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CMI Analyst Day

November 10, 2015

CMI Analyst Day November 10, 2015

CMI Analyst Day

Mark Smith

Vice President - Investor Relations

November 10, 2015

CMI Analyst Day Mark Smith Vice President - Investor Relations November 10, 2015

Disclosure regarding forward-looking statements

Disclosure regarding forward-looking statements Information provided in this presentation that is not purely historical

Information provided in this presentation that is not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our forecasts, expectations, hopes, beliefs and intentions on strategies regarding the future. Our actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including, but not limited to: the adoption and implementation of global emission standards; the price and availability of energy; the pace of infrastructure development; increasing global competition among our customers; general economic, business and

financing conditions; governmental action; changes in our customers’ business strategies; competitor pricing activity;

expense volatility; labor relations; the consummation and integration of the planned acquisitions of our North American distributors; and other risks detailed from time to time in our Securities and Exchange Commission filings, particularly in the Risk Factors section of our 2014 Annual Report on Form 10-K. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. Any or all of these factors could cause our results of operations, financial condition or liquidity for future periods to differ materially from those expressed in or implied by any forward looking statements. The forward-looking statements made herein are made only as of the date of this presentation and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance

may be found in our filings with the Securities and Exchange Commission, which are available at http://www.sec.gov or at http://www.cummins.com in the Investor Relations section of our website.

Agenda

Agenda 9:00 Welcome 9:05 Tom Linebarger, Chairman and CEO 9:50 Rich Freeland, President and COO 10:15

9:00

Welcome

9:05

Tom Linebarger, Chairman and CEO

9:50

Rich Freeland, President and COO

10:15

Break

10:30

Pat Ward, Vice President and CFO

10:50

Tom Linebarger, Chairman and CEO

11:00

Q&A

CMI Analyst Day

Tom Linebarger

Chairman and Chief Executive Officer

November 10, 2015

CMI Analyst Day Tom Linebarger Chairman and Chief Executive Officer November 10, 2015

Agenda

Agenda  Strategy to deliver profitable growth  Relentless focus on performance improvement  Disciplined

Strategy to deliver profitable growth

Relentless focus on performance improvement

Disciplined investment to drive strong returns

Strong total shareholder return

Strong total shareholder return Total Shareholder Return CMI Peers S&P 500 DJIA Jan. 2005 to Oct.

Total Shareholder Return

CMI

Peers

S&P 500

DJIA

Jan. 2005 to Oct. 2015

459%

129%

72%

65%

Share Price Appreciation CMI Peers S&P 500 DJIA
Share Price
Appreciation
CMI
Peers
S&P 500
DJIA
% Share Price Appreciation CMI Peers S&P 500 DJIA Peers Include: BorgWarner, Caterpillar, Daimler, Danaher,

Peers Include: BorgWarner, Caterpillar, Daimler, Danaher, Deere, Donaldson, Eaton, Emerson, Honeywell, Illinois Tool Works, Ingersoll Rand, Navistar, Paccar, Parker Hannifin, Textron, W.W. Grainger, Volvo

7

Driven by strong performance

Driven by strong performance From 2004 to 2014 Revenue CAGR 1 9% 5% CMI Peer Average

From 2004 to 2014

Revenue CAGR

1

9%

5%

strong performance From 2004 to 2014 Revenue CAGR 1 9% 5% CMI Peer Average 2 EBIT

CMI Peer Average

2

EBIT Margin % Improvement

7%

1 9% 5% CMI Peer Average 2 EBIT Margin % Improvement 7% 1% CMI Peer Average

1%

1 9% 5% CMI Peer Average 2 EBIT Margin % Improvement 7% 1% CMI Peer Average

CMI Peer Average

Average ROE

3

22%

14%

Improvement 7% 1% CMI Peer Average Average ROE 3 2 2 % 14% CMI Peer Average

CMI Peer Average

1 Compound Annual Growth Rate 2 EBIT is a non-GAAP measure which is defined as earnings before interest expense, income tax expense and noncontrolling interests in income of consolidated subsidiaries 3 The return on equity calculation is a non-GAAP measure- equity excludes non-controlling interests, defined benefit postretirement plans and special items

8

Driven by a clear strategy and good decisions

Driven by a clear strategy and good decisions  Geographic expansion through partnerships  Investment in

Geographic expansion through partnerships

Investment in the right technologies

Leading products in major markets

Global distribution

Used a mix of organic growth, partnerships, and acquisitions

Used a mix of organic growth, partnerships, and acquisitions 1996 1998 2002 2008 2012 2013 1973
1996 1998 2002 2008 2012 2013 1973 1982 1994 Wuxi Nelson Emission SCR+EGR SCR Doser
1996
1998
2002 2008
2012
2013
1973 1982
1994
Wuxi
Nelson
Emission
SCR+EGR
SCR Doser
LiuGong
2015
Holset
ISB
Tata JV
Turbo JV
Industries
Solutions
Development
JV
QSK95
1978
1986 1995
1997
2006
2008
2012 2014
KV38/50
Onan
1 st Komatsu
JV Engine
Dongfeng
Foton
ISF
N.A.
ISG
JV
JV
Distributors
Acquisition O r g a n i c Joint Venture

Acquisition

Acquisition O r g a n i c Joint Venture

Organic

Acquisition O r g a n i c Joint Venture

Joint Venture

10

Business conditions have changed

Business conditions have changed  Industry growth in the past four years has been below expectations

Industry growth in the past four years has been below

expectations

Conditions in our core markets have changed

Growth in emerging markets has slowed

Lower investment in infrastructure and weaker commodity prices

Slower pace of growth in emissions opportunity lies in emerging markets

Cyclical weaknesses are likely to persist

Cummins will outperform

Cummins will outperform  Manage effectively through periods of weak demand – Adjust cost structure quickly,

Manage effectively through periods of weak demand

Adjust cost structure quickly, in the right areas

Execute and operate well

Use the downturn to improve our business

Capture profitable growth from new products

Leverage and extend strong existing partnerships

Add to existing growth platforms

Positioned well to add growth platforms

Positioned well to add growth platforms  We have strong, defensible capabilities to leverage  We

We have strong, defensible capabilities to leverage

We have demonstrated success building profitable growth through organic investments, partnerships and acquisitions

We have a capable management team and the structure to

evaluate and execute investments

We have a strong balance sheet to make investments in high return projects

Leverage our capabilities to deliver profitable growth

Leverage our capabilities to deliver profitable growth Technology Leadership Scale Advantage in Manufacturing and Supply

Technology Leadership

Scale Advantage in Manufacturing and Supply Chain

Global Distribution

Partnerships and Customers

Technology

Leadership

Scale Advantage

in Manufacturing and Supply Chain

Leadership Scale Advantage in Manufacturing and Supply Chain Controls and Systems Turbo Technologies Emission Solutions

Controls and

Systems
Systems
in Manufacturing and Supply Chain Controls and Systems Turbo Technologies Emission Solutions Filtration Fuel
in Manufacturing and Supply Chain Controls and Systems Turbo Technologies Emission Solutions Filtration Fuel
in Manufacturing and Supply Chain Controls and Systems Turbo Technologies Emission Solutions Filtration Fuel

Turbo

Technologies

Emission

Solutions

Filtration

Fuel Systems

Global

Distribution

Partnerships

Filtration Fuel Systems Global Distribution Partnerships and Customers NA Truck MD India Truck MD+HD Global Mining

and Customers

NA Truck MD

India Truck MD+HD

Global Mining

NA Truck HD

Global Construction

China Truck MD+HD

Engine market share

78% 42% 35% 34% 25% 17%
78%
42%
35%
34%
25%
17%

* 2015 Estimates

*

15

Technology

Leadership

Scale Advantage

in Manufacturing and Supply Chain

Global

Distribution

Partnerships

and Supply Chain Global Distribution Partnerships and Customers 0 200,000 400,000 600,000 800,000 1,000,000

and Customers

Supply Chain Global Distribution Partnerships and Customers 0 200,000 400,000 600,000 800,000 1,000,000 1,400,000
Supply Chain Global Distribution Partnerships and Customers 0 200,000 400,000 600,000 800,000 1,000,000 1,400,000
0 200,000
0
200,000

400,000

600,000

800,000

1,000,000

and Customers 0 200,000 400,000 600,000 800,000 1,000,000 1,400,000 1,200,000 16 Cummins Toyota / Hino Yuchai
and Customers 0 200,000 400,000 600,000 800,000 1,000,000 1,400,000 1,200,000 16 Cummins Toyota / Hino Yuchai

1,400,000

1,200,000

16

Cummins

600,000 800,000 1,000,000 1,400,000 1,200,000 16 Cummins Toyota / Hino Yuchai Fiat Daimler Volkswagen Group Weichai
600,000 800,000 1,000,000 1,400,000 1,200,000 16 Cummins Toyota / Hino Yuchai Fiat Daimler Volkswagen Group Weichai

Toyota / Hino

Yuchai Fiat Daimler Volkswagen Group Weichai Isuzu Motors Ford Motors Volvo Group Cat-Perkins Deere

Isuzu Motors Ford Motors Volvo Group Cat-Perkins Deere 2 . 8 - 1 7 L D

2.8-17L Diesel Engines

Source: Power Systems Research, 2014 Production Year; Cummins volumes include JV Volumes

Technology

Leadership

Scale Advantage

in Manufacturing and Supply Chain

Global

Distribution

Partnerships

and Supply Chain Global Distribution Partnerships and Customers Cummins owned and Cummins joint venture

and Customers

and Supply Chain Global Distribution Partnerships and Customers Cummins owned and Cummins joint venture Independent 17
and Supply Chain Global Distribution Partnerships and Customers Cummins owned and Cummins joint venture Independent 17

Cummins owned and Cummins joint venture Independent

17

Technology

Leadership

Scale Advantage

in Manufacturing and Supply Chain

Global

Distribution

Partnerships

Technology Leadership Scale Advantage in Manufacturing and Supply Chain Global Distribution Partnerships and Customers 18

and Customers

Technology Leadership Scale Advantage in Manufacturing and Supply Chain Global Distribution Partnerships and Customers 18
Technology Leadership Scale Advantage in Manufacturing and Supply Chain Global Distribution Partnerships and Customers 18
Technology Leadership Scale Advantage in Manufacturing and Supply Chain Global Distribution Partnerships and Customers 18
Technology Leadership Scale Advantage in Manufacturing and Supply Chain Global Distribution Partnerships and Customers 18
Technology Leadership Scale Advantage in Manufacturing and Supply Chain Global Distribution Partnerships and Customers 18
Technology Leadership Scale Advantage in Manufacturing and Supply Chain Global Distribution Partnerships and Customers 18
Technology Leadership Scale Advantage in Manufacturing and Supply Chain Global Distribution Partnerships and Customers 18
Technology Leadership Scale Advantage in Manufacturing and Supply Chain Global Distribution Partnerships and Customers 18
Technology Leadership Scale Advantage in Manufacturing and Supply Chain Global Distribution Partnerships and Customers 18
Technology Leadership Scale Advantage in Manufacturing and Supply Chain Global Distribution Partnerships and Customers 18
Technology Leadership Scale Advantage in Manufacturing and Supply Chain Global Distribution Partnerships and Customers 18
Technology Leadership Scale Advantage in Manufacturing and Supply Chain Global Distribution Partnerships and Customers 18
Technology Leadership Scale Advantage in Manufacturing and Supply Chain Global Distribution Partnerships and Customers 18
Technology Leadership Scale Advantage in Manufacturing and Supply Chain Global Distribution Partnerships and Customers 18
Technology Leadership Scale Advantage in Manufacturing and Supply Chain Global Distribution Partnerships and Customers 18

Opportunities for partnerships and acquisitions

Opportunities for partnerships and acquisitions 1 Build on our strength in emissions control and fuel efficiency
1
1

Build on our strength in emissions control and fuel efficiency

2
2

Capitalize on our global distribution network

3
3

Increase our participation in attractive markets

1
1

Build on our strength

in emissions control and fuel efficiency

on our strength in emissions control and fuel efficiency  Strategic focus on components that most

Strategic focus on components that most differentiate the power train and equipment performance

Fuel efficiency

Controls and system integration

Adapting technology from developed markets for developing markets

2
2
2 Capitalize on our global distribution network  Fully realize sales and cost synergies from global

Capitalize on our global distribution network

Fully realize sales and cost synergies from global network of newly acquired distributors

Product line extensions to other industrial and aftermarket components

Data-enabled services to offer customers added value

3
3
3 Increase our participation in attractive markets  Establish global leadership position in light commercial vehicles

Increase our participation in attractive markets

Establish global leadership position in light commercial vehicles

Enable development of the natural gas vehicle market

Move up the power range and strengthen market

position in high-horsepower markets

Focus on businesses with high recurring aftermarket revenues

Acquisitions and partnerships will be pursued with discipline

Investment criteria

will be pursued with discipline  Investment criteria – Drive significant sales and / or cost

Drive significant sales and / or cost synergies

Build upon clear strategy for sustainable growth and returns

Leverage existing capabilities

Discipline

Develop multiple strategic options

Proactively analyze potential targets for sources of value

Focus on return on investment

Allocation of capital going forward

Allocation of capital going forward  Disciplined investment in high return businesses to outperform markets and

Disciplined investment in high return businesses to outperform markets and competitors

Strategic use of balance sheet for high return

acquisitions and partnerships

Active portfolio management

Continue to return cash to shareholders

CMI Analyst Day

Rich Freeland

President and Chief Operating Officer

November 10, 2015

CMI Analyst Day Rich Freeland President and Chief Operating Officer November 10, 2015

Cummins Inc.

Global leader

Four strong capabilities

Cummins Inc. Global leader  Four strong capabilities – Technology Leadership – Scale Advantage in Manufacturing

Technology Leadership

Scale Advantage in Manufacturing and Supply Chain

Global Distribution

Partnerships and Customers

Long track record of performance improvement

Cummins Inc.

Q3'15 LTM revenue by marketing territory

Africa India 2% 3% China 7% Asia Pacific 8% Latin America + Mexico 7% Europe
Africa
India
2%
3%
China
7%
Asia Pacific
8%
Latin America
+ Mexico
7%
Europe
+ Middle East
13%

US/Canada

60%

Q3’15 LTM Revenue: $19.4 B

Asia Pacific 8% Latin America + Mexico 7% Europe + Middle East 13% US/Canada 60% Q3’15

27

Cummins Inc.

Track record of performance improvement

Revenue $Millions

3 Year EBIT % Avg.

performance improvement Revenue $Millions 3 Year EBIT % Avg. $25,000 14% 13.1% $22,500 11.8% 12% $19,221
$25,000 14% 13.1% $22,500 11.8% 12% $19,221 $19,434 $20,000 9.5% $18,048 $17,334 $17,301 10% $17,500
$25,000
14%
13.1%
$22,500
11.8%
12%
$19,221 $19,434
$20,000
9.5%
$18,048 $17,334 $17,301
10%
$17,500
$15,000
$13,048 $14,342
$13,226
8%
$12,500
$11,362
$10,800
6%
$10,000
$7,500
4%
$5,000
2%
$2,500
$-
0%
2006
2007
2008
2009
2010
2011
2012
2013
2014
Q3'15

EBIT excludes restructuring charges of $37M in 2008 and $99M in 2009. 2011 EBIT excludes $121 in gains from divestures. 2012 EBIT excludes $52M in restructuring charges. 2014 EBIT excludes $32M in one-time charges within the Power Generation segment.

LTM

28

Global markets

On different cycles

NA HD

Global markets On different cycles NA HD Truck NA MD Truck NA Pickup NA Construction International
Truck NA MD Truck NA Pickup NA Construction International India Truck Euro Truck Commercial Marine
Truck
NA MD
Truck
NA Pickup
NA Construction
International
India Truck
Euro Truck
Commercial Marine
Data Centers
Oil & Gas
India Construction
Global Mining
China Construction
Brazil Truck
India
Power Gen
China Truck

Engine Segment

Historical performance

Engine Segment Historical performance Revenue $Millions 3 Year EBIT % Avg. $16,000 $14,000 $12,000 $10,000 $8,000

Revenue $Millions

3 Year EBIT % Avg.

$16,000

$14,000

$12,000

$10,000

$8,000

$6,000

$4,000

$2,000

$-

11.1% 9.6% 7.6% $11,307 $10,733 $10,013 $10,962 $10,760 $8,810 $8,182 $7,888 $7,511 $6,405 2006 2007
11.1%
9.6%
7.6%
$11,307 $10,733 $10,013 $10,962 $10,760
$8,810
$8,182
$7,888
$7,511
$6,405
2006
2007
2008
2009
2010
2011
2012
2013
2014
Q3'15

EBIT excludes restructuring charges of $15M in 2008, $47M in 2009 and $20M in 2012.

LTM

12%

10%

8%

6%

4%

2%

0%

30

Global leader

Scale advantage

Global leader Scale advantage 2.8-17L Diesel Engines Cummins Toyota / Hino Yuchai Fiat Daimler Volkswagen Group

2.8-17L Diesel Engines

Global leader Scale advantage 2.8-17L Diesel Engines Cummins Toyota / Hino Yuchai Fiat Daimler Volkswagen Group
Global leader Scale advantage 2.8-17L Diesel Engines Cummins Toyota / Hino Yuchai Fiat Daimler Volkswagen Group
Global leader Scale advantage 2.8-17L Diesel Engines Cummins Toyota / Hino Yuchai Fiat Daimler Volkswagen Group
Global leader Scale advantage 2.8-17L Diesel Engines Cummins Toyota / Hino Yuchai Fiat Daimler Volkswagen Group

Cummins Toyota / Hino Yuchai Fiat Daimler Volkswagen Group Weichai Isuzu Motors Ford Motors Volvo Group Cat-Perkins Deere

Isuzu Motors Ford Motors Volvo Group Cat-Perkins Deere 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000
Isuzu Motors Ford Motors Volvo Group Cat-Perkins Deere 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000
Isuzu Motors Ford Motors Volvo Group Cat-Perkins Deere 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

Source: Power Systems Research, 2014 Production Year; Cummins volumes include JV Volumes

31

Engine business

Key partnerships working well

Expanding existing relationships

Developing new partners

existing relationships – Developing new partners  New products launched and gaining traction – Gaining

New products launched and gaining traction

Gaining share in China truck

Growing position in off-highway markets

New global products gaining traction

2.8/3.8L

On- and Off-Highway

10/12L

On- and Off-Highway

global products gaining traction 2.8/3.8L On- and Off-Highway 10/12L On- and Off-Highway 95-120L Industrial, Power Gen
global products gaining traction 2.8/3.8L On- and Off-Highway 10/12L On- and Off-Highway 95-120L Industrial, Power Gen
global products gaining traction 2.8/3.8L On- and Off-Highway 10/12L On- and Off-Highway 95-120L Industrial, Power Gen
global products gaining traction 2.8/3.8L On- and Off-Highway 10/12L On- and Off-Highway 95-120L Industrial, Power Gen
global products gaining traction 2.8/3.8L On- and Off-Highway 10/12L On- and Off-Highway 95-120L Industrial, Power Gen

95-120L

Industrial, Power Gen

global products gaining traction 2.8/3.8L On- and Off-Highway 10/12L On- and Off-Highway 95-120L Industrial, Power Gen

Distribution Segment

Historical performance

Distribution Segment Historical performance Revenue $Millions 3 Year EBIT $ Avg. $Millions $7,000 $421 $6,216 $6,000

Revenue $Millions

3 Year EBIT $ Avg. $Millions

$7,000 $421 $6,216 $6,000 $5,174 $5,000 $306 $4,000 $3,749 $3,277 $191 $3,044 $3,000 $2,324 $2,164
$7,000
$421
$6,216
$6,000
$5,174
$5,000
$306
$4,000
$3,749
$3,277
$191
$3,044
$3,000
$2,324
$2,164
$1,784
$2,000
$1,540
$1,385
$1,000
$-
2006
2007
2008
2009
2010
2011
2012
2013
2014
Q3'15
LTM
EBIT excludes restructuring charges of $2M in 2008, $5M in 2009 and $14M in 2012.

$450

$400

$350

$300

$250

$200

$150

$100

$50

$-

34

Global distribution well positioned

Global distribution well positioned Cummins owned and Cummins joint venture Independent 35
Cummins owned and Cummins joint venture Independent
Cummins owned and Cummins joint venture
Independent

35

Acquisition of North American distributors

Meeting targets

Acquisition of North American distributors Meeting targets Target from 2013 Analyst Day Current estimate Sales +$1.0
Target from 2013 Analyst Day Current estimate Sales +$1.0 billion EBIT +$120 million +$1.1 billion
Target from
2013 Analyst Day
Current estimate
Sales
+$1.0 billion
EBIT
+$120 million
+$1.1 billion
+$135 million
EPS
+$0.50
+$0.63
Cumulative impact from 2013 - 2015

North American distributors

Capturing synergies

Cost synergies

distributors Capturing synergies  Cost synergies – Consolidate back office operations and reduce overlap

Consolidate back office operations and reduce overlap

Leverage our strength in purchasing across the network

Sales synergies

System-wide focus on key end markets

Opportunity to sell more products through our network

Components Segment

Historical performance

Revenue $Millions

Components Segment Historical performance Revenue $Millions 3 Year EBIT % Avg. $8,000 $7,000 $6,000 $5,000 $4,000

3 Year EBIT % Avg.

$8,000

$7,000

$6,000

$5,000

$4,000

$3,000

$2,000

$1,000

12.2%

8.9%
8.9%

$5,257

$5,118

$4,342 $4,063 5.1% $4,012 $3,152 $3,046 $2,932 $2,355 $2,281
$4,342
$4,063
5.1%
$4,012
$3,152
$3,046
$2,932
$2,355
$2,281
$4,342 $4,063 5.1% $4,012 $3,152 $3,046 $2,932 $2,355 $2,281
$4,342 $4,063 5.1% $4,012 $3,152 $3,046 $2,932 $2,355 $2,281
$4,342 $4,063 5.1% $4,012 $3,152 $3,046 $2,932 $2,355 $2,281
$4,342 $4,063 5.1% $4,012 $3,152 $3,046 $2,932 $2,355 $2,281
$4,342 $4,063 5.1% $4,012 $3,152 $3,046 $2,932 $2,355 $2,281
$4,342 $4,063 5.1% $4,012 $3,152 $3,046 $2,932 $2,355 $2,281
$4,342 $4,063 5.1% $4,012 $3,152 $3,046 $2,932 $2,355 $2,281
$4,342 $4,063 5.1% $4,012 $3,152 $3,046 $2,932 $2,355 $2,281
$4,342 $4,063 5.1% $4,012 $3,152 $3,046 $2,932 $2,355 $2,281
$4,342 $4,063 5.1% $4,012 $3,152 $3,046 $2,932 $2,355 $2,281
$4,342 $4,063 5.1% $4,012 $3,152 $3,046 $2,932 $2,355 $2,281
$4,342 $4,063 5.1% $4,012 $3,152 $3,046 $2,932 $2,355 $2,281
$4,342 $4,063 5.1% $4,012 $3,152 $3,046 $2,932 $2,355 $2,281
$4,342 $4,063 5.1% $4,012 $3,152 $3,046 $2,932 $2,355 $2,281
$4,342 $4,063 5.1% $4,012 $3,152 $3,046 $2,932 $2,355 $2,281
$4,342 $4,063 5.1% $4,012 $3,152 $3,046 $2,932 $2,355 $2,281
$4,342 $4,063 5.1% $4,012 $3,152 $3,046 $2,932 $2,355 $2,281
$4,342 $4,063 5.1% $4,012 $3,152 $3,046 $2,932 $2,355 $2,281
$4,342 $4,063 5.1% $4,012 $3,152 $3,046 $2,932 $2,355 $2,281
$4,342 $4,063 5.1% $4,012 $3,152 $3,046 $2,932 $2,355 $2,281
$4,342 $4,063 5.1% $4,012 $3,152 $3,046 $2,932 $2,355 $2,281
$4,342 $4,063 5.1% $4,012 $3,152 $3,046 $2,932 $2,355 $2,281

2006

2007

2008

2009

2010

2011

2012

2013

2014

Q3'15

LTM

EBIT excludes restructuring charges of $14M in 2008, $35M in 2009 $6M in 2012.

12%

10%

8%

6%

4%

2%

0%

38

Components business

Components business  Leading technologies for emissions, fuel economy and performance  Proven capability to adapt

Leading technologies for emissions, fuel economy and

performance

Proven capability to adapt advanced technology for developing markets

Key technologies to meet future emissions regulations

Criteria emissions in emerging markets

Fuel economy regulations in developed markets

Continuing opportunity from criteria emission regulations

Continuing opportunity from criteria emission regulations Global On-Highway Engines EPA 13 /Euro VI: ~40% Below EPA
Global On-Highway Engines EPA 13 /Euro VI: ~40% Below EPA 13 /Euro VI: ~60%
Global On-Highway Engines
EPA 13
/Euro VI:
~40%
Below
EPA 13
/Euro VI:
~60%
Global Off-Highway Engines Tier 4: ~20% Below Tier 4: ~80%
Global Off-Highway Engines
Tier 4:
~20%
Below
Tier 4:
~80%

Pie charts represents proportion of CMI and Joint Venture engines at different emissions standards 2014 production

40

Global emission opportunity

Criteria emissions

Global emission opportunity Criteria emissions F u e l e f f i c i e
Global emission opportunity Criteria emissions F u e l e f f i c i e

Fuel efficiency

315 India MD/HD
315
India MD/HD

Euro III

1,600
1,600

China LD

700 70
700
70

China MD/HD

Brazil

MD/HD

NSIV/Euro IV

Euro V

124 285 250 NAFTA NAFTA Europe MD HD HD EPA 2014/Euro VI
124
285
250
NAFTA
NAFTA
Europe
MD HD
HD
EPA 2014/Euro VI

2015 Estimated truck market sizes (in thousands)

41

Power Generation Segment

Historical performance

Revenue $Millions

Generation Segment Historical performance Revenue $Millions 3 Year EBIT % Avg. $6,000 12% 10.4% 9.5% $5,000

3 Year EBIT % Avg.

$6,000 12% 10.4% 9.5% $5,000 10% 7.8% $4,000 8% $3,500 $3,498 $3,268 $3,060 $3,031 $2,919
$6,000
12%
10.4%
9.5%
$5,000
10%
7.8%
$4,000
8%
$3,500
$3,498
$3,268
$3,060
$3,031
$2,919
$2,896
$2,846
$3,000
6%
$2,416
$2,417
$2,000
4%
$1,000
2%
$-
0%
2006
2007
2008
2009
2010
2011
2012
2013
2014
Q3'15
LTM
42
EBIT excludes restructuring charges of $3M in 2008, $12M in 2009 and $12M in 2012. EBIT in 2014 excludes one-time charges of $32M

Power Generation

Power Generation Important earnings contributor across the company Parts & Service Genset Engine Components Power

Important earnings contributor across the company

Parts & Service Genset Engine Components
Parts & Service
Genset
Engine
Components

Power Generation

Segment

Distribution

Segment

Power Generation cost reduction

Power Generation cost reduction  Actions taken in 2013 and 2014 – Exited alternator operations in

Actions taken in 2013 and 2014

Exited alternator operations in Europe

Simplified organization structure

Delivered savings

Further and deeper actions underway

Reduce manufacturing capacity

Make structural and operational improvements

Relentless focus on cost reduction

Operational improvements

focus on cost reduction  Operational improvements – Value engineering and material costs – Supply chain

Value engineering and material costs

Supply chain

Quality

Restructuring

Targeted capacity reductions

Professional workforce actions

46

CMI Analyst Day

Pat Ward

Vice President and Chief Financial Officer

November 10, 2015

CMI Analyst Day Pat Ward Vice President and Chief Financial Officer November 10, 2015

Creating shareholder value

through return on capital

Disciplined

Investment

Performance

Improvement

Strong Cash Returns to Shareholders

Organic growth

Acquisitions and Partnerships

20% Incremental margins

Increase Operating Cash Flow

Return 50% of Operating Cash Flow

and Partnerships  20% Incremental margins  Increase Operating Cash Flow  Return 50% of Operating

Disciplined investment has delivered strong returns

For year ending 2014

5-Year average

delivered strong returns For year ending 2014 5-Year average 10-Year average ROANA 29% 28% ROE 23%

10-Year average

ROANA

29%

28%

ROE

23%

22%

ROIC

22%

20%

ROANA, return on average net assets, is a non-GAAP measure which is defined as earnings before interest and tax (EBIT) divided by average net assets ROE, return on equity, is a non-GAAP measure- equity excludes non-controlling interests, defined benefit postretirement plans and special items. ROIC, return on invested capital, is defined as net operating profit after tax divided by average total capital.

49

Relentless focus on performance improvement

~ 13.2%

Relentless focus on performance improvement ~ 13.2% Average EBIT% 9.6% 4.8% 2001-2005 2006-2010 2011-2015 ~ Includes
Average EBIT% 9.6% 4.8%
Average EBIT%
9.6%
4.8%

2001-2005

2006-2010

2011-2015

~ Includes an estimate for 2015.

EBIT excludes restructuring charges of $37M in 2008 and $99M in 2009. 2011 EBIT excludes $121 in gains from divestures. 2012 EBIT excludes $52M in restructuring charges. 2014 EBIT excludes $32M in one-time charges within the Power Generation segment.

50

Relentless focus on performance improvement

~ $44

Relentless focus on performance improvement ~ $44 Diluted EPS $18.53 $4.78 2001-2005 2006-2010 2011-2015 ~ Includes
Diluted EPS $18.53 $4.78
Diluted EPS
$18.53
$4.78

2001-2005

2006-2010

2011-2015

~ Includes an estimate for 2015. Diluted Earnings Per Share amounts are adjusted for 2-1 stock splits in 2007 and 2008.

51

Relentless focus on performance improvement

~ $10B

Relentless focus on performance improvement ~ $10B Operating Cash Flow 20% CAGR 2001 - 2015 $4.8B
Operating Cash Flow 20% CAGR 2001 - 2015 $4.8B $1.9B
Operating Cash Flow
20% CAGR 2001 - 2015
$4.8B
$1.9B

2001-2005

~ Includes an estimate for 2015.

2006-2010

2011-2015

52

Increasing cash returned to shareholders

Increasing cash returned to shareholders $Millions $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $- ~60%

$Millions

$1,600

$1,400

$1,200

$1,000

$800

$600

$400

$200

$-

~60% of OCF

40% of OCF 25% of OCF
40% of OCF
25% of OCF
$800 $600 $400 $200 $- ~60% of OCF 40% of OCF 25% of OCF 2005 2006
$800 $600 $400 $200 $- ~60% of OCF 40% of OCF 25% of OCF 2005 2006
$800 $600 $400 $200 $- ~60% of OCF 40% of OCF 25% of OCF 2005 2006
$800 $600 $400 $200 $- ~60% of OCF 40% of OCF 25% of OCF 2005 2006
$800 $600 $400 $200 $- ~60% of OCF 40% of OCF 25% of OCF 2005 2006
$800 $600 $400 $200 $- ~60% of OCF 40% of OCF 25% of OCF 2005 2006
$800 $600 $400 $200 $- ~60% of OCF 40% of OCF 25% of OCF 2005 2006

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

~ OCF = Operating Cash Flow

~ Includes an estimate for 2015.

53

Increasing cash returned to shareholders

Increasing cash returned to shareholders Share Repurchase • Reduced diluted shares by 12% since 2005 Dividend

Share Repurchase

Reduced diluted shares

by 12% since 2005

Dividend

Increased > 1,100% since 2005

Top 5% in growth in S&P 500

210

205

200

195

190

185

180

175

170

165

Diluted Shares Outstanding (M)

Dividend Per Share ($)

204 203 200 197 198 197 194

190 187 183 179
190 187
183 179

4.00

3.50

3.00

2.50

2.00

1.50

1.00

0.50

0.00

3.51

2.81 2.25 1.80 1.33 0.30 0.33 0.43 0.60 0.70 0.88
2.81
2.25
1.80
1.33
0.30 0.33 0.43 0.60 0.70 0.88

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

* 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

* Includes an estimate for 2015 Diluted shares outstanding are adjusted for 2-1 stock splits in 2007 and 2008.

54

Strong long-term shareholder returns

Strong long-term shareholder returns Total Shareholder Return CMI Peers S&P 500 DJIA Jan. 2005 to Oct.

Total Shareholder Return

CMI

Peers

S&P 500

DJIA

Jan. 2005 to Oct. 2015

459%

129%

72%

65%

Share Price Appreciation
Share Price
Appreciation

Peers Include: BorgWarner, Caterpillar, Daimler, Danaher, Deere, Donaldson, Eaton, Emerson, Honeywell, Illinois Tool Works, Ingersoll Rand, Navistar, Paccar, Parker Hannifin, Textron, W.W. Grainger, Volvo

55

Improvement since 2013, but not in expected range

Improvement since 2013, but not in expected range Sales $B 23 20 17 2013 2015 EBIT
Sales $B 23 20 17 2013 2015
Sales $B
23
20
17
2013
2015
since 2013, but not in expected range Sales $B 23 20 17 2013 2015 EBIT %
since 2013, but not in expected range Sales $B 23 20 17 2013 2015 EBIT %
EBIT % 15.5% 14.0% 12.5% 2013 2015
EBIT %
15.5%
14.0%
12.5%
2013
2015

What has changed from 2013

What has changed from 2013  Growth in emerging markets has slowed  Lower investment in

Growth in emerging markets has slowed

Lower investment in infrastructure

Weaker commodity prices

Declining demand in high-horsepower markets

Strong US dollar a headwind to revenues and earnings

Current environment

Low growth

Current environment  Low growth  Committed to improving operational performance  Structural cost reduction 

Committed to improving operational performance

Structural cost reduction

Maintain key investments for profitable growth

Capital allocation plans to increase returns

Organic Growth
Organic
Growth
Acquisitions & Partnerships
Acquisitions &
Partnerships
Capital Structure
Capital
Structure
Strong Balance Sheet
Strong
Balance
Sheet
Dividend Growth
Dividend
Growth
Share Repurchase
Share
Repurchase
Growth Acquisitions & Partnerships Capital Structure Strong Balance Sheet Dividend Growth Share Repurchase 59

59

Capital allocation plans to increase returns

Organic Growth
Organic
Growth
Acquisitions & Partnerships
Acquisitions &
Partnerships
Capital Structure
Capital
Structure
increase returns Organic Growth Acquisitions & Partnerships Capital Structure Dividend Growth Share Repurchase 60
Dividend Growth
Dividend
Growth
Share Repurchase
Share
Repurchase
increase returns Organic Growth Acquisitions & Partnerships Capital Structure Dividend Growth Share Repurchase 60

60

Capital allocation plans to increase returns

Capital allocation plans to increase returns Capital Structure Strong Balance Sheet Dividend Growth Share Repurchase
Capital Structure
Capital
Structure
Strong Balance Sheet
Strong
Balance
Sheet
Dividend Growth
Dividend
Growth
Share Repurchase
Share
Repurchase
allocation plans to increase returns Capital Structure Strong Balance Sheet Dividend Growth Share Repurchase 61

61

Capital allocation plans to increase returns

Organic Growth
Organic
Growth
Acquisitions & Partnerships
Acquisitions &
Partnerships
Capital Structure
Capital
Structure
Strong Balance Sheet
Strong
Balance
Sheet
plans to increase returns Organic Growth Acquisitions & Partnerships Capital Structure Strong Balance Sheet 62
plans to increase returns Organic Growth Acquisitions & Partnerships Capital Structure Strong Balance Sheet 62

62

Focused on creating shareholder value

Focused on creating shareholder value  20% incremental EBIT margins across cycle  Disciplined investment focused

20% incremental EBIT margins across cycle

Disciplined investment focused on strong returns

Organic investments

Acquisitions and Partnerships

Return 50% of Operating Cash Flow to shareholders

CMI Analyst Day

Tom Linebarger

Chairman and Chief Executive Officer

November 10, 2015

CMI Analyst Day Tom Linebarger Chairman and Chief Executive Officer November 10, 2015

Summary

Summary  We remain committed to profitable growth and strong returns on capital to drive shareholder

We remain committed to profitable growth and strong returns on capital to drive shareholder return

We will manage our business well even in tough times to outperform the market

Execute restructuring and drive operational improvement

Capture profitable growth from new products

Realize synergies from distributor acquisitions

Expand existing partnerships

Summary

Summary  We will continue to seek adjacent growth through a combination of organic growth, partnerships

We will continue to seek adjacent growth through a combination of organic growth, partnerships and acquisitions

We will leverage our strong capabilities to create value

We will likely shift more towards acquisitions and partnerships

We will be disciplined in all of our investments to drive strong return on capital

We will continue to return cash to shareholders through

dividends and share repurchases