<SEC-DOCUMENT>0001174947-13-000383.txt : 20131107
<SEC-HEADER>0001174947-13-000383.hdr.sgml : 20131107
<ACCEPTANCE-DATETIME>20131107170029
ACCESSION NUMBER:		0001174947-13-000383
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20131106
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20131107
DATE AS OF CHANGE:		20131107

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STURM RUGER & CO INC
		CENTRAL INDEX KEY:			0000095029
		STANDARD INDUSTRIAL CLASSIFICATION:	ORDNANCE & ACCESSORIES, (NO VEHICLES/GUIDED MISSILES) [3480]
		IRS NUMBER:				060633559
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10435
		FILM NUMBER:		131201437

	BUSINESS ADDRESS:	
		STREET 1:		1 LACEY PLACE
		CITY:			SOUTHPORT
		STATE:			CT
		ZIP:			06490
		BUSINESS PHONE:		2032597843

	MAIL ADDRESS:	
		STREET 2:		1 LACEY PLACE
		CITY:			SOUTHPORT
		STATE:			CT
		ZIP:			06490
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>rgr110713_8k.htm
<DESCRIPTION>FORM 8-K
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<P STYLE="font: bold 15pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt">UNITED STATES</FONT></P>

<P STYLE="font: bold 15pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt">SECURITIES
AND EXCHANGE COMMISSION</FONT></P>

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Washington,
D.C. 20549</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>FORM 8-K</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>CURRENT REPORT</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Pursuant to
Section 13 or 15(d) of the</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Securities
Exchange Act of 1934</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Date of Report
(Date of earliest event reported)</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>November 6,
2013</B></FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>STURM, RUGER
&amp; COMPANY, INC.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">(Exact Name of
Registrant as Specified in its Charter)</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 35%; padding-right: 4pt; padding-left: 4pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>DELAWARE</B></FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">(State
        or Other Jurisdiction of Incorporation)</FONT></P></TD>
    <TD STYLE="width: 33%; padding-right: 4pt; padding-left: 4pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>001-10435</B></FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">(Commission
        File Number)</FONT></P></TD>
    <TD STYLE="width: 32%; padding-right: 4pt; padding-left: 4pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>06-0633559</B></FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">(IRS
        Employer Identification Number)</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: center"><FONT STYLE="font-size: 10pt"><B>ONE
LACEY PLACE, SOUTHPORT, CONNECTICUT 06890</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: center"><FONT STYLE="font-size: 10pt">(Address
of Principal Executive Offices) (Zip Code)</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">Registrant&rsquo;s
telephone number, including area code <B>(203) 259-7843</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (<I>see</I> General Instruction A.2. below):</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font: 12pt Wingdings">o
</FONT><FONT STYLE="font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font: 12pt Wingdings">o
</FONT><FONT STYLE="font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font: 12pt Wingdings">o
</FONT><FONT STYLE="font-size: 10pt"> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</FONT></P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font: 12pt Wingdings">o
</FONT><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>Item 7.01. Regulation FD Disclosure.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We are furnishing
this Report on Form 8-K in connection with the disclosure of information during a conference call and webcast on November 6, 2013
discussing our third quarter 2013 financial results. The transcript of the conference call and webcast is included as Exhibit
99.1 to this Report on Form 8-K.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The information
in this Report on Form 8-K (including the exhibit) is furnished pursuant to Item 7.01 and shall not be deemed to be &ldquo;filed&rdquo;
for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that
section. This Report on Form 8-K will not be deemed an admission as to the materiality of any information in the Report that is
required to be disclosed solely by Regulation FD.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The text included
with this Report on Form 8-K and the replay of the conference call and webcast on November 6, 2013 is available on our website
located at <U>www.ruger.com/corporate</U>, although we reserve the right to discontinue that availability at any time.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Certain
statements contained in this Report on Form 8-K (including the exhibit) may be deemed to be forward-looking statements under federal
securities laws, and we intend that such forward-looking statements be subject to the safe harbor created thereby. Such forward-looking
statements include, but are not limited to, statements regarding market demand, sales levels of firearms, anticipated castings
sales and earnings, the need for external financing for operations or capital expenditures, the results of pending litigation
against the Company, the impact of future firearms control and environmental legislation, and accounting estimates. Readers are
cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. The Company undertakes
no obligation to publish revised forward-looking statements to reflect events or circumstances after the date such forward-looking
statements are made or to reflect the occurrence of subsequent unanticipated events.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt"><U>Exhibit No</U>.</FONT></TD><TD><FONT STYLE="font-size: 10pt"><U>Description</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt">99.1</FONT></TD><TD><FONT STYLE="font-size: 10pt">Transcript of conference
call and webcast conducted on November 6, 2013.</FONT></TD></TR></TABLE>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">SIGNATURES</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, hereunto duly authorized.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">STURM,
    RUGER &amp; COMPANY, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/S/ THOMAS A. DINEEN</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 55%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 4%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 7%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 34%"><FONT STYLE="font-size: 10pt">Thomas
    A. Dineen</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Principal
    Financial Officer,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Principal
    Accounting Officer,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Vice
    President, Treasurer and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Chief
    Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Dated: November 7, 2013</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<TYPE>EX-99.1
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: right"><FONT STYLE="font-size: 10pt"><B>EXHIBIT
99.1</B></FONT></P>

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    <td style="width: 100%; border-top: #006595 1pt solid; border-bottom: #006595 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="color: #003399; font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="color: #6B9915; font: 18pt Knowledge Light,sans-serif; margin: 0; text-align: left"><font style="font-weight: normal">&nbsp;</font></P>
        <P STYLE="color: #6B9915; font: 18pt Knowledge Light,sans-serif; margin: 0; text-align: left"><font style="font-weight: normal">&nbsp;</font></P>
        <P STYLE="color: #6B9915; font: 10pt Knowledge Light,sans-serif; margin: 0; text-align: left"><font style="font-weight: normal">&nbsp;</font></P></td></tr>
<tr style="vertical-align: top; background-color: #006595">
    <td style="border-bottom: #006595 1pt solid; font: bold 18pt Times New Roman, Times, Serif; padding-right: 0.25in; padding-left: 0.25in; text-align: left; color: #003399"><font style="font: normal 18pt Knowledge Light,sans-serif; color: #BCBEC0">THOMSON REUTERS STREETEVENTS</font></td></tr>
<tr style="vertical-align: top; background-color: #006595">
    <td style="border-bottom: #006595 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-right: 0.25in; padding-left: 0.25in; text-align: left; color: #003399"><font style="font: 32pt Knowledge Medium,sans-serif; color: white">EDITED TRANSCRIPT</font></td></tr>
<tr style="vertical-align: top; background-color: #006595">
    <td style="border-bottom: #006595 1pt solid; font: bold 18pt Times New Roman, Times, Serif; padding-right: 0.25in; padding-left: 0.25in; text-align: left; color: #003399"><font style="font: normal 18pt Knowledge Light,sans-serif; color: white">RGR - Q3 2013 Sturm Ruger Earnings Conference Call</font></td></tr>
<tr style="vertical-align: top; background-color: #006595">
    <td style="border-bottom: #006595 1pt solid; font: bold 28pt Times New Roman, Times, Serif; padding-right: 0.25in; padding-left: 0.25in; text-align: left; color: #003399">&nbsp;</td></tr>
<tr style="vertical-align: top; background-color: #006595">
    <td style="border-bottom: #006595 1pt solid; font: bold 18pt Times New Roman, Times, Serif; padding-right: 0.25in; padding-left: 0.25in; text-align: left; color: #003399"><font style="font: normal 18pt Knowledge Light,sans-serif; color: white">EVENT DATE/TIME: NOVEMBER 06, 2013 / 02:00PM&nbsp;&nbsp;GMT </font></td></tr>
<tr style="vertical-align: top; background-color: #006595">
    <td style="border-bottom: #006595 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="color: white; font: 16pt Knowledge Light,sans-serif; margin: 0 0.25in; text-align: left"><font style="font-weight: normal">&nbsp;</font></P>
        <P STYLE="color: white; font: 16pt Knowledge Light,sans-serif; margin: 0 0.25in; text-align: left"><font style="font-weight: normal">&nbsp;</font></P></td></tr>
<tr style="vertical-align: top; background-color: #006595">
    <td style="border-bottom: #006595 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 18pt Knowledge Light,sans-serif; margin: 0 1.5in 0 0.25in">&nbsp;</P>
        <P STYLE="font: 18pt Knowledge Light,sans-serif; margin: 0 1.5in 0 0.25in">&nbsp;</P>
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<P STYLE="color: #003399; font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="color: #6B9915; font: bold 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 3pt; text-transform: uppercase">CORPORATE
PARTICIPANTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 4pt; text-align: left">Mike Fifer<FONT STYLE="font-weight: normal"><I>
Sturm, Ruger &amp; Co., Inc. - President, CEO</I></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 4pt; text-align: left">Kevin Reid<FONT STYLE="font-weight: normal"><I>
Sturm, Ruger &amp; Co., Inc. - VP, General Counsel</I></FONT></P>

<P STYLE="color: #6B9915; font: bold 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 3pt; text-transform: uppercase">&nbsp;</P>

<P STYLE="color: #6B9915; font: bold 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 3pt; text-transform: uppercase">CONFERENCE
CALL PARTICIPANTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 4pt; text-align: left">Scott Hamann<FONT STYLE="font-weight: normal"><I>
KeyBanc Capital Markets - Analyst</I></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 4pt; text-align: left">Andrea James<FONT STYLE="font-weight: normal"><I>
Dougherty &amp; Company - Analyst</I></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 4pt; text-align: left">Brian Rafn<FONT STYLE="font-weight: normal"><I>
Morgan Dempsey Capital Management - Analyst</I></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 4pt; text-align: left">Bob Sales<FONT STYLE="font-weight: normal"><I>
LMK Capital Management - Analyst</I></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 4pt; text-align: left">Peter Goodson<FONT STYLE="font-weight: normal"><I>
Eminence Capital - Analyst</I></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 4pt; text-align: left">Rob Bennett<FONT STYLE="font-weight: normal"><I>
Dougherty &amp; Company - Analyst</I></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 4pt; text-align: left">Terrence O'Connor<FONT STYLE="font-weight: normal"><I>
Highrise Partners - Analyst</I></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 4pt; text-align: left">Eric Mendez<FONT STYLE="font-weight: normal"><I>
BCM/LAB Advisors - Analyst</I></FONT></P>

<P STYLE="color: #6B9915; font: bold 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 3pt; text-transform: uppercase">&nbsp;</P>

<P STYLE="color: #6B9915; font: bold 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 3pt; text-transform: uppercase">PRESENTATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Operator<I> </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Good
morning and welcome to the third quarter 2013 Sturm, Ruger Earnings Conference Call. At this time all participants are in a listen-only
mode. At the conclusion of today's conference call, instructions will be given for the Q&amp;A session. (Operator Instructions).
As a reminder, the conference call is being recorded today, Wednesday, November 6, 2013. I will now turn the call over to Michael
Fifer, President, and CEO, and Thomas Dineen, VP, Treasurer, and CFO.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Mike Fifer <I> - Sturm,
Ruger &amp; Co., Inc. - President, CEO </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Welcome
to the Sturm, Ruger &amp; Company third quarter 2013 conference call. I would like to ask Kevin Reid, our General Counsel, to read
the caution on forward-looking statements which will be followed by a quick overview of the third quarter and then we can get right
into your questions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Kevin Reid <I> - Sturm,
Ruger &amp; Co., Inc. - VP, General Counsel </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Thanks,
Mike. We want to remind everyone that statements made in the course of this presentation that state the Company's, or management's
intentions, hopes, beliefs, expectations or predictions the future or forward-looking statements. It is important to note Company's
actual results could differ materially from those projected in such forward-looking statements. Additional information concerning
factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time
to time in the Company's SEC filings including but not limited to the Company's reports on Form 10-K for the year-ended December
31, 2012 and forms 10-Q for the third, second and third quarters of 2013.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Copies
of these documents may be obtained from the SEC or through the Company's website at www.ruger.com. Furthermore, the Company disclaims
all responsibility to update forward-looking statements. Mike?</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Mike Fifer <I> - Sturm,
Ruger &amp; Co., Inc. - President, CEO </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Thank
you, Kevin. Financial results. For the third quarter of 2013 net sales were $170.9 million and fully diluted earnings were $1.44
per share. For the corresponding period in 2012, net sales were $118.2 million, and fully diluted earns were $0.88 per share. This
represents year-over-year sales growth for the quarter of 45%, and earnings growth of 64%.</FONT></P>


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    <TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; font:  bold 12pt Times New Roman, Times, Serif; text-align: left; color: #003399"><FONT STYLE="font: normal 12pt Times New Roman, Times, Serif; color: white">NOVEMBER 06, 2013 / 02:00PM  GMT, RGR - Q3 2013 Sturm Ruger Earnings Conference Call</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">For
the first nine months of 2013 net sales were $506.4 million, and fully diluted earnings were $4.25 per share. For the corresponding
period in 2012, net sales were $350.1 million and fully-diluted earnings were $2.58 per share. This represents year-over-year sales
growth for the first nine month of 45%, and earnings growth of 65%.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">As
we reported to you last quarter, a small portion of the roof at our Prescott Arizona manufacturing facility was damaged during
a severe thunderstorm on Thursday, July 25th causing us to temporarily shutdown production in Prescott. Thanks to the hard work
and dedication of our Prescott employees, temporary repairs were completed over the following weekend, signed off by the structural
engineers, and production resumed on Monday. The cost of the repairs to the building and equipment was less than $500,000.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">New
products. Our new product introductions remain a strong driver of demand and we're at $146.6 million, or 32% of firearm sales in
the first nine months of 2013. As a reminder, we define new products as only those that were introduced in the past two years,
and we include only major new products and not minor line extension.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">New
products introduced in the first nine months of 2013 include the LC 380 pistol, the SR45 pistol, the SR19-11 commander, and the
Ruger American Rimfire Rifle. So far in the fourth quarter we have launched the SR762 modern sporting rifle, and the red label
over and under shot gun.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Sell-through.
Demand for Ruger products in the third quarter of 2013 remain very strong as evidenced by the 31% year-over-year growth in estimated
sell-through of Ruger products from the independent distributors to retailers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">National
instant criminal background checks, as adjusted by the national shooting sports foundation, in the third quarter were flat year-over-year.
We believe the strong demand for our products is due to new shooters joining the ranks of gun owners, the Company's continued practice
of introducing innovative new products, increased manufacturing capacity, and greater product availability for certain products
in strong demand.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Total
unit production in the first nine months of 2013 increased 32% from the first nine months of 2012. This increase in unit production
resulted from investment in incremental capacity for new product introductions, and from the utilization of lean methodologies
for continuous improvement in our operations. We believe that both Ruger and our independent distributors would benefit by having
more finished goods in inventory to allow for rapid fulfillment of retail demand.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">For
the 12 months ending September 28, 2013, the distributors averaged approximately 30 inventory turns on Ruger product which significantly
exceeds the six to eight turns that the Company deems appropriate for its distributors. At six to eight turns, we believe the distributor
should be holding about 300,000 units in inventory.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Our
goal is to replenish finished goods inventory throughout the channel to levels that will better serve the consumers. This includes
building finished goods inventory at the Company, which could increase the value of the Company's finished goods inventory by as
much as $15 million from the current level.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Our
balance sheet at September, 2013 was strong. Our cash totalled $54 million, an increase of $23 million from the December 31, 2012,
our current ratio was 1.8 to one, and we have no debt.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">At
September 28, 2013 stockholders equity was $153 million, which equates to a book value of $7.89 per share, of which $2.80 was cash
and equivalents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">In
the first nine months of 2013 we generated $84 million of cash from operations. We reinvested $31 million of that back into the
Company in the form of capital expenditures. These capital expenditures allowed us to realize the 32% increase in production year-over-year.
Currently we estimate that capital expenditures in 2013 will approximate $40 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">In
the first nine month of 2013 we returned $30 million to our shareholders through the payment of dividends. An additional $11 million
in dividends will be paid to shareholders on November 29, 2013. As our Board of Directors recently declared a $0.58 per share quarterly
dividend.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">As
a reminder our practice is to pay a quarterly dividend of approximately 40% of net income. On September 3rd, 2013 we finalized
the purchase of a 220,000 square foot facility in Mayodan, North Carolina. This is the Company's first major expansion in over
25 years and production at the new facility is expected to begin in the first quarter of 2014.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">The
costs associated with starting up Mayodan were insignificant in the third quarter, and we expect Mayodan to impact earnings by
less than $0.5 per share are in the fourth quarter of 2013, and to contribute positively for 2014. Those were the highlights of
the third quarter. You now you would like to respond to your questions related to these results. Operator, can we please have the
first question?</FONT></P>

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    <TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; font:  bold 12pt Times New Roman, Times, Serif; text-align: left; color: #003399"><FONT STYLE="font: normal 12pt Times New Roman, Times, Serif; color: white">NOVEMBER 06, 2013 / 02:00PM  GMT, RGR - Q3 2013 Sturm Ruger Earnings Conference Call</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="color: #6B9915; font: bold 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 3pt; text-transform: uppercase">QUESTION
AND ANSWER</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Operator<I> </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Our
first question comes from the line of Scott Hamann, of KeyBanc Capital Market.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Scott Hamann <I> - KeyBanc
Capital Markets - Analyst </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Hey.
Good morning, guys. Mike, on your comment on the inventory turns, can you give us a number for the third quarter versus the number
you cited for the trailing 12 months?</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Mike Fifer <I> - Sturm,
Ruger &amp; Co., Inc. - President, CEO </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">I'm
not sure what you're asking. Inventory is a fixed number. Rephrase the question, Scott. I don't know what you're driving at.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Scott Hamann <I> - KeyBanc
Capital Markets - Analyst </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
In terms of the appetite from the distributors to get the six to eight turns I'm not sure that they've ever held 300,000 units
before. Is that something that you discussed with them, or what time frame were you looking at to get to those levels?</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Mike Fifer <I> - Sturm,
Ruger &amp; Co., Inc. - President, CEO </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Frankly,
I hope we never get to them. I hope demand is so great that no matter how fast I increase production we can't get there. You're
right, they've never been at 300,000. But there have been times historically when they have been at 6 to 8 turns, when our sales
were a lot less. But as we continue to grow very quickly, they struggle to get there. The products we have been selling through.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Scott Hamann <I> - KeyBanc
Capital Markets - Analyst </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
Do you have a sense of market share at a retail level? It seems like you're gaining share, but do you have a good feel for the
retailers to the consumers in certain categories or where you stack up?</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Mike Fifer <I> - Sturm,
Ruger &amp; Co., Inc. - President, CEO </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">No.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Scott Hamann <I> - KeyBanc
Capital Markets - Analyst </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
Cabelas recently cited that they had seen a deceleration in some of the firearm demand throughout the third quarter and I'm just
curious what the orders and sales look like on a cadence basis throughout the third quarter?</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Mike Fifer <I> - Sturm,
Ruger &amp; Co., Inc. - President, CEO </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Scott,
I must be falling behind on my financial terms. I haven't heard about a cadence basis before.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
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    <TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; font:  bold 12pt Times New Roman, Times, Serif; text-align: left; color: #003399"><FONT STYLE="font: normal 12pt Times New Roman, Times, Serif; color: white">NOVEMBER 06, 2013 / 02:00PM  GMT, RGR - Q3 2013 Sturm Ruger Earnings Conference Call</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Scott Hamann <I> - KeyBanc
Capital Markets - Analyst </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
Well, I'm just trying to understand what the sales and orders look like, how they progressed throughout the quarter because I think
we know that July was strong, but if retail was starting to slow down, did that impact the trend of orders in your shipments through
quarter and into October?</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Mike Fifer <I> - Sturm,
Ruger &amp; Co., Inc. - President, CEO </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Well,
Scott, we only report quarterly numbers. We don't report monthly and I'm not about to start doing that. I don't think that would
be helpful to anyone. It's crazy enough as a public company to have you guys demanding earnings every quarter much less wanting
to know what they were every month and every week so let's the not waste time going there.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Scott Hamann <I> - KeyBanc
Capital Markets - Analyst </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Mike Fifer <I> - Sturm,
Ruger &amp; Co., Inc. - President, CEO </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">But,
I did have a meeting with at the wholesalers recently, last week, at the National Association of Sporting Good Wholesalers, where
I spoke very strongly to all of them about our expectations on what they do for orders, how they order against is, what their inventory
levels should be. I mean, the fact that we have something like, I don't know, $1.8 million units on order is absolutely ridiculous.
It means that it's harder to manage the business than if we only had a couple of hundred thousand units on order. Frankly, we're
focused on mixed model production, which was very helpful during the peak of the business because we kept selling through. Where
some other manufacturers were focused only on what they perceived as their highest volume products, ran into slowdowns we didn't
run into.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">For
example, if your company X and you're focused on making one, and only that one 19-11, well, as soon as the consumers have bought
it, there's nothing more to buy from you. Whereas we focused on mixed model production. These numbers aren't accurate but they
just illustrate the point. If I'm making 100% of my product line every quarter and say 75% or 80% of it every month, then 50% to
60% of it every week, frankly, you don't need to have more than a couple weeks worth of business on order with me. It gives us
greater visibility to what you really want, what we should really make, what's selling to retailer. It's a better way to run the
business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">So,
as I've told all of you many times, don't pay attention to our orders. It's a dysfunctional system. Everybody is still hanging
on to old habits where they would place an order once a year roughly around December 1st for the next 12 months, and companies
in our industry used to then schedule out production of that stuff and they would make it at their own leisure, and their own schedule.
And sometimes, you would make component A for a product in December, and you would make component B for that product in January,
and, by gosh, somewhere in the next 11 months, you would finally get the product finished and out the door. That's not how we do
business today.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Operator<I> </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">(Operator
Instructions). We have our next question from the line of Andrea James, of Dougherty &amp; Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Andrea James <I> - Dougherty
&amp; Company - Analyst </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Hi.
Good morning. Congrats on your execution, guys. Okay. So there's distributors who talk to Wall Street and they're saying it's going
to be hard to grow their units sell-through year-over-year in 2014 including on Ruger units, and I'm just curious if there is something
they're missing our if there's a perspective that maybe we're got getting from them that you could offer?</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Mike Fifer <I> - Sturm,
Ruger &amp; Co., Inc. - President, CEO </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">I
wasn&rsquo;t privy to that conversation, Andrea, so not knowing exactly what they said, or how they said it, it's hard for me to
rebut one way or the other. If you go back to what our core business strategy is, we introduced new products to drive demand and
use lean methodologies to fulfill that demand with ever less resources tied up to it. So I'm not at all discouraged about 2014.
I can't speak for individual distributors.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Andrea James <I> - Dougherty
&amp; Company - Analyst </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
And then do you think you would ever lever up or use stock to acquire Smith and Wesson?</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
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    <TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; font:  bold 12pt Times New Roman, Times, Serif; text-align: left; color: #003399"><FONT STYLE="font: normal 12pt Times New Roman, Times, Serif; color: white">NOVEMBER 06, 2013 / 02:00PM  GMT, RGR - Q3 2013 Sturm Ruger Earnings Conference Call</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Mike Fifer <I> - Sturm,
Ruger &amp; Co., Inc. - President, CEO </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">I
would be delighted to acquire them with stock. I'm not sure they would be as delighted, but if you know something I don't, let's
talk afterwards.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Andrea James <I> - Dougherty
&amp; Company - Analyst </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">No.
Just asking. Any other thoughts on the use of cash ? Does your Board get together and talk about that, or do you have a plan?</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Mike Fifer <I> - Sturm,
Ruger &amp; Co., Inc. - President, CEO </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Well,
we increased our dividend from roughly 25% of earnings to 40% of earnings because we were generating cash faster than we could
responsibly use it. By that I mean, we model out our uses of cash for capital investment, and for dividends, and then, hopefully,
we're still generating a little bit of net cash, but I don't want to generate excessive cash. And as long as that works out, I
would imagine that every now and then we might consider a special dividend. Obviously, we don't have enough cash at the moment
to do one, that would be kind of silly, but if we get back up north of where we were the last time we did it, and we don't have
a good responsible use for that cash, by gosh, we will give it back to our shareholders. It's their money.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Operator<I> </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Next
question comes from the line of Brian Rafn, of Morgan Dempsey Capital Management.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Brian Rafn <I> - Morgan
Dempsey Capital Management - Analyst </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Good
morning, Mike.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Mike Fifer <I> - Sturm,
Ruger &amp; Co., Inc. - President, CEO </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Good
morning, Brian.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Brian Rafn <I> - Morgan
Dempsey Capital Management - Analyst </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Can
you talk a little bit, Mike, discuss on the Mayodan plant, where you are in machinery installation? Have you done anything construction-wise
to the physical shell of the building?</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Mike Fifer <I> - Sturm,
Ruger &amp; Co., Inc. - President, CEO </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">We've
done no instructions per se to the physical shell of the building. We haven't done any major expansion or contraction or anything
else, but we have done a lot of cleanup. We've made sure we have good secure power, clean water, put in a bluing line, put in a
range. I would say at this point everything is well ahead of our original schedule. The folks out there are working seven days
a week, incredible hours. They're really excited, they're pumped up, and they are producing some fantastic results.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">The
inside of the factory is absolutely gorgeous. With all the new lighting and paint, you need to put sunglass on to go in there the
glare is so bright from all the white walls. I'm awfully proud of them. We were very hopeful they would get the first gun produced
sometime in the first quarter, and by the end of the first quarter we would be shipping. In fact, I think working through the night
finally finished 3 AM, or something, last Friday. They finished the first gun and that's still a long way from regular, steady
production but they are probably months ahead of schedule. They have done a fantastic job.
</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Brian Rafn <I> - Morgan
Dempsey Capital Management - Analyst </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">What
has been your experience in actually finding labor pool, design engineers, in this new area of North Carolina for you guys?</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
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    <TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; font:  bold 12pt Times New Roman, Times, Serif; text-align: left; color: #003399"><FONT STYLE="font: normal 12pt Times New Roman, Times, Serif; color: white">NOVEMBER 06, 2013 / 02:00PM  GMT, RGR - Q3 2013 Sturm Ruger Earnings Conference Call</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Mike Fifer <I> - Sturm,
Ruger &amp; Co., Inc. - President, CEO </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Well,
a lot of companies have been there before us. They've trained people very well. There's a really fantastic skilled workforce there,
and we have literally hundreds of people applying for each opening we have. I believe we've hired somewhere between 40 and 50 people
at this point. About half of which, or maybe a little more, are at our other factories training. The first production line that
will eventually move down there, right now, is fully staffed by people from Mayodan. So they will know the products and the equipment
when they move it down. We made the decision primarily because of the workforce and it has exceeded our expectations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Brian Rafn <I> - Morgan
Dempsey Capital Management - Analyst </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
I know you want to be careful on this so I will ask this as gingerly as I can. From the standpoint of design teams, you've talked
in the past about bottlenecks and not being able to get new product out because of the design teams, are you going to sequentially
install design teams, or are you going to load multiple products in the Mayodan? Give us a sense of how that roles out into 2014.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Mike Fifer <I> - Sturm,
Ruger &amp; Co., Inc. - President, CEO </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">I
would hope to have more than one product line in there by the end of 2014. I would also hope to have at least one design team up
and running. We've already hired some engineers, and I'm very optimistic about that plant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Operator<I> </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">We
have the next question from Bob Sales, of LMK Capital Management.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Bob Sales <I> - LMK Capital
Management - Analyst </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Hi.
Just a couple questions. You spoke about the backlog being 1.8 million units and that's kind of a nonsensical number. I was curious
is there a process in place to work that down? Because I think your orders are, if I'm not mistaken, non-cancellable. What kind
of level backlog do you hope to get your distributors at?</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Mike Fifer <I> - Sturm,
Ruger &amp; Co., Inc. - President, CEO </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Let's
go back to my discussion of mixed model production. I hope to not only convince the distributors but also my own sales team that
we really are doing a good job at mixed model production and that neither my team needs to solicit, nor the distributors need to
give us these excessive quantity of orders so that we have a much smaller tighter backlog that's a lot more meaningful. Because,
remember, one of my commitments to the distributors is that I won't stop the channel. I went let them cancel the order. But let's
hypothetically, we have distributor A, and he's got $10 million invested in Ruger inventory. I want that to cover the full line,
but I want it to be concentrated in those items that will sell-through the fastest.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">There's
no point in having $10 million sitting in his warehouse covered with dust. That doesn't him any good, or me any good, or the retailers.
So we do work with them very carefully. We rarely just ship them anything without checking their inventory first and making sure
we're shipping them the optimal inventory to go through their warehouse, but it is pretty silly to have 1.8 million units on order.
I mean that's kind of crazy. But the problem is mostly with the distributors wanting to place these huge orders because that's
the way the industry has run for decades, and frankly a couple of my salesmen sleep better at night knowing they've got hundreds
of millions of dollars on order, and I have to convince them that they don't need that much on order either.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
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    <TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; font:  bold 12pt Times New Roman, Times, Serif; text-align: left; color: #003399"><FONT STYLE="font: normal 12pt Times New Roman, Times, Serif; color: white">NOVEMBER 06, 2013 / 02:00PM  GMT, RGR - Q3 2013 Sturm Ruger Earnings Conference Call</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Bob Sales <I> - LMK Capital
Management - Analyst </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
Understood. My next question is, when you look at the NICS data, which is not precise but is a proxy for gun sales, you're going
to start lapping NICS year-on-year background checks that were up 81% in January of 2013 versus 2012. And a combination of the
election in 2012 and the Sandy Hook incident, my understanding, spurred a massive binge of gun buying. When I look at your distributor
data, your distributor inventory is up to 95,000 units, which is higher than it's been basically even year-on-year. I'm trying
to understand, and if you talk to retailers, the gun craze we had early in 2013 is over, by their view. Is it still your plan to
grow the business given its expansion when you're going against such difficult comps, and you have the distribution chain inventory,
obviously building up? I just want to get your thoughts on this.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Mike Fifer <I> - Sturm,
Ruger &amp; Co., Inc. - President, CEO </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">One
of the things I pointed out to distributors is that their investment in Ruger inventory is probably the best investment they can
make in any inventory in the industry. And there are several reasons for that. One is that we have come out with so many new products
that they really dominate our line even those items we no longer count as new products because they've been out more than eight
quarters, in an industry with very, very long product life cycles, are still very new and very attractive to consumers. So, any
Ruger inventory they put in their warehouse is pretty new stuff and it's very non-perishable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">The
second reason is that Ruger has the single best price discipline of any company in the industry. A distributes doesn't have to
worry about buying from Ruger, and then having us devaluing their inventory down the road just to goose sales. We don't do that.
They know it, and they trust us. That makes their inventory awfully safe and then, next year is going to be an election year. I'm
sure the politicians will go at it on both sides, and they will talk about guns, and that will spur gun sales again. None of these
distributors have been able to take market share from each other because we're very, very fair about allocating product when things
are hard to get.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">If
there's any easing off of demand, or demand gets a little closer to our ability to produce, that's the one and only chance they
get, and they only get that chance every few years, to take market share from their competitors. That's by putting more in inventory
and then when the next spike hits they can go ahead and fulfill that inventory and we replenish and allocate to them based on what
their historical purchases have been.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">The
last chance they had to do that was the summer of 2010, where after the very strong 2009 year, things eased off a little bit. Still
much higher than they had ever been historically, but they eased off a little bit. That was the one and only chance they've had
in several years to take any market share from the other wholesalers, and I have pointed out to them that there is a possibility
that could happen in 2014, and this is their big chance to put some in their warehouse. They have got a long way to go if they've
only got 95,000 units and they should be having 300,000, plus, at the moment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Operator<I> </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Next
question comes from the line of Peter Goodson, of Eminence Capital.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Peter Goodson <I> - Eminence
Capital - Analyst </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Hey.
Thanks very much. So with the new plant coming on, the costs associated with the plant obviously will be covered by the extra sales
out of the plant. Forgetting construction costs, one-time costs, trying to get a sense of how much of an increase in your fixed
cost base that plant will be?</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Mike Fifer <I> - Sturm,
Ruger &amp; Co., Inc. - President, CEO </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Peter,
I think frankly it will be fairly negligible.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Peter Goodson <I> - Eminence
Capital - Analyst </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.</FONT></P>

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    <TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; font:  bold 12pt Times New Roman, Times, Serif; text-align: left; color: #003399"><FONT STYLE="font: normal 12pt Times New Roman, Times, Serif; color: white">NOVEMBER 06, 2013 / 02:00PM  GMT, RGR - Q3 2013 Sturm Ruger Earnings Conference Call</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Mike Fifer <I> - Sturm,
Ruger &amp; Co., Inc. - President, CEO </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">There
will be very little overhead there, we bought the building right. Frankly, electricity is much cheaper in North Carolina than it
is in New Hampshire, and we operate pretty lean. I just don't, I don't see much impact.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Peter Goodson <I> - Eminence
Capital - Analyst </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
That's very helpful. Then other question has kind of already been answered, but just to confirm, it sounds like 2014 as you look
forward, you're not seeing demand problems, you're seeing stability, maybe even some growth as you have this new capacity and your
ability to ship orders?</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Mike Fifer <I> - Sturm,
Ruger &amp; Co., Inc. - President, CEO </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">The
one thing I cannot do, and not just because I'm unwilling to do it, but I don't know anything more about the future than you guys
do. So there's no point on my speculating on what the demand will be. We have seen if you go back to 2009 and 2010, once Mr. Obama
was elected President there was a huge spike in demand from November of 2008 through, say, June of 2009. And then that followed
by things stabilizing through 2010.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">And
one of the things you might observe is that the retailers are still selling a the lot of product, but whereas, for example, they
were trying to carry ten of each SKU they might decide well, just to be cautious I will take that down to five units of each SKU.
But they're still selling one a week of each SKU so their sell-through didn't really change, but they, out of caution, brought
their inventory levels a little down at the store level and that results in a little bit of slowing at the distributor, and then,
as I've told you many times the distributors grossly over react, whatever direction demand is going they over react. They either
grossly over order when there as hint of strength, or they freeze up when they fear that it might be slowing down.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">So
if you go back to that pattern in 2009 and 2010, you saw that the retailers were a lot more stable than the order pattern from
distributors. That's why we focus on sell-through. We don't pay that much attention to the order pattern itself, but we focus on
what's selling through from wholesale to retail keeping in mind that there may be times when the sell-through isn't as strong but
when you do channel checks and look at retail, they're still selling just fine. So I really have no idea what will happen in 2014.
It's quite possible that we'll have another very strong year. It's equally possible that we will see some repeat the pattern from
2009 to 2010. What I do know is that we've got some exciting new products coming out. We've got the capacity to handle those products
on an incremental basis, and so there's potential for good solid growth from Ruger in the coming year, but I have no more idea
than you do what's actually going to happen.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Peter Goodson <I> - Eminence
Capital - Analyst </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
Appreciate it. I would say you have a slightly better idea than me, but that doesn't put you very far ahead. Thank you very much.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Operator<I> </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">(Operator
Instructions). And we have our next question from the line of Rob Bennett, of Dougherty &amp; Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Mike Fifer <I> - Sturm,
Ruger &amp; Co., Inc. - President, CEO </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Morning,
Rob.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Rob Bennett <I> - Dougherty
&amp; Company - Analyst </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Hi.
Great quarter. So you say new shooters are driving your quarter. How do you got a sense of who the end consumers are actually?</FONT></P>

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    <TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; font:  bold 12pt Times New Roman, Times, Serif; text-align: left; color: #003399"><FONT STYLE="font: normal 12pt Times New Roman, Times, Serif; color: white">NOVEMBER 06, 2013 / 02:00PM  GMT, RGR - Q3 2013 Sturm Ruger Earnings Conference Call</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Mike Fifer <I> - Sturm,
Ruger &amp; Co., Inc. - President, CEO </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">By
getting our folks out into the retail stores, and working the counters there, both during regular promotions and also just during
ordinary days when there's not a special promotion. We try to get as many of our folks out as we can. Not only the whole sales
force, but a lot of folks from manufacturing. I go out and do it personally. You just take the gauge of who you're selling product
to. We're still seeing a huge number of folks coming in to get their very first firearm and that's exciting to see. We've got some
great products, particularly some of our Rimfire products that are ideal first firearms and so we have a chance to get those people
excited about shooting and particularly excited about shooting a Ruger. So we're delighted to see it.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Rob Bennett <I> - Dougherty
&amp; Company - Analyst </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">And
then do you goes a sense if these new shooters turn into repeat gun buyers?</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Mike Fifer <I> - Sturm,
Ruger &amp; Co., Inc. - President, CEO </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">I
have a little less of a sense of that because it's really pretty obvious when you have somebody buying their first firearm. It's
harder to distinguish if they are buying their second or their 20th.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Rob Bennett <I> - Dougherty
&amp; Company - Analyst </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Got
it. Thanks.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Operator<I> </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Thank
you. Next question is from the line of Terrence O'Connor, of Highrise Partners.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Terrence O'Connor <I>
- Highrise Partners - Analyst </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Thank
you. Hey, guys. This red label introduction is interesting. It's a pretty high priced SKU for you guys. Could you remind us, maybe,
was there a normalized time when you could talk about what the volumes were of this product before you discontinued it a while
back, or how are you thinking about potential volume for that product line?</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Mike Fifer <I> - Sturm,
Ruger &amp; Co., Inc. - President, CEO </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">I
think that product line will really have very minimal impact on our financial results. If we run this two long shifts it still
won't be very many units and even though it's a higher average sell price, it's not going to mover the needle one way or the other.
It really isn't. Wonderful gun to shoot. It helps the Ruger brand tremendously, and gets people excited about Rugerre-entering
the shotgun market, but it just went make a difference one way or the other.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Terrence O'Connor <I>
- Highrise Partners - Analyst </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
Thank you.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Operator<I> </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Next
question is from the line of Scott Hamann of KeyBanc Capital Markets.</FONT></P>

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    <TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; font:  bold 12pt Times New Roman, Times, Serif; text-align: left; color: #003399"><FONT STYLE="font: normal 12pt Times New Roman, Times, Serif; color: white">NOVEMBER 06, 2013 / 02:00PM  GMT, RGR - Q3 2013 Sturm Ruger Earnings Conference Call</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Scott Hamann <I> - KeyBanc
Capital Markets - Analyst </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Yes,
Mike. Just two quick follow-ups. On the orders that you took in the quarter, it looks like the ASP is pretty far down from where
it's been historically. Is that I mix issue or what's driving that down?</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Mike Fifer <I> - Sturm,
Ruger &amp; Co., Inc. - President, CEO </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">It's
primarily the introduction of the Rimfire American, which like many of our Rimfire products have a lower average sell price than
say Centerfire products. We took orders somewhere in the neighborhood of 150,000 units right off the bat and even though we try
to get everybody to behave themselves and order only modestly, they ordered quite strongly. So you get had big influx of orders
for a lower than average ASP and that knocks the number down a little bit. If we look in some prior quarters, particularly like
if you look back in I think its in the MD&amp;A Q1 of 2012, we launched a couple of Rimfire products then, including the SR22 pistol.
That knocked the incoming order average sell price down which quickly rebounded the next quarter when you weren't introducing a
Rimfire product and it didn't have much impact on the actual ASP of the orders shipped.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Scott Hamann <I> - KeyBanc
Capital Markets - Analyst </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
Got it. Secondly, on accessories. At last quarter you had a pretty sizable benefit. You expected that to go back a little bit.
Was there anything in the quarter around the accessories business? Did it revert back?</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Mike Fifer <I> - Sturm,
Ruger &amp; Co., Inc. - President, CEO </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">What
we saw was a shift in accessories sales from a shop Ruger which is a direct-to-consumer channel, to distributors selling to retailers,
selling to consumers. We get lower margin per unit when we sell the accessories to the distributors and so, that had a modest impact
on our gross margin in the quarter. The single biggest impact to the gross margin in the quarter was fewer workdays. We know we
had a one week plant shutdown in New Hampshire, we've got a lot of very capable and senior employees who have four or five weeks
vacation, and if you live in New Hampshire you like to take that vacation in the summer, but the accessories did have a modest
impact on it.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Scott Hamann <I> - KeyBanc
Capital Markets - Analyst </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
I did think of one more. On promotions. You've obviously been able to really pullback over the last couple of years and Cabela's
and some of the other retailers seem to be talking about having to pick up some of their promotional spending a bit. Is some of
that going to fall back on you guys at some point? Are you going to have to increase that? How should we think about that going
forward?</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Mike Fifer <I> - Sturm,
Ruger &amp; Co., Inc. - President, CEO </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">I
believe you said that we've pulled back on promotions last couple of years, or maybe you said that we've been able to. We, in fact,
have not reduced our promotions in the past couple of years. We have kept the same programs, the same ratios, whether it was buy
ten, get one free or whatever it was. We spent just as heavily last year as in prior years. Actually Tom Dineen is showing me a
note here that we actually spent $4 million more on promotions in 2013 than we did in 2012. We did not take advantage of the strong
demand in terms of avoiding promotions or anything.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">We
kind of just took the steady course. We've got all our retailers trained. They have a certain business model that they base around
our promotions so they know how to figure out their average cost in a product, and how they can in turn run promotions at their
stores, and we just kept it very steady. We didn't want to shift gears on them just because of a temporary spike. So I don't see
us doing anything different going into 2014. At this time we're planning the promotions for 2014, and they look an awful lot like
the ones in 2013, and the ones in 2012, and the ones in 2011.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Operator<I> </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Next
question comes from the line of Eric Mendez, of BCM. Over to you, Eric.
</FONT></P>
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    <TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; font:  bold 12pt Times New Roman, Times, Serif; text-align: left; color: #003399"><FONT STYLE="font: normal 12pt Times New Roman, Times, Serif; color: white">NOVEMBER 06, 2013 / 02:00PM  GMT, RGR - Q3 2013 Sturm Ruger Earnings Conference Call</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Eric Mendez <I> - BCM/LAB
Advisors - Analyst </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Hi.
I think parts of my question has been answered already, great quarter by the way. Just curious on the days of production, how many
days exactly were lost?</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Mike Fifer <I> - Sturm,
Ruger &amp; Co., Inc. - President, CEO </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">I
don't know that offhand. Newport is easy. They had a one week shutdown. Typically we do that over July 4th so you lose four days'
production, but essentially if you look year-over-year third quarter, it's pretty much the same. It's only sequential Q2 to Q3
that you see a big difference and that happens most years. It may vary by a day or two, the difference. I actually think looking
at the 2014 calendar, Q2 has the most days. I forget whether it's 64 production days, or what it is exactly. But it may have been
one more than it was in 2013 and Q3 of 2014 might be one day less than it was in 2013, but we try to keep them on a year over year
basis pretty close so we're not making it too hard for you to analyze our results.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Eric Mendez <I> - BCM/LAB
Advisors - Analyst </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
So would you say that margins would have been comparable sequentially then?</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Mike Fifer <I> - Sturm,
Ruger &amp; Co., Inc. - President, CEO </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">No.
Q3 is traditionally a quarter where you've got fewer people showing up to work and we shut the plants down for a few days and it's
summer in New Hampshire and, things just aren't quite as robust as they are in January when it's cold outside and everybody's busy
making guns. There's nothing unique about 2013. Every year follows the same exact pattern.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Eric Mendez <I> - BCM/LAB
Advisors - Analyst </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
Last question is a more general industry question. I wanted to get your views on the acquisition environment. We've been seen a
lot of acquisitions in the last 12 months and just wondering what your thoughts were on acquisitions going forward in the industry
in general.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Mike Fifer <I> - Sturm,
Ruger &amp; Co., Inc. - President, CEO </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">The
last time we saw a real spike in the business from previous levels was, again, when Mr. Obamawas elected President the first time,
and you had that huge spike up in 2009. A number of companies made noise that they would be available for sale, but they waited
and waited until that spike in demand had started to ease, but they still remembered the theoretical maximum price they could have
got during the busy day of the spike.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">So,
there weren't too many transactions done because people waited too long and were too greedy on the sales side. We've just had and
amazing 2013 and I wouldn't be surprised to see the same pattern emerge. On the other hand, we were delighted to see some of our
competitors get bought by big conglomerates because they were run really, really well before by entrepreneurs that were ultra focused
on the product and the customers, and now maybe when they're stuffed into a big conglomerate it won't be quite as competitive.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Operator<I> </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Next
question is from the line of (inaudible).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Unidentified Participant
<I>Analyst </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Thank
you. First, I would like to say congratulations on a great quarter, and we very much appreciate the growth opportunity that currently
exists at Ruger, and everything that you guys are doing keeping busy with the operations. To that end, I wanted to ask a question
about capital allocation. We see capital is allocated to the new facility, and congratulations on coming ahead of expectations
there with timing, but with respect to the dividend and the high cash flow generation you are</FONT></P>

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    <TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; font:  bold 12pt Times New Roman, Times, Serif; text-align: left; color: #003399"><FONT STYLE="font: normal 12pt Times New Roman, Times, Serif; color: white">NOVEMBER 06, 2013 / 02:00PM  GMT, RGR - Q3 2013 Sturm Ruger Earnings Conference Call</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">producing,
coupled with low interest rates available, and your debt-free status, as well as your high volatility of stock price and opportunities
that come along with that, whether you would consider increasing your focus on potentially a stock buyback?</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Mike Fifer <I> - Sturm,
Ruger &amp; Co., Inc. - President, CEO </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">I
can't remember if it was last year, or a couple years ago, I gave a talk at our annual meeting where I went through, very briefly,
some of the math involved with stock buybacks. A lot of folks who have never actually run the math themselves have concluded that
stock buybacks are good in terms of raising the price per share, but they forget that you weaken the balance sheet when you do
it. It turns out that if you really run the math, from the perspective of a shareholder who was there before the stock repurchase,
and want to stay will long-term beyond the stock repurchase, there's one and only one circumstance where that shareholder benefits.
And that is if your trading multiple, whether it PE multiple, or EBITDA multiple, or whatever, is trading below your historical
average.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">So,
for example, if your historical average was eight, and you're trading at five or six, that's a good time to repurchase shares assuming
your balance sheet can handle it, but if your trading multiple average is eight and you're trading any why near eight or above
eight, then you are harming your shareholder to repurchase shares. We track that, I don't know exactly what our multiple is right
now, but we look at sort of a trailing 24 or 36 month average multiple. We've got a graphed out and look at where we're at with
regard to that and we're certainly in the zone of our historical average and so, therefore, it's not and optimum time to buy stock
back now.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Now,
if the market softens a little in 2014 the way it softened a little bit in 2010, and the stock market over reacts and drives our
stock price down, I would imagine we would leap in with two feet. We've got the cash to do it, and we understand the math very
carefully, and we are primarily interested in taking care of the shareholder who is with us today and will be with us tomorrow
and so the math all works. On the other hand if we continue to grow, we will just leave it outstanding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Unidentified Participant
<I>Analyst </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">I
really appreciate that color so it looks like you guys have evaluated it. As somebody who is very well-versed in the mathematics
behind in the valuation and all of that as a large long-term shareholder at Ruger, one of the biggest risks that we see is sometimes
you have and entrenchment of views when you have a very secular shift in paradigm. What we think is going on here, as evidenced
by the spike in your stock (inaudible), is that you have had that paradigm shift.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">And
we think that even though Ruger has done exceptionally well in the last several years it is a paradigm shift so you have got a
lot more where that came from. You've got a high shortage risk it's not tax advantageous to give the dividend to the shareholder.
I know that we would prefer to see other uses of that cash. You're doing very well, we hope you stay at it. A lot of political
pressure, and we're very supportive of you. We just say that in all the light of that, to maybe take a step back and look at it
a little different. A buy back may make a lot of sense here and we think there's great times ahead so thank you very much for all
of your hard work and great job.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Operator<I> </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Thank
you. (Operator Instructions). Next question from the like of Brian Rafn. Over to you, Brian.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Brian Rafn <I> - Morgan
Dempsey Capital Management - Analyst </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Thank
you. Mike, your sense of when you're talking, and you're trying to push a little religion down a wholesale channel and getting
away from the old date plan business, are you getting the sense that you're the loan disciple on this discipline, or are there
other manufacturers that might be following suit?</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Mike Fifer <I> - Sturm,
Ruger &amp; Co., Inc. - President, CEO </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">What
I haven't seen yet, but what I expect to see is that some of the other manufacturers will panic if they see slowdown and they will
start offering deals again. One of our big competitors has actually kind of adopted our price discipline in the last year or so,
but prior to that I would have retailers call me up with great glee the week before their quarter ended and tell me what deals
that manufacturer was offering and those who had the cash would take great advantage of it. I suspect, not necessarily that manufacturer
but some folks in the channel, if they see a little softening with their sales, particularly probably the small manufacturers,
who might not have otherwise survived absent the spike, that they will start offering deals. A big part of our chat with the distributors
was to remind them not to get too excited about those deals and to focus on their core vendors, like Ruger, that have seen them
through all this.</FONT></P>

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    <TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; font:  bold 12pt Times New Roman, Times, Serif; text-align: left; color: #003399"><FONT STYLE="font: normal 12pt Times New Roman, Times, Serif; color: white">NOVEMBER 06, 2013 / 02:00PM  GMT, RGR - Q3 2013 Sturm Ruger Earnings Conference Call</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Brian Rafn <I> - Morgan
Dempsey Capital Management - Analyst </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
And from the inventory standpoint, Mike, on your own margin $15 million number, are you going to look at all selectively at building
inventory yourself at Ruger through 2014?</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Mike Fifer <I> - Sturm,
Ruger &amp; Co., Inc. - President, CEO </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">To
the extent I can keep level production, it's better for the factory, better for the margins, and that could result in us increasing
our inventory. I'm hopeful that our conversations with the wholesalers last week will convince them that they need to load up before
it starts building in our warehouse, you but we'll see. The whole point of the $15 million comment is there's nothing scientific
or exact about that number. As people are thinking about our capital allocation, understanding that some chunk of our cash could
end up coming out of cash and going into inventory on our balance sheet. It's just a place holder there. You notice, we haven't
really changed the number in years.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">I
think we put the $15 million number out there when we were doing, you know, $300 million in sales, and now our run-rate, I'm sure,
is north of $600 million, and we still left $15 million. So don't be overly exact about that number. That's just a place holder
to tell everybody, hey, keep in some of our cash could end up in inventory. I'm torn two ways. On the one hand I hope we can build
the distributor inventory and I hope we can build a little on our own, so we can take a lot of share next time will as spike, but
on the other hand, I would much rather, we can't ever quite get there no matter how much we build because our demand continues
strong.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Brian Rafn <I> - Morgan
Dempsey Capital Management - Analyst </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
Mike, what's the status on rolling out mini-mills up at Newport?</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Mike Fifer <I> - Sturm,
Ruger &amp; Co., Inc. - President, CEO </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Brian,
I'm glad somebody asked that. We're working on number two, and we're also taking some of the lessons learned to the original old
fashioned investment casting line, so we're seeing some efficiencies. The first mini-mill is exceeding our expectations and what
we originally modeled. Then the main mill is also seeing some improvements that resulted from all our learnings on the first mini-mill,
and then the second mini-mill is not in operation at all. We've got outline component parts on order, but we expect that to make
a good contribution. You may have read in the fine print we have started to terminate our relationships with many of our outside
castings customers because rather than being worried about making, say, $5 on a part I'm selling to an outside company, it's much
better if I have that capacity so I can make $150 margin on one of our own products.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">And
we are right now relying on a number of outsourced castings for our own consumption, and that has had a modest drag on margins,
and when we finally get to the point we can in-source all of the castings we consume, we'll be better offer. We are working really
hard on adding a new mini-mill, and perhaps even we'll add another one after that. Who knows?</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Brian Rafn <I> - Morgan
Dempsey Capital Management - Analyst </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
You talked a little bit about some of your anecdotal relationship with the new gun buyers, first gun buyers. Is it still the traditional
Rimfire guy, the 22, or are you actually selling some Centerfire to some of these first buyers?</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Mike Fifer <I> - Sturm,
Ruger &amp; Co., Inc. - President, CEO </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">I
think they usually come in looking for Centerfire's, Brian. One example, will be a couple that comes in, one spouse has been doing
a bunch of shooting and is trying to introduce the other spouse, and they want to buy the Centerfire handgun or rifle that they
think they would like next, and it's usually not the most appropriate one to start somebody off with. I try to tell them, when
I'm selling, that what you're looking for is not to get your spouse to get their first gun and that's it, but you're looking to
create a shooting buddy for life. Their first firearm should be one that has modest noise, modest, or no recoil, and is just sheer
fun to shoot and after they shoot that for a little while, one day they will look over to the next lane in the range at what you're
shooting and want to try that out, and then boy, you know, you've scored a shooting buddy for life and they will buy a lot of guns
in the future.</FONT></P>

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    <TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; font:  bold 12pt Times New Roman, Times, Serif; text-align: left; color: #003399"><FONT STYLE="font: normal 12pt Times New Roman, Times, Serif; color: white">NOVEMBER 06, 2013 / 02:00PM  GMT, RGR - Q3 2013 Sturm Ruger Earnings Conference Call</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">So
we often try to convince them not to buy the Centerfire they came in looking for, and instead to get a Rimfire. It's inexpensive,
it's fun to shoot. I don't think there's anyone who has ever shot a Rimfire for the first time in their life who didn't turn around
with a huge smile of their face because it was so much fun.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Operator<I> </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Thank
you. Next question comes from the line of Bob Sales, of LMK Capital Management.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Bob Sales <I> - LMK Capital
Management - Analyst </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Yes.
Just one question on mix. Have you anecdotally we've heard that handguns remain relatively steady while long guns have softened
considerably and I'm curious whether you have seen that mix change or whether some of that long rifle softness has applied to perhaps
some of the assault rifles that haven't been as much of and emphasis for your Company?</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Mike Fifer <I> - Sturm,
Ruger &amp; Co., Inc. - President, CEO </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">We're
under the impression that the guns that went up the fastest in the spike, which includes the modern sporting rifle category, are
the ones that would probably soften first. We saw that in 2009 and 2010 where a lot of people, fearful of losing their Second Amendment
rights ran out and bought perhaps more modern sporting rifles than they could individually shoot. Some of those came back in the
summer of 2010 as new, in-box, otherwise used guns.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">The
retailers were delighted to get them because they basically had a brand new gun they could buy cheaper from a consumer and resell
it, rather than buying it from a wholesale distributor. Another part of that story is that when there's a softening in a category
like that, it's all the guns that are in the middle of that category that tend to suffer first, or the most. The most expense guns
in the category, or the least expensive guns in that category, their demand remains stronger for a longer period of time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">As
you know, our piston operated SR556, the SR762, are really high-end guns that your average consumer wouldn't run out and buy, but
somebody who really knows what they are getting and can appreciate the value of it would buy that. We're actually adding capacity
to that line now whereas I suspect some of the folks who sell the gun in the middle, somebody who is selling, for example, an $800
or $900 gun may be seeing their market soften. Somebody who is selling a $600 is still probably doing strong, and somebody who
is selling a $1400 gun and up, like ours, is still doing very strong. We're actually adding capacity in that category.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Bob Sales <I> - LMK Capital
Management - Analyst </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
Thank you.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Operator<I> </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Thank
you. Next question is from the line of Brian Rafn. Over to you.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Brian Rafn <I> - Morgan
Dempsey Capital Management - Analyst </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Yes,
Mike. You talked a little bit about shop Ruger and actually expanding the accessories line or maybe co-branding some stuff, holsters,
scopes or something. How do you view accessories relative to your business? Is it more of an adjunct? Is it a waste of time? How
do you look at it philosophically?</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Mike Fifer <I> - Sturm,
Ruger &amp; Co., Inc. - President, CEO </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">It's
more of an adjunct with very high margins. If we had a little more management bandwidth I'm sure we would put more attention to
it, and shame on us for not doing so. It is very high margin, and it's a nice to have business. When I joined the Company, I think
it was less than $1 million in sales, and it's substantially more than that now.</FONT></P>

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<TR STYLE="vertical-align: bottom; background-color: #006595">
    <TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; font:  bold 12pt Times New Roman, Times, Serif; text-align: left; color: #003399"><FONT STYLE="font: normal 12pt Times New Roman, Times, Serif; color: white">NOVEMBER 06, 2013 / 02:00PM  GMT, RGR - Q3 2013 Sturm Ruger Earnings Conference Call</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Brian Rafn <I> - Morgan
Dempsey Capital Management - Analyst </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Mike Fifer <I> - Sturm,
Ruger &amp; Co., Inc. - President, CEO </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">We're
moving it to Mayodan to take advantage of the extra space in Mayodan because we ran out of room in Prescott, Arizona for it.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
The plant at Mayodan, are you going to focus specific gun lines there? You've got a lot of pistol production out in Prescott, the
rifles and revolvers in Newport, does Mayodan get maybe new products? Does Mayodan get any classification? Are you going to focus
anything specifically at that plant from an organizational standpoint?</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">No.
At least or as you stated it, no. What we are doing there is the very first line that's in place now and has just produced its
first units and, hopefully, will be running full tilt come the middle of first quarter, is a duplication of a line that's running
up in Newport, New Hampshire. It's and exact duplication. Instead of moving the line from NH down and hoping we get it up and running
again, we did and exact duplicate. We moved a few trained engineers from Newport down to help set up and get the first line running
down in Mayodan. As we look at future lines, we're looking at lines that are running exceptionally well, that don't require a lot
of daily manufacturing engineering input to keep them running.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">So
you could assume that real classic lines of hard to build products, like steel double-action revolvers, they are probably never
going to move to Mayodan. They are in place, don't screw with them, they're running. But, some of the newer products, as demand
gross for those, we will duplicate the line. So, we will add increased capacity for those line but instead of adding it in place,
we will add it in Mayodan. There's one very significant new product line that's under development that we've concluded we just
don't have enough room for it where we were originally designing it and we will just build it from day one in Mayodan. So probably
Mayodan won't have, what I call, newer or younger product lines on average than the other two plants. We're just not planning to
move an older product line from one of the other plants. We're growing new stuff there.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Brian Rafn <I> - Morgan
Dempsey Capital Management - Analyst </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
As you roll out, and you have been very successful, you did well over 30% with the new products, what's been your experience, Mike,
with cannibalization, or fall-off, in some of the older more mature lines?</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Mike Fifer <I> - Sturm,
Ruger &amp; Co., Inc. - President, CEO </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">We've
really counted on cannibalization in the past to free up equipment and we haven't actually ever had cannibalization. We have always
underestimated the amount of equipment we need to satisfy the demand on a new product, and I will just give you one quick, for
example. When we introduces the LC-9, we thought it would severely cannibalize the LC-P, and it did not do that. If anything, it
had the opposite impact as it got people focused back on what great products Ruger has for the concealed carry market, and both
products lines went up instead of one being cannibalized. There have been several other examples of that as well.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Brian Rafn <I> - Morgan
Dempsey Capital Management - Analyst </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
Anything, Mike, it's been kind of a dormant area, military or police sales? I know it's not been a huge focus for you guys, but
going out next four or five years, is that something of interest, or not?</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Mike Fifer <I> - Sturm,
Ruger &amp; Co., Inc. - President, CEO </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">It's
always of interest, but the primary duty weapon market is one that we believe is not very profitable. The reason is, that typically
you have go into a, say, a police department, and trade out all their weapons, trades out all their leather, provide lifetime warranties,
provide extensive armor school, and I just can't believe the companies doing that are making any money on it. They've got to be
doing to solely because they think it's a tremendous marketing opportunity for them, and to some degree, they're absolutely right.
If you see what the cops in your town are carrying each day, you might want one of those. So we focus primarily on the backup weapon
market, which tends to be more of a full margin opportunity than the primary duty weapon.
</FONT></P>
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    <TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; font:  bold 12pt Times New Roman, Times, Serif; text-align: left; color: #003399"><FONT STYLE="font: normal 12pt Times New Roman, Times, Serif; color: white">NOVEMBER 06, 2013 / 02:00PM  GMT, RGR - Q3 2013 Sturm Ruger Earnings Conference Call</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Operator<I> </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Ladies
and gentlemen, that now conclude okay the Q&amp;A session and I would like to hand the call back over to Michael Fifer. Over to
you, Michael.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Mike Fifer <I> - Sturm,
Ruger &amp; Co., Inc. - President, CEO </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">I
want to thank you l all of you for joining us today and for your interest in Ruger. We try very, very hard to keep our shareholders
first and foremost in mind when we make our decisions and operate the business. We're very proud of the results and hope you're
pleased with them. I look forward to talking to you in another quarter. Thank you.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Operator<I> </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Thank
you. Ladies and gentlemen, that now concludes your presentation for today. You may now disconnect. Thank you.</FONT></P>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
