1. A New Cummins:
Sustainable Performance
Jean Blackwell, Chief Financial Officer
Citigroup’s 20th Annual Global
Industrial Manufacturing Conference
March 6, 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. Creating Greater Shareholder Value
Doubled our revenue in 5 years
Highest three year period of net earnings as a percent of
sales in over 40 years
Generated $3.5 billion in EBITDA over last 3 years
Improved debt to capital from 60% to 22% in 3 years
Actively repurchased 1.5 million shares in 15 months
Third consecutive year to exceed both ROANA and ROE
targets
3

4. Continuing to Deliver on
Commitments
Target FY2006
Revenue Growth 14.6%
8 to 10%
EBIT Margin 7 to 10% 10.4%
Cap Ex 2.2% of Sales
3% of Sales
Debt to Capital Ratio 22%
30 to 40%
Credit Rating Investment S&P: BBB-
Moody’s: Baa3
Grade
ROE 18% 25%
ROANA 31%
22%
4

5. We Have Outperformed Our Peer
Group
137% Growing net income
CAGR Since 2003
faster than revenue
Converting more
75% income into cash
37%
22% 18%
13%
Revenue Net Income Operating Cash
Flow
CMI Peer Group M edian 5

6. Confident in our ability to perform in
2007 and beyond
We have fundamentally changed our
business model
Our customers recognize Cummins for our
technology leadership
We are investing in the next generation of
profitable growth opportunities
6

7. We have fundamentally changed
our business model
Diversifying to mitigate the cyclicality of our end
markets
Aggressively pursuing low cost leadership
Building greater stability in earnings
Focused cash management strategy
7

8. Diversified Global Power Leader
Four Complementary Businesses
Engines Power Components Distribution
Generation
8

9. Reducing Cyclicality through
Geographic Diversity
1999 2006
39% 61% 50%
50%
US Consolidated Net Sales
ROW Consolidated Net Sales
9

10. End Market Diversity Mitigates
Economic Cycles
10

11. Aggressively Pursuing Low Cost
Leadership
Net Sales and Net Earnings
Six Sigma $14,000 $11,362 $800
$700
$12,000
$9,918 $600
Technical productivity $10,000 $8,438
$500
Net Ea rnings ($M)
$8,000 $6,597
Net Sa le s ($M)
$6,296
$5,681 $5,853 $400
Global sourcing $6,000
$300
$4,000
$200
Lean manufacturing $2,000
$100
$0 $0
($2,000) ($100)
($4,000) ($200)
2000 2001 2002 2003 2004 2005 2006
Net Sales Net Earnings
11

12. Building Stable Diversified Earnings
Base
Significant contributor to total EBIT
China Distribution
India Aftermarket
12

13. Focused Cash Management Strategy
Operating Cash Flow ($M) $840
$760
Maintaining strong
balance sheet $614
Investing in profitable
growth $472
Returning value to our
shareholders
$193
$158
$152
13
2000 2001 2002 2003 2004 2005 2006

14. Our customers recognize Cummins
for its technology leadership
Virtually integrating through OEM partnerships
Global technology leader in constantly
changing emissions environment
14

15. Virtually Integrating Through
OEM Partnerships
Low Cost
Strong Brand
Global Presence
Strong Partnerships
Technology Leadership
15

16. Unique Technology Integration
Fuel Systems
Electronic Controls
Air Handling Systems
Filtration and Aftertreatment
Combustion Technologies
16

17. Technology Leadership: Growing to Support
our Customers
Cummins Turbo
Medium-Duty Truck
Technologies Revenue
and Bus Shipments
5%
2 8%
Up 2
Up
2006 2007
2006 2007
17

18. Investing in profitable growth
New Product
Pursue underserved
Increase share
markets
of wallet
Current Product
Increase share in Pursue untapped
core markets markets
Current Market/Customer New Market/Customer 18

19. Growth from new engine platforms
1,400
Engine Production (Thousands)
1,200
1,000
800
600
400
200
0
2006 Organic New 2010
Growth Platforms 19

20. 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
20

21. Investing in Our Distribution Channel
Company-owned
Joint Venture
Independent
21

22. Confident in our ability to perform in
2007 and beyond
We have fundamentally changed our
business model
Our customers recognize Cummins for our
technology leadership
We are investing in the next generation of
profitable growth opportunities
22

23. 23

24. Non-GAAP
Reconciliations

25. Non-GAAP Reconciliation – EBIT
Three Months Ended
Millions December 31, December 31, October 1,
2006 2005 2006
Segment EBIT $ 303 $ 269 $ 296
Less: Interest Expense $ 20 $ 26 $ 23
Earnings before income taxes and minority $ 283 $ 243 $ 273
interests
EBIT = Earnings before interest, taxes, and minority interests.
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.
25

26. Non-GAAP Reconciliation – EBIT
Year Ended
Millions December 31, December 31, December 31,
2006 2005 2004
Segment EBIT $ 1,179 $ 907 $ 543
Less: Interest Expense $ 96 $ 109 $ 111
Earnings before income taxes and minority $ 1,083 $ 798 $ 432
interests
EBIT = Earnings before interest, taxes, and minority interests.
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.
26

27. Non-GAAP Reconciliation – EBITDA
Year Ended
Millions December 31, December 31, December 31,
2006 2005 2004
Segment EBIT $ 1,179 $ 907 $ 543
Depreciation & Amortization $ 296 $ 295 $ 272
EBITDA $ 1,475 $ 1,202 $ 815
EBITDA = Earnings before interest, taxes, minority interests, depreciation, and amortization.
27

28. Non-GAAP Reconciliation – Cash From
Operations Excluding Pension Contributions
Year Ended
Millions December 31, December 31,
2006 2005
Cash provided by operations $ 840 $ 760
Add back: pension contributions $ 266 $ 151
Cash provided by operations
excluding pension contributions $ 1,106 $ 911
We believe cash provided by operations excluding pension contributions is a useful measure of our operating performance for
the periods presented as it illustrates our operating performance without regard to funding decisions. This measure is not in
accordance with, or an alternative for, GAAP and may not be consistent with measures used by other companies. It should
be considered supplemental data.
28

29. Appendix

30. Cummins Inc.
2006 Revenue by Segment
Components
2006 – Outstanding Year Segment 17%
Record revenue and
Engine
EBIT for the company Segment 55%
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 30
EBIT Margin: 10.4% (Target: 7-10% )

31. Cummins Inc.
2006 Revenue by Marketing Territory
Africa/Middle East
International revenue Canada 5%
7%
is 50% of consolidated
revenue Mexico/Latin
America
Pre-emission demand 8%
has accelerated US
growth rate
United States
Most international 50%
areas growing at Asia/Australia
16%
double digit rate
Europe/CIS
14%
31

32. 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
200 $139
$0 0
2002 2003 2004 2005 2006 2002 2003 2004 2005 2006
32

33. Engine Segment
2006 Revenue by Product
Emission regulations Parts and
Service 20%
create opportunities Midrange
(3-9L) 37%
Aftermarket revenue
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 33
EBIT Margin: 9.8% (Target: 7-10% )

34. Engine Segment
2006 Revenue by Market Application
Heavy-duty Truck Stationary
Power 10%
demand remains strong Mining/Rail Heavy-duty
Govt/O&G truck 33%
Share gains in Medium- Marine 12%
duty Truck & Bus
Off-highway markets
supported by non- Construction
residential 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 34
EBIT Margin: 9.8% (Target: 7-10% )

35. Engines – Historical Performance
Sales Segment EBIT
8000 800
$7,511
$733
7000 $6,657 700
$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
35
*Data f or 2002 has not been restated f or changes in segment
reporting announced May 2, 2005.

36. Power Generation Segment
2006 Revenue by Product
Turnaround complete Alternators
Commercial
19%
Strengthening markets 56%
Expanding market share Rental
2%
Consumer growth
opportunities
Growing project business Consumer
13%
capability
Power
Electronics
6%
2006 Segment Data Energy
Sales: $2.4 billion Solutions
4%
EBIT: $220 million 36
EBIT Margin: 9.1% (Target: 7-9% )

37. 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
37
*Data f or 2002 has not been restated f or changes in segment
reporting announced May 2, 2005.

38. Components Segment
2006 Revenue by Product
Specialty
Strategic advantage in Filtration
6%
Air Intake
emissions compliance Systems
Turbocharger
11%
Significant future growth 27%
in revenue and earnings
Multiple new product
Acoustic
introductions Exhaust
12%
Winning non-CMI Fuel
business Systems
17%
Engine
Filtration
2006 Segment Data Catalytic
21%
Sales: $2.3 billion Exhaust
EBIT: $107 million 6% 38
EBIT Margin: 4.7% (Target: 7-9% )

39. Components – Historical Performance
Sales Segment EBIT
2500 120
$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
39
*Data f or 2002 has not been restated f or changes in segment
reporting announced May 2, 2005.

40. Distribution Segment
2006 Revenue by Product
Service
Broadening product 18%
offering Engines
20%
Expanding global
coverage
Increasing equity
ownership
Excelling in customer Parts,
support Filters, &
Consumables
Power
38%
Generation
2006 Segment Data 24%
Sales: $1.4 billion
EBIT: $144 million 40
EBIT Margin: 10.4% (Target: 8-10% )

41. 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
400 40 $33
200 20
0 0
2002 2003 2004 2005 2006 2002 2003 2004 2005 2006
41
*Data f or 2002 has not been restated f or changes in segment
reporting announced May 2, 2005.