Cummins_Investor_Conference_SEP_18-07

Welcome
Cummins Investor Conference
Jamestown Engine Plant

September 2007

Agenda

Welcome
9:15 a.m. to 10:40 a.m. – Presentations
10:40 a.m. to 10:55 a.m. – Break
10:55 a.m. to noon – Presentations
Noon to 1 p.m. – Q and A
1 p.m. to 3 p.m. – Lunch, plant tours, exhibits

2

Cummins Inc. - 2007 Investor Conference
Tim Solso

Presenters
• Tim Solso,
Chairman and CEO
• Joe Loughrey,
President and COO
• John Wall,
Chief Technical Officer
• Jim Kelly,
President, Engine Business
• Tom Linebarger,
President, Power Generation
• Rich Freeland,
President, Distribution
• Rick Mills,
President, Components
• Steve Chapman,
Group Vice President, Emerging Markets
• Anant Talaulicar,
Vice President, Cummins India
• Jean Blackwell,
Chief Financial Officer

Disclosure Regarding Forward-Looking Statements
& non-GAAP Financial Measures

This presentation contains certain forward-looking information.
Any forward-looking statement involves risk and uncertainty.
The Company’s future results may be affected by changes in general
economic conditions and by the actions of customers and competitors.
Actual outcomes may differ materially from what is expressed in any
forward-looking statement. A more complete disclosure about forward-
looking statements begins on page 61 of our 2006 Form 10-K, and it applies
to this presentation.

This presentation contains certain non-GAAP financial measures such as
earnings before interest and taxes (EBIT). Please refer to our website
(www.cummins.com) for the reconciliation of those measures to GAAP
financial measures.

3

Earnings Growth

Strong balance sheet and cash flows
Technical leadership
Global presence

4

Tim Solso

Cummins Inc.
Joe Loughrey
Chief Operating Officer

Agenda

Macro trends moving our way
Well positioned to take advantage
Sustained profitable growth

2

Joe Loughrey

Tougher Emission Standards
Off-
highway
2011-14

Europe
2009 China
US /
2010
Canada
2010
Australia
2008
India
Mexico Brazil
2010
2008 2009

3

Demand for Energy and
Fuel Efficiency
Higher fuel costs and electricity consumption
Energy independence and fuel economy
Dependence on reliable electric supply

4

Joe Loughrey

Emerging Markets
CIS
Turkey GDP 6-7%
GDP 5%

China
GDP 9-11%

Nigeria
Vietnam
GDP 7%
GDP 7-8%
India
GDP 8%
5

Real Growth Opportunity

Global diesel engine market growth 6 - 7% CAGR
Gasoline engine markets shifting to diesel
Clean diesel engine markets growing faster

Global Use of
Clean Diesel

2003 2014

6

Joe Loughrey

Well Positioned for Growth

Deep technology capability
Strong global network
Major strategic partnerships
New products
Capacity expansion
Global market leadership
Continuous improvement and change

7

Deep Technology Capability

Investing in the
right technology
Great partners
World class methods
and tools
Reflected in results

8

Joe Loughrey

Strong Global Network
Technical Centers

9

Manufacturing

10

Joe Loughrey

Distribution

Company-owned

Joint Venture

Independent

11

Major Strategic Partnerships

Daimler

MerCruiser

12

Joe Loughrey

New Products

XPI fuel system
Tier 2 HHP

Light-duty engines Comfort Guard Filtration

13

Capacity Expansion

Engines
Gensets
Alternators
Turbochargers
Fuel systems
Catalytic exhaust systems

14

Joe Loughrey

Global Market Leadership
Turbos
MD Truck
Alternators
Mining
SCR Systems
Excavators
Bus

HD Truck
HD pick-up
Bus, RV Power Gen
Power Gen
Marine Filtration
Turbos
Catalytic MD Truck
Exhaust Power Gen
Filtration Industrial
Power Gen Filtration
MD Truck
Turbos
15

Continuous Improvement and Change

Cummins Operating System
Global sourcing
Expansion of Six Sigma
Partnering to ensure customer success
Global recruiting and development

16

Joe Loughrey

Profitable Growth

Sales EBIT
$25 $2.5

GR GR
$2.1
CA
$20
CA
$2.0
$20
% %
12 12
$1.5
$15

$ Billions
$ Billions

$1.2
$11

$1.0
$10

$0.5
$5

$0.0
$0
2006 2011
2006 2011

17

Joe Loughrey

Technology Leadership

Dr. John Wall
Chief Technical Officer

Darlington
Daventry
Ramsgate
France
UK Stamford
Quimper
Huddersfield

USA
Rocky Mount
Jamestown
Cookeville
Japan
Stoughton
Oyama
Fridley
Charleston
Seymour
China
Columbus
Chongqing
Xiangfan
India
Mexico Brazil Wuhan
San Luis Potosi Sao Paulo Pune Beijing
Indore Wuxi
Jamshedpur

Cummins Major Engineering Centers including Joint Ventures
2
2

John Wall

Global Engineering Workforce

Brazil 37
4000 Engineers worldwide
Mexico 26
China 207
• 2500 US
• Growth in India and China
India 506
• Mechanical Eng
• Materials Eng
• Electrical Eng
• Chemical Eng
• Chemistry
UK - 646

1200 Engineering Technicians
US – 2,474

3
3

Technical Testing Laboratories
UK
USA Plant Engr
USA 2 CVS Cells
2 CVS Cells 19 Test Cells
CPG-Fridley 21Test Cells 1 Cold Cell
31 Gen Test Cells 27 Test Stands 6 Gen Set Cells
2 Cold Cell
24 End Gen Test Cells

CES/CF-Stoughton
9 Test Cells
22 Test Stands

237 Test Cells Europe
Quimper
21 Emission cells
Columbus- 10 Test Stands
2 Chassis Rolls
63 Test stands
17 CVS Cells
81 Perf/End Test Cells
2 vehicle chassis cells
2 Altitude
2 Cold Cells
India
3 Noise Cells
China
11 Test Cells
3 Single Cylinder Cells
1 Gen Test Cell Test Cells
11
4 Gen Set Cells
Brazil 4 Turbo Test Stands
6 Test Cells

4
4

John Wall

Darlington
Daventry
Ramsgate
France
UK Stamford
Quimper
Huddersfield

USA
Rocky Mount
Jamestown
Cookeville
Japan
Stoughton
Oyama
Fridley
Charleston
Seymour
China
Columbus
Chongqing
Xiangfan
India
Mexico Brazil Wuhan
San Luis Potosi Sao Paulo Pune Beijing
Indore Wuxi
Jamshedpur

Global Integration
5
5

Common Technical Objectives
Worldwide

Innovation + Productivity

6
6

John Wall

Technical Productivity
$12,000 5.5%
$11,000
R/E %
$10,000 4.5%
$9,000
$8,000
3.5%
$7,000
$ Millions

$6,000
2.5%
$5,000
Sales
$4,000
1.5%
$3,000
$2,000
0.5%
$1,000
$0
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006

Sales R&E % Sales
7
7


Common Processes
Product Line Architecture
Engineering Standard Work
Analysis Led Design
Six Sigma

8
8

John Wall


Common Processes
Analysis Led Design
Six Sigma

9
9

Diversity - Applications

10
10

John Wall

Global Emission Requirements - 2010

2

3

4
5
4
3
Stringency
2
2
Unregulated
3
Group 1
3
2
Group 2
Group 3
Group 4
Group 5
11
11

Diversity – Engine Technology

3500 hp

31 hp

12
12

John Wall


Principles: Standardization, Modularity, Reuse
Develop broad range of modular technical building blocks
– Product hardware and software
– Simulation tools
Leverage capability to create integrated products tailored
to meet customer needs worldwide
– Low cost High feature content
– On-highway Off-highway
– North America India
Match technology to application
13
13

Stable Emissions Architecture

2002 2007

+
Particulate Filter
R&D Since Late 1980’s

Requires a Long Term View
EGR R&D
Since Early 1990’s
14
14

John Wall

2010 Products
Another Evolutionary Step

Key Enablers
Advanced Combustion Technology
Next-Generation Cooled EGR
Flexible Common-Rail Fuel System
Cummins Aftertreatment
Cummins VG Turbocharger
Electronic Controls
Capable Base Engine Design

2010
15
15

Stable Emissions Architecture

Tier 3
Tier 2

In-Cylinder. No EGR. No Aftertreatment
16
16

John Wall

OptiAir Filter
Product Architecture

Patented features
17
17


Common Processes
Analysis Led Design
Six Sigma

18
18

John Wall


“Current best practices uniformly applied.”
– Structured approach to product design
– Critical for global collaboration

19
19

Base Engine Component Warranty

$60

50% Reduction
$50
Warranty Cost (Millions)

$40

$30

$20

$10

$0
2002 2003 2004 2005 2006

20
20

John Wall

Warranty Expense
Percent of Sales

5%

4%

3%

EGR
2%

DPF
1%

0
2000 2001 2002 2003 2004 2005 2006 2007

21
21


Common Processes
Analysis Led Design
Six Sigma

22
22

John Wall

Analysis Led Design
Use computer analysis and simulation to eliminate
expensive prototypes and testing

More designs evaluated in shorter time
Virtual product build
Complex system optimization

Implemented through Engineering Standard Work
Added 2500 hours analysis
Eliminated 5500 hours testing / prototypes
Better Designs Faster at Lower Cost
23
23

Analysis Led Design

24
24

John Wall

Analysis Led Design


2007 Heavy Duty Engine Program
100% more analysis hours
20% lower total program cost

2007 Midrange Engine Programs
200% analysis hours
29% lower total program cost

25
25

UK Darlington
Daventry
Ramsgate France
Stamford Quimper
Huddersfield

Cummins Research &
Technology India
USA
Rocky Mount
Japan
Jamestown
Oyama
Cookeville
Stoughton
Fridley
Charleston
China
Columbus
Chongqing
Brazil India Xiangfan
Mexico
Sao Paulo Pune Wuhan
San Luis Potosi
Indore Beijing
Wuxi
26
26

John Wall

UK Darlington
Daventry
Ramsgate France
Stamford Quimper
Huddersfield

Cummins Research &
Technology India
• CRTI opened January 2004
• Pure analysis and design
USA
Rocky Mount • CFD: #1 India, Top 2 CMI
Japan
Jamestown
• Structural Analysis: Top 5 India, #1 CMI Oyama
Cookeville
Stoughton 160 engineers today
•
Fridley
Charleston 250 engineers YE 2008
•
Columbus $25/hr vs. $60/hr: $10 million savings 2007
• China
Chongqing
Brazil India Xiangfan
Mexico
Sao Paulo Pune Wuhan
San Luis Potosi
Indore Beijing
Wuxi
27
27

Six Sigma in Technology and
Product Development
Higher Quality Products and Processes
Technology Process
Product
Development Improvement
Design

Technology
Process
Design For
Development
Six Sigma
Six Sigma
For Six Sigma

Six Sigma Tools and Methodologies

28
28

John Wall

Our Products Must Meet
Customer Requirements

29
29

Our Products Must Meet
Customer Requirements
Fuel Efficient
High Performance

Connected
and Integrated
Systems
Reliable and Durable Low
Highly
Emissions
Sociable
Low Initial Cost

High Quality
Low Maintenance
and Aesthetics

30
30

John Wall

Innovation

Emission technology best in world
Invested in right technologies across all our
businesses
Match right technology to application
Better quality through stable architecture
System integration builds on Cummins
synergies

31
31

Innovation in Critical Component
Technologies
70% CMI
30% Other

20% CMI
80% Other

50% CMI
50% Other
70% CMI
30% Other

32
32

John Wall

Technologies

33
33

Technologies
#1 US CMI
70% DPF
#1 Euro SCR
30% Other

20% CMI
Closed Crankcase Ventilation
100% USOther Duty Diesel 2010
80% Light

50% CMI
#1 US HD VGT
50% Other
70% CMI
30% Other

34
34

John Wall

Hybrid Powertrain
100kW Cummins Power Module

er
pow
iesel
in d
No. 1 today
is
mins hybrids
Cum for

35
35

2007 And Beyond . . .
Integrating Engine and Aftertreatment

Active Particulate Filter NOx Adsorber
Periodic Fuel Injection

US
on in
ucti
trod
1s in
t

NOx Adsorber Catalyst
NOx Control Using Urea SCR
Soot
Urea (NH3)
Ash
Ash

Soot

36
36

John Wall

Cummins Powered Dodge Ram video

This is how it all comes together:
Cummins components
Including the most complex and effective diesel
exhaust aftertreatment system in production today
Integrated into a power system with our
OEM partner Chrysler to deliver -
More power
50% less noise
2010 emission levels

37
37

Technical Capability and Global Presence
Fuel Future Growth

4 New Engines:
2.8L, 3.8L, LDD, Mid-bore HD
New Fuel System
3 New Turbocharger Platforms
New Integrated Filter Modules
New Aftertreatment

38
38

John Wall

39
39

John Wall

Engine Business

Jim Kelly, President

Who We Are
Marketing Territory
Market Application
India, 3%
Power Generation 11%
South Pacific,1%
SE/NE Asia, 4%
Heavy-duty
truck 28% East Asia, 5%
Mining/Rail
Govt/O&G
Marine 14%
Latin
America &
Mexico,
13%

EMEA,
Medium-duty 12%
Construction
Truck & bus 14%
& Ag 16%
US/Canada 63%
Light-duty
Automotive
& RV 17%
Engine Sales – LTM $7.7B
2

Jim Kelly

Where We’ve Been
Engine Business – Historical Performance

Consolidated Sales Joint Venture Sales
Unconsolidated
$9.0
$1.8
$1.6
$7.7
$8.0 $7.5 $1.6
$1.5
$6.7
$7.0 $1.4 $1.3
$1.2
$6.0 $5.4 $1.2
$ Billions

$ Billions
$5.0 $1.0
$0.8
$4.0 $3.6 $0.8

$3.0 $0.6

$2.0 $0.4

$1.0 $0.2

$0.0
$0.0
2003 2004 2005 2006 LTM
2003 2004 2005 2006 LTM

3

Where We’re Headed
Engine Business – Future Performance

Unconsolidated
R $3.7
$4.0
$13.3
$14.0
AG
GR
C $3.5
CA
%
$12.0
13 %
$3.0
20
$10.0
$2.5
$ Billions

$7.7
$ Billions

$7.5
$8.0
$2.0
$1.6
$6.0 $1.5
$1.5

$4.0
$1.0

$2.0 $0.5

$0.0
$0.0
2006 LTM 2011
2006 LTM 2011

4

Jim Kelly

Engine Business – Sales Volume Growth

EMEA
2006: 63,000 China
North America 2011: 110,000 2006: 122,000
2006: 397,000 2011: 423,000
2011: 708,000
India
2006: 97,000
2011: 201,000
Rest of World
2006: 154,000
2006 Total = 833,000
2011: 193,000

2011 Total = 1,635,000

How We’re Getting There

Growth drivers
Emission regulations
Emerging markets
Strategic OEM partnerships
New engine platforms
Steady aftermarket revenue growth

6

Jim Kelly

Emission Regulations

Competitive advantage
Right technology
Growing market share
Expect regulatory changes to continue
On board diagnostics
Global emissions alignment
Carbon regulations
Industrial segments: global presence / partnerships
7

Emerging Markets

China Russia
Medium Duty Truck Medium Duty Truck
Heavy Duty Truck
Light Commercial Vehicle
Construction

India Brazil
Medium Duty Truck Medium Duty Truck
Light Commercial Vehicle Construction/Agriculture

8

Jim Kelly

Strategic OEM Partnerships

9

New Engine Platforms

1,800
Engine Production (Thousands)

1,600
1,400
1,200
1,000
800
600
400
200
0
2006 Organic New 2011
Growth Platforms

10

Jim Kelly

How We Are Getting There
Steady Aftermarket Revenue Growth

$2B sales by 2011
Strong margins create solid earnings platform
Growth opportunities
Increasing engine population in all platforms,
territories
Remanufactured product growth
Leverage outstanding distribution

11

Growing Margin Dollars
Engines
$1,400

GR
CA
$1,200
%
Segment EBIT ($ M)

12
$1,000

$800

$600

$400

$200

$0
2003 2006 2011

12

Jim Kelly

Growth in JV Income

Key Joint Ventures
$160

Dong Feng Cummins $140

Foton Cummins

Segment JV Income ($ M)
$120

$100
Tata Cummins
$80

Cummins Mercruiser $60

$40

$20

$0
2003 2006 2011

13

Earnings Growth

Global Growth
Opportunities
Old New
Targets Targets
Positioned Well
Technology
Revenue
Partners 8 – 10% 13%
Growth
Leveraging Revenue
Growth To Earnings Segment
7 – 10% 8.5%
EBIT %

14

Jim Kelly

Power Generation

Tom Linebarger, President

Who We Are

Market Application Marketing Territory

EMEA
34%

Distributed
Standby
Generation
Power
32% Latin America
56%
8%

North America India
36% 10%

China
Mobile Power 5%
Asia Pacific
12%
7%

Power Generation Sales – LTM $2.7B
2

Tom Linebarger

Where We’ve Been
Power Generation – Historical Performance

Consolidated Sales Segment EBIT

GR
GR CA
$3,000 $300
CA
$284
$2.7
%
% 1
23 41
$2.4
$2,500 $250
$220
$2.0
$2,000 $200
$1.8

$145

$ Millions
$ Billions

$150
$1,500 $1.3

$1,000 $100
$60
$50
$500

($19)
$0
$0
2003 2004 2005 2006 LTM 2004 2005 2006 LTM
2003
-$50

3

Where We’re Going
Power Generation – Future Performance

Consolidated Sales Segment EBIT
$600
$6,000
GR GR
CA
CA
15%
$480
$500
$4.8
$5,000
%
17
$400
$4,000

$284
$300
$3,000 $2.7
$ Billions

$ Millions

$2.4
$220
$200
$2,000

$100
$1,000

$0 $0
2006 LTM 2011 2006 LTM 2011

4

Tom Linebarger


Capitalize on industry growth
Leverage existing market leadership
Establish leadership in all major markets
Expand into new and adjacent markets

5

Capitalize on Industry Growth

Electricity demand
Dependence on electricity
Developing economies
Low investment in generation and distribution

6

Tom Linebarger

Leverage Existing Market Leadership

Standby
Mobile Power Distributed
Power
Generation

30% 40%
85%

Motorized RV Basic Power High-spec Standby

33%
40% Alternators 25%

Recreational Marine
Commercial Mobile

7 Source: Parkinson and company estimates

Establish Leadership in All Major Markets

Cummins Leadership Positions
Top 8 regions
92% of total
35%
Market leader (#1 or #2)
30%
Leader in some segments
25%
Not a market leader
20%

15%

10%

5%

0%
North Western China Middle India Southeast Latin Africa
America Europe East Asia America

8

Tom Linebarger

Expand Into New and Adjacent Markets

9

Earnings Growth

Strong growth opportunities
Solid leadership team Old New
Targets Targets
Low cost producer
Revenue
Increased value-add 8 – 10% 15%
Growth

Segment
7 – 9% 10%
EBIT %

10

Tom Linebarger

Distribution Business

Rich Freeland, President

Who We Are

Historical strength of Cummins
Global reach
Independent franchises
Strategy changed in 2002
Consolidate into fewer, larger distributors
Cummins takes equity stake
• Favorable markets
• Diversified / growing / profitable
• Counter cyclical
Outstanding customer support – consistent

1

Rich Freeland

Who We Are
Market Application Market Territory
LA
Africa
3%
5%
Parts and North
Consumables America
Engine Europe
6% 6%
20% 30%
China
6%

India
8%

M.E.
Power Gen 13%
26%
Service
Asia Pacific
18%
29%

Distribution – LTM Sales $1.4B
2

Where We’ve Been
2006
2001
Consolidated

$5.4B Joint Venture
$3.2B
Independent

Cummins participation
$3.2B @ 28% = $0.9B

$5.4B @ 67% = $3.6B

CMI ownership increased from 28% to 67% of total revenues

3

Rich Freeland

Where We’ve Been
Distribution – Historical Performance

Unconsolidated
$2.5
$2.5
$2.2
$2.0
$2.0

$1.4 $1.5
$1.5
$ Billions

$ Billions
$1.3
$1.2
$1.1
$1.0 $1.0
$1.0
$0.8
$0.7
$0.5
$0.5

$0.0
$0.0
2003 2004 2005 2006
2003 2004 2005 2006

4

Where We’ve Been

Sales EBIT

R
$1.6
GR
$160
G
CA
$144
CA
$1.4
$1.4
% $140
27 %
$1.2
41
$1.2 $120
$107
$1.0
$ Millions
$ Billions

$1.0 $100
$79
$0.8 $80
$0.7
$0.6 $60 $51

$0.4 $40

$0.2 $20

$0.0 $0
2003 2004 2005 2006 2003 2004 2005 2006

5

Rich Freeland


2011
2006
Consolidated

Joint Venture
$5.4B $8.9B
Independent

$5.4B @ 67% = $3.6B
$8.9B @ 88% = $7.8B

In 2011, 88% of revenue will flow through fully or partially owned distributors.

6

Acquisitions and Consolidations

North America
Equity in 14 of 16 Distributors

Latin America
Formation of new Joint Ventures

Africa
Grow/expand West Africa JV

Asia
Grow/expand Thailand/Vietnam JV

7

Rich Freeland

Distribution – Future Performance
Unconsolidated
GR
CA $5.0
$5.0 $5.0
%
18
R
$4.0 $4.0
AG
C
15%

$ Billios
$ Billions

$2.8
$3.0 $3.0

$2.2
$2.0 $2.0
$1.4
$1.0 $1.0

$0.0 $0.0
2006 2011
2006 2011

8

Grow Organically

Parts and Service
Growing engine population worldwide
Complexity of products increasing
Adding service outlets in emerging markets
Power Generation: Building sales capabilities
Engines: Small OEMs

9

Rich Freeland

Build Capabilities

Common processes
Enterprise resource planning
Distributor and BU synergies

Customer Support Excellence
Proactive and predictive services
Re-engineer customer contact centers

10

New Targets
Segment EBIT
Consolidation and
GR

acquisitions $350
CA

$310
All distributors/regions $300
%
17

to profit target $250
($ Millions)

Leveraging sales volume $200

$144
$150
Build capabilities –
invest in growing regions $100

$51
$50

$0
2006
2003 2011

11

Rich Freeland

Growth in JV Income
Segment JV Income
Almost half of profits

GR
by 2011 coming from $160

CA
the JV Income line $134
$140

%
20
Leverage North America $120

JVs – act as one $100

($ Millions)
$80
Continue acquisitions and
$54
$60
consolidations and expand
markets in newly formed $40
$16
JVs around the globe $20

$0
2003 2006 2011

12

Earnings Growth

Leverage Cummins Old New
equipment growth Targets Targets

Continue acquisitions,
Revenue
consolidations and 10% 15%
Growth
integrations
World-class
Segment
customer support 8 – 10% 11%
EBIT %
Make best Distribution
System even better
Cannot be duplicated

13

Rich Freeland

Components

Rick Mills, President

Who We Are
Four distinct business units
Emission Solutions
Filtration
Fuel Systems
Turbo Technologies

2

Rick Mills

Who We Are

Market Application Marketing Territory
AsiaPac
Specialty 6%
Engine 11%
Filtration
Air Intake
LA
20%
11%
5%

Catalytic
Acoustic
Exhaust
Exhaust
11%
11%

EMEA
Fuel 23%
Systems 14%
N America
61%
Turbos 28%

Components Revenue – Q2 LTM $2.6B
3

Where We’ve Been
Components – Historical Performance

Consolidated Sales
$3.0
$2.6
$2.5 $2.3
$2.0
$2.0 $1.8
$ Billions

$1.5 $1.3

$1.0

$0.5

$0.0
2003 2004 2005 2006 LTM

4

Rick Mills

Where We’re Going
Components – Future Performance

Consolidated Sales
$6.5
GR 6.0
CA
$5.5
%
20
$4.5

$3.5
$ Billions

2.6
2.3
$2.5

$1.5

$0.5

2006 LTM 2011

5

Growth Focus

Emissions
Fuel Economy
Engine Performance

6

Rick Mills

Emission Solutions
Evolving Global Emission Standards
Successful 2007 Accelerates Market Growth for Diesel
product launches Catalytic Exhaust
$6

Significant growth $5

Global Market Size ($B)
opportunity
$4

Capacity expansion $3

$1.5B Revenues We have 30%
$2
of the market
in 2011 today
$1

$0
2006 2010

7

Filtration

Most profitable business in the segment
Profit margins improving
Emissions creating new growth opportunities
$2B Revenues in 2011

8

Rick Mills

Fuel Systems

Critical to engine performance and emissions
Industry leading common rail fuel system
Scania partnership
Increasing demand
$0.5B Revenues in 2011

9

Turbo Technologies

Critical to emissions, Turbo Unit Volumes
fuel economy and 4.5

engine performance 3.9
R
4
G
CA
3.5
Cummins has the %
22
3
leading technology
Millions

2.5
Demand driving significant 2
capacity expansion 1.5
1.5
1.2

$2B Revenues in 2011 1

0.5

0
2011
2005 2006

10

Rick Mills

Leverage Cummins Strengths

Grow with Cummins engines
Grow with Cummins OEM partners
Leverage global distribution to grow aftermarket

11

Growth With Cummins OEM Partners

Aftertreatment Filtration Fuel Systems Turbos

Navistar
CNH

Volvo
Scania
Paccar
Daimler
Komatsu

12

Rick Mills

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