<SEC-DOCUMENT>0001174947-14-000049.txt : 20140227
<SEC-HEADER>0001174947-14-000049.hdr.sgml : 20140227
<ACCEPTANCE-DATETIME>20140227170128
ACCESSION NUMBER:		0001174947-14-000049
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20140226
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20140227
DATE AS OF CHANGE:		20140227

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:		14649949

	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>
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<TYPE>8-K
<SEQUENCE>1
<FILENAME>rgr0227148k.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: 14pt">UNITED STATES</FONT></P>

<P STYLE="font: bold 15pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 14pt">SECURITIES
AND EXCHANGE COMMISSION</FONT></P>

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 14pt"><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: 14pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>FORM 8-K</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;&nbsp;</B></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>February 26,
2014</B></FONT></P>

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

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

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</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-family: Wingdings">o
</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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-family: Wingdings">o </FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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-family: Wingdings">o </FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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-family: Wingdings">o </FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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 February 26,
2014, discussing our 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&nbsp;FD.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&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 February 26, 2014, is available on our website
located at www.ruger.com/corporate, 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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&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"><A NAME="a002"></A>&nbsp;</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

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<TD><FONT STYLE="font-size: 10pt"><U>&nbsp;</U></FONT></TD><TD><FONT STYLE="font-size: 10pt"><U>Exhibit No.&#9;</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 February 26, 2014.</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"></P>

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

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    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">STURM, RUGER &amp; COMPANY, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; width: 44%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; width: 6%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; width: 11%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; width: 39%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">By</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/S/ THOMAS A. DINEEN&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Thomas A. Dineen</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Principal Financial Officer,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Principal Accounting Officer,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Vice President, Treasurer and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><BR>
Dated: February 26, 2014</FONT></P>

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

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

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<FILENAME>rgr022714_99-1.htm
<DESCRIPTION>EX-99.1
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        <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>
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    <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>
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    <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>
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    <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 - Q4 2013 Sturm Ruger Earnings Conference Call</font></td></tr>
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    <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>
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    <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: FEBRUARY 26, 2014 / 02:00PM&nbsp;&nbsp;GMT </font></td></tr>
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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">FEBRUARY 26, 2014 / 02:00PM  GMT, RGR - Q4 2013 Sturm Ruger Earnings Conference Call</FONT></TD></TR>
</TABLE>
<P STYLE="color: #003399; font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<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 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 3pt; text-transform: uppercase">CORPORATE
PARTICIPANTS</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 0 0 4pt; text-align: left">Michael Fifer<FONT STYLE="font-weight: normal"><I>
Sturm, Ruger &amp; Company, Inc. - President &amp; CEO</I></FONT></P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 0 0 4pt; text-align: left">Sarah DePanfilis<FONT STYLE="font-weight: normal"><I>
Sturm, Ruger &amp; Company, Inc. - Associate General Counsel</I></FONT></P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 0 0 4pt; text-align: left">Thomas Dineen<FONT STYLE="font-weight: normal"><I>
Sturm, Ruger &amp; Company, Inc. - VP,Treasurer &amp; CFO</I></FONT></P>

<P STYLE="color: #6B9915; font: bold 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 3pt; text-transform: uppercase">&nbsp;</P>

<P STYLE="color: #6B9915; font: bold 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 3pt; text-transform: uppercase">CONFERENCE
CALL PARTICIPANTS</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 0 0 4pt; text-align: left">Brian Ruttenbur<FONT STYLE="font-weight: normal"><I>
CRT - Analyst</I></FONT></P>

<P STYLE="font: bold 8pt 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 8pt 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 8pt 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 8pt 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 8pt Times New Roman, Times, Serif; margin: 0 0 4pt; text-align: left">Gregory Fecho<FONT STYLE="font-weight: normal"><I>
Private Investor - Analyst</I></FONT></P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 0 0 4pt; text-align: left">Dusty Henderson<FONT STYLE="font-weight: normal"><I>
Eagle Asset Management - Analyst</I></FONT></P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 0 0 4pt; text-align: left">Noah Steinberg<FONT STYLE="font-weight: normal"><I>
G2 Investment Partners - Analyst</I></FONT></P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 0 0 4pt; text-align: left">Aaron Smith<FONT STYLE="font-weight: normal"><I>
CNN Money - Media</I></FONT></P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 0 0 4pt; text-align: left">Gene Flynn<FONT STYLE="font-weight: normal"><I>
Aegis Capital - Analyst</I></FONT></P>

<P STYLE="color: #6B9915; font: bold 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 3pt; text-transform: uppercase">&nbsp;</P>

<P STYLE="color: #6B9915; font: bold 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 3pt; text-transform: uppercase">PRESENTATION</P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Operator<I> </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">EventID.
Please stand by for real time transcript. Welcome to the Q4, 2013 Sturm Ruger earnings conference call. My name is Karen, and I'll
be your operator for today.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">(Operator
Instructions)</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">As
a reminder, this call is being recorded for replay purposes. I would like to send the call to Michael Fifer, CEO and Thomas Dineen
VP, Treasurer and CFO. Please go ahead.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Good
morning. Welcome to the Sturm Ruger &amp; Company year end 2013 conference call. I'd like to ask Sarah DePanfilis, our Associate
General Counsel, to read the caution on forward-looking statements, which will be followed by quick overview of 2013, including
the fourth quarter, and then we can get right into your questions. Sarah?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Sarah DePanfilis <I> -
Sturm, Ruger &amp; Company, Inc. - Associate General Counsel </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Thank
you, Mike.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Statements
made in the course of this presentation that state the Company's or management's intentions, hopes, beliefs, expectations, or predictions
of the future are forward-looking statements. It is important to note that the 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-look statements is contained from time to time in the Company's SEC. filings.</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">FEBRUARY 26, 2014 / 02:00PM  GMT, RGR - Q4 2013 Sturm Ruger Earnings Conference Call</FONT></TD></TR>
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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="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Including
but not limited to the company's reports on form 10-K for the year ended December 31, 2013, and forms 10-Q for the first, second,
and third quarters of 2013. Copies of these documents may be obtained from the SEC. or through the company's website at www.ruger.com.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Furthermore,
we've referenced non-GAAP EBITDA. Please note the reconciliation of GAAP net income to Non-GAAP EBITDA can be found in the yesterday's
form 8-K filing and earnings press release, which are posted to our website. The Company disclaims all responsibility to update
forward-look statements.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Thank
you, Sarah.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">For
2013, net sales for $688.3 million and fully diluted earnings $5.58 per share. For the corresponding period in 2012, net sales
were $491.8 million and fully diluted earnings $3.60 per share. This represents year-over-year sales growth of 40% and year-over-year
earnings growth of 55%.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">For
fourth quarter of 2013 net sales were $181.9 million and fully diluted earnings were $1.33 per share. For the corresponding period
in 2012, net sales were $141.8 million and fully diluted earnings were $1.00 per share. This represents year-over-year sales growth
of 28% and earnings growth of 33%.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Our
2013 EBITDA of $195.7 million increased 54% from our 2012 EBITDA of $127.1 million. And our fourth quarter 2013 EBITDA of $48.1
million increased 33% from our fourth quarter 2012 EBITDA of $36.2 million.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">New
products are a strong driver of demand and were $195.8 million or 29% of firearm sales in 2013. As a reminder, we define new product
as only those that were introduced in the past two years and we include only major new products and not minor line extensions.
Major new products introduced in 2013 included the LC380 pistol, the SR45 pistol, the Ruger American Rimfire rifle, the SR762 rifle,
and the completely redesigned Red Label shotgun.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Demand
for Ruger products in 2013 remained very strong as evidenced by the 18% growth in estimated sell through of Ruger products from
the independent distributors to retailers. We believe the strong demand for our products was due to the Company's continued practice
of introducing innovative and exciting products, new shooters joining the ranks of gun owners, the political environment in 2013
that favorably impacted the entire firearms industry, and increased manufacturing capacity and greater product availability for
certain products, and strong demand.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">The
7% increase in National Instant Criminal background system checks in 2013, as adjusted by the National Shooting Sports Foundation,
is indicative of this overall industry growth. 2013 was the sixth consecutive year our growth and estimated sell-through from our
independent distributors to retailers outpaced the growth and adjusted NICS checks.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">In
response to strong overall demand and demand for new products that were launched in 2013, we increased our unit production by 33%
from 2012. To achieve this increase in production in 2013, we reinvested $55 million or approximately 45% of the cash generated
by operations, back into the Company in the form of capital expenditures.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">These
capital expenditures exceeded depreciation by approximately $34 million during the year, which represented an increase to our capital
equipment base of approximately 14%. Our commitment to continuous improvement through the implementation of lean business practices,
enabled us to leverage this 14% increase in our capital equipment base to achieve 33% increase in unit production.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">The
Company's finished goods inventory increased by 12,000 units in 2013, which is less than two days of production. Our goal is to
replenish the finished goods inventory at the Company, which it could increase the value of the Company's finished goods inventory
by as much as $30 million from the current level. Our independent distributor's inventory increased by 146,000 units in 2013.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">In
2013, the distributors averaged more than 20 inventory turns on Ruger product, which significantly exceeds the six to eight turns
the Company deems appropriate for its distributors, which equates to about 300,000 units at distribution. We believe that both
Ruger and our independent distributors will benefit from this increase in finished goods in inventory, which will allow for more
rapid fulfillment of demand.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">I
want to take a minute to discuss the current state of the market. Our experience indicates that demand for Ruger products remains
strong. Our distributor show season has just come to a close.</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">FEBRUARY 26, 2014 / 02:00PM  GMT, RGR - Q4 2013 Sturm Ruger Earnings Conference Call</FONT></TD></TR>
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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="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">While
we are still digesting all the order data we received from the shows, four key points have emerged. One, orders are down from the
2013 show season. In the wake of the political and legislative uncertainty in early 2013, retail and distributor ordering last
January and February was driven primarily by emotion. This year show season orders have been more realistic and therefore healthier
for all levels of the industry.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Number
two, orders are more realistic and shippable. The more rational tenor at this year's shows result in retailers ordering products
in quantities that they actually expect to receive and genuinely want. Last year, dealers and distributors placed unrealistic,
oversized orders, even though they knew that only a very small percentage of the units ordered would be shipped to them in a timely
manner.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Number
three, orders are up significantly over 2012. This year's orders for Ruger products increased significantly at every distributor
show compared to 2012. I think this is encouraging as we all expected a market correction from the surge in demand at the beginning
of 2013.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Number
four, we are outselling our competitors. The information that we received from our independent distributors indicates that demand
for Ruger products is outpacing demand for our competitors' products. We continue to prioritize our new product development, which
we believe is the key to long-term market share growth.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">There
was also plenty of press highlighting the fact the January 2014 NICS checks were down significantly from January 2013. This was
true. However, there's very little reporting on the fact that January 2014 was the second-highest January on record for NICS checks.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">2013
bookings decreased by approximately 628,000 units from the 2012 bookings, and our backlog remained at 1.5 million units at December
31, 2013. Keep in mind we do not use backlog as a key indicator when planning and operating the company. Instead, we focus on estimated
sell through of our products from the independent distributors to retailers to run our business, including our target production
rates.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">As
I mentioned a few minutes ago, the estimated sell through of our products from independent distributors to the retailers increased
18% in 2013 compared to 2012.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Our
balance sheet at December 31, 2013, was strong. Our cash and cash equivalents totaled $55 million, an increase of $24 million from
December 31, 2012. Our current ratio was 1.8 to 1, and we have no debt. As of December 31, 2013, stockholders equity was $179 million,
which equates to a book value of $9.26 per share, of which $2.85 per share was cash and equivalents.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">In
2013, we generated $120 million of cash from operations. We reinvested $55 million of that back into the company in the form of
capital expenditures. I mentioned a few minute ago, these capital investments allowed us to realize a 33% increase in production,
which was instrumental to the achievement of our record financial results in 2013. We estimate the capital expenditures in 2014
will approximate to $35 million.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">In
2013, we returned $41.1 million to our shareholders through the payment of dividend. An additional $10.4 million in dividends will
be paid to our shareholders on March 28, 2014, as our Board of Directors recently declared a $0.54 per share quarterly dividend.
As a reminder, our quarterly dividend is approximately 40% of net income and varies every quarter.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">There's
one accounting action that I want to bring to your attention. In the fourth quarter of 2013, we revised the estimated useful life
of our machinery and equipment from ten years to seven years. This change, which became effective December 31, 2013, resulted in
increase depreciation expense of $700,000 for 2013. We estimate this change will increase depreciation expense for the machinery
and equipment that was on hand at December 31, 2013, by approximately $7 million or $0.20 per share in 2014 and by approximately
$3 million or $0.10 per share in 2015. This change better reflects our evaluation of and decision-making processes for capital
equipment purchases.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">There's
one last item I want to cover before we get to your questions. Effective January 1, 2014, Chris Killoy was promoted to be our president.
Chris is one of the most-experienced and respected executives and has been instrumental executing our new product launches and
driving the Company's strong sales growth as our Vice President of Sales and Marketing.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">In
his new role, Chris is a Chief Operating Officer and is responsible for sales, marketing, manufacturing, product management, and
new product development. This will free up some of my time to be more focused strategy and capital allocation. I'm delighted to
work with Chris in this capacity and look forward to make Chris making stronger contribution to Ruger.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Those
are the highlights of 2013. Operator, may we please have the first question.</FONT></P>


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</TABLE>
<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 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 3pt; text-transform: uppercase">QUESTION
AND ANSWER</P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Operator<I> </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Thank
you.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">(Operator
Instructions)</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Your
first question comes from the line of Brian Ruttenbur from CRT.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Brian Ruttenbur <I> -
CRT - Analyst </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Thank
you very much. Great year. A couple questions, first of all on housekeeping stuff. Let's start off with the depreciation. What
is your total estimated depreciation in 2014 and 2015 now?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Tom
Dineen, you want to take that one?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Thomas Dineen <I> - Sturm,
Ruger &amp; Company, Inc. - VP,Treasurer &amp; CFO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">We
don't offer that forward-looking guidance, so, no --</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Brian Ruttenbur <I> -
CRT - Analyst </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">You
just talked about it a second ago with it's increasing by, what, $7 million in 2014?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Thomas Dineen <I> - Sturm,
Ruger &amp; Company, Inc. - VP,Treasurer &amp; CFO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Correct.
That's the adjustment. So the changes resulting in that increase, and then we'll have our normal depreciation which will be largely
based on CapEx, which we have also disclosed as estimated $35 million for next year.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Brian Ruttenbur <I> -
CRT - Analyst </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
And 2015 depreciation was going to increase from 2013 levels by how much?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Thomas Dineen <I> - Sturm,
Ruger &amp; Company, Inc. - VP,Treasurer &amp; CFO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Make
sure I have the right number right here. That was about $3 million.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Or
$0.10 per share.</FONT></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="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Brian Ruttenbur <I> -
CRT - Analyst </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Great.
CapEx you said $35 million for 2014 and it was $55 million roughly in 2013, correct?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Thomas Dineen <I> - Sturm,
Ruger &amp; Company, Inc. - VP,Treasurer &amp; CFO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Yes.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Brian Ruttenbur <I> -
CRT - Analyst </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
Your historical rate for CapEx has been around the $20 million mark. Is that what we should be looking for beyond when you look
further out or should the $35 million be more of a sustainable rate?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Thomas Dineen <I> - Sturm,
Ruger &amp; Company, Inc. - VP,Treasurer &amp; CFO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Well,
Brian, I'm not going to shrink the Company voluntarily so you should assume if I'm trying to achieve a plus or minus 30% of sales
in new products each year, I've got to keep growing substantially in that category.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Brian Ruttenbur <I> -
CRT - Analyst </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay,
that makes sense. So can you talk a little bit now -- switching to the top-line revenue -- plan for the casting business? What
are your plans? It's down significantly quarter-to-quarter, and just wanted to know what your plans are going forward.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Well,
as you know, we grew tremendously during 2013, and we ran into capacity constraints and boundary and so we fired a number of outside
customers and shifted that capacity to serve our internal needs. As we continue to grow the foundry side of the business along
with the firearm side of the business, when and if the foundry capacity is greater than our internal needs, we'll seek outside
customers again and probably grow that a little bit. And if we have another year like 2013 where we need to bring it all inside,
by gosh, we'll do that.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Brian Ruttenbur <I> -
CRT - Analyst </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
And then if we could talk about the new factory, is it fully up and operational right now? And how many products are you producing
in there?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Brian,
the new factory is about 220,000 square feet, and I doubt we're using even 20,000 feet of it yet, but there is a production line
up that has been running there successfully since Thanksgiving, which is quite a few months ahead of schedule.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Brian Ruttenbur <I> -
CRT - Analyst </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
And is there plans to ramp up that factory to full capacity in 2014?</FONT></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="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Brian,
I think what you're asking is, are we going to fill the whole 220,000 square feet, and the answer to that is no. I would expect
to, as we grow and introduce new products, a lot of them will end up in the new Mayodan, North Carolina facility, and that probably
we should plan on maybe filling up another 40,000 feet a year of that. It will take a number of years. It will take five or six
years of good growth to fill that building.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Brian Ruttenbur <I> -
CRT - Analyst </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
Last question is about capital allocation and then I'll let somebody else ask. Since that's going to be your new focus, one of
your new focuses on capital allocation and cash flow, are you going to focus primarily on share repurchases and dividends, or are
you going to seek outside uses of the cash?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">All
-- (multiple speakers)</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Brian Ruttenbur <I> -
CRT - Analyst </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">As
in acquisitions? Okay. Very good. Thank you very much.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Operator<I> </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Thank
you. Your next question comes from the line of Brian Rafn of Morgan Dempsey Capital Management.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt 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: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Good
morning, Mike.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Good
morning, Brian.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt 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: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Give
me a sense, from the standpoint of Mayodan, you just answered the question relative to building up capacity -- is Mayodan going
to be just an assembly plant or are you actually going to be installing furnaces down there?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">We
have given some thought to putting a foundry down there, but it will be a while before we do it. There's some clear advantages
to utility rates, but there's some disadvantages in the near-term of increasing the complexity too fast for the engineering staff
down there to handle it.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">So
the first major -- what I call vertical integration that will occur down there -- will be hammer forging, and that will actually
be up and running this summer. Once we get past that, then we can look at the next significant thing to add. But today you have,
in that factory, you have a lot of machining and you have assembly, because we integrate that all together in a single value stream.
We also have gluing in there, but we don't yet have heat treating in the building, and we don't have foundry in the building yet.</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">FEBRUARY 26, 2014 / 02:00PM  GMT, RGR - Q4 2013 Sturm Ruger Earnings Conference Call</FONT></TD></TR>
</TABLE>
<P STYLE="color: #003399; font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt 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: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
Given the furnace situation up in Newport with the integrated, where are you on bringing up these mini mills in tandem with that?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">As
you know, we have one mini mill running and very successfully, it's exceeded our expectations. Instead of going immediately to
the second mini mill, we actually decided to adopt some of that technology to the current large mill because we could improve the
efficiency of that mill, and it was a bigger financial opportunity than getting the second mini mill up. But we are now full steam
ahead on assembling the component parts for the second mini mill and hope to have that up and running some time this coming year.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt 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: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">If
you looked at your floor space, Mike, configurations -- how many mini mills could you actually install at up Newport? Would it
be a half a dozen, a dozen? Obviously you're going to roll these out incrementally and you're not laying these out, you're going
to be doing it sequentially. But what kind of size configuration would you have?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">When
we first did the planning, Brian, the company was a little bit smaller. That was one or two years ago of 40% growth. At that time,
we felt we could replace the large mill in its entirety with four or five mini mills that we could cycle on and off, modulate our
capacity as needed. Obviously we've grown a little bit since then, and that's why we would, long term, look at putting a mini mill
in Prescott to replace the foundry that was once there, then later closed. And potentially putting a mini mill in Mayodan as the
product lines justify.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt 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: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
Of the $35 million, you talked about in CapEx, Mike, is how does that allocate between the three plants -- Newport, Prescott, and
Mayodan?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Probably
a better question is how does it allocate between new products and existing stuff. Once again, the majority of it is for new product
development.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt 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: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
You talked a little bit, Mike, in the past about getting design teams and a mix of four to five guys, metallurgy guys, mechanical
design guys, putting them together. Where is that constraint today? Have you added teams since our last third-quarter conference
call and what is your sense for 2014?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">I
don't know that we've added anything since just three month ago. But there is a team up and running in Mayodan which I think is
very exciting, and that consisted of some folks that we hired directly in North Carolina, plus a few folks volunteered to move
there from other plants. We've done a little bit of shuffling. We've had some Newport engineers transfer out to Prescott. So, I
can't give you a good, clean answer on that one, other than we've got a robust engineering department and to the best of my knowledge,
haven't lost anybody and we keep adding.</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">FEBRUARY 26, 2014 / 02:00PM  GMT, RGR - Q4 2013 Sturm Ruger Earnings Conference Call</FONT></TD></TR>
</TABLE>
<P STYLE="color: #003399; font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt 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: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">You
keep adding, okay. With your new Red Label 2 shotgun, what was your experience in that reintroduction to the market? Was the sell-through
on plan? Were you surprised? Give me a sense as you reentered that market.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">The
demand has exceeded our capacity since the day we launched it and remains true today.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt 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: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
Any line extensions to that, Mike? Or additional products, or is that in the general trend of new products at Mayodan?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">You
mixed a couple apples and oranges there. That product is not made in Mayodan. It's made in Newport, New Hampshire. And with our
reintroduction of that completely re-engineered the Red Label, I think it would be reasonable for any observer of the Company to
expect that there will be other calibers in the future.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt 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: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
I'll get back in line. Thanks, Mike.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Operator<I> </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Thank
you. Your next question comes from Andrea James from Dougherty and Company.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt 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: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Good
morning. Thank you for taking my questions. How big of a problem, Mike, is the ammo shortage relative to your business and given
the currency of your stock, do you think it would make sense to maybe take the required ammo company or take ammo production into
your own hands?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Andrea,
it affects us on two levels. One of which we can directly measure, which is the challenge of production when the ammo suppliers
sometimes are late on the delivery. And, in fact, there's quite a lot past due right now for Rimfire ammunition. And we're managing
to hold our own here, but it's a little bit hand-to-mouth on the production side.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Occasionally,
on center fire rifles and handguns, particularly if you have an obscure rifle caliber, we have trouble getting the proof ammunition,
but that doesn't turn into much of a factor. You guys wouldn't see the numbers, they are not that significant, because obscure
calibers generally aren't high volume.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">The
perhaps more significant, and we cannot measure directly, is the lost sales because consumers get discouraged when they can't find
Rimfire ammunition. Then they're discouraged and tell us that they're deferring purchases of Rimfire handguns and Rimfire rifles.
That's a really tough one. That's the one we're actually concerned about, much more so than our concerns over the production side.</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">FEBRUARY 26, 2014 / 02:00PM  GMT, RGR - Q4 2013 Sturm Ruger Earnings Conference Call</FONT></TD></TR>
</TABLE>
<P STYLE="color: #003399; font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt 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: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Would
you consider producing your own ammo?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">I
don't think we would. Unless we were to be fortunate enough to be able to acquire one of the ammo manufacturers, and so far at
the moment none of them are for sale. It's a very, very difficult business to enter, particularly the Rimfire ammunition is very,
very hard to build.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">If
we knew what we were doing and we started today it would be a couple of years before we could get a plant up and running, and,
frankly, we don't know what we're doing. And so absent an acquisition of an ammo company, we're really not going to be entering
that business.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt 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: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">What
are your thoughts on the intrinsic value of this new factory and what it does for you as a Company?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">One
of the most important things it does for us is give us access to a new workforce. We've really tapped out the workforce in both
of our primary manufacturing communities, and we have people commuting more than an hour for basic entry level manufacturing jobs,
and that's kind of ridiculous.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">So
it's given us access to a really well-educated, skilled workforce in North Carolina and encourages me significantly that as demand
for new products drives the business, we'll be able to grow the business and to meet that demand.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt 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: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">And
then finally, are you looking at being acquisitive in any way? Just wondering.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Well
we've looked at it all along. We've never really taken our eye off the ball. The problem has been that during good times, nobody
wants to sell. Six months after a peak and surge, everybody wants to sell at just absurd prices and it would be silly to purchase
them. So I'm not sure those lines will ever cross in a favorable manner, but we're alert, and keep up our relations with all the
folks in the business that we'd like to buy, and if somebody ever gets realistic about a price, we'll jump right in.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt 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: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Thank
you so much for taking my questions.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Operator<I> </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Thank
you. Your next question comes from the line of Scott Hamann of KeyBanc Capital Markets.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt 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: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Thanks.
Hi, Mike and Tom. Just a clarification on something you said earlier, Mike, in terms of the orders for first quarter. I think you
were said down versus 2013 but up versus 2012. Correct me if I'm wrong, but I'm trying to look at these numbers. I thought that
orders in first quarter 2013 were about $1.1 million and first quarter 2012 they were $1.2 million. So can you help pick through
that?</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">FEBRUARY 26, 2014 / 02:00PM  GMT, RGR - Q4 2013 Sturm Ruger Earnings Conference Call</FONT></TD></TR>
</TABLE>
<P STYLE="color: #003399; font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="color: #003399; font:  bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Sure.
There's a couple of factor at play. One, I'm talking about the orders for Ruger products placed by retailers at distributors. And
those in 2013 were just through the roof. They were absurd amounts.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">You
would have a guy, for example -- a retailer coming in who had a $25,000 credit line trying to place an order for $100 million worth
of product. It was just silly. He knew he wasn't going to get it. We certainly couldn't fulfill it. And at the same time, the distributors
got a little bit caught up in this. They always overreact in both directions.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Since
that was a surge, they overreacted in that direction and we actually had them try to place orders on us that were significantly
higher than what we accepted and what we reported. So whatever number we reported last spring, you should understand they had tried
to place significantly higher orders than that, and at a certain point, we just started refusing the orders, and sending them back,
and telling them to get more realistic.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt 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: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
So when we think about Ruger orders from distributors versus 2012 numbers that it's -- I don't know if you can comment on that,
but it feels like that might not be a good number. It needs to be up versus, right?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Oh
no, 2012 we accepted whatever orders they placed because they seemed aggressive but realistic. The 2013 orders, they had attempted
to place upon us were grossly unrealistic and since we're trying to maintain a policy of non-cancelable orders, we started to push
back on them.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt 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: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">And
we asked them to actually do the same to their retailers. So their retailers would have meaningful information with which to operate
their business rather than that guy with the $25,000 credit line hoping and praying he's going to get $100 million of product before
the surge ended.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt 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: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">We
formally told the distributors exactly how many units of each type they would get through the spring. And asked them to go back
and tell their retailers exactly how many they would get so that people could operate their businesses in a more rational manner.</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">FEBRUARY 26, 2014 / 02:00PM  GMT, RGR - Q4 2013 Sturm Ruger Earnings Conference Call</FONT></TD></TR>
</TABLE>
<P STYLE="color: #003399; font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt 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: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
And on a separate topic -- as you obviously made some progress, you talked about last call, talking to distributors and wanting
those inventory levels higher and the turns down. As you think about where we sit right now, how do you plan to manage shipments
and production as we're in a period of volatile demand?</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">As
we think about 2014, is the fourth quarter run rate a decent run rate or is that something that would have to be adjusted based
on where we see demand materialize throughout the balance of the year?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Well,
Scott I'm not going to forecast demand. I can't do that any better than you can, or anyone else doing channel checks. We're not
going to stop the channel, but what do I mean by that?</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">I'm
asking these distributors to get to at least eight turns and I would prefer them to be to 6 turns. So perhaps it's 8 turns of 2012
or 6 turns of 2013. Who knows? The numbers aren't that far apart. And to the extent they get there on all the key products, I won't
stuff the channel in any way, shape, or form.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">To
the extent that they're trying to get away with 10, 12, 14 turns, I'm going to put pressure on them to act like real distributors,
and take their responsibilities as distributors very seriously. And then we'll see where it goes from there.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt 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: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Do
you get the sense in talking with distributors that other manufacturers are doing the same thing where they're getting push from
lots of different levels? Or do you think they're placing a bet in what you call a company that you want to do business with and
Ruger has a great intrinsic value company? How do you think they're looking at that?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">We
treat the distributors much differently than how the other manufacturers treat the distributors, and we also demand different behavior
from the distributors with respect to Ruger as a consequence. We do not stuff the channel on them. We give them absolute price
discipline so they know their inventory is nonperishable, and that's not how the other manufacturers treat them.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">The
other manufacturers will have -- so far behaved in a way that they will look for any deal. They often undercut the distributors
and the buying groups can buy cheaper than the distributor can buy, or they'll stuff the channel without hesitation. My bigger
concern, frankly, is that can provide some cash flow constraints for some of the distributors if they've too much of the other
guy's inventory and it's slow-moving.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">So
we, frankly, since we treat them in a much-better way, we demand better performance from them. I don't, frankly, care if they pay
the other guy. But they will pay us and they will pay us on time or they're going to be fired, because there's some other big distributors
who would love to step in and take their place and they all know it. And, frankly, they've made their bones on Ruger and they like
Ruger. And it's fun to sell because you don't have to worry about price. And so I think they are treating us better.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt 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: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
Appreciate the thoughts, Mike.</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">FEBRUARY 26, 2014 / 02:00PM  GMT, RGR - Q4 2013 Sturm Ruger Earnings Conference Call</FONT></TD></TR>
</TABLE>
<P STYLE="color: #003399; font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Actually,
let me add one other thing to that. Remember, we have talked about in the past that every two and a half weeks we sit down and
plan production based on what has actually sold through. We don't plan production based on the orders received. We don't plan it
on what would be easy or fun or profitable to make. We look and see what the consumers are pulling through the channel as evidenced
by the distributor sell-through to retailers and that's how we decide what to build.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Operator,
do we have another question?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Operator<I> </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Thank
you. Your next question comes from the line of Brian Rafn from Morgan Dempsey Capital Management.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt 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: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Yes,
Mike. Given that you have the new plant down at Mayodan that you're going to begin using for more of your new product design. If
you look out over the next few years, do you think you're going to be able to, given more capacity, probably adding some more design
teams. Are you going to be able to compress the cycle time between your concept, prototype, engineering, testing and then when
you can actually build stock?</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">We've
talked about this over time and I'm getting a sense as you look out the next few years if you're going to be able to start to shrink
that cycle time in new product introduction.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Brian,
I can assure you it's one of our highest priorities and we are trying. But I have to tell you, it's also been one of my largest
disappointments as CEO of Ruger, is that we have not made the kind of progress I would like in reducing the time from concept to
product introduction. Frankly, when an engineer tells me the product will be ready in June, I, unfortunately, I ask him -- what
year? (laughter) Because I don't always just assume it's next June.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">And
probably our single-biggest success in reducing cycle time was the introduction of the Ruger American Rifle. But we've got a couple
of other great products that I was hoping to introduce late last year that will, frankly, probably be midyear 2014. And if you
think about our big capital spending being primarily tied to new products and you see the equivalent of a big rabbit going through
the snake on capital spending, you've got to know there's something coming out of it. It's coming.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt 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: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
That's fair enough.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Give
me a sense, Mike, certainly your discussions with the wholesalers about rationality and turns going to 6 to 8 and not 30 times
cross-stocking. What is your sense, as you have these discussions in the 2014, of the success and convincing some of those wholesalers?
Is it more hard ball, or do they -- I'm just getting a sense of how successful those conversations can be.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Well,
all the distributors have made the right noises. They've expressed enthusiasm about it. But the reality is that they're getting
a lot of product from the other manufacturers. And we have had to play a little bit of hardball to have them recognize that we
treat them different, and they need to treat us different. And they need to pay promptly and on time and worry a whole lot more
about the Ruger business and not worry so much about paying everybody on an equal footing because they're not being treated on
an equal footing by everybody. And as we've had to do a little bit of that hardball with a couple of them, they appear to have
seen the wisdom of the way forward.</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">FEBRUARY 26, 2014 / 02:00PM  GMT, RGR - Q4 2013 Sturm Ruger Earnings Conference Call</FONT></TD></TR>
</TABLE>
<P STYLE="color: #003399; font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt 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: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">As
you can see, our receivables are very current, and the product is selling through.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt 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: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
Mike, you talk a little bit in your press release about being up, I think it was 12,100 units. You said in the past I think your
safety stock, your margin of safety, building your own inventory up, as much as 30 million. Might you have any success in 2014
at building some of that replenishment stock at Ruger?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Oh,
I sure hope not. (laughter) It's one of those thing that we really want it because we think we'd do a better job. And had we had
more inventory going into Q1 of 2013, we would have really had higher sales that quarter. We would have really blown away NICS.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Remember,
that quarter, the growth in our sell-through in Q1 of 2013 was less than the growth of NICS that quarter because our stuff had
sold through so fast in December of 2012. There wasn't anything on anybody's shelf in 2013 and all we could do was ship what we
produced. There wasn't any inventory at our shop or at the wholesalers. So we really left a lot of sales on the table in the beginning
of 2013 because we didn't have that inventory so I really do want to build that inventory. But it's nicer if you're so busy you
never have a chance.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt 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: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Let
me ask you on that thought, that's a very good point, Mike. What is your sense of that guy coming in to the store -- that rain
check mentality? If you don't have that -- you described that for the first quarter of 2013. How much is your sense that you may
have been able, as you built inventory for 2013, delivered that? That you were able to maybe supply that? Or do you think that
those, going into the Q1 of 2013, that those were just plain lost sales? If you didn't have it instantaneously to that guy at the
gun counter, it's over, he's going to somebody else.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">There's
several factors at play here. In Q1 of 2013, there was a lot of emotion, a lot of fear, a lot of uncertainty, driving sales, and
so the consumer coming in worried about, this is his last chance to buy a certain type of handgun or rifle. He's motivated to buy
one, even if it's not his favorite brand. He's got to go home with something.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Second
factor is that, any self-respecting retailer is going to try to make sure that consumer leaves with product that was available
in the store. That retailer is not voluntarily going to take a rain check or special order anything. He wants to move the inventory
he or she has on their shelf right then and there.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">And
then the third factor, which can come into play, and hopefully did, was that if we'd just launched a new and exciting product that
the consumer really wanted, some time later in the year when it's available, they'll step up and buy it anyway. So I think, by
and large Q1, we did lose a lot of sales. But some of them, particularly in the brand new product like the SR45 or the LC380 --
later on in the year, hopefully the consumer went ahead and got it anyway.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt 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: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
All right. Good answer. Mike, some of the things in the industry, specifically from the standpoint of gun control, there's been
some discussion on micro-stamping, electronic ID firing mechanisms, what's your sense of technology in that? Is that a lot of press
or is there some reality to that?</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">FEBRUARY 26, 2014 / 02:00PM  GMT, RGR - Q4 2013 Sturm Ruger Earnings Conference Call</FONT></TD></TR>
</TABLE>
<P STYLE="color: #003399; font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">I
think the average consumer really doesn't want a lot of technology in their weapon. They certainly don't want batteries. They don't
want something they have to put in a charger to make sure it works because the one time they might need it, particularly when you
look at self-defense weapons or hunting weapons, they really want that firearm to operate as designed. And they don't want it to
come up with a low battery signal -- how do you hold off your attacker with one arm while you try to recharge your gun? They don't
want that.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">On
the other hand, new mechanical features that make the gun more accurate, make it more comfortable to shoot, that reduce recoil,
they love that kind of technology. And that's what we aim to give them.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">You
mentioned one word that's a particular challenge, and that's microstamping. And unfortunately the state of California went ahead
and implemented that last May -- May of 2013. And there have been no guns, no semiautomatic handguns, submitted to the California
roster after that effective day in May of 2013, that have been approved and put on the list.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">In
fact you had quite the opposite happening. Any gun that needs retesting falls off the list because it can't pass the microstamping.
It doesn't work. The technology is very, very flawed. And California was, frankly, wrong to put in place, and it was a very politically
driven, not technology driven, not factually driven. The damn thing doesn't work, nobody has been able to make it work, although
I think countless companies have tried.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">And
it's going to really harm the average citizen of California. And I say the average citizen because California of course was smart
enough to exempt all of their law enforcement people. Because they don't want those guys to run out of guns.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt 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: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">And
then just final one, Mike. You talked a little bit about M&amp;A. You used the word -- we're always alert. How do you see pricing
right now? You mentioned certainly it's got to be availability, something being offered for sale. What's the question on multiples
EBITDA on that?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Well,
I think it parallels what you see on the private equity side. Our biggest chance was near the end of the recession, when the private
equity guys had trouble borrowing money, and the amounts they could borrow, the multiples were very low.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">But
right now, and I'm sure you guys know far better than I do, the multiples that the private equity guys can borrow at are much higher
than they have been. They're really reaching levels of absolute absurdity and that drives overall prices in the market.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">I
don't think it would be responsible for us to be out there paying nine or ten times EBITDA for a company, when, frankly, we trade
for less than that. I think the old thumb rule of five or six, maybe six and a half times EBITDA is a reasonable purchase price
and anything beyond that is starting to get into the silly zone.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">But
private equity guys really drive the pricing in the market. Of course, they have a short-term horizon where they're only go to
hold it for a few years. And any acquisition we do, we've got to approach with a very long-term horizon. So, we have to pay a reasonable
price and everything we've looked at so far, the prices have been unreasonable and we've concluded that our highest return on investment
is to hire more engineers and just do it ourselves.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt 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: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay,
thanks, Mike. Appreciate it.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Operator<I> </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Thank
you. The next question comes from the line of Rob Bennett of Dougherty and Co.</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">FEBRUARY 26, 2014 / 02:00PM  GMT, RGR - Q4 2013 Sturm Ruger Earnings Conference Call</FONT></TD></TR>
</TABLE>
<P STYLE="color: #003399; font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt 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: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Thanks
for taking my question. Just quick, hoping to get some color on new products in Q4. Last year you ended at 38% mix of new product
and you ended this year at 29%, but you'd been clipping around, along at about between 35% and 31%. Just curious to know what happened
in Q4 specifically?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Well,
a couple of things happened. First, look at the absolute numbers, too. 29% last year was more than 38% the year before. It gets
a little bit harder each year as we go up in sales $150 million, $200 million a year, the hurdle I have to do to produce, one-third
of our sales of new products gets really, really hard.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">And
also, blockbusters do drop off. We only keep them on the list for eight quarters and in the ninth quarter, they're off the list,
no matter how well they're selling. And then add on the factor that a couple of products I was hoping to introduce in December,
frankly, I'll be happy if I introduce them in June or July.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt 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: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Great.
I appreciate the color there. Thanks.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Operator<I> </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Your
next question comes from the line of Gregory Fecho, private investor.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Gregory Fecho <I> - Private
Investor - Analyst </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">I
have no question.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
Thanks. Operator, another one?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Operator<I> </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Thank
you. The next question comes from Dusty Henderson from Eagle Asset.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Dusty Henderson <I> -
Eagle Asset Management - Analyst </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Good
morning. Thank you for taking the time. Can you talk about how the distributors and retailers have been working with retailers
in California have acted around the microstamping laws?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">How
they acted around it?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Dusty Henderson <I> -
Eagle Asset Management - Analyst </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Has
it been rational? Has it been stockpiling just for that state, et cetera?</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">FEBRUARY 26, 2014 / 02:00PM  GMT, RGR - Q4 2013 Sturm Ruger Earnings Conference Call</FONT></TD></TR>
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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="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">I'm
not sure I really understand the question. There hasn't been a lot of behavior change there, other than they've had to stop ordering
the products that are falling off the California roster. And because there's a 10-day waiting period, they've got to time everything
so if a product is coming off on March 1, they've got -- by February 18 is essentially the last day they can sell it.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">But
it's all very predictable to them. They see the dates on the roster. Certainly we have communicated with them, as other manufacturers
communicated with them, to make sure that everybody's aware of what's coming off, when it's coming off, and they sell right through
to the last day and then they can't do it any more. And so they plan their inventories around that.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Dusty Henderson <I> -
Eagle Asset Management - Analyst </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Thank
you. That was helpful.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Operator<I> </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Thank
you.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">(Operator
Instructions)</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Your
next question comes from the line of Scott Hamann of KeyBanc Capital Markets.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt 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: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Thanks.
I just have two follow-ups, Mike. First, in terms of promotions, you see some of the inventory levels getting back to more normalized
levels at retail, and you see some manufacturer promoting, some retailers promoting. Can you talk about how the burden is shared
between the distributors, the retailers, and the manufacturers as we see some of these promotions start to come back?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">My
answer would be, frankly, mostly speculation about what the other guys and what we've observed, and mostly I would say the promotion
expense falls on the manufacturers.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Because
we see some manufacturers offering deals. For example, one of the competitors just put out a deal that if you buy my 1911, we'll
give you a free small single-action revolver. I doubt that one's going to get much traction. But in that case, for example, the
manufacturer would carry the burden of that extra cost of the free good. It wouldn't really have a huge impact on the distributor
or the retailer.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt 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: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
And then just secondly on gross margin. It seems with sales versus the third quarter being higher in the fourth quarter and I think
gross margin leveled off or was a little bit softer than we had anticipated. Is it a mix thing or is there something else, maybe
just walk through some of the moving pieces as to why gross margin might not be better with sales a little better?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Yes.
I'll run through a couple of the factors that affected it. Probably the single-biggest was the reduction in accessory sales, which
is primarily aftermarket magazine sales. In December of 2012, and it really affected that fourth quarter, but through the next
couple of quarters, magazine sales were just tremendous. We couldn't meet demand. And we sold a lot of those magazines directly
through our shopRuger.com outlet so they were sold really at a very full margin.</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">FEBRUARY 26, 2014 / 02:00PM  GMT, RGR - Q4 2013 Sturm Ruger Earnings Conference Call</FONT></TD></TR>
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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="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Later
in the year, those sales fell off on the website and shifted to distribution and from there to brick-and-mortar retailers. And
so the volume stayed up pretty good through the second half of the year, but the margins dropped off a bit because we were selling
through distribution rather than selling direct. And by the end of the year, magazine sales had slowed, particularly in comparison
the year-over-year comps were very tough in Q4.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">I
would say that, that was probably as much as $0.10, $0.12, $0.13 a share in Q4 over a year -- over a consecutive quarterly from
Q3 to Q4 of 2013.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">And
then, another thing that happened is that we have the big spring promotions season is January and February. But we have to accrue
for whatever inventory the distributors hold at December 31. And in December 31, 2012, they had pretty much sold through their
inventory and had very little inventory on December 31. But that wasn't true.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">In
fact, it was just the opposite. They'd been able to build up a pretty good inventory in December 31, 2013. So we took an accrual
then for the inventory they had on hand to support the promotions that would occur in 2014. And so that was a couple million dollars
of accrual expense that you didn't see in the previous quarter so that was about $0.07 a share.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Mayodan
had more cost in Q4 than it did in Q3 so that was a couple million dollars or $0.06 or $0.07 a share. We also took a writedown
of our venture capital investment in Kodabow, and so that was about $0.03 per share. I already mentioned that the depreciation
change was a couple of cents a share. We had a little legal accrual for $0.02 or $0.03 a share. And all of that adds up to in the
neighborhood of about $0.30 a share, but the quarter was only off by $0.11 consecutive quarter.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">So
we also had some very good news offsetting that $0.30 a share. And that increased volume, even though the margin was a little lower,
contributed $0.11 a share. And then we picked up about another $0.10 a share just through other good operation of the business.
You had some negatives that added up in the consecutive quarter comparison to the range of $0.30 to $0.33 a share, and then you
has some positives that were in the $0.20 a share with the net being an $0.11 change.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt 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: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay,
that's really helpful. One final question on the rifle category. I think it was up 50%-ish this year. Can you give us any color
how much of that was driven by MSRs?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">I
don't really think I can. I just don't have those numbers at my fingertips.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Keep
in mind a couple of things happened. We lump together all the rifles, whether they're 10/22's, mini-14s, MSRs, the new American
Rimfire rifle that we just launched. And we built up quite an inventory so we were able to ship quite a bit at launch. The Centerfire
rifle which really hit its stride this year, last year was an instruction year.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">I
can't pick out MSRs for you, but keep in mind MSRs have never been a significant piece of our business and so from whatever their
peak was in the first or second quarter, to easing off a bit in the later quarters, I doubt it was material and really noticeable
in the financials.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt 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: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
All right. Thanks, Mike.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Operator<I> </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">The
next question comes from the line of Jonathan Weiss of G2 Investment Partners.</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">FEBRUARY 26, 2014 / 02:00PM  GMT, RGR - Q4 2013 Sturm Ruger Earnings Conference Call</FONT></TD></TR>
</TABLE>
<P STYLE="color: #003399; font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Noah Steinberg <I> - G2
Investment Partners - Analyst </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Hi,
this is Noah Steinberg, calling for Jonathan. I had just a question on, looking at some units ordered and metrics you give around
the units as well as the distributor metrics that you give.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">So
the units sold from distributors and the units in distributor inventory are, sorry -- the units sold from distributors has been
flattish year-over-year. And the units in distributor inventory is actually up year-over-year very nicely. And then units ordered
from them are down significantly. But the units that you guys producing and shipping are up nicely like they have been the last
few quarters. Can you explain why that is?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">I'll
have to admit I get confused by that question.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Noah Steinberg <I> - G2
Investment Partners - Analyst </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">I'll
simplify it. It looks like the metrics related to the channel, orders and inventory, are all signaling a slowdown, but the production
and the shipping from the Company looks like it's continuing as it has. Can you help me understand why that is?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Well,
there's a couple of factors at play here. One is that the distributors really want to load up in Q4 so they can fulfill all the
promotional orders they get in January and February. That's just a normal cyclicality in the business. Irrespective of what the
overall market is doing. Generally, they like to see an inventory filled right before those promotions so they can fill them as
fast as they can.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">And,
second off, we are coming off a year where inventory turns were well north of 20 times for the distributors and you have a lot
of retailers that were just out of inventory through much of the year. So everybody's restocking.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Absolutely
nobody wanted us to slow down at that point. If you think back to what I said about every two and a half weeks we look to see exactly
what sold through and we use that to try to more intelligently adapt our production schedule going forward. We'll react to what's
selling through and you really don't have to worry about the channel getting stuffed.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Noah Steinberg <I> - G2
Investment Partners - Analyst </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
Thank you.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Operator<I> </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Thank
you. The next question comes from the line of Aaron Smith from CNN Money.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Aaron Smith <I> - CNN
Money - Media </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Well,
hi, Mr. Fifer, thanks for taking my call. Just had a couple of questions for you. One of them, basically, about the workforce down
in North Carolina with the new factory. I was wondering if the you could tell me, how many people work there?</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">And
you mentioned something about expanding the work force. I was wondering if you had any specifics about the number of people you
plan to hire. And just to put things in perspective, how does that compare to your overall workforce at the Company?</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">FEBRUARY 26, 2014 / 02:00PM  GMT, RGR - Q4 2013 Sturm Ruger Earnings Conference Call</FONT></TD></TR>
</TABLE>
<P STYLE="color: #003399; font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Our
overall workforce, including regular employees and temps, is in the neighborhood of 2,400, of which less than 100 are in Mayodan,
North Carolina.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Aaron Smith <I> - CNN
Money - Media </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
And do you have any concrete plans to expand the workforce at the new factory?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">As
demand justifies it, and as we move additional product lines in there. Which mostly will be new products, but we may release some
of the capacity constraints in Newport or in Prescott by moving an existing product. But right now we're focused just on new products
in Mayodan.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Aaron Smith <I> - CNN
Money - Media </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">All
right.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Personally,
I'd like all three factories to be about the same size. I'd like, frankly, to have a little bit smaller workforce in North Carolina
and Arizona, because I think it's nuts to have people driving over an hour for a basic entry-level job.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">If
you look at a workforce of a 1,000 people in a factory, you may have 800 terrific folks, but when you're stretching that hard,
the last 100 people you hired might not be folks you'd have hired if you had a choice. So is if I can, over time, get Mayodan up
and get enough products in there to take a little of the pressure off the other two plants, we'll be better off for it.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Aaron Smith <I> - CNN
Money - Media </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">So
is Newport basically your big factory? Or is it Prescott?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Newport
is a little bit bigger than Arizona, only because it has the foundry, but if you look at firearms factories in Newport and Arizona,
they're about the same size and the same number of people.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Aaron Smith <I> - CNN
Money - Media </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
And about how many people work at the other factories? Approximately?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">I'm
doing this a little bit from memory so --</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Aaron Smith <I> - CNN
Money - Media </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">That's
all right.</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">FEBRUARY 26, 2014 / 02:00PM  GMT, RGR - Q4 2013 Sturm Ruger Earnings Conference Call</FONT></TD></TR>
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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: #003399; font:  bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">I
don't know if this is terribly accurate, but perhaps you've got 1,000 in one and 1,300 at the other?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Aaron Smith <I> - CNN
Money - Media </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">All
right. Thanks for that. I'll just bear in mind that's an approximation.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">One
last question. You had mentioned new products built at the factory in North Carolina. In the financial statement, you mentioned
that sales were driven in part by five or six new guns, one of them being SR-762 rifle. That being a military-style, semiautomatic
rifle. Those type of rifles have really been in demand over the last couple of years. And I was just wondering if you could give
a picture of just how many of those rifles you've sold and how much of an impact these sort of military-style semiautomatic rifles,
how much impact does it have on your overall gun sales?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">It
has very little impact on our overall gun sales. We make a high-end, feature-rich product, and generally it's purchased by a really
knowledgeable collector and user of those kind of guns and it is not bought by your average, everyday fan of those guns. The average
customer will buy a gas impingement gun, where these are Piston-operated guns and cost quite a bit more -- up to $1,000 more than
the gas impingement versions, so a really niche business.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Aaron Smith <I> - CNN
Money - Media </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay,
thanks, Mr. Fifer. I appreciate it.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Operator<I> </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Thank
you. The next question comes from Eugene Flynn of Aegis Capital.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Gene Flynn <I> - Aegis
Capital - Analyst </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Hello,
Mike, Gene Flynn speaking. The California microstamping, how is that likely to affect your earnings and your Company? Financially?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Well,
we don't actually know how many of our products are ending up in California, but we surveyed our distributors to try to get a best
estimate of what happened in 2013. The number they gave us, which I'll tell you, don't place too much assumption of accuracy on
this because it's an estimate, was about 28,000 handguns. And if you assume an average sale price of about $300 each, help me with
the math, but I think it's about $9 million or $10 million. Somewhere -- it's under $10 million in sales.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Gene Flynn <I> - Aegis
Capital - Analyst </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">$8.4
million.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">There
you go. You're better at this than I am.</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">FEBRUARY 26, 2014 / 02:00PM  GMT, RGR - Q4 2013 Sturm Ruger Earnings Conference Call</FONT></TD></TR>
</TABLE>
<P STYLE="color: #003399; font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="color: #003399; font:  bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Gene Flynn <I> - Aegis
Capital - Analyst </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">No.
(laughter) How will that affect your bottom line? The way things are?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">I
would say our contribution margin is probably 50%, at least, and then so that's going to trim $5 million off it, right off the
top.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Gene Flynn <I> - Aegis
Capital - Analyst </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
So that basically, there's a very potential $5 million hit. Now, the first quarter you've indicated will certainly be down compared
to the first quarter of 2013. We're two-thirds of the way through the first quarter. What is your feeling about that first quarter?
How bad do you think it might be?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Let
me correct something that you attributed to me. I haven't actually said anything how first quarter's going to be. I have said the
distributor shows were very encouraging, that we got substantially more orders than we got in 2012, which is what I will call a
real year, with realistic orders. So I'm very encouraged by that. But other than that I haven't said a damn thing about how Q1
is going to come out and I'm not going to, either.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Gene Flynn <I> - Aegis
Capital - Analyst </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Didn't
you say that first quarter of 2014 would be less than first quarter of 2013 but greater than first quarter of 2012?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">I
most certainly did not, sir. I said the orders booked by retailers to the wholesale distributors at the distributor shows were,
in fact, those orders were greater than the orders they placed in 2012 and less than the orders they placed in 2013.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">But
keep in mind, I'm talking about orders that retailers placed against wholesalers, which has nothing to do with, at this point,
has nothing to do with sell-through or production rates or earnings or anything else.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Gene Flynn <I> - Aegis
Capital - Analyst </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Well,
I respectfully apologize for my misunderstanding on that point.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">On
the question of gun buyers, is that a market that's -- is it expanding into the female market? Are younger people beginning to
participate more in it? Do you see the profile of the gun buyer changing at all?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Yes.
When looked over a five-to-seven-year window, it's changed significantly. First off, it's far more socially acceptable than it
was even five years ago to. People in New England even admit to their friends that they like guns and you'd have never done that
five or six year ago. And the number of women buyers is up significantly and we're really encouraged by that because some portion
of them will buy more than one gun.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Mostly
they're motivated to buy that first gun because they're taking personal responsibility for their self-defense, but a certain portion
will conclude that, hey, shooting is really a lot of fun. I like this. They realize that one size doesn't fit all needs in the
firearms and they'll go out and buy another one and then another one. And so I think whatever the new normal will be in the industry,
it'll definitely be higher than the normal was five year ago. It's younger demographic. It's a lot more female representation.
And, frankly, we're thrilled and delighted by that.</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">FEBRUARY 26, 2014 / 02:00PM  GMT, RGR - Q4 2013 Sturm Ruger Earnings Conference Call</FONT></TD></TR>
</TABLE>
<P STYLE="color: #003399; font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Gene Flynn <I> - Aegis
Capital - Analyst </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.
This is just a little bit off the wall, perhaps. Is foreign business a factor, either from competing imports or in terms of exports
a factor?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Exports,
it's largely not a factor.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Gene Flynn <I> - Aegis
Capital - Analyst </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Because
essentially the world market for legal civilian guns, particularly handguns, is the United States. However, imports are a huge
factor, and it stuns me that our Congressional leaders allow imports from countries that don't allow us to send similar product
to them.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Why
the heck would we allow imports from Brazil or Austria when those countries don't allow us to export firearms to their countries?
You think these guys care about American jobs, but it makes me wonder.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Gene Flynn <I> - Aegis
Capital - Analyst </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">But
is this a significant factor as you see it cutting -- do you see it significantly affecting your earnings in the future?</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">I
don't know that it will affect it any more in the future than it has in the past few years, but I would say the imports have a
healthy portion of the US market. But they have all along. They didn't suddenly gain any more market share nor have they lost any
market share, really.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Gene Flynn <I> - Aegis
Capital - Analyst </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">All
right. Now, the last question. After four solid years of growth, earnings, revenues, and the gun market in general, do you see
that coming to an end? I know you can't forecast the future.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Let
me -- a little bit of look back for you. There actually haven't been four years of solid growth because you have this growth from
November of 2008 until about June of 2009 and then that surge subsided. And there was a significant slowdown in the second half
of 2009 and through, pretty much most of 2010.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">And
then in 2011, it rebounded handsomely, although even in 2011, it rebounded at the retailers much sooner than it rebounded at the
manufacturers because many of those guns that were purchased during the surge were still new in box, as consumers realized they
bought more than they were comfortable with. And they took a few back to convert them to cash. And the retailers happily sold those
because they can sell a new, in box, used gun at a higher margin, than they can sell a new gun they just purchased from a manufacturer.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">So
let me recap that. From when Mr. Obama was elected through the summer of 2009, you had a huge surge. Then it really fell off at
all levels of the channel for the next two to three quarters. Then it started to rebound somewhere in 2010 at the retail level
and then really 2011 was when the manufacturers started to pick up again.</FONT></P>


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<!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="margin-top: 9pt; margin-bottom: 6pt; padding-top: 9; padding-bottom: 9; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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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">FEBRUARY 26, 2014 / 02:00PM  GMT, RGR - Q4 2013 Sturm Ruger Earnings Conference Call</FONT></TD></TR>
</TABLE>
<P STYLE="color: #003399; font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">So
we have been through a cycle already. In particular, a cycle that had huge political motivations, fear of losing gun rights motivation.
That parallels very much what we experienced in early 2013. And so you can rub a crystal ball as well as I can and you can hypothesize
that a similar pattern could emerge, a post-surge pattern could emerge at this time.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Which
case, you could suspect that things might slow down a bit for a year and then they'll pick right up again, because remember, the
base of firearms consumers is much larger than it was five, six years ago.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Gene Flynn <I> - Aegis
Capital - Analyst </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">All
right. Well, thank you very much.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">You're
welcome.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Operator<I> </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Thank
you. The next question comes from the line of Brian Ruttenbur of CRT.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Brian Ruttenbur <I> -
CRT - Analyst </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Thank
you very much. Last question. Just on the cost on the new factory. Should margins be stronger coming out of this factory as you
ramp than your other factories? What I'm trying to understand is your cost factor's lower in the South versus your existing factories
and how things are set up, possibly more efficiently.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Two
parts to the answer. The incremental costs, for example, utilities are lower on an incremental basis, but the overhead is per unit
is much higher. Because until we get some critical mass down there and have enough product flowing through it, we've got a certain
minimum amount of overhead being spread over very few units. And so right now, a comparable unit coming out of Newport, New Hampshire
and out of Mayodan, North Carolina the one in Newport's got a much higher margin. But over time that will correct itself as we
get the volume up in Mayodan.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Brian Ruttenbur <I> -
CRT - Analyst </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Okay,
thank you very much.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Operator<I> </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Thank
you. I'd now like to turn the call over to Michael Fifer for closing remarks.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Michael Fifer <I> - Sturm,
Ruger &amp; Company, Inc. - President &amp; CEO </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Thank
you, operator.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">2014
will be an interesting year. As we have seen during previous periods of volatile demand such as the cycle from 2009 through 2011,
the overall market dynamics can make continuous growth every year difficult to achieve.</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">FEBRUARY 26, 2014 / 02:00PM  GMT, RGR - Q4 2013 Sturm Ruger Earnings Conference Call</FONT></TD></TR>
</TABLE>
<P STYLE="color: #003399; font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Our
results have demonstrated, however, that our strategy of driving demand through innovation, and continuously improving our operations
through lean business practices has positioned us to provide favorable returns for our shareholders over the long term.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">In
closing, I'd like to thank you for your continued interest in Ruger, and I'd like to thank our 2,400 wonderful folks on the Ruger
team, without whom our accomplishments and the unprecedented financial results in 2013 would not have been possible.</FONT></P>

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

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">I
look forward to seeing many of you at our 2014 annual meeting on Tuesday, May 6, in Trumbull, Connecticut. Thank you.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 4pt 0; border-top: #003399 0.25pt solid">Operator<I> </I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font:  8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">Thank
you for your participation in today's conference. This concludes the presentation. You may now disconnect. Good day.</FONT></P>

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

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
