Analyst DayComponents Segment

Charleston, SCNovember 12, 2008

1

Agenda

Welcome

8:00 a.m. to 9:45 a.m. – Presentations / Q and A

9:45 a.m. to 10:00 a.m. – Break

10:00 a.m. to 12:00 p.m. – Presentations / Q and A

12:00 p.m. to 12:45 p.m. – Lunch / exhibits

12:45 p.m. to 3:00 p.m. – Turbocharger plant tour

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 those measures to GAAP financial measures.

Analyst Day Components Segment:

Rich Freeland, President

Charleston, SCNovember 12, 2008

Components Group

4

Presenters

Rich Freeland- President, Components

Jim Lyons- Vice President & President, Cummins Turbo Technologies

Ray Amlung- Vice President & General Manager, Cummins Fuel Systems

Joseph Saoud- Vice President & President, Cummins Filtration

Srikanth Padmanabhan- Vice President & General Manager, Cummins Emissions Solutions

5

Components Overview

Who we are

Purpose

Growth drivers

Technology leadership

Improving financials

6

Who we are

Four distinct business units

Cummins Turbo Technologies

Cummins Fuel Systems

Cummins Filtration

Cummins Emission Solutions

7

Purpose

Differentiate Cummins engines

Revenue growth

Earnings growth opportunity Technology leadership

Large captive customer – provides scale

Long aftermarket annuity

Synergies between Components business

8

Components Segment Business Unit Revenue

2011 - $6.0B

Emission Solutions 30%

Turbos33%

Fuel Systems 9%

Filtration28%

Fuel Systems 14%

Q308 LTM - $3.2B

Emission Solutions 17%

Filtration38%

Turbos31%

9

Bridging the Revenue Growth

3.2

6.00.10.51.0

1.2

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

$7.0

2008 LTM EmissionSolutions

Turbos Filtration Fuel Systems 2011

$ B

Components Segment Revenue

10

Components Revenue by Marketing Territory

2011Q308 LTM

N America62%

LatinAmerica 5%

Other AsiaPac 2%

EMEA 17%

N America57%

EMEA26%

Other AsiaPac 6%

Latin America 4%

India 2%

China 5%

India 2%

China 12%

11

Global Customers

12

Long-term Trends

Tougher global emission standards

Demand for fuel efficiency

13

Tougher Global Emission Standards

Mexico2008

Mexico2008

Australia2008

Australia2008

Brazil2009

Brazil2009

Europe2009

Europe2009US /

Canada2010

US / Canada

2010

India2010India2010

China2011

China2011

Off-highway2011-14

Off-highway2011-14

14

Components Segment

$2,000

$3,253

$6,000

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

2005 Q308LTM

2011

$ M

illon

s

Sales

23% CAGR

$89

$222

$540

$0

$100

$200

$300

$400

$500

$600

2005 Q308LTM

2011

$ M

illon

s

35% CAGR

EBIT

15

4.5%4.7%

5.30%

6.80%

9%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

2005 2006 2007 Q308 LTM 2011

Components Segment EBIT Percent

16

Summary

Components group is well positioned to grow

Technology leadership creates a significant advantage

Demonstrating progress toward 9% EBIT target

Analyst DayComponents Segment:

Jim Lyons, President

Charleston, SCNovember 12, 2008

Turbo Technologies

18

Turbo Technologies Overview

Who we are

Competitive advantages

Technology leadership

Improving financials

19

Cummins Turbo Technologies

By Marketing Territory

N America45%

China12%

India5%

Europe32%

Brazil3%

0.520.61

0.861.02

2.00

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

2005 2006 2007 Q3'08LTM

2011

$ B

Sales Trends

Other3%

Q308 LTM $1,023M

20

Bridging the Revenue Growth

1.0

2.0

$0.5

$0.7

$0.9

$1.1

$1.3

$1.5

$1.7

$1.9

$2.1

2008 LTM MarketShare

New CMIEngine

Platforms

Aftermarket NewProductsExisting

Customers

MarketGrowth

2011

$ B

21

Creating SustainableEarnings Growth

Turbo Technologies is well positioned to capture long-term growth trends

Technology leadership creates a significant advantage

Improving operating margins

22

Benefits of Turbocharging

Increased engine efficiencyFuel economyEngine performance

Meet emission requirements

23

Competitive Advantages

Focused on commercial diesel applications

Cummins is only turbo manufacturer with in-house engine division

24

Advantage of Technology Leadership

Industry-leading Variable Geometry Turbo

Modulating Two-stage for Light Duty ApplicationsEnables emissions to be metGood transient response/driveabilityControls IPIntegrated packaging to minimize space claim

Thermal management

Exhaust Gas Recirculation control

Exhaust braking

25

Reward for Technology Leadership

Gaining Market ShareBenefiting from Cummins engine share gains

Leveraging Cummins relationships globally

Demonstrated capability to develop technology for multiple OEMs

CTT projecting revenue growth of 25% through 2011 compared to global turbo market size growth of 8%

26

Financial Performance Improving

Focus on operational efficiencyProductivity gains

Cost reduction

Increasing capacity and output in low cost regions

Global sourcing

Pricing improvements for value of technology leadership

27

Financial Performance Improving

Growth in OE business over last 4 years is delivering aftermarket growth

Leveraging global distribution network to maximize aftermarket opportunity

Well positioned in emerging markets

28

Summary

Exciting growth opportunities

Industry leading technology

Improving operating margins

Analyst Day Components Segment:

Ray Amlung, Vice President & General Manager

Charleston, SCNovember 12, 2008

Fuel Systems

30

Overview

Who we are

Fuel Systems technology

Growth drivers

Growth opportunities

Earnings growth

31

Fuel Systems Business

Design, develop, manufacture and remanufacture leading-edge fuel systems

Partner with ScaniaJV’s for the HPI and XPI fuel systems

Sharing of development and capital expenses

Currently limiting XPI sales to Cummins and Scania

32

Cummins Fuel Systems

By Marketing Territory

N. America79%

EMEA16%

China3%0.45

0.5

0.40.4

0.3

$0.0

$0.1

$0.2

$0.3

$0.4

$0.5

$0.6

2005 2006 2007 Q3'08LTM

2011

$ B

Sales Trends

Latin America2%

33

Fuel System TypesUnit Injector

System

Injector

Fuel Pump

Injector

High Pressure Fuel Pump Common Rail

Common Rail System

34

Fuel System Technology

Fuel system capability is a key for current and future emission standards

Injection pressure is the key feature

Cummins Fuel Systems provides the highest injection pressure available in the industry today

35

Spray Quality is Critical

36

Growth Drivers

Global adoption of tougher emission standards

Focus on fuel economy improvements

Trend for bigger truck engines in developing countries

Technical complexity of modern fuel systems which drives higher share in the aftermarket

37

Growth Opportunities

Cummins growth• Mid-range and heavy-duty growth in China

• Expanding down into Cummins mid-range engines

Continued growth of remanufacturedfuel systems

Sales to additional U.S. and Europeanengine manufacturers

38

Earnings Growth

Operations efficiency

Material cost reduction

Fixed cost reduction as transition to XPIis completed

Continued growth of high marginaftermarket business

39

Summary

Industry leading technology

Significant growth occurring in XPI JV

Consistently improving operating margins

Break

Analyst Day Components Segment:

Joseph Saoud, President

Charleston, SCNovember 12, 2008

Filtration

42

Overview

Who we are

Growth drivers

Sustainable earnings growth

Summary

43

Leading Technologies in Emissions

Crankcase

Air Systems

Coolant Systems

High Pressure Fuel System Filter

Soot

Low Ash Oils

Biodiesel

Insulated Tubes

ULSD Fuels

44 Office Location Manufacturing Facility Joint VentureDistribution Center Sales Office

Cummins Filtration Global Locations

160 Countries5,600 Employees21 Manufacturing Facilities 14 Distribution Centers 3 Technology Centers30,000+ Points of Sale

160 Countries5,600 Employees21 Manufacturing Facilities 14 Distribution Centers 3 Technology Centers30,000+ Points of Sale

45

Cummins Filtration

By Marketing Territory

N America55%

Latin America

12%

India1%

EMEA22%

Other AsiaPac13%

1.0 1.01.1

1.2

1.7

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

$1.6

$1.8

2005 2006 2007 Q3'08LTM

2011

$ B

Sales Trends

China1%

Q308 LTM

= non-strategic businesses exited

46

Bridging the Revenue Growth

1.7

1.2

$0.5

$0.7

$0.9

$1.1

$1.3

$1.5

$1.7

$1.9

2008 LTM New Productsand Platforms

GlobalAftermarket

Growth

Inflation 2011

$ B

47

Growth through New Productsand New Engine Platforms

New Products As a result of tougher emissions standards• Added content

• Added value

Focus on air filtration

New engine platforms

48

Growth through Aftermarket

Growth of OE First Fit leads to sustainable aftermarket growth

Patented technology leads to sustainable aftermarket growth

Focus on Emerging Markets

World class delivery and customer support

49

Sustainable Earnings Growth

Aftermarket growth

Leveraging Cummins global growth

Continuous improvement

50

Summary

Cummins Filtration is well positioned for growth

New technologies, engine integration and the aftermarket will sustain earnings growth

Relentless focus on being low cost producer

Analyst Day Components Segment:

Srikanth Padmanabhan, President

Charleston, SCNovember 12, 2008

Emission Solutions

52

Overview

Who we are

Growth drivers

Why engine OEMs choose CES

Technology/Systems integration

Earnings improvement

53

Cummins Emission Solutions

By Marketing Territory

N America71%

Europe28%

Asia Pac1%

0.10 0.15

0.450.55

1.80

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

$1.6

$1.8

$2.0

2005 2006 2007 Q3'08LTM

2011

$ B

Sales Trends

54

Bridging the Revenue Growth

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

$1.6

$1.8

$2.0

2008 LTM IncreasedContent

New Markets Market Growth -Existing Markets

2011

$ B

55

Emission Solutions

By Marketing Territory

N America71%

Europe28%

Asia Pac1%

0.10 0.15

0.450.55

1.80

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

$1.6

$1.8

$2.0

2005 2006 2007 Q3'08LTM

2011

$ B

Sales Trends

56

Creating SustainableEarnings Growth

Cummins Emission Solutions is well-positioned to capture long-term growth trends

Technology leadership creates a significant advantage

Improving operating margins

57

Long-term Growth Trends

Global adoption of tougher emission standardsNew markets (Emerging markets)New applications (off highway)More content (DPF + SCR)

Focus on fuel economy improvementsDelivering very high levels of NOx reductionReducing system back pressure (dP) significantlyReducing regeneration fuel consumption

58

Tougher Emission Standards

Mexico2008

Mexico2008

Australia2008

Australia2008

Brazil2009-2011

Brazil2009-2011

Europe2009

Europe2009US /

Canada2010

US / Canada

2010

India2010India2010

China2011

China2011

Off-highway2011-14

Off-highway2011-14

59

Function of Aftertreatment

Emissions reductionParticulate matter – soot and unburned hydrocarbons

Oxides of Nitrogen (NOx)

Acoustic performance

SociabilityNo odor, smoke

Unregulated emissions

60

EPA ‘02

Fuel Injection

Aftertreatment System Architecture

NOX

Engine &Cooled EGR

EPA ‘07

DOCDiesel

ParticulateFilter

DOC

EPA ‘10

SCR Catalyst

Urea

NH3 Slip CatUrea Doser

AftertreatmentControls

61

Why Do Engine OEMs Choose Us?

Component Technology excellence and system integration capabilities

Proven technology – reliability and durability

Developing new products for future emissions regulations

Full-system provider

62

Component Technology Excellence

Filters and Substrates

AftertreatmentControls

Dosers

Packaging

63 63

System Integration CapabilityApplication Platform Subsystems Rules, Tools, Technology Technology Technology Core Technology

Substrates Thermal Science &Coatings Fluid Mechanics

PackagingInstallation Hardware Materials & Catalysts

Urea DosingHydrocarbon Dosing Mechanical Design

ElectronicsControl Algorithms Applied Mechanics

SensorsWiring Harness Acoustics

Regeneration TechnologyAssembly/DFMA Electronic ControlsA

ftert

reat

men

t Sys

tem

In

tegr

atio

n

Vehi

cle

and

Pow

ertr

ain

Inte

grat

ion

64

Emission Systems in Production & Development

Successfully introduced on-highway aftertreatment for: EPA 2004 Euro 4 EPA 2007Euro V

We are currently developing new products for:EPA 2010 Global Euro IV / V / VI platformLight Duty Diesel platformTier4 / Stage IIIB off-highway

65

Improving Financial Performance

Operational excellence

Content addition

Emerging markets growth

66

Summary

Exploding market in a ten-year window

Worldwide industry leading technology and system integration capabilities

Improving operating margins

67

Thank You for Your Interest in Cummins

We will now take your questions.

Contact Information:Dean Cantrell

Director – Investor Relations(812) 377-3121

Investor_Relations@Cummins.comwww.cummins.com

Appendix

69

Components Segment

New products launched

Industry leading technology

Capacity expansion

Grow with CMI and non-CMI engine volumes

Leverage global distribution to grow aftermarket

Filtration38% Turbocharger

31%

FuelSystems

14%Q3 2008 LTM Segment DataSales: $3.3 billionEBIT: $222 millionEBIT Margin: 6.8%

Q3 2008 LTM Revenue by Product

Emission Solutions 17%

70

Components – Historical Performance

$84 $89$107

$153

$222

$0

$50

$100

$150

$200

$250

2004 2005 2006 2007 Q3'08LTM

$ M

$1,783$2,000

$2,281

$2,932

$3,253

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

2004 2005 2006 2007 Q3'08LTM

$ M

Segment EBITSales

71

Components Segment

CMI First Fit33%

Aftermarket35%

Other OEM's First

Fit32%

Q3 2008 LTM Sales: $3.3 Billion

Revenue by GeographyRevenue by Customer

EMEA26%

India2%

China5%

North America57%

Other AsiaPac6%

Latin America4%

72

Revenue by Marketing TerritoryCummins Turbo Technologies

Latin America3%

Other AsiaPac3%

North America45%

China12%

India5%

EMEA32%

Latin America3%

Other AsiaPac3%

North America59%

China10%

India4%

EMEA21%

Q308 LTM 2011

73

Revenue by Marketing Territory Cummins Fuel Systems

Q308 LTM 2011

Latin America2%

EMEA16%

China3%

North America79%

Latin America2%

North America84%

China9%

EMEA5%

74

Revenue by Marketing Territory Catalytic Exhaust

Q308 LTM 2011Other AsiaPac

2%

North America68%

China2%

EMEA28%

Latin America6%

EMEA11%

India1%

China21%

North America61%

75

Revenue by Marketing Territory Cummins Filtration

Q308 LTM 2011

EMEA22%

India1%

China1%

North America55%

Other AsiaPac13%

Latin America8%

Latin America8%

Other AsiaPac4%

North America57%

China4%

India2%

EMEA25%

76

Cummins Turbo Technologies

CMI First Fit35%

Aftermarket25%

Other OEM's First

Fit40%

Q3 2008 LTM Sales: $1,023 Million

Revenue by GeographyRevenue by Customer

Latin America3%

Other AsiaPac3%

North America45%

China12%

India5%

EMEA32%

77

Cummins Turbo Technologies

CMI30%

Other1%

MHI14%

Honeywell23%

Borg Warner

32%

Market Share / Competition

CMI17%

Other10%

Borg Warner

41%

Honeywell27%

MHI5%

North America Europe

78

Cummins Turbo Technologies

CumminsFiat Power TrainVolvo ScaniaDaimlerDongfeng Cummins Engine CoFirst Auto Works, ChinaCNHTC, ChinaWeifang Diesel, ChinaTata Motors, India

Main Customers Major OperationsGuarulhos, BrazilCharleston, South CarolinaWuxi, China Huddersfield, EnglandDewas, IndiaPithampur, India

79

Cummins Turbo TechnologiesProduct Offering

Fixed Geometry Variable GeometryPneumaticWaste Gate Turbo Compound

HX35/40

HX50-55

HX82-83

HX30/40W

HX20-25-27W

HX60W

HE400V

HE500V

HE300Ve

HE500Ve

HE400Ve

Variable GeometryElectric

HP72 Power turbine

HP841 Power turbine

HX50/55W

HY55V

80

Cummins Fuel Systems

CMI First Fit65%

Aftermarket26%

Other OEM's First

Fit9%

Q3 2008 LTM Sales: $451 Million

Revenue by GeographyRevenue by Customer

North America79%

China3%

EMEA16%

Latin America2%

81

Cummins Fuel Systems

CumminsScaniaKomatsu

Main Customers Major Operations

Columbus, IndianaCiudad Juarez, MexicoEl Paso, TexasWuhan, ChinaSödertälje, Sweden

82

Cummins Filtration

CMI First Fit6%

Aftermarket59%

Other OEM's First

Fit35%

Q3 2008 LTM Sales: $1,227 Million

Revenue by GeographyRevenue by Customer

Latin America8%

Other AsiaPac13%

North America55%

China1%India

1%

EMEA22%

83

Cummins Filtration

Q3 2008 LTM Sales: $1,227 Million

Revenue by Application

Air Intake Systems

22%

Intank Filters4%

Lube Filters22%Fuel

Filters/FWS

Hydraulic Filters

5%

Exhaust Systems

20%

Coolant / Chemicals

4%Industrial Silencers

3%

Water Filters3%

84

Cummins Filtration

CMI4%

Other75%

Luberfiner4%

Clarcor8%

Donaldson9%

Market Share / Competition

North America EuropeCMI9%

Other50%

M&H28%

Mahle10%Donalson

3%

85

Cummins Filtration

InternationalPaccar/KenworthCase/Case New HollandDeereVolvo/NovabusFreightliner / Western StarKomatsuCumminsDistributors

Main Customers Major OperationsDaman, IndiaPune, IndiaKilsyth & Scoresby, AustraliaSao Paulo, BrazilQuimper, FrancePietermaritzburg, South AfricaJohannesburg, South AfricaShanghai, ChinaSan Luis Potosi, MexicoKyungki-Do, KoreaSingaporeMultiple US locations in Tennessee, Iowa , Wisconsin and Ohio

86 Office Location Manufacturing Facility Joint VentureDistribution Center Sales Office

Cummins Filtration Global Locations

Findlay, OHLDA/Specialty Filtration

San Luis Potosi, MexicoFiltration

Pietermaritzburg, South AfricaFiltration

Rugby, UKFiltration

Mechelen and Rumst, BelgiumFiltration

Sao Paulo, BrazilFiltration, Exhaust

Kilsyth and Scoresby, AustraliaFiltration, Coolant & Exhaust

Singapore,Filtration

Pune, IndiaFleetguard Filtrum JV

Daman, IndiaExhaust

Shanghai, ChinaCummins FiltrationShanghai Fleetguard

Quimper, FranceFiltration

Cookeville, TNFiltration

160 Countries5,600 Employees21 Manufacturing Facilities 14 Distribution Centers 3 Technology Centers30,000+ Points of Sale

Johannesburg, South AfricaFiltration

Xiangfan, ChinaXiangfan Fleetguard Exhaust

Lake Mills, IAFiltration

Nashville, TNFiltration Corporate

Tokyo, JapanFiltration

Kyungki-Do, KoreaFiltration

19

Cummins Emission Solutions

CMI First Fit68%

Aftermarket3%

Other OEM's First

Fit29%

Q3 2008 LTM Sales: $552 Million

Revenue by GeographyRevenue by Customer

EMEA28%

China2%

North America68%

Other AsiaPac2%

20

Cummins Emission SolutionsRevenue by Application

DPF 65%

SCR32%

Retrofit3%

21

Cummins Emission Solutions

Market Share - EuropeMarket Share – N. America

Cummins26%

Emcon22%

Tenneco10%

Other22%

Eberspaecher20%

Cummins55%

Emcon20%

Tenneco10%

Other11%

Donaldson4%

22

Cummins Emission Solutions

InternationalPaccar/KenworthVolvo/BlueBird/NovabusFreightliner / Western StarDistributors

Main Customers Major OperationsMineral Point, WisconsinDarlington, EnglandPretoria, South AfricaColumbus, IndianaStoughton, Wisconsin

23

Thank You for Your Interest in Cummins

We will now take your questions.

Contact Information:Dean Cantrell

Director – Investor Relations(812) 377-3121

Investor_Relations@Cummins.comwww.cummins.com