Inc.
100 NE Adams Street
Peoria, Illinois 61629 USA
1 (309) 675-1000