Company Overview
Indiana University
Kelley School of Business
February 10th, 2005
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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Diesel Industry - Past
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Diesel Industry - Present
"What if you could brush 40 mpg in a big, fast, full-on luxury sedan?
That's no longer a rhetorical question, thanks to the brilliant Mercedes
E320 CDI. What you get is the same E-Class sedan that's among the best
luxury cars in its class, only it's driven by a turbocharged diesel engine
that proves a car can save gas and still kick, um, tail."
By Lawrence Ulrich "More Car, Less Gas; Seven Models That Get Great
Gas Mileage Without Sacrificing Style Or Performance"
NPR: Morning Edition
August, 2004
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Diesel Industry – Future is Bright
Don’t just take our word for it….
Visit www.dieselforum.org for more information and quotes
from external sources like those below.

"EPA projections show that if diesels accounted for a third of all vehicle-miles traveled in the country by
2020, the nation could save a million barrels of fuel a day and consumers could save more than $20 billion
per year."
By Greg Schneider "Will New, Cleaner Diesel Cars Fuel Comeback in U.S.?"
The Washington Post
February 22, 2004

"And if gas prices have you fuming, you may want to go diesel. Consider these facts. Some 40 percent of
new cars sold in Europe are diesel compared to only one percent in the United States. In 2007, new
emissions standards will require diesel to burn 90 percent cleaner than it does today. Already, diesel is 30
percent more efficient than gas, gets more miles to the gallon and is cleaner."
CNN Daybreak
May 12, 2004

"Diesel engines are an extremely attractive technology to help achieve EPA's future emissions standards."
Jeff Holmstead, EPA Assistant Administrator for Air and Radiation
"Ford and EPA to Test New Clean Diesel Combustion in Passenger Vehicles"
Green Car Congress
January 28, 2005
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.
Diversified Revenue Base
Revenue by Business Unit and Geographic Region
International
Distributor
9%
Brazil / Latin
Africa / Middle America, 4% Mexico, 3%
East, 4%
Australia /
New Zealand,
4%
Filtration &
Other
15%
Canada, 7%
United States,
52%
EBU
57%
Power Gen
19%
Europe / CIS,
14%
Asia, 14%
2004: $8.4 billion
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Record Shareholder Value
200
74.6%
175
Stock Price Index
150
125
15.7%
100
10.9%
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Peer group: Caterpillar, Navistar, Ingersoll-Rand, Paccar, Eaton, ArvinMeritor, Deere, Dana, CNH
50
12/31/2003
3/31/2003
CMI
6/30/2003
S&P 500
9/30/2003
12/31/2004
Peer Avg.
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Data as of Dec. 31, 2004
Confident 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 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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External Recognition
2004 -- #1 Corporate Citizen
“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.
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Overview of
Accounting & Finance
Corporate
 MI&A (Columbus, IN)
– External reporting
 Treasury (Columbus, IN)
– Cash, Risk, Pension
 CBS (Nashville, TN)
– AP, AR, GL, Intercompany,
Fixed Assets
 BA&A (Columbus, IN)
– Internal Auditing
Business Units
 Planning, Forecasting,
Reporting
– Target Setting, Annual
Planning, Monthly
Reporting
 Strategy & Finance
– Financial Simulation,
Business Strategy,
Special Projects
 Financial Analysis &
Accounting at Plants
– Budgeting, Capital
Planning, Working
Capital Management
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Treasury
Corporate
 MI&A (Columbus, IN)
– External reporting
 Treasury (Columbus, IN)
– Cash, Risk, Pension
 CBS (Nashville, TN)
– Business Services
(e.g. payroll, etc)
 BA&A (Columbus, IN)
– Internal Auditing
 Working with world wide entities to assess
their cash needs and making sure there is
adequate working capital to manage their
businesses
 Working with the Cash Manager and
helping him invest excess funds
 Working with treasury managers on a
number of financial risk management
processes
 Working with treasury managers on
liquidity issues
 Working with pension group on tracking
various pension related scenarios and
reporting the funded status to the
management
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Strategy & Finance
 Financial Simulation:
– Analysis of interaction
between external factors and
internal resources of BU to
arrive at a likely financial
position of the company over
the next few years
 Business Strategy:
– Portfolio analysis to determine
new project funding level and
allocation across various
products and markets
 Special Projects:
– Analysis of new business
opportunities (valuation, JV
analysis, etc.)
Business Units
 Planning, Forecasting,
Reporting
– Target Setting, Annual
Planning, Monthly
Reporting
 Strategy & Finance
– Financial Simulation,
Business Strategy,
Special Projects
 Financial Analysis &
Accounting at Plants
– Budgeting, Capital
Planning, Working
Capital Management
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Career and
Training Opportunities
 Ongoing education (Sponsored by Cummins)
– MBA, CPA, CMA, CFA
 Mentoring Program
– Career path development with manager outside your group
– Go to lunch, meet in work, etc
 Buddy Program
– Paired with a peer
– Help with day to day questions, what to do in Columbus, finding
place to live
 Regular Performance Reviews
– Includes self-assessment, manager review, goal setting, what to
work on (Individual Development Plan)
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Questions ?
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Career Path – Pam Roberts
1986
1987
PFR
Analyst
1988
1991
Mgr –
Mgr –
Finance
Financial Director - Financial
Analysis European Architecture
Marketing
1995
1996
1997
Controller Aftermarket
Controller Fleetguard
VP Finance –
Filtration BU
1992
1993
Director –
Corporate
PFR
Director –
WW ABM
2000
Ex Dir Business
Analysis &
Audit
2003
Ex Dir International
CBS
2004 – Associate Director, Professional Development
Kelley School of Business
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CAREER PROFILE – SUPPLY CHAIN
Rich Freeland – VP & GM – Fuel Systems
Business
Vice President - Fuel Systems Business
Engine Business Purchasing & Quality
2001-2004
Vice President - Heavy Duty Operations &
Fuel Systems Business
1999-2001
Plant Manager - Columbus Engine Plant
1996-1999
Executive Director - Aftermarket Logistics
1993-1996
Plant Manager - Diesel ReCon
1991-1993
Director - Parts Marketing/Logistics
1990-1991
Manager - Materials
1986-1990
MBA - Kelley School of Business
1986
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CAREER PROFILE – FINANCE
Dean 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
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