1. Sustainable Performance in
Global On-Highway Markets
Mid America Truck Show
March 22, 2007

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 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 EBIT to GAAP financial
measures.
2

3. Welcome and Introductions
David Geraghty – Commercial Vehicle Engine
Business
Dan Davis – Emission Solutions – Global OEM
Business
Rich Eikill – Consumer Business, Power Generation
Shawn Wasson – Auxiliary Power Unit Business,
Power Generation
3

4. Diversified Global Power Leader
Four Complementary Businesses
Engines Power Components Distribution
Generation
4

5. Creating Greater Shareholder Value
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5

6. Cummins is a Long-Term Player in
Global On-Highway Markets
We have fundamentally changed our
business model
Customers recognize Cummins for our
technology leadership and dependability
We are investing in the next generation of
profitable growth opportunities in global
automotive markets
6

7. Aggressively Pursuing Cost Leadership
Engine Segment
Six Sigma
$8,000 $800
$7,511
$6,657
$7,000 $700
Technical productivity
Segment Net Sales ($M)
Segment EBIT ($M)
$6,000 $600
$5,424
$5,000 $500
Global sourcing $3,582
$4,000 $400
$3,435
$3,000 $300
Lean manufacturing $2,000 $200
$1,000 $100
$0 $0
2002 2003 2004 2005 2006
Segment Net Sales Segment EBIT
7

8. Virtual Integration with OEM Partners
8

9. Growing Share with OEM Partners
9

10. Delivering Great End-Customer Value
10

11. System Integration is Critical
Controls Integration
Vehicle, engine and aftertreatment . . .
a single system designed to optimize
performance, reliability, cost and emissions
11

12. Investing in Global Light Duty Diesel
<6000 lb GVW 6000 – 8500 lb GVW >8500 lb GVW
Light Truck (includes PU trucks, SUVs and Vans)
North America 2.9 M 6.6 M 0.85 M
0% Diesel 67% Diesel
Worldwide 11.7 M 0.85 M
10% Diesel 67% Diesel
12

13. Investing in Emerging On-highway
Markets
13

14. Investing in Our Distribution Channel
Company-owned
Joint Venture
Independent
14

15. Cummins Emission Solutions
15

16. Components Segment
2006 Revenue by Product
Strategic advantage in Specialty
Filtration
emissions compliance 6%
Air Intake
Systems
Significant future growth Turbocharger
11%
in revenue and earnings 27%
Multiple new product
introductions Acoustic
Exhaust
Winning non-CMI 12%
business Fuel
Systems
17%
Engine
Filtration
2006 Segment Data Catalytic
21%
Sales: $2.3 billion Exhaust
EBIT: $107 million 6%
EBIT Margin: 4.7% (Target: 7-9%)
16

17. Unique Technology Integration
Fuel Systems
Electronic Controls
Air Handling Systems
Filtration and Aftertreatment
Combustion Technologies
17

18. Why Cummins Emission Solutions exists
0.11
US02 Tier III US98
Particulates [g/bhp-hr]
0.10
Limits of
0.09
In-Cylinder
0.08
NOx
0.07
0.06
0.05
Limits of In-Cylinder PM
0.04
0.03
US07/
US10/
0.02
EURO-V EURO-IV
Tier 4
0.01
0.00
2
0 1 3 4 5
NOx [g/bhp-hr]
18

19. The Right Technology Matters
Active Particulate Filter NOx Adsorber
Periodic Fuel Injection
NOx Adsorber Catalyst
NOx Control Using Urea SCR
Soot
Urea (NH3)
Ash
Ash
Soot
19

20. Three Product Segments in
Aftertreatment Market
Packaging (canning)
Components (e.g. dosing systems,
controls)
System Integration
– Single point of contact for an OEM
– Responsible for the entire aftertreatment
system (catalyst, dosing units, controls,
packaging)
20

21. Cummins Emission Solutions Technology Creates On-
Highway MD/HD Truck Market Leadership Position
EPA 2007 Market Share Euro 4 Market Share
D
5% 3 Others
CES CES
19%
A 35% 27%
12%
D
10%
B
22% C A
10% 19%
C
B
27%
15%
21

22. Evolving global emission standards
creates growth opportunities
Global Market Size for On-highway
Commercial Vehicle Diesel Catalytic
Exhaust ($B)
$0 $1 $2 $3 $4 $5 $6
2006
2010
22

23. Cummins Power Generation
Auxiliary Power Units
23

24. Power Generation Segment
2006 Revenue by Product
Turnaround complete
Alternators
Commercial
Strengthening markets 19%
56%
Expanding market share
Rental
Consumer growth 2%
opportunities
Growing project business
Consumer
capability 13%
Power
Electronics
6%
2006 Segment Data Energy
Sales: $2.4 billion Solutions
4%
EBIT: $220 million
EBIT Margin: 9.1% (Target: 7-9%)
24

25. Consumer Products Adjacencies
RV Truck
OEMs OEMs
Trailers Commercial Mobile
Recreational Vehicles
Aux. Power Unit
Home
Consumers Professionals
Standby
Portables
25

26. ComfortGuard APU System
Integrated system which
eliminates the need to idle the
main vehicle engine
Reduces fuel consumption up to
80%
Payback period of 1-2 years for
HD Trucks
Utilize 5.5 kw Diesel platform
used in all Consumer markets
– Proven Design
– Minimal Investment
– Fast to Market
26

27. Positioned for Growth in APU Market
APU Market Size Strong and respected brand
60
Industry leading support
network
50
Units (Thousands)
Respected relationships with
40
Owner Operators, large
30 fleets, and OEMs
Leveraging Cummins Power
20
Generation experience in
10 mobile power applications
0
2003 2005 2007E
27

28. Cummins is a Long-Term Player in
Global On-Highway Markets
We have fundamentally changed our
business model
Customers recognize Cummins for our
technology leadership and dependability
We are investing in the next generation of
profitable growth opportunities in global
automotive markets
28

29. 29

30. Appendix

31. Cummins Inc.
2006 Revenue by Segment
2006 – Outstanding Components
Segment 17%
Year
Record revenue and Engine
Segment 55%
EBIT for the company Distribution
and each operating Segment 10%
segment
Record net income
Record cash flow from
operations for the year
Power Gen
Segment 18%
2006 Data
Sales: $11.4 billion
EBIT: $1,179 million
EBIT Margin: 10.4% (Target: 7-10%)
31

32. Cummins Inc.
2006 Revenue by Marketing Territory
International revenue Africa/Middle East
Canada 5%
is 50% of consolidated 7%
revenue
Mexico/Latin
Pre-emission demand America
8%
has accelerated US
growth rate
Most international United States
50%
areas growing at Asia/Australia
double digit rate 16%
Europe/CIS
14%
32

33. Cummins – Historical Performance
Sales EBIT
$12,000 1400
$11,362
$1,179
$9,918 1200
$10,000
$8,438
1000 $907
$8,000
$ Millons
$ Millons
800
$6,296
$5,853
$6,000
$543
600
$4,000
400
$181
$2,000
$139
200
$0 0
2002 2003 2004 2005 2006 2002 2003 2004 2005 2006
33

34. Engine Segment
2006 Revenue by Product
Emission regulations
Parts and
create opportunities Service 20%
Midrange
Aftermarket revenue (3-9L) 37%
creates stable earnings
Emerging markets
Strategic OEM
partnerships
High
Horsepower
(19-91L) 14%
2006 Segment Data
Heavy-Duty
Sales: $7.5 billion (10-15L) 29%
EBIT: $733 million
EBIT Margin: 9.8% (Target: 7-10%)
34

35. Engine Segment
2006 Revenue by Market Application
Heavy-duty Truck Stationary
demand remains strong Power 10%
Mining/Rail Heavy-duty
Share gains in Medium- Govt/O&G truck 33%
Marine 12%
duty Truck & Bus
Off-highway markets
supported by non-
residential construction Construction
& Ag 15%
and commodity markets
Medium-duty
Light-duty Truck & bus 13%
2006 Segment Data
Automotive
Sales: $7.5 billion & RV 17%
EBIT: $733 million
EBIT Margin: 9.8% (Target: 7-10%)
35

36. Engines – Historical Performance
Sales Segment EBIT
8000 800
$7,511
$733
$6,657
7000 700
$582
6000 600
$5,424
5000 500
$M
$M
4000 400
$3,435 $3,582 $328
3000 300
2000 200
1000 100 $62
$37
0 0
2002 2003 2004 2005 2006 2002 2003 2004 2005 2006
36

37. Power Generation Segment
2006 Revenue by Product
Turnaround complete
Alternators
Commercial
Strengthening markets 19%
56%
Expanding market share
Rental
Consumer growth 2%
opportunities
Growing project business
Consumer
capability 13%
Power
Electronics
6%
2006 Segment Data Energy
Sales: $2.4 billion Solutions
4%
EBIT: $220 million
EBIT Margin: 9.1% (Target: 7-9%)
37

38. Power Generation – Historical Performance
Sales Segment EBIT
3000 250
$220
$2,416
2500 200
$1,999 $145
2000 150
$1,842
$M
$M
1500 100
$1,329
$1,226
$60
1000 50
500 0
($19)
($25)
0 -50
2002 2003 2004 2005 2006 2002 2003 2004 2005 2006
38

39. Components Segment
2006 Revenue by Product
Strategic advantage in Specialty
Filtration
emissions compliance 6%
Air Intake
Systems
Significant future growth Turbocharger
11%
in revenue and earnings 27%
Multiple new product
introductions Acoustic
Exhaust
Winning non-CMI 12%
business Fuel
Systems
17%
Engine
Filtration
2006 Segment Data Catalytic
21%
Sales: $2.3 billion Exhaust
EBIT: $107 million 6%
EBIT Margin: 4.7% (Target: 7-9%)
39

40. Components – Historical Performance
Sales Segment EBIT
120
2500
$2,281 $107
$2,000 100 $94
2000 $89
$86
$1,783 $84
80
1500
$1,292
$M
$M
60
$951
1000
40
500
20
0
0
2002 2003 2004 2005 2006
2002 2003 2004 2005 2006
40

41. Distribution Segment
2006 Revenue by Product
Broadening product Service
offering 18%
Engines
Expanding global 20%
coverage
Increasing equity
ownership
Excelling in customer
support Parts,
Filters, &
Consumables
Power
38%
Generation
2006 Segment Data 24%
Sales: $1.4 billion
EBIT: $144 million
EBIT Margin: 10.4% (Target: 8-10%)
41

42. Distribution – Historical Performance
Sales Segment EBIT
1600 160
$144
$1,385
1400 140
$1,191
1200 120
$107
$973
1000 100
$79
$M
$M
800 80
$669
$574
600 60 $51
$33
400 40
200 20
0 0
2002 2003 2004 2005 2006 2002 2003 2004 2005 2006
42