Sharpening Our Focus

FALL 2011

Statements and information herein that are not historical facts are "forward-looking information". Words such as “plans”, “intends”, “outlook”,

“expects”, “anticipates”, “estimates”, “believes”, "likely", “should”, "could", "will", "may" and similar expressions often identify forward-looking

information and statements. Forward looking statements and information may include, without limitation, statements regarding the operations,

business, financial condition, liquidity, expected financial results, performance, obligations, market conditions, prospects, opportunities, priorities,

targets, goals, ongoing objectives, strategies and outlook of Toromont and its business units.

Forward-looking information and statements contained herein are based on, among other things, Toromont management's current assumptions,

expectations, estimates, objectives, plans and intentions regarding projected revenues and expenses, the economic, industry and regulatory

environments in which Toromont operates or which could affect its activities, Toromont's ability to attract and retain customers as well as

Toromont's operating costs and raw materials supply. By their nature, forward-looking information and statements, and the factors upon which

they are based, are subject to risks and uncertainties which may be beyond Toromont's ability to control or predict. Actual results or events could

differ materially from those expressed or implied by forward-looking information and statements. Factors that could cause actual results or

events to differ from current expectations include, among others: business cycle risk, including general economic conditions in the countries in

which Toromont operates; risk of commodity price changes including precious and base metals; risk of changes in foreign exchange rates,

including the Cdn$/US$ exchange ate; risk of the termination of distribution or original equipment manufacturer agreements; risk of equipment

product acceptance and availability of supply; risk of increased competition; credit risk related to financial instruments; risk of additional costs

associated with warranties and maintenance contracts; interest rate risk on financing arrangements; risk of availability of financing; risk of

environmental regulation. Additional information on these factors and other risks and uncertainties that could cause actual results or events to

differ from current expectations can be found in the “Risks and Risk Management” and “Outlook” section of Toromont‟s annual MD&A for 2010

contained in the 2010 Toromont Annual Report. Other factors, risks and uncertainties not presently known to Toromont or that Toromont

currently believes are not material could also cause actual results or events to differ materially from those expressed or implied by forward-

looking information and statements.

Forward-looking information and statements contained herein about prospective results of operations, financial position or cash flows are

presented for the purpose of assisting Toromont's shareholders in understanding managements' current view regarding those future outcomes

and may not be appropriate for other purposes. Readers are cautioned not to place undue reliance on the forward-looking information and

statements contained herein, which are given as of the date of this document, and not to use such information and statements for anything other

than their intended purpose. Toromont disclaims any obligation or intention to update or revise any forward-looking information or statement,

whether the result of new information, future events or otherwise, except as required by applicable law.

Forward-Looking Statements

2

Investment Strengths

3

Market Leading Brands & Position

Solid Growth Opportunities

Good Momentum in Bookings & Order Backlog

Track Record of Superior Financial Performance

Strong Balance Sheet

43 Years of Dividends – 22 of Consecutive Growth

4

EQUIPMENT GROUP

Dealer Network and Markets

Toromont CAT Mine Site Branches

1. Agnico Eagle

2. Goldcorp

3. DeBeers

4. Detour Gold

5. Goldcorp

6. Vale

Toromont CAT Branches

Newfoundland & Labrador

Ontario

Nunavut

Musselwhite

Meadowbank

Porcupine

Voisey‟s Bay

Victor

Detour Lake

1

2

3

4

5

6

Manitoba

Equipment Sales by Segments Served

EQUIPMENT GROUP

21%

20%

18%

16%

6%

4%

15%

Power

Large Contractor

Local Contractor

Mining

Quarry

Agriculture

Other *

* Other includes equipment services, forestry, government, industrial, waste and lift categories

5

History of Successful Consolidation

Positioned for Territory Expansion

0

100

200

300

400

500

600

700

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Sep 2011

Product support

10 Year CAGR 5%

10 Year CAGR 7%

Revenues

Growth Fueled by:

Expanded Markets and Additional Branches – Mining, Power Systems

Broadened Product Offerings (e.g. MaK, Metso, Trimble)

Increased Equipment Population Fuels Product Support

Shift to higher requirement/large equipment

Toromont product support network a significant competitive advantage6

Equipment Sales

Mil

lio

ns

(R12)

Recent growth trend resuming 9% pre-recession Equipment CAGR

Rental Market Coverage

7

Newfoundland

Ontario

Manitoba

Battlefield

SectorsElectrical Plumbing

HVAC

Surveyors

Steel Erectors

37 Stores Serving 13,600 Customers

>250 Brands Totalling >28,000 Items

EQUIPMENT GROUP

Special Trades

0

20

40

60

80

100

120

140

160

180

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Sep 2011

10 Year CAGR 7%

Rental Revenue

Growth Fueled by:

Added Branch Locations

Expanded Product Offerings

Investment in Fleet & Technology

Significant opportunity with focus on Heavy Rent 8

Mil

lio

ns

(R12)

Recent growth trends resuming 9% pre-recession CAGR

O&KFront shovels

Broaden Product Offering & Services Strategy

9Generating Significant New Internal Growth

2 0 0 5 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 11

TrimbleMachine guidance

control systems

Heavy Equipment

Rental

MetsoMobile & stationary aggregate

crushing & screening

CAT Vocational Truck Introduction

Bucyrus Intl.Broader mining equipment

product line

2 0 0 6

Large bore marine engines

MWMManufacturer of

natural gas engines

EQUIPMENT GROUP

Mining Sector

10

Canadian Exploration Expenditures

Source: Natural Resources Canada 2010 $2.8 Billion (total Canada)

45%

Manitoba

Nunavut

Newfoundland & Labrador

Investment Has More than Doubled in Our Territory Over Past 5 Years

Ontario

EQUIPMENT GROUP

Newfoundland & Labrador

Ontario

Nunavut

1

2

3

45

6

Manitoba

8

Management Estimates 47 New Projects and Transformational Expansions on Visible Horizon

11

Large Prospect Mine Sites

1. Lalor, HudBay Minerals

2. Hope Bay, Newmont Mining

3. Meliadine, AEM

4. Hollinger, Goldcorp Inc

5. Marathon PGM, Stillwater Mining

6. Ring of Fire, Cliffs Natural Resources

7. Hammond Reef, Osisko Mining

8. Rainy River Resources

9. Mary River, Baffinland Iron Mines

Toromont CAT Select Branches

9

7

Large Prospect Mine SitesEQUIPMENT GROUP

Wherever There‟s MiningWe‟re There

1212

EQUIPMENT GROUP

Infrastructure Major Projects

• Windsor Essex Parkway - $1.6B

• Hwy 407

• Pan-Am Games investment

13

Ontario

Newfoundland & Labrador

Manitoba

Nunavut

• Hebron - $6B plus

• Lower Churchill - $6.2B

• Vale Long Harbour Processing Plant

• Bipole III - $3.2B

• Keeyask Generating Station - $5.6B

• East Side Transportation Initiative

• Potential significant infrastructure requirements to support mining and other initiatives

EQUIPMENT GROUP

Most Significant List of Major Projects in Toromont‟s Dealer History

$10.6

$14.4

$16.9$15.6

2008/09 2009/10 2010/11 2011/12

Infrastructure - Investment Continues

Infrastructure Investment($ billions)

Significant Levels of Investment Expected to Continue in Toromont Territory

14

EQUIPMENT GROUP

Source: ON/MB/NL Governments, ORBA, Management estimates

15

Power Systems

Growing Market

Support for Renewables

Office Towers

Data Centres

Industrial Engine Sales to OEMS

Prime Power Peak Shaving Stand-by

CommercialElectric Power

EQUIPMENT GROUP

Remote Communities

Mine Sites

Significant growth opportunities:

Gain increasing share of higher investment in CHP & alternative energies (MWM)

Large power plants for remote mine sites (60 MW)

Natural gas-fueled distributed power

Marine Power Systems

16

XL FOODS - BROOKS, AB - 3,500,000 lbs of raw beef to cool every 24 hours

AR

AL

17

Nearly 100 Years of Serving Canadian Markets

FL

KY

CT

North American Market Leader in Industrial Refrigeration

Global market leader in Recreational Ice Applications

Revenue Split

Recreational

31%Product

Support

42%

Industrial

27%

WI

IL

TN

MS GA

SC

NC

INOH

PA

NY

ME

VTNH

RI

VAVW

MI

SERVICE ACCOUNT MANAGERS

DE

CIMCO OFFICES

MD

MO

TX

NJ

MA

Core Markets

18

Industrial Refrigeration

Market leading engineering capabilities & expertise

Food & beverage processing, cold storage, food distribution, HVAC, IPC & mining applications

Good growth potential – tied to economic growth & investment in food distribution network

Leverage proven Eco Chill in industrial market

Growth opportunity with Ammonia - based HVAC applications

Strong product support network

Core Markets

Recreational Facilities

Market leading engineering capabilities & expertise

ECO CHILL has become a strong differentiator

4,500 installed facilities worldwide

Official NHL rink provider for 12 years

Marquee Winter Olympic installations: Vancouver, 2010 & Calgary,1988

Strong product support network

19

Delivering Results

20

High Performance Capital Management(Consolidated)

0.00

0.10

0.20

0.30

0.40

0.50

21

(%)

15.917.1

12.9

17.518.7 18.9

20.621.6 21.5

15.5

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

18.3*

8.5

Return on Opening Shareholders’ Equity

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Dividends Per Share(Cents)

• Superlative returns on equity

• Sustained growth in dividends each year since 1989

• Very solid balance sheet with net debt-to-equity of 0.33:1 at Sept. 30, „11

• DBRS recently upgraded rating to BBB (High)

• Disciplined focus on returns on capital employed throughout organization

0.66

0.480.41

0.47 0.45 0.420.36

0.19

0.05

-0.06

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

(%)

Net Debt-to-Equity Ratio

0.20

* Excludes goodwill, intangibles and transaction costsNote: Historic pro forma based on Butterfly proportion 56.4%

E2011

10 Year CAGR – 16.4%

22

Growth and Profitability Throughout the Cycle

Pro Forma Net Earnings from Continuing Operations (Millions)

24.9

32.626.7

37.540.3 42.6

52.3

82.2

73.6

59.4

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

73.2

Consistent Execution Delivers Results

23

Pre-Tax Income % to Revenues

Profitable Results Delivered Through All phases of the Economic Cycle

EQUIPMENT GROUP

Notes: Peer Group includes Finning, Wajax and Strongco

Toromont and Peer Group ratios exclude impacts reported as unusual items

Return on Average Capital Employed %

First Nine Months Performance

24

r

864.2Revenue

($ millions except EPS)

Continuing operations basis

77.0Operating Income

48.7Net Earnings

0.64EPS (Basic)

973.5

100.0

68.5

0.89

2011 2010

12.6

29.9

40.7

39.1

% Change

Investment Strengths

25

Market Leading Brands & Position

Solid Growth Opportunities

Good Momentum in Bookings & Order Backlog

Track Record of Superior Financial Performance

Strong Balance Sheet

43 Years of Dividends – 22 of Consecutive Growth

Sharpening Our Focus

FALL 2011