CumminsCummins

Company OverviewCompany Overview

Indiana UniversityIndiana UniversityKelley School of BusinessKelley School of Business

September 20th, 2005September 20th, 2005

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Cummins…...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

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APPLICATIONS…......

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Diversified Revenue BaseDiversified Revenue Base .

Revenue by Business Unit and Geographic Region2004 Revenues: $8.4 Billion

2004: $8.4 billion

Mexico, 3%

Canada, 7%

Australia / New Zealand,

4%

Brazil / Latin America, 4%Africa / Middle

East, 4%

Europe / CIS, 14%

Asia, 14%

United States, 52%

Filtration & Other15%

Power Gen19%

EBU57%

International Distributor

9%

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Record Shareholder ValueRecord Shareholder Value

Data as of Dec. 31, 2004

15.7%

10.9%

Peer group: Caterpillar, Navistar, Ingersoll-Rand, Paccar, Eaton, ArvinMeritor, Deere, Dana, CNH

12/31/2003 3/31/2003 6/30/2003 9/30/2003 12/31/200450

75

100

125

150

175

200

Sto

ck P

rice

In

dex

CMI S&P 500 Peer Avg.

74.6%

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Confident About Our FutureConfident 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

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Cummins CultureCummins 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

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“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.

External RecognitionExternal Recognition

2004 -- #1 Corporate Citizen2004 -- #1 Corporate Citizen

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Financial Development ProgramFinancial Development Program

Mission Attract, and retain outstanding finance/accounting college hires

via a cross functional and structured progression plan aimed at developing the candidates to be future Cummins’ business leaders

Objectives Attract candidates with the following target profile:

MBAA/MPA/Undergraduates

Major in accounting / finance

– GPA of 3.0 +

Offer a broad accounting / finance exposure by rotating them through four key finance areas

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Financial Development ProgramFinancial Development Program

As a part of the FDP program, the candidates will be a part of :

– Rotations in 4 key areas: – Cummins Business Services (shared service center)

– Internal Controls

– Planning, Forecasting & Reporting

– Plant Finance

– Training in pre-identified areas and in areas based on individual needs

Opportunity for international experience

Teamed with Finance Professional mentor

Program to be monitored by a panel of Finance Professionals

Direct career placement for candidates after completion

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PFR

6 Months

Objectives:

Typical Areas: Forecasting, reporting

:

Gain expertise in Planning, Forecasting, & Reporting roles

Training-Systems

Objectives:

Audit experience

Understand the CMI controls environment

Foundation in FIN Policies & GAAP

Training:-SOX d-base

-Acctg Policy

Internal Audit and Controls

Typical Areas: Guest auditor, Sox walkthru testing

’testing

6 Months

CBS

Objectives:

Typical Areas: AR, AP, GL

:

Strong grounding in CBS transactional work

6 Months

Plant roles

Objectives:

Gain plant experience in product costing, capital planning, physical inventory

Training:

-RFA-Systems

6 Months

Typical Areas: Inventory, Plant accounting, reporting :

Prdt costing, etc.

Panel Review

Final presentation to FDP panel

Final performance review

Career placement

Objectives:

Rotation In 4 Key Areas

Ongoing activities: Mentorship & Panel involvement in presentations and next roles

Training

-Account recon

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Questions ?Questions ?

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CAREER PROFILE – FINANCECAREER PROFILE – FINANCEDean 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