Company Overview

1. Company Overview Indiana UniversityKelley School of BusinessFebruary 10th, 2005

2. Cummins…... • Global Fortune 500 Company • Design, manufacture and market diesel and alternative fuel engines, filtration and exhaust systems, power generation systems and related components • Largest independent engine manufacturer • Industry leader in engine and manufacturing technologies • Rich history of innovation • Company culture committed to Corporate Responsibility and making a positive impact on the communities in which we operate

3. APPLICATIONS…......

4. Diesel Industry - Past

5. Diesel Industry - Present "What if you could brush 40 mpg in a big, fast, full-on luxury sedan? That's no longer a rhetorical question, thanks to the brilliant Mercedes E320 CDI. What you get is the same E-Class sedan that's among the best luxury cars in its class, only it's driven by a turbocharged diesel engine that proves a car can save gas and still kick, um, tail." By Lawrence Ulrich "More Car, Less Gas; Seven Models That Get Great Gas Mileage Without Sacrificing Style Or Performance" NPR: Morning EditionAugust, 2004

6. Diesel Industry – Future is Bright • "EPA projections show that if diesels accounted for a third of all vehicle-miles traveled in the country by 2020, the nation could save a million barrels of fuel a day and consumers could save more than $20 billion per year."By Greg Schneider "Will New, Cleaner Diesel Cars Fuel Comeback in U.S.?"The Washington PostFebruary 22, 2004 • "And if gas prices have you fuming, you may want to go diesel. Consider these facts. Some 40 percent of new cars sold in Europe are diesel compared to only one percent in the United States. In 2007, new emissions standards will require diesel to burn 90 percent cleaner than it does today. Already, diesel is 30 percent more efficient than gas, gets more miles to the gallon and is cleaner."CNN DaybreakMay 12, 2004 • "Diesel engines are an extremely attractive technology to help achieve EPA's future emissions standards."Jeff Holmstead, EPA Assistant Administrator for Air and Radiation"Ford and EPA to Test New Clean Diesel Combustion in Passenger Vehicles"Green Car CongressJanuary 28, 2005 Don’t just take our word for it…. Visit www.dieselforum.orgfor more information and quotes from external sources like those below.

7. Diversified Revenue Base . Revenue by Business Unit and Geographic Region 2004: $8.4 billion

8. Record Shareholder Value 200 74.6% 175 150 125 Stock Price Index 15.7% 100 10.9% 75 Peer group: Caterpillar, Navistar, Ingersoll-Rand, Paccar, Eaton, ArvinMeritor, Deere, Dana, CNH 50 12/31/2003 3/31/2003 6/30/2003 9/30/2003 12/31/2004 CMI S&P 500 Peer Avg. Data as of Dec. 31, 2004

9. Confident About Our Future • Strengthening U.S. Economy • Robust Truck Demand • Invested in Right Technology • Secured Business Through Long-Term Agreements • Positioned Well in Emerging Markets • Global Growth in Power Generation

10. Cummins Culture What's our personality? • Decisive, Driven to win, Agile, Passionate, Caring Values: What do we value? • Integrity: Strive to do what is right and do what we say we will do • Innovation: Apply the creative ingenuity necessary to make us better, faster, first • Delivering Superior Results: Exceed expectations, consistently • Corporate Responsibility: Serve and improve the communities in which we live • Diversity: Embrace the diverse perspectives of all people and honor with both dignity and respect • Global Involvement: Seek a world view and act without boundaries

11. External Recognition “In the search for character and commitment, we must rid ourselves of our inherited, even cherished, biases and prejudices. Character, ability and intelligence are not concentrated in one sex over the other, nor in persons with certain accents, or in certain races, or in persons holding degrees from some universities over others.” “When we indulge ourselves in such irrational prejudices, we damage ourselves most of all and ultimately assure ourselves of failure in competition with those more open and less biased.” – J. Irwin Miller, former Cummins Chairman and CEO. 2004 -- #1 Corporate Citizen

12. Corporate MI&A (Columbus, IN) External reporting Treasury (Columbus, IN) Cash, Risk, Pension CBS (Nashville, TN) AP, AR, GL, Intercompany, Fixed Assets BA&A (Columbus, IN) Internal Auditing Business Units Planning, Forecasting, Reporting Target Setting, Annual Planning, Monthly Reporting Strategy & Finance Financial Simulation, Business Strategy, Special Projects Financial Analysis & Accounting at Plants Budgeting, Capital Planning, Working Capital Management Overview ofAccounting & Finance

13. Corporate MI&A (Columbus, IN) External reporting Treasury (Columbus, IN) Cash, Risk, Pension CBS (Nashville, TN) Business Services (e.g. payroll, etc) BA&A (Columbus, IN) Internal Auditing Treasury • Working with world wide entities to assess their cash needs and making sure there is adequate working capital to manage their businesses • Working with the Cash Manager and helping him invest excess funds • Working with treasury managers on a number of financial risk management processes • Working with treasury managers on liquidity issues • Working with pension group on tracking various pension related scenarios and reporting the funded status to the management

14. Business Units Planning, Forecasting, Reporting Target Setting, Annual Planning, Monthly Reporting Strategy & Finance Financial Simulation, Business Strategy, Special Projects Financial Analysis & Accounting at Plants Budgeting, Capital Planning, Working Capital Management Financial Simulation: Analysis of interaction between external factors and internal resources of BU to arrive at a likely financial position of the company over the next few years Business Strategy: Portfolio analysis to determine new project funding level and allocation across various products and markets Special Projects: Analysis of new business opportunities (valuation, JV analysis, etc.) Strategy & Finance

15. Career andTraining Opportunities • Ongoing education (Sponsored by Cummins) • MBA, CPA, CMA, CFA • Mentoring Program • Career path development with manager outside your group • Go to lunch, meet in work, etc • Buddy Program • Paired with a peer • Help with day to day questions, what to do in Columbus, finding place to live • Regular Performance Reviews • Includes self-assessment, manager review, goal setting, what to work on (Individual Development Plan)

16. Questions ?

17. Career Path – Pam Roberts 1986 1988 1987 1991 1992 1993 PFR Analyst Mgr – Financial Architecture Mgr – Financial Analysis Finance Director - European Marketing Director – Corporate PFR Director – WW ABM 1997 1996 1995 2000 2003 Controller - Fleetguard Ex Dir - Business Analysis & Audit Controller - Aftermarket Ex Dir - International CBS VP Finance – Filtration BU 2004 – Associate Director, Professional Development Kelley School of Business

18. CAREER PROFILE – SUPPLY CHAIN Rich Freeland – VP & GM – Fuel Systems Business Vice President - Fuel Systems Business 2001-2004 Engine Business Purchasing & Quality Vice President - Heavy Duty Operations & 1999-2001 Fuel Systems Business Plant Manager - Columbus Engine Plant 1996-1999 Executive Director - Aftermarket Logistics 1993-1996 Plant Manager - Diesel ReCon 1991-1993 Director - Parts Marketing/Logistics 1990-1991 Manager - Materials 1986-1990 MBA - Kelley School of Business 1986

19. CAREER PROFILE – FINANCE Dean Cantrell – Director Treasury Services Director – Investor Relations 2004 - present Director- Treasury Services 2002- 2004 Controller - Marine Business 2000-2002 Finance Manager - Columbus Engine Plant 1998-2000 MI& A - Financial Analyst 1996-1998 MBA - Kelley School of Business 1996