Caterpillar Chairman and CEO Jim Owens Expresses Confidence in Reaching 2010 Corporate Strategic Goals and Discusses Raising 2007 Outlook

MUNICH, Germany, April 23 /PRNewswire-FirstCall/ -- Caterpillar (NYSE:CAT) Chairman and Chief Executive Officer Jim Owens told a group of financial analysts and institutional shareholders that Caterpillar is clearly focused on executing its enterprise strategy, which puts a strong emphasis on safety, quality and velocity.

On Monday at bauma, the world's largest construction industry trade show, in Munich, Germany, Owens:

    --  Outlined the product, geographic and end-market diversity of
        Caterpillar's businesses
    --  Covered Caterpillar's track record of financial performance, including
        first quarter results and the outlook for 2007
    --  Outlined the economic and industry backdrop behind Caterpillar's goals
        for 2010
    --  Reviewed the company's enterprise strategy -- Vision 2020 -- and the
        progress toward its 2010 goals

"Despite slowing economic growth in the U.S., the rest of the world is doing quite well," said Owens. "Many of the industries we serve, like mining, global oil & gas and infrastructure development are strong and continue to grow. The first quarter was a great demonstration of Caterpillar's broad global and industry reach. Our sales and revenues and profit per share continued to increase despite significant weakness in two important U.S. industries-housing and on-highway truck engines. As we look ahead to 2010, we are well-positioned to deliver on our strategic goals of improved safety, quality and velocity, top line sales of more than $50 billion and profit growth in the top half of the S&P 500."

    Owens highlighted key factors involved in executing the 2010 strategy:

    --  Deployment of the Caterpillar Production System to drive breakthroughs
        in safety, quality and velocity
    --  A comprehensive implementation of Caterpillar's business model in
        China
    --  Continuing growth in less cyclical service-related businesses

"We are on track to deliver the future as we've outlined it," Owens said. "We have a great product line, a growing range of diversified service businesses, a well-defined strategy that we are focused on executing and the broadest global reach of any company in our industry."

About Caterpillar

For more than 80 years, Caterpillar Inc. has been making progress possible and driving positive and sustainable change on every continent. With 2006 sales and revenues of $41.517 billion, Caterpillar is the world's leading manufacturer of construction and mining equipment, diesel and natural gas engines and industrial gas turbines. The company also is a leading services provider through Caterpillar Financial Services, Caterpillar Remanufacturing Services, Caterpillar Logistics Services and Progress Rail Services. More information is available at http://www.cat.com.

SAFE HARBOR

Certain statements in this release relate to future events and expectations and as such constitute forward-looking statements involving known and unknown factors that may cause actual results of Caterpillar Inc. to be different from those expressed or implied in the forward-looking statements. In this context, words such as "will" and "expect" or other similar words and phrases often identify forward-looking statements made on behalf of Caterpillar. It is important to note that actual results of the company 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 the company's products and services; significant changes in the competitive environment; epidemic diseases; changes in law, regulations and tax rates; and other general economic, business and financing conditions and factors described in more detail in the company's Form 10-K filed with the Securities and Exchange Commission on February 23, 2007. We do not undertake to update our forward- looking statements.

Source: Caterpillar Inc.

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