1. Cummins Inc.
Steve Chapman
Group Vice President, Emerging Markets
Citigroup’s Global Industrial
Manufacturing Conference
March 4, 2008

2. 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 3 of our 2007 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 EBIT
to GAAP financial measures.
2

3. Creating Greater Shareholder Value
More than doubled our revenue in 5 years
Highest period of net earnings as a percent of sales in over
40 years
Generated $5.4 billion in EBITDA since 2003
Improved debt to capital from 60% in 2003 to 17% today
Actively repurchased $500 million in equity in 2 years
Exceeded both ROANA and ROE targets for 4th
consecutive year
Grew revenue nearly 30% per year in the emerging
markets of China and India
3

4. Cummins Inc.
Where We’ve Been
Who We Are
Historical Performance
Geographic Segment Joint Venture Sales
Consolidated Sales ($B)
Components Unconsolidated ($B)
Africa/Middle East
Canada 19%
5%
3% United States
GR $13.0
Engine
CA
46%
Mexico/Latin 52%
%
America $5.7
20 $11.4 R
AG
Distribution
9%
%C
10% $9.9
22
$4.2
$8.4
Asia/Australia
19% $3.2
$6.3
$2.6 $2.6
Power Gen
Europe/CIS 19%
18%
2007 Sales: $13.0B
2003 2004 2005 2006 2007
2003 2004 2005 2006 2007
Where We’re Headed
How We’re Getting There
Future Performance
Consolidated Sales ($B) Joint Venture Sales
Unconsolidated ($B)
Macro growth trends play to
GR $20.0
CA
$9.6
Cummins’ strengths
%
12 GR
CA
18%
Disciplined growth model
$11.4
$4.2
Demonstrated technology leadership
4
2006 2011
2006 2011

5. Cultivating the Emerging Markets
Key Growth Drivers
Robust and Sustainable GDP growth
Significant infrastructure development
Tougher Global Emission Standards
5

6. Robust and Sustainable GDP Growth
CIS
Turkey GDP 6-7%
GDP 5%
China
GDP 9-11%
Nigeria
Vietnam
GDP 7%
GDP 7-8%
India
GDP 8%
6

7. Significant Infrastructure Development
7

8. Tougher Global Emission Standards
Off-
highway
2011-14
Europe
2009 China
US /
2010
Canada
2010
Australia
2008
India
Mexico Brazil
2010
2008 2009
8

9. Leveraging Leadership in Rapidly
Growing Truck Market in China
China EBIT
China Revenue
GR
$450
CA
GR %
$4,000
CA 21
% $400
25
$3,500
US$ Millions
$350
$3,000
$300
$2,500
$250
$2,000
$200 `
$1,500 $150
$1,000 $100
$50
$500
$0
$0
2003 2007 2011
2003 2007 2011
Consolidated Unconsolidated
Net Sales JV Net Sales 9

10. Balanced Growth in Exports and
Domestic Indian Markets
India EBIT
India Revenue
GR
$400
CA
GR %
$3,000
CA 34
% $350
24
US$ Millions
$2,500
$300
$2,000 $250
$200
$1,500
`
$150
$1,000
$100
$500
$50
$0
$0
2003 2007 2011
2003 2007 2011
Consolidated Unconsolidated
Net Sales JV Net Sales 10

11. Establishing Position in Nascent CIS
Truck Market
CIS EBIT
CIS Revenue
GR
$120
CA
GR %
$600
CA 24
%
31 $100
US$ Millions
$500
$80
$400
$60
$300
`
$40
$200
$20
$100
$0
$0
2003 2007 2011
2003 2007 2011
Consolidated Unconsolidated
Net Sales JV Net Sales 11

12. How We’re Getting There
Key Success Factors
Focus on the local market and customer
Understand differences in business
environment
Fully utilize the diversity of local leadership
Diversify sources of value creation
Build mutually beneficial relationships
Negotiate from a position of strength
12

13. Well Positioned for Growth in
Emerging Markets
Long-term partnerships
Strong network of complementary businesses
Market leadership
Capacity growth
Local technology capability
New products
People
13

14. Thank You for Your Interest in
For Additional Information Contact:
Dean Cantrell, Director – Investor Relations
(812) 377-3121
Dean.A.Cantrell@Cummins.com
www.Cummins.com 14

15. Appendix

16. Evolution of Cummins in China
Imported Joint Local IP
Licensee
Products Ventures and Support
Manufacturing
1985 1995 Today
1975
- 1995 - 2005
-1985
Consolidated
> $750M
$25M $200M Growth
Unconsolidated
> $950M
16

17. Beijing
• China Headquarters
Cummins in China
• Genset Assembly Plant
• BFCEC JV Engine Plant
(under construction)
• Beijing Distributor
• Emissions Solutions Plant
(under construction)
Xi’an Shenyang Wuxi
• Shenyang Distributor
• XCEC JV Engine Plant • CTT JV Plant
• Xi’an Distributor • Vanewheel JV Plant
• CGT Plant
Chongqing
Shanghai
Shenyang
• CCEC JV Engine Plant
• Filtration Campus
Urumqi • Filtration JV Plant
Beijing
Urumqi • IPO & Marine Offices
• China PDC
• Urumqi Distributor
• Valvoline JV
Xi’an
• Shanghai Distributor
Chengdu Wuxi
Wuhan
Wuhan
Shanghai
Chongqing
• Chengdu Distributor
• DCEC JV Engine Plant
Chengdu
• Nelson Exhaust JV Plant
Taiwan
Kunming • Fuel Systems Plant
Kunming (under construction)
Guangdong
• Kunming Distributor • EA R&D Center
• Wuhan Distributor
Guangdong area
Taiwan
• Hong Kong Distributor
• Taiwan Distributor
• Guangzhou Distributor
• Shenzhen JV Distributor
17

18. Evolution of Cummins in India
Component Tata Majority
Joint
Investments Partnership Position Services
Venture
1960s Late Mid Early
-1970s 1980s 1990s 1997 2000s
Filtration
Kirloskar Tata Cummins Cummins KPIT
and
Cummins And India Cummins
Generator
and Tata Holset Ltd. and
Technologies
CDSS CRTI
18

19. Cummins in India
New Delhi
Valvoline Cummins
Dewas
Cummins Turbo Technologies
New Delhi
Daman
Generators Daman
Jamshedpur
Cummins Exhaust
Jamshedpur
Tata Cummins
Dewas
Pune Ahmednagar Fleetguard Filters
Cummins India Ltd.
Ahmednagar
Pune
Cummins Sales & Service
Cummins Generator
KPIT Cummins
Technologies
Cummins Business Services
Hosur
International Purchasing Office
Hosur Fleetguard
Fleetguard Filters
Filters
Cummins Research & Technology India 19

20. Cummins Inc.
2007 Revenue by Segment
Components
Macro growth trends Segment 19%
play to Cummins’
Engine
strengths Segment 52%
Disciplined Distribution
Segment 10%
investment for
growth
Demonstrated
technology
leadership
Power Gen
Segment 19%
FYE 2007 Data
Sales: $13.0 billion
EBIT: $1,227 million 20
EBIT Margin: 9.4%

21. Cummins Inc.
2007 Revenue by Marketing Territory
Africa/Middle East
International revenue Canada 5%
3%
is 54% of consolidated
revenue in 2007 Mexico/Latin
America
Most international 9%
areas growing at
double digit rate
United States
Asia/Australia
Demonstrates our 46%
19%
geographic diversity
Europe/CIS
18%
21

22. Cummins – Historical Performance
Sales EBIT
$13,048
$14,000 $1,400
$1,227
$1,179
$12,000 $1,200
$11,362
$9,918
$10,000 $1,000 $907
$8,438
$ Millons
$ Millons
$8,000 $800
$6,296
$543
$6,000 $600
$4,000 $400
$181
$2,000 $200
$0 $0
2003 2004 2005 2006 2007 2003 2004 2005 2006 2007
22

23. Engine Segment
2007 Revenue by Product
Emission regulations
create opportunities Midrange
Parts and
(3-9L) 40%
Emerging markets Service 21%
Strategic OEM
partnerships
New engine platforms
Aftermarket revenue
creates stable earnings
High
Horsepower
(19-91L) 17%
FYE 2007 Data
Heavy-Duty
Sales: $8.2 billion (10-15L) 22%
EBIT: $589 million 23
EBIT Margin: 7.2%

24. Engine Segment
2007 Revenue by Market Application
Gaining market share in Stationary
Power 11%
on-highway markets Heavy-duty
truck 24%
Industrial markets Mining/Rail
Govt/O&G
supported by non- Marine 15%
residential construction
and commodity markets
Expanding capacity to
meet growing demand
Construction Medium-duty
& Ag 18% Truck & bus 16%
FYE 2007 Data
Light-duty
Sales: $8.2 billion Automotive
EBIT: $589 million & RV 16% 24
EBIT Margin: 7.2%

25. Engines – Historical Performance
Sales Segment EBIT
$9,000 $800
$733
$8,182
$8,000 $7,511 $700
$6,657 $589
$7,000 $582
$600
$6,000 $5,424 $500
$5,000
$M
$M
$400
$328
$4,000 $3,582
$300
$3,000
$200
$2,000
$100 $62
$1,000
$0 $0
2003 2004 2005 2006 2007 2003 2004 2005 2006 2007
25

26. Power Generation Segment
2007 Revenue by Product
Capitalize on industry Alternators
Commercial
20%
growth 58%
Leverage existing
Rental
market leadership 2%
Establish leadership in
all major markets
Expand into new and Consumer
11%
adjacent markets
Power
Electronics
4%
FYE 2007 Segment Data Energy
Sales: $3.1 billion Solutions
5%
EBIT: $334 million 26
EBIT Margin: 10.9%

27. Power Generation – Historical Performance
Sales Segment EBIT
$3,500 $400
$3,060
$334
$350
$3,000
$300
$2,416
$2,500
$250 $220
$1,999
$2,000 $1,842 $200
$M
$M
$145
$150
$1,500 $1,329
$100
$60
$1,000
$50
$500
$0
($19)
$0 ($50)
2003 2004 2005 2006 2007 2003 2004 2005 2006 2007
27

28. Components Segment
2007 Revenue by Product
Specialty
New products launched Filtration
Air Intake
6%
Industry leading Systems
9%
technology Turbocharger
29%
Capacity expansion Acoustic
Grow with CMI and non- Exhaust
10%
CMI engine volumes
Leverage global
distribution to grow
aftermarket Engine Fuel
Filtration Systems
17% 14%
FYE 2007 Segment Data Catalytic
Sales: $2.9 billion Exhaust
EBIT: $153 million 15% 28
EBIT Margin: 5.2%

29. Components – Historical Performance
Sales Segment EBIT
$180
$3,500
$153
$160
$2,932
$3,000
$140
$2,500 $2,281
$120
$107
$2,000
$2,000 $100
$1,783 $89
$M
$M
$86 $84
$80
$1,500 $1,292
$60
$1,000
$40
$500
$20
$0
$0
2003 2004 2005 2006 2007
2003 2004 2005 2006 2007
29

30. Distribution Segment
2007 Revenue by Product
Service
Continue acquisitions, 17%
consolidations and Engines
21%
integrations
Leverage Cummins
equipment growth
World-class
customer support
Build capabilities – invest
in growing regions Power
Parts,
Generation
Filters, &
FYE 2007 Segment Data 25%
Consumables
Sales: $1.5 billion 37%
EBIT: $187 million 30
EBIT Margin: 12.1%

31. Distribution – Historical Performance
Sales Segment EBIT
$1,800 $200 $187
$180
$1,540
$1,600
$1,385 $160
$1,400 $144
$1,191 $140
$1,200
$120
$973 $107
$1,000
$M
$M
$100
$800 $79
$669 $80
$600
$60 $51
$400 $40
$200 $20
$0 $0
2003 2004 2005 2006 2007 2003 2004 2005 2006 2007
31

32. Joint Venture Sales Unconsolidated
Engines Distribution
$2,500 $4,000
$3,435
$3,500
$1,940
$2,000
$3,000
$2,497
$1,474 $2,500
$1,500
$ Millions
$ Millions
$1,316
$1,232 $1,285
$2,000
$1,715
$529
$1,000
$1,500
$1,204
$1,029
$1,000
$500
$500
$0 $0
2003 2004 2005 2006 2007 2003 2004 2005 2006 2007
In 2003, sales from certain JVs (colored red above) were treated
32
as unconsolidated; adoption of FIN 46R in 2004 required the
company to consolidate the results of certain JVs.

33. Joint Venture Sales Unconsolidated
Power Generation Components
$180 $200
$166
$162 $175
$180
$160
$160
$140 $130
$140
$120 $123
$105
$120 $110
$ Millions
$ Millions
$100
$94
$100
$80 $72
$72
$80
$60
$60
$40 $40
$20 $20
$0 $0
2003 2004 2005 2006 2007 2003 2004 2005 2006 2007
33

34. Non-GAAP
Reconciliations

35. Non-GAAP Reconciliation – EBIT
Years Ended
Millions 2003 2004 2005 2006 2007
EBIT $ 181 $ 543 $ 907 $ 1,179 $ 1,227
Less: Interest Expense $ 90 $ 111 $ 109 $ 96 $ 58
Earnings before income taxes $ 91 $ 432 $ 798 $ 1,083 $ 1,169
and minority interests
We define EBIT as earnings before interest expense, provision for income taxes and minority interests in earnings of
consolidated subsidiaries. We use EBIT to assess and measure the performance of our operating segments and also as a
component in measuring our variable compensation programs. The table above reconciles EBIT, a non-GAAP financial
measure, to our consolidated earnings before income taxes and minority interests, for each of the applicable periods.
We believe EBIT is a useful measure of our operating performance for the periods presented as it illustrates our operating
performance without regard to financing methods, capital structure or income taxes. This measure is not in accordance with,
or an alternative for, accounting principles generally accepted in the United States of America (GAAP) and may not be
35
consistent with measures used by other companies. It should be considered supplemental data.