Slide 1: Rush Enterprises
WN ENTERPRISES August 29, 2016
Slide 2: Disclosure/Safe Harbor
Disclosure/Safe Harbor This presentation may contain forward-looking statements (as defined in the Private Securities Litigation Reform Act 1995). Any forward-looking statements are based on current expectations with respect to important risk factors. It is important to note that our actual results
Slide 3: Company Overview
Company Overview + Full service solutions provider to commercial vehicle industry * 6,200 dedicated employees + $5.0 billion in revenue in 2015 ¢ 37,702 trucks sold in 2015 ° 5.2-6.7% U.S. Class 4-8 market share in 2015 «Aand B common shares due to voting control requirements included in Peterbilt d
Slide 4: Commercial Vehicle Market
Commercial Vehicle Market « Market supply and demand negatively impacting used Class 8 truck values Declining sales/service to the energy sector and related geographic regions * Overcapacity due to near record Class 8 truck sales in 2015 * Choppy freight environment « Automotive strong; commercial a
Slide 5: US Retail Truck Sales
US Retail Truck Sales _ Class 8 @ Class 4-7 300 g 250 * Units ($000s) nN Ss 50 2006 §=2007 «2008 )S 2009 2010 2011S 2012, 2013S 2014) 2015) 2016E Class 8 ld) 157 139 97 110 | 174 199 | 188 224 x} 202
Slide 6: Rush Truck Centers
Rush Truck Centers * Largest commercial vehicle dealer group in North America * More than 100 locations in 21 states ¢ Broad market segment coverage * Peterbilt and Navistar divisions * Medium-duty operates within both divisions * Leasing and rental + Financial and insurance services ¢ Over 5 millio
Slide 7: Peterbilt Division
Slide 8: Navistar Division
Slide 9: Rush Truck Centers Network
Rush Truck Centers Network
Slide 10: Solutions Network
Solutions Network * More than 100 Rush Truck Centers locations support all Rush businesses * Capabilities for all makes and models + Aftermarket parts - More than $200 million parts inventory — Proprietary Rig Tough truck parts — RushCare Rapid Parts call centers + Service and body shop — 2,318 serv
Slide 11: Natural Gas Sales and Service
Natural Gas Sales and Service « Natural gas-powered vehicles remain long-term growth opportunity « Rush sales — more than 4,500 units since 2005 * Sales support — Green consultant - Sales specialists « Parts and service support — Natural gas operations manager — 26 dedicated CNG locations — Natural
Slide 12: Momentum Fuel Technologies
Momentum Fuel Technologies + Production began in 2015 « Innovative design and manufacturing capabilities + Advanced safety features * Installation expertise + Nationwide service network + Three configurations with more in development U.S. CLASS 8 NATURAL GAS ADOPTION RATES %US Class 8 Sales BN wWE n
Slide 13: Absorption Performance
Absorption Performance * Critical metric for dealership efficiency ABSORPTION RATIO* . 120 ¢ Measures less cyclical gross profit compared to controllable expenses * Above 95% in recession due to efficient expense management 400 + Entered up cycle at 106 * 116% overall in 2015 80 394 5 6 7 8 9 10 14
Slide 14: Quality of Earnings
Quality of Earnings 2009 Class 8 Units 97,000 253,000 2015GP Margin Truck Sales 6.6% | Parts/Service 36.4% | Rental and Leasing 11.5% Parts and Service m Truck Sales = Other m Leasing and Rental
Slide 15: Rush Annual Truck Sales
Rush Annual Truck Sales 40,000 36,000 32,000 28,000 24,000 20,000 16,000 12,000 8,000 4,000 2011 2012 2013 2014 2015 2016E Used @ Light-duty = Medium—duty Class 8 expect more.
Slide 16: Commercial Vehicle Franchises
Commercial Vehicle Franchises Peterbilt, Class 6-8 - 51 locations, 11 states International, Class 5-8 - 45 locations, 9 states tabi) > Ford, Class 3-7 — 7 locations, 7 states Hino, Class 5-7 — 29 locations, 11 states Isuzu, Class 4-5 — 24 locations, 9 states Mitsubishi Fuso, Class 4-5 — 5 locations,
Slide 17: Rush Class 8 Customers
Rush Class 8 Customers Rush 2015 US Class 8 market share - 6.7% en * Strong vocational component ple + Large fleets consolidating * Private mid-size fleets remain viable * Independent owner-operator now variable component of truckload carrier / MID-SIZE FLEETS 15-20% Gesiaion we, —osiihsn Biot ZZeem
Slide 18: Rush Class 4-7 Customers
Rush Class 4-7 Customers Rush 2015 US Class 4-7 market share — 5.2% + Vocational and specialty markets rad + Ready-to-roll inventory + National fleet accounts MIA + Market tied closely to the general economy TOWING! RECOVERY 10% Mpresuild ES <2 n= Ge CANTEEN
Slide 19: Rush Truck Leasing
Rush Truck Leasing + Full service leasing and rental * Lease trucks captive source for parts and service revenue * PacLease and Idealease franchises 71 locations including 10 captive shops ¢ 7,927 units in truck fleet; 1,425 units under contract maintenance * Growing need by customers © 885 for outs
Slide 20: Strategic Growth Initiatives
Strategic Growth Initiatives * 2020 financial goals - $7 billion in annual revenue — 4% pretax profit margin * Growth goals and opportunities — Increase same store U.S. parts market share from 4% to 6% — Expand vehicle technology and customer service solutions — Increase CNG fuel systems market shar
Slide 21: Company at a Glance
Company at a Glance Rush Truck Centers Rush Bus Centers Rush Refuse Systems Rush Crane Systems Rush Towing Systems Rush Truck Leasing Rush Truck Financing Rush Truck Insurance Services Rig Tough Truck Parts Rig Tough Used Trucks Momentum Fuel Technologies Custom Vehicle Solutions Perfection Truck Pa
Slide 22: Historical Results
Historical Results $in millions, except per | 6monthsended| 6 months ended Shareamounts a2 2013 2014 2015 | 6/30/2015 6/30/2016 $2,523.8 $3,090.6 $3,3847 $4,7274 $4,979.77 $784.9 Revenue $500.8 $572.0 $756.0 $401.3 Gross Profit Gross Profit Margin 16.2% 16.9% 16.0% 15.8% 15.9% 17.3% Adjusted EBIT (1
Slide 23: Adjusted Return on Invested Capital
Adjusted Return on Invested Capital $in thousands 6/30/2015 6/30/2016 Total debt $984,157 $1,121,897 $1,487,641 $1,586,278 $1,524,501 $1,547,903 Adjustments Debtrelatedtolease ——_(g379913) ($413,066) ($639,426) ($603894) ($569,968) ($599,073) Haccelaeua ($534,520) ($593,649) ($845,977) ($854,758) ($
Slide 24: Free Cash Flow
Free Cash Flow 12 months ended | 12 months ended $in thousands 2012 2013 2014 2015 | ins apaie ins apad $104,669 $387,859 Net cash provided by lusedinoperatone, «$219,336. «$173,488 $88,937 Acquisition of propertylequipment (170.951) $227,250 ($191,584) ($260,820) ($367,790) ($308,819) ($318,855) Fr
Slide 25: Rush Enterprises
WN ENTERPRISES August 29, 2016
Slide 26: Appendix
Appendix This presentation contains certain Non-GAAP financial measures as defined under SEC tules, such as Adjusted EBITDA, Adjusted EBIT, Adjusted EBIT Margin, Adjusted Net Income, Adjusted EPS, Adjusted Total Debt, Adjusted Net Debt, Adjusted Invested Capital, Adjusted Return on Invested Capital,
Slide 27: Reconciliation Adjusted Net Income and EPS
Appendix Reconciliation adusted net income and EPS 6 months ended 6/30/2016 In thousands, except per 2012 2013 2014 2015 | @months ended share amounts 6/30/2015 $62,455 © $49.217 = $79,957 $66,053 $36,357 Net Income $13,212 Adjustments Income from, discontinued operations Restructuring charges, net
Slide 28: Reconciliation Adjusted EBITDA and EBIT
Appendix Reconciliation adusted E8170 and ESIT $in thousands 2012 2013 2014 2015 | Smonths ended | 6 months snded Net Income 962.455 $49,217 $79,957 $66,053 $36,357 $13,212 Adjusted Net Income* 962.455 $55,791 $82,040 $66,053 $36 357 $18,637 Proueioniclg $38.728 $36,047 $50,586 «$41,750 $22,993, $8,