<SEC-DOCUMENT>0001174947-15-000293.txt : 20150227
<SEC-HEADER>0001174947-15-000293.hdr.sgml : 20150227
<ACCEPTANCE-DATETIME>20150227125812
ACCESSION NUMBER:		0001174947-15-000293
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20150226
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20150227
DATE AS OF CHANGE:		20150227

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:		15656473

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

	MAIL ADDRESS:	
		STREET 2:		1 LACEY PLACE
		CITY:			SOUTHPORT
		STATE:			CT
		ZIP:			06490
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k-13272_rgr.htm
<DESCRIPTION>8-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>February 26, 2015</B></P>

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 33%; padding-right: 4pt; padding-left: 4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DELAWARE</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(State or Other Jurisdiction of Incorporation)</P></TD>
    <TD NOWRAP STYLE="width: 34%; padding-right: 4pt; padding-left: 4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>001-10435</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Commission File Number)</P></TD>
    <TD NOWRAP STYLE="width: 33%; padding-right: 4pt; padding-left: 4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>06-0633559</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(IRS Employer Identification Number)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font: normal 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>ONE LACEY PLACE, SOUTHPORT, CONNECTICUT</B></TD>
    <TD STYLE="width: 50%; font: normal 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>06890</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Address of Principal Executive Offices)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">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):</P>

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

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

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



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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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, 2015, discussing our 2014 financial
results. The transcript of the conference call and webcast is included as Exhibit 99.1 to this Report on Form 8-K.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The text included with this Report on Form
8-K and the replay of the conference call and webcast on February 26, 2015, is available on our website located at <U>www.ruger.com/corporate</U>,
although we reserve the right to discontinue that availability at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">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.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif; text-decoration: underline"><U>Exhibit No</U>.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-decoration: underline"><U>Description</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">99.1</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Transcript of conference call and webcast conducted on February 26, 2015.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">STURM, RUGER &amp; COMPANY, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="text-decoration: none; border-bottom: Black 1pt solid">/S/ Thomas A. Dineen&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD COLSPAN="1">Thomas A. Dineen</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD COLSPAN="1" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Principal Financial Officer,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="1" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Principal Accounting Officer,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="1" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Vice President, Treasurer and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="1" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Chief Financial Officer</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 2in">&nbsp;</TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dated: February 27, 2015</P>

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

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

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



<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top; background-color: #006595">
    <td style="width: 100%; border-top: #006595 1pt solid; border-bottom: #006595 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="color: #003399; font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="color: #6B9915; font: small-caps 18pt Arial, Helvetica, sans-serif; margin: 0; text-align: left"><font style="font-weight: normal">&nbsp;</font></P>
        <P STYLE="color: #6B9915; font: small-caps 18pt Arial, Helvetica, sans-serif; margin: 0; text-align: left"><font style="font-weight: normal">&nbsp;</font></P>
        <P STYLE="color: #6B9915; font: small-caps 10pt Arial, Helvetica, sans-serif; margin: 0; text-align: left"><font style="font-weight: normal">&nbsp;</font></P></td></tr>
<tr style="vertical-align: top; background-color: #006595">
    <td style="border-bottom: #006595 1pt solid; font: small-caps 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 Arial, Helvetica, sans-serif; color: #BCBEC0">THOMSON REUTERS STREETEVENTS</font></td></tr>
<tr style="vertical-align: top; background-color: #006595">
    <td style="border-bottom: #006595 1pt solid; font: small-caps bold 10pt Times New Roman, Times, Serif; padding-right: 0.25in; padding-left: 0.25in; text-align: left; color: #003399"><font style="font: 24pt Knowledge Medium,sans-serif; color: white">EDITED TRANSCRIPT</font></td></tr>
<tr style="vertical-align: top; background-color: #006595">
    <td style="border-bottom: #006595 1pt solid; font: small-caps 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 Arial, Helvetica, sans-serif; color: white">RGR - Q4 2014 Sturm Ruger &amp; Co Inc Earnings Call</font></td></tr>
<tr style="vertical-align: top; background-color: #006595">
    <td style="border-bottom: #006595 1pt solid; font: small-caps bold 24pt Times New Roman, Times, Serif; padding-right: 0.25in; padding-left: 0.25in; text-align: left; color: #003399">&nbsp;</td></tr>
<tr style="vertical-align: top; background-color: #006595">
    <td style="border-bottom: #006595 1pt solid; font: small-caps 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 Arial, Helvetica, sans-serif; color: white">EVENT DATE/TIME: FEBRUARY 26, 2015 / 02:00PM&nbsp;&nbsp;GMT </font></td></tr>
<tr style="vertical-align: top; background-color: #006595">
    <td style="border-bottom: #006595 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="color: white; font: small-caps 10pt Arial, Helvetica, sans-serif; margin: 0 0.25in; text-align: left"><font style="font-weight: normal">&nbsp;</font></P>
        <P STYLE="color: white; font: small-caps 10pt Arial, Helvetica, sans-serif; margin: 0 0.25in; text-align: left"><font style="font-weight: normal">&nbsp;</font></P></td></tr>
<tr style="vertical-align: top; background-color: #006595">
    <td style="border-bottom: #006595 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 18pt Arial, Helvetica, sans-serif; margin: 0 1.5in 0 0.25in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 18pt Arial, Helvetica, sans-serif; margin: 0 1.5in 0 0.25in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 18pt Arial, Helvetica, sans-serif; margin: 0 1.5in 0 0.25in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 18pt Arial, Helvetica, sans-serif; margin: 0 1.5in 0 0.25in; text-align: justify">&nbsp;</P></td></tr>
</table>
<p>&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="width: 2.25in; text-align: right; vertical-align: bottom">1</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-right: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, sans-serif; margin: 0"><FONT STYLE="color: #424242">THOMSON REUTERS STREETEVENTS
        | </FONT><FONT STYLE="color: blue"><U>www.streetevents.com</U></FONT><FONT STYLE="color: #424242"> | </FONT><FONT STYLE="color: blue"><U>Contact
        Us</U></FONT><BR>
        <BR>
        <FONT STYLE="font-size: 7pt; color: rgb(66,66,66)">&copy; 2015 Thomson Reuters. All rights reserved. Republication or
        redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written
        consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters
        and its affiliated companies.</FONT></P>



</TD>
    <TD STYLE="text-align: right; vertical-align: middle"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P></P>
<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #006595">
    <TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; font: small-caps bold 10pt Times New Roman, Times, Serif; text-align: left; color: #003399"><FONT STYLE="font: normal 10pt Arial, Helvetica, sans-serif; color: white">FEBRUARY 26, 2015 / 02:00PM&nbsp;&nbsp;GMT, RGR - Q4 2014 Sturm Ruger &amp; Co Inc Earnings Call</FONT></TD></TR>
</TABLE>


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

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

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

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

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

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

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 4pt; text-align: left; text-indent: 0">Bill Ledley<FONT STYLE="font-weight: normal"><I>
Cowen and Company - Analyst</I></FONT></P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 4pt; text-align: left; text-indent: 0">Matt Sullivan<FONT STYLE="font-weight: normal"><I>
Fiduciary Management - Analyst</I></FONT></P>

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

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

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

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

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Ladies
and Gentlemen, again, thank you very much for your patience, and welcome to the Q4 2014 Sturm, Ruger Earnings Conference call hosted
by Michael Fifer. My name is Gary, and I will be your event coordinator today.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">(Operator
Instructions)</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">I'd
now like to hand over to your host, Michael; over to you.</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Good
morning. Welcome to the Sturm, Ruger and Company year-end 2014 conference call. I'd like to ask Kevin Reid our general counsel
to read the caution on forward-looking statements, which will be followed by a quick overview of 2014, including the fourth quarter,
and then we can get right into your questions. Kevin?</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Thanks,
Mike. We'd like to remind everyone that statements made in the course of this conference call 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.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">Additional
information concerning factors that could cause actual results to differ materially from those in the forward-looking statements
is contained from time to time in the Company's SEC filings, including, but not limited to, the Company's reports on form 10-K
for year ended December 31, 2014 and, of course, the forms 10-Q for the first, second, and third quarters of 2014. Copies of these
documents may be obtained by contacting the Company or the SEC or on the Company website at www.ruger.com/corporate or the SEC
website at www.sec.gov.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">We
reference non-GAAP EBITDA. Please note that the reconciliation of GAAP net income to non-GAAP EBITDA can be found in our form 10-K
for year ended December 31, 2014 and our forms 10-Q for the first three quarters of 2014, which also are posted on our website.
Furthermore the Company disclaims all responsibility to update forward-looking statements. Mike?</FONT></P>

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

<p>&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="width: 2.25in; text-align: right; vertical-align: bottom">2</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-right: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, sans-serif; margin: 0"><FONT STYLE="color: #424242">THOMSON REUTERS STREETEVENTS
        | </FONT><FONT STYLE="color: blue"><U>www.streetevents.com</U></FONT><FONT STYLE="color: #424242"> | </FONT><FONT STYLE="color: blue"><U>Contact
        Us</U></FONT><BR>
        <BR>
        <FONT STYLE="font-size: 7pt; color: rgb(66,66,66)">&copy; 2015 Thomson Reuters. All rights reserved. Republication or
        redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written
        consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters
        and its affiliated companies.</FONT></P>



</TD>
    <TD STYLE="text-align: right; vertical-align: middle"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P></P>
<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #006595">
    <TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; font: small-caps bold 10pt Times New Roman, Times, Serif; text-align: left; color: #003399"><FONT STYLE="font: normal 10pt Arial, Helvetica, sans-serif; color: white">FEBRUARY 26, 2015 / 02:00PM&nbsp;&nbsp;GMT, RGR - Q4 2014 Sturm Ruger &amp; Co Inc Earnings Call</FONT></TD></TR>
</TABLE>


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

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


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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Thank
you, Kevin. Financial results. For 2014, net sales were $544.5 million, and fully diluted earnings were $1.95 per share. For the
corresponding period in 2013, net sales were $688.3 million and fully diluted earnings were $5.58 per share.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">For
the fourth quarter of 2014, net sales were $122.6 million, and we realized a fully-diluted loss of $0.77 per share. For the corresponding
period in 2013, net sales were $181.9 million and fully-diluted earnings were $1.33 per share. In the fourth quarter of 2014, the
Company recorded an expense of $41 million related to the termination and settlement of its defined benefit pension plan.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Excluding
this expense, 2014 net income was $64 million or $3.22 per share, and the fourth quarter net income was $10.5 million or $0.53
per share. The cash requirements for the termination and settlement of the defined pension plans was $7.5 million. Our 2014 EBITDA
was $126.3 million, or 23% of sales, and our fourth quarter 2014 EBITDA was $17.3 million, or 14% of sales.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Demand.
Demand in the first half of 2014 was much stronger than demand in the second half of 2014. In the first half of 2014, the Company
shipped approximately 1.1 million units to the independent wholesale distributors verses approximately 700,000 units in the second
half, a decline of approximately 33% in the second half of the year.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The
distributors, in turn, experienced a decline in the sell-through of our products to retailers of approximately 25% in the second
half of the year. This decline in demand from the distributors was driven by decline in consumer demand in 2014 from the extraordinary
level of consumer demand in 2013.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">We
believe that the decline in consumer demand for firearms caused many retailers to buy fewer firearms in the third and fourth quarters
of 2014 than they were actually selling in an effort to reduce their inventories and generate cash. The decline in demand from
the distributors was exacerbated by extensive discounting by our competitors, which, in particular, reduced our share of the large
chain store Black Friday business.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">For
the full year of 2014, the estimated sell-through of the Company's products from the independent distributors to retailers decreased
20% from 2013. The national instant criminal background check system, known as NICS, decreased 12% in 2014 from 2013.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">I
initially thought that meant we lost significant market share during the second half of the year, but analysis of the quarterly
import data for hand guns has made me rethink how much share we might have lost. Recently published hand gun import data from the
major supplying countries, Austria, the Czech Republic, and Brazil indicate that they experienced major reductions in import volumes
to the USA in the second half of the year.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">That
implies that demand for their products may have declined in a similar fashion to the pattern of demand we observed for our products.
Perhaps we did not lose as much share as the NICS numbers first indicated.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Note
also, that a disparity between sell-through and NICS can arise from retailers selling down their own inventory, which we believe
may have happened in the latter half of 2014. For 2015, we are starting to see some early indications that demand from retailers
to distributors is improving. We think that demand in 2012 before the huge surge in demand in 2013 is a good starting point for
comparison.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">For
the full year 2012 distributor sell-through of our products to retailers was approximately 1.8 million units compared to an annualized
rate of 1.4 million units for the second half of 2014. Now, with the 2015 distributor show season almost over, we have seen a 28%
increase in show bookings as compared to 2012. We believe that is a positive sign.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Also,
the three largest independent distributors that carry our line do not have distributor selling shows, and their retailer demand
is up 49%. I would caution you against over interpreting this data, but I do think it is an indicator that the market may be improving.
Keep in mind that improved consumer demand is only the first step and not one that we can measure.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">It,
in turn, results in demand from the retailers to the distributors, and they, in turn, draw from their existing inventory, as well
as place orders on the Company for more product. There are time lags at each step of the distribution chain from receiving demand
from whoever your customer is before placing demand on whoever your vendor is.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">We
are the last ones in the chain, so we fully expect our recovery and demand to somewhat lag the recovery in consumer demand and
retailer demand. Nonetheless, and in spite of significant inventories of the Company's product at the wholesale distributor level,
we have experienced a slight increase in unit shipments as compared to the same period in 2012.</FONT></P>

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

<p>&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="width: 2.25in; text-align: right; vertical-align: bottom">3</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-right: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, sans-serif; margin: 0"><FONT STYLE="color: #424242">THOMSON REUTERS STREETEVENTS
        | </FONT><FONT STYLE="color: blue"><U>www.streetevents.com</U></FONT><FONT STYLE="color: #424242"> | </FONT><FONT STYLE="color: blue"><U>Contact
        Us</U></FONT><BR>
        <BR>
        <FONT STYLE="font-size: 7pt; color: rgb(66,66,66)">&copy; 2015 Thomson Reuters. All rights reserved. Republication or
        redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written
        consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters
        and its affiliated companies.</FONT></P>



</TD>
    <TD STYLE="text-align: right; vertical-align: middle"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P></P>
<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #006595">
    <TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; font: small-caps bold 10pt Times New Roman, Times, Serif; text-align: left; color: #003399"><FONT STYLE="font: normal 10pt Arial, Helvetica, sans-serif; color: white">FEBRUARY 26, 2015 / 02:00PM&nbsp;&nbsp;GMT, RGR - Q4 2014 Sturm Ruger &amp; Co Inc Earnings Call</FONT></TD></TR>
</TABLE>


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

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


<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">And
we believe that the wholesale distributors have experienced a 12% increase in unit sell-through of our products to retailers during
this time. The distributors are actually decreasing inventory at a faster rate than we want them to while still drawing product
from us and reducing our finished-goods inventory.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">New
product development. We had two significant new product introductions in 2014, the LC9s striker-fired pistol and the AR-556 modern
sporting rifle. Both of these products are enjoying strong demand, and we are working to increase production rates.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">We
have also introduced several new products during the fourth quarter that have been well received by both consumers and retailers.
These include, the three-inch LCRX, the polymer-stocked Gunsite Scout rifle, the LC9s pro, the LCP custom, the GP100 Match Champion
with adjustable sights, two versions of the 22 Charger pistol, including a takedown version, a new model of the 2245 Lite pistol,
the SR1911 Lightweight Commander pistol, and the Hawkeye FTW Predator rifle.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">In
accessory products we've introduced the BX-trigger, BX-15 magazine, and the new drop-in two stage trigger for modern sporting rifles.
We remain steadfast in our commitment to develop and introduce innovative new products in growth segments of our market. This is
a key element of our strategy to drive demand.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Production
and inventories. When demand for the Company's product started to wane in 2014, we took advantage of the opportunity to increase
our distributors' inventories to a level that would represent 6 to 8 turns. We also replenished our own inventories.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Once
satisfactory levels were achieved and it became evident that there would be no immediate improvement in demand, we aggressively
cut production levels almost 40% from the first half of the year to the second half of the year. As demand has started to show
some early indications of improvement in 2015 and the distributors have reduced their inventories, we have started to raise production
rates for some of our products.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Inventories
at the Company and at our independent distributors peaked in the third quarter of 2014 and then dropped in the aggregate by over
60,000 units in the fourth quarter. These large inventory declines have continued into the first quarter of 2015.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">We
believe that inventories levels of the Company's products at the independent distributors and at the Company are appropriate. And
we continue to adjust our production rates so that they track the rates of estimated distributor sell-through of our products to
retail.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Balance
sheet. At December 31, 2014, our cash and cash equivalents totaled $9 million, a decrease of $46 million from December 31, 2013.
Our current ratio was 2.0 to 1, and we have no debt despite our stock repurchases in the fourth quarter. At December 31, 2014,
stockholders' equity was $185.5 million, which equates to a book value of $9.90 per share.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Cash
flows. In 2014, we generated $55.6 million of cash from operations. We reinvested $46 million of that back into the Company in
the form of capital expenditures.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">We
estimate that the capital expenditures in 2015 will be approximately $30 million. Our primary focus for investment will be new
product development.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Cash
return to shareholders. In 2014, the Company returned $55.4 million to its shareholders through the payment of $31.4 million of
dividends and the repurchase of 680,800 shares of our common stock at an average price of $35.22 per share for a total of $24 million.
At December 31, 2014, $76 million remained authorized for future stock repurchases.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Our
Board of Directors has declared a $0.17 per share quarterly dividend for shareholders of record as of March 13, 2015, payable on
March 27, 2015. As a reminder, our quarterly dividend is approximately 40% of net income.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Those
are the highlights of 2014. Operator, may I please have the first question?</FONT></P>

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

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

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

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Certainly.
Ladies and gentlemen, your Q&amp;A session will now begin.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">(Operator
Instructions)</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">Our
first question is from the line of Brian Rafn of Morgan Capital Management. Over to you, Brian.</FONT></P>

<p>&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="width: 2.25in; text-align: right; vertical-align: bottom">4</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-right: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, sans-serif; margin: 0"><FONT STYLE="color: #424242">THOMSON REUTERS STREETEVENTS
        | </FONT><FONT STYLE="color: blue"><U>www.streetevents.com</U></FONT><FONT STYLE="color: #424242"> | </FONT><FONT STYLE="color: blue"><U>Contact
        Us</U></FONT><BR>
        <BR>
        <FONT STYLE="font-size: 7pt; color: rgb(66,66,66)">&copy; 2015 Thomson Reuters. All rights reserved. Republication or
        redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written
        consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters
        and its affiliated companies.</FONT></P>



</TD>
    <TD STYLE="text-align: right; vertical-align: middle"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P></P>
<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #006595">
    <TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; font: small-caps bold 10pt Times New Roman, Times, Serif; text-align: left; color: #003399"><FONT STYLE="font: normal 10pt Arial, Helvetica, sans-serif; color: white">FEBRUARY 26, 2015 / 02:00PM&nbsp;&nbsp;GMT, RGR - Q4 2014 Sturm Ruger &amp; Co Inc Earnings Call</FONT></TD></TR>
</TABLE>


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

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


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

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

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

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

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

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

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

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Can
you hear me?</FONT></P>

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

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

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

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

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Okay.
Let me ask, you guys, obviously, the base of your sales has done very well over the past few years, new product development was
running 28% to 38% (technical difficulty) base number changes. You diminished that to (technical difficulty).</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">Would
you describe the new product development for 2014? I think you had mentioned there were a few delays or there were some issues.
Do those products move back the queue of products that are going to be brought out in 2015?</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">Is
the whole queue somewhat delayed? What's your sense of roll outs? You've come out with a very early on in the SR1911 Lightweight
Commander, the Hawkeye Predator, the 2245 Lite aluminum.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">So
you've really come out in January with a number of product launches. How do you see product launches for 2015?</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Brian,
a short answer to a long question here. 2014 was characterized by delays in pretty much all the major new-product development categories.
I don't see that necessarily having a big impact on 2015 other than the products that should have arrived in 2014 and haven't yet
will probably show up in the next few months.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">But
generally, we have a number of product development teams. They operate somewhat independently of each other; unless there's a particularly
tough challenge, then we'll get a bunch of engineers together. So if one sticker, for example, a pistol project is falling behind,
that probably won't affect the rifle engineering team.</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Okay.
All right. The head count of your product engineers, you've always talked in past conferences about, I'll take engineers if I can
get them. Where are you, going in to 2015, relative to your ability and capacity to increase those engineering design teams, or
are you in a stasis?</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">That's
a good question. At the moment, I would say that we have a couple of open recs, and we haven't lost anybody. But I'm not on a major
push to bring in 15 more this year.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="width: 2.25in; text-align: right; vertical-align: bottom">5</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-right: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, sans-serif; margin: 0"><FONT STYLE="color: #424242">THOMSON REUTERS STREETEVENTS
        | </FONT><FONT STYLE="color: blue"><U>www.streetevents.com</U></FONT><FONT STYLE="color: #424242"> | </FONT><FONT STYLE="color: blue"><U>Contact
        Us</U></FONT><BR>
        <BR>
        <FONT STYLE="font-size: 7pt; color: rgb(66,66,66)">&copy; 2015 Thomson Reuters. All rights reserved. Republication or
        redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written
        consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters
        and its affiliated companies.</FONT></P>



</TD>
    <TD STYLE="text-align: right; vertical-align: middle"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P></P>
<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #006595">
    <TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; font: small-caps bold 10pt Times New Roman, Times, Serif; text-align: left; color: #003399"><FONT STYLE="font: normal 10pt Arial, Helvetica, sans-serif; color: white">FEBRUARY 26, 2015 / 02:00PM&nbsp;&nbsp;GMT, RGR - Q4 2014 Sturm Ruger &amp; Co Inc Earnings Call</FONT></TD></TR>
</TABLE>


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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">I'm
trying to figure out why we got less efficient with engineering teams than we had been when it was smaller. And I think that where
we've probably come up short is in the project management side. We've got really bright guys, but we probably need to beef up the
project management side of each of these teams before we add anymore.</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">When
you say that, Mike, were you saying the bottleneck was in on the production engineering side or verses the design side, more of
the concept drawings prototyping?</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">I'm
not really saying either one of those. Let me try to rephrase it. You may have a brilliant engineer who's pursuing one path to
success, but he forgot to call up the spring supplier he'll need in six months.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">And
so he suddenly gets to the day he needs a spring, and now it's a four-month lead time. And a project manager can stay up on top
of all that stuff and constantly be asking that engineer or that team of six engineers everything they're going to need six, seven
months out and be getting it lined up for them so that we don't have any delay in the process.</FONT></P>

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

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

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

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

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">And
an engineer who is really good at designing a firearm is not necessarily really good at project management.</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Got
you. Okay. Of the products that you launched, given the trepidation in 2014, whether it's the AR-556 or the Charger or the LC9
or the SR9E, the double action GP100, was there anything that was on plan? What was your sense of sell-through?</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">What
was the excitement, restocking? Did any of the products stand out, or was the whole group on plan? Behind plan? I'm just getting
a sense of what the reception was for the products that you did launch in 2014.</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Well,
our two major projects, the LC9s and the AR-556 have both exceeded our expectations. And we are scrambling to increase their production
capacity.</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Okay.
The AR556, is that Mayodan?</FONT></P>

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

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

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

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

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

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

<p>&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="width: 2.25in; text-align: right; vertical-align: bottom">6</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-right: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, sans-serif; margin: 0"><FONT STYLE="color: #424242">THOMSON REUTERS STREETEVENTS
        | </FONT><FONT STYLE="color: blue"><U>www.streetevents.com</U></FONT><FONT STYLE="color: #424242"> | </FONT><FONT STYLE="color: blue"><U>Contact
        Us</U></FONT><BR>
        <BR>
        <FONT STYLE="font-size: 7pt; color: rgb(66,66,66)">&copy; 2015 Thomson Reuters. All rights reserved. Republication or
        redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written
        consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters
        and its affiliated companies.</FONT></P>



</TD>
    <TD STYLE="text-align: right; vertical-align: middle"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P></P>
<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #006595">
    <TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; font: small-caps bold 10pt Times New Roman, Times, Serif; text-align: left; color: #003399"><FONT STYLE="font: normal 10pt Arial, Helvetica, sans-serif; color: white">FEBRUARY 26, 2015 / 02:00PM&nbsp;&nbsp;GMT, RGR - Q4 2014 Sturm Ruger &amp; Co Inc Earnings Call</FONT></TD></TR>
</TABLE>


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

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


<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">As
you guys have now built out a third plan and you're looking at loading some lines in the Mayodan, because the AR-556 is down there,
would you move the SR-762 and SR-556 down there, so all your modern sporting rifles are there? Or because one's -- the piston design
verses the direct impingement, is that completely different manufacturing?</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Brian,
there's actually a lot of commonality of parts and opportunity to reduce cost in a original SR line of MSRs. So, yes, we have moved
them. Brian, I know you've got a lot of great questions, but let's let a couple other folks jump in, and then we'll get back to
you.</FONT></P>

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

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; text-indent: 0; border-top: #003399 0.25pt solid">Brian
Ruttenbur <I> - CRT Capital Group - Analyst </I></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Great.
Thank you. You're taking questions only from Brians today. First question I have, hopefully you can hear me okay, is about your
buyback. Can you repeat what you have left authorized currently as of today?</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">No.
But as of December 31, we had $76 million authorized.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; text-indent: 0; border-top: #003399 0.25pt solid">Brian
Ruttenbur <I> - CRT Capital Group - Analyst </I></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Okay.
It appears that you bought back another 900,000 shares, is that right, so far this quarter from your share count dropping that
you reported the mid February?</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">I
don't have any of the facts in front of me, so I really can't comment on it. And generally, we only comment on published data.
Whatever we buy this quarter we'll publish right at the end of the quarter in accordance with the SEC and New York Stock Exchange
rules.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; text-indent: 0; border-top: #003399 0.25pt solid">Brian
Ruttenbur <I> - CRT Capital Group - Analyst </I></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Okay.
And then in terms of order activity, maybe you can hit me with, did the order activity that you talked about 28% increase, that
came out of SHOT show, is that correct? Or was it a variety of shows?</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">The
distributor shows are where the orders are written most typically. And very few orders are actually written at SHOT.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; text-indent: 0; border-top: #003399 0.25pt solid">Brian
Ruttenbur <I> - CRT Capital Group - Analyst </I></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Okay.
And are there any other shows going on? Will you get any more distributor shows between now and the end of the quarter?</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">I
believe there's one more.</FONT></P>

<p>&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="width: 2.25in; text-align: right; vertical-align: bottom">7</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-right: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, sans-serif; margin: 0"><FONT STYLE="color: #424242">THOMSON REUTERS STREETEVENTS
        | </FONT><FONT STYLE="color: blue"><U>www.streetevents.com</U></FONT><FONT STYLE="color: #424242"> | </FONT><FONT STYLE="color: blue"><U>Contact
        Us</U></FONT><BR>
        <BR>
        <FONT STYLE="font-size: 7pt; color: rgb(66,66,66)">&copy; 2015 Thomson Reuters. All rights reserved. Republication or
        redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written
        consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters
        and its affiliated companies.</FONT></P>



</TD>
    <TD STYLE="text-align: right; vertical-align: middle"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P></P>
<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #006595">
    <TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; font: small-caps bold 10pt Times New Roman, Times, Serif; text-align: left; color: #003399"><FONT STYLE="font: normal 10pt Arial, Helvetica, sans-serif; color: white">FEBRUARY 26, 2015 / 02:00PM&nbsp;&nbsp;GMT, RGR - Q4 2014 Sturm Ruger &amp; Co Inc Earnings Call</FONT></TD></TR>
</TABLE>


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

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


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; text-indent: 0; border-top: #003399 0.25pt solid">Brian
Ruttenbur <I> - CRT Capital Group - Analyst </I></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Okay.
So your 28% so-far increase could go up even further? Is that what you are looking at?</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">No,
I don't think so. At this point, we've got 95% of the shows have happened and most of the volume, so if the last one is strong
it won't have much impact. And if the last one is weak, it won't have much impact.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; text-indent: 0; border-top: #003399 0.25pt solid">Brian
Ruttenbur <I> - CRT Capital Group - Analyst </I></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Okay.
And then your back logs are obviously down on a unit basis from almost back down to below 2012 levels, let's just say that. How
long do you think it will take you to produce on your current backlog? You have 650,000 units --</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Let
me clarify something. I think it may have been misunderstood. The orders that are written at the distributor shows are not orders
from the distributor to Ruger.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">They
are actually from the retailer to the distributor for Ruger product. And that's what I am saying year to date is up 28%. For the
guys who hold shows, keeping in mind that the three biggest don't hold shows and they just work the telephone, and those three
guys are up 49% year to date. Okay?</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; text-indent: 0; border-top: #003399 0.25pt solid">Brian
Ruttenbur <I> - CRT Capital Group - Analyst </I></P>

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

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

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">None
of that -- if they had enough inventory, they wouldn't need to place a single order on Ruger. And what I said is, they actually
are burning down their own inventory, but they've placed enough orders on us that our inventory is coming down too. We're actually
shipping more each day than we're manufacturing.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">So
both sets of inventories are coming down. Although, theirs is coming down a little faster than I'd like it to. And frankly, I'd
like to restock them a little bit by the end of the quarter, but right now I'm working to get production rates up to accomplish
that.</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Next
question is from the line of Colin Moran of Abdiel capital. Over to you, Colin.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; text-indent: 0; border-top: #003399 0.25pt solid">Colin
Moran <I> - Abdiel Capital - Analyst </I></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Mike,
excluding Ruger, how has the pace of new-product introduction in the last five years compared to new product introduction in the
industry, again outside of Ruger, in the five years prior?</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Colin,
I'm not qualified to answer that. I've only been with Ruger 8.5 years, so that kind of predates me. I'm under the impression that
we've actually caused the whole industry to renew its R&amp;D efforts and that now is a wonderful time to be a consumer because
everybody's bringing out new products, where it was not that common before.</FONT></P>

<p>&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="width: 2.25in; text-align: right; vertical-align: bottom">8</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-right: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, sans-serif; margin: 0"><FONT STYLE="color: #424242">THOMSON REUTERS STREETEVENTS
        | </FONT><FONT STYLE="color: blue"><U>www.streetevents.com</U></FONT><FONT STYLE="color: #424242"> | </FONT><FONT STYLE="color: blue"><U>Contact
        Us</U></FONT><BR>
        <BR>
        <FONT STYLE="font-size: 7pt; color: rgb(66,66,66)">&copy; 2015 Thomson Reuters. All rights reserved. Republication or
        redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written
        consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters
        and its affiliated companies.</FONT></P>



</TD>
    <TD STYLE="text-align: right; vertical-align: middle"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P></P>
<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #006595">
    <TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; font: small-caps bold 10pt Times New Roman, Times, Serif; text-align: left; color: #003399"><FONT STYLE="font: normal 10pt Arial, Helvetica, sans-serif; color: white">FEBRUARY 26, 2015 / 02:00PM&nbsp;&nbsp;GMT, RGR - Q4 2014 Sturm Ruger &amp; Co Inc Earnings Call</FONT></TD></TR>
</TABLE>


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

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


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; text-indent: 0; border-top: #003399 0.25pt solid">Colin
Moran <I> - Abdiel Capital - Analyst </I></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Okay.
I want to also ask you about your decision not to sell into the big chain retailers. I can understand some of the smaller ones.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">But
what we've seen is that there's -- we understand there to be at least a meaningful premium you can get from selling directly to
them. Maybe you could just walk through the decision not to sell to the big ones in particular directly.</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Well,
we find that the two-step distribution model works very well. First off, it allows us to maintain price discipline. And second
off, it allows me to have a shipping department with very few people.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">And
I don't have to worry about drop shipping to 30 or 40 stores for each chain, which we're not capable of doing. I think it actually
works pretty well, and in fact, for example, we were vendor of the year for 2013 for, I think, every one of the major chains in
spite of us not selling them directly.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; text-indent: 0; border-top: #003399 0.25pt solid">Colin
Moran <I> - Abdiel Capital - Analyst </I></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Okay.
And then just a final question, on the CapEx, you had the big CapEx over the last 18 months, and the new product introduction you
mentioned is going to follow this year. Can you just help us understand why the CapEx gets spent so much in advance of the actual
product introduction?</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Yes.
One of the major reasons is that we try to build thousands of units of a new product before launching it. That's really important
because so much of firearms purchases is an impulse buy. And when that brand new firearm shows up on the cover of a major magazine,
people run to the stores to go hold it and play with it and then buy it.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">And
if it's not there and it's six months or two years later before it shows up at their local retailer. By then they've lost interest
or they're resentful that they had to wait, and they don't buy it. So we actually have to take some risk in our investing before
the product is even finished so that when we think it's ready, we're capable of building hundreds per day or more.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">And
then if a project is delayed, unfortunately sometimes they are, then you've got that capital sitting around fairly idle for a while.
That's really where we found ourselves in 2014, but hopefully we'll see some good improvement going forward.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; text-indent: 0; border-top: #003399 0.25pt solid">Colin
Moran <I> - Abdiel Capital - Analyst </I></P>

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

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

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Thank
you. And the next question comes from the line of Gautam Khanna of Cowen &amp; Company. Over to you.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; text-indent: 0; border-top: #003399 0.25pt solid">Bill
Ledley <I> - Cowen and Company - Analyst </I></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Yes.
Thanks for taking my question. This is Bill Ledley on for Gautam. I noticed that your ASP is for both the orders received and back
log ticked up in 2014. Can you elaborate on the mix and kind of explain what is selling and what's driving that higher ASP?</FONT></P>

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

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

<p>&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="width: 2.25in; text-align: right; vertical-align: bottom">9</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-right: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, sans-serif; margin: 0"><FONT STYLE="color: #424242">THOMSON REUTERS STREETEVENTS
        | </FONT><FONT STYLE="color: blue"><U>www.streetevents.com</U></FONT><FONT STYLE="color: #424242"> | </FONT><FONT STYLE="color: blue"><U>Contact
        Us</U></FONT><BR>
        <BR>
        <FONT STYLE="font-size: 7pt; color: rgb(66,66,66)">&copy; 2015 Thomson Reuters. All rights reserved. Republication or
        redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written
        consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters
        and its affiliated companies.</FONT></P>



</TD>
    <TD STYLE="text-align: right; vertical-align: middle"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P></P>
<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #006595">
    <TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; font: small-caps bold 10pt Times New Roman, Times, Serif; text-align: left; color: #003399"><FONT STYLE="font: normal 10pt Arial, Helvetica, sans-serif; color: white">FEBRUARY 26, 2015 / 02:00PM&nbsp;&nbsp;GMT, RGR - Q4 2014 Sturm Ruger &amp; Co Inc Earnings Call</FONT></TD></TR>
</TABLE>


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

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


<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Well,
for the first time in many years there was actually a softening of demand for hand guns. I think the import numbers I read to you
would indicate that as well. And the handguns tend to be a lower ASP than rifles.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">And
at the same time, we came out with the AR-556, which was very well received. So the combination of those two, bit of softening
in handguns. so we lost some of the lower ASP business and then pick up on the rifle, so that's what caused the shift.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; text-indent: 0; border-top: #003399 0.25pt solid">Bill
Ledley <I> - Cowen and Company - Analyst </I></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Okay,
the NICS data seems to suggest that handgun demand is better recently. Is the softening in handguns just because 2013 was so strong,
so 2014 comparatively looks weaker?</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">I
think you have a reasonable hypothesis there.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; text-indent: 0; border-top: #003399 0.25pt solid">Bill
Ledley <I> - Cowen and Company - Analyst </I></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Okay.
My next question revolves around ammo demand. Are checks seem to suggest that ammo supply is better generally, and we're starting
to see some discounting on rifle rounds.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">Do
you think that lower or cheaper ammo sales are stimulative to gun demand? And can you talk about any trends you might be seeing
there?</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Well,
availability and price are both very important especially when you talk about rimfire products. And the market really has been
badly starved for rimfire products, but I recently heard from some executives at ATK that they've invested many millions of dollars
in new rimfire capacity.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">And
I recently heard from one of the large powder producers that they have brought many millions of dollars of capacity online. So
hopefully that will improve the rimfire situation. Now, various political events can also impact ammo availability.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">The
ATF has decided to go after one of the very normal 223 rounds. And as a result, people have somewhat panicked, and 223 rounds that
were readily available, or, frankly, almost any military caliber round, even though they're widely used by civilians like 223,
556, 308.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">Those
rounds have suddenly, in just the last week or two, become in very short supply again. Even though three weeks ago I would have
told you they're abundant. It can change just overnight with just a little political wind blowing from Washington, DC.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; text-indent: 0; border-top: #003399 0.25pt solid">Bill
Ledley <I> - Cowen and Company - Analyst </I></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Okay.
My last question is, your selling expense as a percent of sales ticked up in Q4 over -- I think the last time it was this high
was Q1 in 2013. Can you talk about what was driving that, and if you are doing more promotional deals with your weapons?</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Yes.
Distributor show season is generally the months of January and February when most of the major distributors hold a show to sell
to retailers. And we go to those shows, and we help them write the orders from their retailers.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">And
pretty much all the manufacturers offer some spring promotional programs, for example, a buy ten get one free if you sign up at
the show. And the way we do the accounting for that is we figure out what we anticipate our total expense to be, how many programs
we'll write, how many free goods we're going to send, and then we don't wait until that order is written to expense it, but we
actually look and see on December 31 how much inventory do the wholesalers have?</FONT></P>

<p>&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="width: 2.25in; text-align: right; vertical-align: bottom">10</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-right: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, sans-serif; margin: 0"><FONT STYLE="color: #424242">THOMSON REUTERS STREETEVENTS
        | </FONT><FONT STYLE="color: blue"><U>www.streetevents.com</U></FONT><FONT STYLE="color: #424242"> | </FONT><FONT STYLE="color: blue"><U>Contact
        Us</U></FONT><BR>
        <BR>
        <FONT STYLE="font-size: 7pt; color: rgb(66,66,66)">&copy; 2015 Thomson Reuters. All rights reserved. Republication or
        redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written
        consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters
        and its affiliated companies.</FONT></P>



</TD>
    <TD STYLE="text-align: right; vertical-align: middle"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P></P>
<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #006595">
    <TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; font: small-caps bold 10pt Times New Roman, Times, Serif; text-align: left; color: #003399"><FONT STYLE="font: normal 10pt Arial, Helvetica, sans-serif; color: white">FEBRUARY 26, 2015 / 02:00PM&nbsp;&nbsp;GMT, RGR - Q4 2014 Sturm Ruger &amp; Co Inc Earnings Call</FONT></TD></TR>
</TABLE>


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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">What
percentage of that can they fulfill from the inventory they already have? And that drives an expense charge we take in December.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">And
so in some past years when the distributors have almost no inventory on December 31, we didn't take much of a charge. This year,
as you know, they had about 325,000 units on December 31, so we took a pretty big charge in December.</FONT></P>

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

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

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

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

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Thank
you. I just have three. Good morning. Congratulations on Q4. Even if we account for the seasonality, it looks like the sales in
Q4 were a nice gain over Q3.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">And
I was just wondering, and you talked about market share gains. What do you think drove that, both the unit sell-in and then even
the distributor sell-through in Q4 for Ruger firearms specifically?</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Andrea,
I think that in general we started to get a sense, mostly anecdotal, that the consumer was coming back late in the year. And that's
continued right through to January and February.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">And
I think it makes sense when you think in terms of, there was a bit of over indulgence in 2013 and then a, frankly, expected pull
back through much of 2014. But I would guess after the consumers had denied themselves for a better part of the year, it was time
to come back and start enjoying the sport again.</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Okay.
And then, I get that you're happy with the inventory levels, Mike, but I'm just wondering what the distributors are saying? Are
they pushing back, or do you think there'll be more draw down at distribution?</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">We
have not had any push back from the distributors. I think, naturally, they'd always like to have more turns than less. Pretty much
anybody in business would.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">But
we really got no complaints, either at the NESTW show or when we met with all of them at the SHOT show. So they may be sort of
taking advantage a little bit of the sell-through to lower their inventory, but they know we're watching.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">We're
going to encourage them, as I said before, to not lower their inventory more than 25,000 units a quarter so that it's a reasonable
glide path. And we get to participate in some of the upside going on. At this point, they're well ahead of that, but if we can
get out production rates up, we'll give them a little more before the end of the quarter.</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">This
is good to know. Then, finally, if the administration were successful in banning certain types of 223 or 556 ammo, would it have
a material impact on you? I just don't know even how to model such a scenario.</FONT></P>

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

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

<p>&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="width: 2.25in; text-align: right; vertical-align: bottom">11</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-right: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, sans-serif; margin: 0"><FONT STYLE="color: #424242">THOMSON REUTERS STREETEVENTS
        | </FONT><FONT STYLE="color: blue"><U>www.streetevents.com</U></FONT><FONT STYLE="color: #424242"> | </FONT><FONT STYLE="color: blue"><U>Contact
        Us</U></FONT><BR>
        <BR>
        <FONT STYLE="font-size: 7pt; color: rgb(66,66,66)">&copy; 2015 Thomson Reuters. All rights reserved. Republication or
        redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written
        consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters
        and its affiliated companies.</FONT></P>



</TD>
    <TD STYLE="text-align: right; vertical-align: middle"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P></P>
<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #006595">
    <TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; font: small-caps bold 10pt Times New Roman, Times, Serif; text-align: left; color: #003399"><FONT STYLE="font: normal 10pt Arial, Helvetica, sans-serif; color: white">FEBRUARY 26, 2015 / 02:00PM&nbsp;&nbsp;GMT, RGR - Q4 2014 Sturm Ruger &amp; Co Inc Earnings Call</FONT></TD></TR>
</TABLE>


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

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


<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">I
don't think so. It might enhance demand for all our 223 and 556 products, but there are enough different types of that ammo that
I think ammo would still be available. But it's a much bigger more macro issue in that it's very much an infringement on our second
amendment rights.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">And
I think the ATF is taking an unreasonable approach, and it's not an issue of whether Ruger is going to sell more or less 556 rifles
in the next year. It's a much bigger issue than that. And we're all very sensitive to it and are turning our attention to try to
prevent us from going down a slippery slope that could lead to bad places.</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Appreciate
that. Thanks, guys.</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Thank
you. And next question is from the line of Steve Shapiro of Intrepid. Over to you, Steve.</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Hi.
Could you just talk a little bit about competitive pricing, whether you've seen that get any better as inventories have come down?</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">I
tell you the three big importing countries now have year over year, they have about a 18% foreign exchange rate [advanceage] that
had before. And I think we're seeing some of that reflected in their pricing, and so it's still a challenge.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">The
best answer, though, to somebody else's $50-off coupon is innovation. If we don't have products that people want, they'll buy them
anyway.</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Got
you. Some of your domestic competitors seem to be struggling a bit. Have you seen anything that you'd consider rational in terms
of their pricing or have the domestic producers been recently disciplined?</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Well,
it's not across the board. It tends to be in product categories. And remember that the MSR category is probably one of the most
volatile. It has real peaks and real troughs.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">And
for a Company like us that's widely diversified across a broad product line, it's not a big risk or a challenge. But there are
many little MSR companies that that's all they do. So you do see some panicky pricing behavior on their part during the troughs.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">But
it's generally not the big majors going crazy. It's just little individual companies, and it doesn't have a huge impact on the
whole market.</FONT></P>

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

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

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

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

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Thank
you. And the next question comes from the line of Matt Sullivan. Over to you, Matt.</FONT></P>

<p>&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="width: 2.25in; text-align: right; vertical-align: bottom">12</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-right: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, sans-serif; margin: 0"><FONT STYLE="color: #424242">THOMSON REUTERS STREETEVENTS
        | </FONT><FONT STYLE="color: blue"><U>www.streetevents.com</U></FONT><FONT STYLE="color: #424242"> | </FONT><FONT STYLE="color: blue"><U>Contact
        Us</U></FONT><BR>
        <BR>
        <FONT STYLE="font-size: 7pt; color: rgb(66,66,66)">&copy; 2015 Thomson Reuters. All rights reserved. Republication or
        redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written
        consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters
        and its affiliated companies.</FONT></P>



</TD>
    <TD STYLE="text-align: right; vertical-align: middle"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P></P>
<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #006595">
    <TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; font: small-caps bold 10pt Times New Roman, Times, Serif; text-align: left; color: #003399"><FONT STYLE="font: normal 10pt Arial, Helvetica, sans-serif; color: white">FEBRUARY 26, 2015 / 02:00PM&nbsp;&nbsp;GMT, RGR - Q4 2014 Sturm Ruger &amp; Co Inc Earnings Call</FONT></TD></TR>
</TABLE>


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

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


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; text-indent: 0; border-top: #003399 0.25pt solid">Matt
Sullivan <I> - Fiduciary Management - Analyst </I></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Hey
guys. Just to follow up on that, I was fairly surprised when Smith and Wesson said on their last conference call that they were
going to get a little more aggressive on price during the show season and try and defend market share.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">Can
you just -- has that impacted you at all? And how do you respond to another large competitor like that domestically going after
price?</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Well,
our show programs this year were actually a little bit richer than they were last year. For example, last year where you might
have had a buy 10 get one free, maybe this year it was a buy eight get one free.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; text-indent: 0; border-top: #003399 0.25pt solid">Matt
Sullivan <I> - Fiduciary Management - Analyst </I></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">For
you specifically, for Ruger?</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Yes.
I believe that's what -- I don't know what Smith meant, but it's quite possible that's what they meant they were doing with theirs
as well.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; text-indent: 0; border-top: #003399 0.25pt solid">Matt
Sullivan <I> - Fiduciary Management - Analyst </I></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">And
is it fair -- did you feel much of an impact from that or not really? From Smith and Wesson maybe doing that?</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">No,
we couldn't detect any difference.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; text-indent: 0; border-top: #003399 0.25pt solid">Matt
Sullivan <I> - Fiduciary Management - Analyst </I></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Okay.
And one other thing that they commentated on their call was that they were surprised that it seemed like the retailers were --
there wasn't much of a sense of urgency for the retailers to buy more of the main brands from the distributors because the distributors
had a lot of Ruger inventory. And so the retailers didn't really feel any urgency to go in and buy that.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">They'd
rather sell down their inventory of harder-to-sell stuff. Has that gotten any better throughout the quarter and into this year?</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Yes,
I think it has gotten better. If you think about the show programs that happened a year ago, there were often very extended terms
offered by the distributors, particularly for long guns, a little less so for handguns. Because mostly, long guns sell in fall,
and the only way to get a retailer to take it in the middle of winter is to offer them extended terms.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">Well,
as you went through the third quarter, a lot of those invoices became due, and so a lot of retailers had to scramble to convert
inventory to cash so they could pay their invoices. But that's, I think, largely past us now, and I would say we're back to more
normalized behavior.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4pt 0; text-indent: 0; border-top: #003399 0.25pt solid">Matt
Sullivan <I> - Fiduciary Management - Analyst </I></P>

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

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

<p>&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="width: 2.25in; text-align: right; vertical-align: bottom">13</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-right: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, sans-serif; margin: 0"><FONT STYLE="color: #424242">THOMSON REUTERS STREETEVENTS
        | </FONT><FONT STYLE="color: blue"><U>www.streetevents.com</U></FONT><FONT STYLE="color: #424242"> | </FONT><FONT STYLE="color: blue"><U>Contact
        Us</U></FONT><BR>
        <BR>
        <FONT STYLE="font-size: 7pt; color: rgb(66,66,66)">&copy; 2015 Thomson Reuters. All rights reserved. Republication or
        redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written
        consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters
        and its affiliated companies.</FONT></P>



</TD>
    <TD STYLE="text-align: right; vertical-align: middle"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P></P>
<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #006595">
    <TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; font: small-caps bold 10pt Times New Roman, Times, Serif; text-align: left; color: #003399"><FONT STYLE="font: normal 10pt Arial, Helvetica, sans-serif; color: white">FEBRUARY 26, 2015 / 02:00PM&nbsp;&nbsp;GMT, RGR - Q4 2014 Sturm Ruger &amp; Co Inc Earnings Call</FONT></TD></TR>
</TABLE>


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

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


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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Thank
you for your question. The next question is from the line of Adam Star. Over to you.</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">My
question's already been asked. Thank you very much.</FONT></P>

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

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

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">(Operator
Instructions)</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">We
have our next question from the line of Brian Rafn. Over to you, Brian.</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Yes,
Mike, you've talked in the past, and I've gone to ad nauseam on this question. I'll ask in a little different way.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">With
bringing out the mini foundries and if you see a period of time where we're at quote, a new normal, 2011, 2012 or even a deterioration
from that, your ability to have these mini foundries be more flexible, be more variable production where you might be able to shut
down the main foundry at Newport. But at the same time, if you're building those out beyond the ones you have, there's a demand
for cash flow.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">You
talked about $30 million in CapEx being more or less just for new products. I'm just getting a sense, as you stand here in early
2015, where are you on that development process with additional foundries, the mini foundries?</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Brian,
we have two mini foundries up and running very well today. And the choice now is whether to start the investment cycle for a third
mini foundry, which typically takes about a year and a half to build all the equipment, get it in place, and get it running satisfactorily.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">And
we're kind of right on the edge where we might be able to shut down the main foundry and just run the two minis. And we are looking
at options for doing extended shifts through the weekend, all night long, that kind of stuff, to where we could actually shut down
the main foundry.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">Now,
if there's any material uptick in business, we're going to have to try to get it cranked back up again and bring people in and
train them, so it's a little bit of a tough decision, not an easy or obvious one. And so we've been studying it while we get through
the show season to try to get a sense of is the consumer really back?</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">How
soon will we benefit from the consumer coming back? And does it make sense to stretch the two mini foundries and shut down the
big one, or get on with the investment cycle for the third one so that next year we really could shut it down. And we haven't made
the decision yet.</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Got
you. That's a good answer. Thanks, Mike. If you were to shut down the main foundry, would that be moth balled? And that's not something
that you're just going to remove from the footprint of the plant, obviously.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">How
does that go into stasis or whatever? If you're running just the minis, what do you do with that main foundry? Is it always there
as a reserve capacity then, going forward?</FONT></P>

<p>&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="width: 2.25in; text-align: right; vertical-align: bottom">14</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-right: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, sans-serif; margin: 0"><FONT STYLE="color: #424242">THOMSON REUTERS STREETEVENTS
        | </FONT><FONT STYLE="color: blue"><U>www.streetevents.com</U></FONT><FONT STYLE="color: #424242"> | </FONT><FONT STYLE="color: blue"><U>Contact
        Us</U></FONT><BR>
        <BR>
        <FONT STYLE="font-size: 7pt; color: rgb(66,66,66)">&copy; 2015 Thomson Reuters. All rights reserved. Republication or
        redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written
        consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters
        and its affiliated companies.</FONT></P>



</TD>
    <TD STYLE="text-align: right; vertical-align: middle"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P></P>
<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #006595">
    <TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; font: small-caps bold 10pt Times New Roman, Times, Serif; text-align: left; color: #003399"><FONT STYLE="font: normal 10pt Arial, Helvetica, sans-serif; color: white">FEBRUARY 26, 2015 / 02:00PM&nbsp;&nbsp;GMT, RGR - Q4 2014 Sturm Ruger &amp; Co Inc Earnings Call</FONT></TD></TR>
</TABLE>


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

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


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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Brian,
I'd like to tell you it would look like Philadelphia Navy shipyard with all those --</FONT></P>

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

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

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

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

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Experience
has been if you ever let the manufacturing guy stop something for even a day, they redeploy that equipment so fast it'll make your
head spin. They toss out the tooling, and you wonder what happened. So we'll see.</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Okay.
Give me a sense as you look at 2015, you've always been very measured, very disciplined. You've talked about talking to the gospel
or the wholesalers getting back five, to six, to eight turns not 35 cross stocking.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">As
you look at 2015, what is your sense of the psychology on sell-through to the customer? Do you see a customer, if you go to 2016
and you look back on 2015, will it be a story of the customer being very price sensitive, very price elastic, or is it a market
where new product innovation will really drive that interest and bring that customer back?</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">That's
a lot of crystal ball rubbing there, Brian. I think that the strongest factor, if it is present, is always new product introductions.
And they could come from Ruger. They could come from competitors.</FONT></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal">But
if you think about the hand gun category, the basic polymer pistol, and caliber is 9mm, 40mm and 45mm, and you walk into a gun
store, there's this long counter with a sea of black pistols that all kind of look the same and all kind of behave the same. And
I'll bet you the consumers who have been walking in and seeing those same guns over and over for the past few years will be very
receptive to something new.</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Okay.
Anything, Mike, on the shotgun line?</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">I'm
not sure whether we have announced it or not, but we have removed the red label from our catalog and website. We relaunched it
last year with the hopes and expectations that we could hit a certain cost target. And we were never able to successfully get the
manufacturing processes under control, and so we have, in fact, discontinued the red label.</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">I'd
like to send back to the management for any final comments. Thank you.</FONT></P>

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

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

<p>&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="width: 2.25in; text-align: right; vertical-align: bottom">15</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-right: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, sans-serif; margin: 0"><FONT STYLE="color: #424242">THOMSON REUTERS STREETEVENTS
        | </FONT><FONT STYLE="color: blue"><U>www.streetevents.com</U></FONT><FONT STYLE="color: #424242"> | </FONT><FONT STYLE="color: blue"><U>Contact
        Us</U></FONT><BR>
        <BR>
        <FONT STYLE="font-size: 7pt; color: rgb(66,66,66)">&copy; 2015 Thomson Reuters. All rights reserved. Republication or
        redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written
        consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters
        and its affiliated companies.</FONT></P>



</TD>
    <TD STYLE="text-align: right; vertical-align: middle"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P></P>
<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #006595">
    <TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; font: small-caps bold 10pt Times New Roman, Times, Serif; text-align: left; color: #003399"><FONT STYLE="font: normal 10pt Arial, Helvetica, sans-serif; color: white">FEBRUARY 26, 2015 / 02:00PM&nbsp;&nbsp;GMT, RGR - Q4 2014 Sturm Ruger &amp; Co Inc Earnings Call</FONT></TD></TR>
</TABLE>


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

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


<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><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 more than 2,000 American employees
on our Ruger team who work hard everyday to deliver product to our loyal customers. I look forward to seeing many of you at our
2015 annual meeting on Tuesday, May 5, in Trumbull, Connecticut. Thank you.</FONT></P>

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal">Thank
you very much, ladies and gentlemen. That now concludes your conference call for today. You may now disconnect. Thank you.</FONT></P>

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

<table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 100%; border: #003399 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: bold 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 3pt; color: #6B9915"><font style="text-transform: uppercase"><br>
        Disclaimer </font></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">Thomson Reuters reserves the right
        to make changes to documents, content, or other information on this web site without obligation to notify any person of such changes.</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">In the conference calls upon which
        Event Transcripts are based, companies may make projections or other forward-looking statements regarding a variety of items. Such
        forward-looking statements are based upon current expectations and involve risks and uncertainties. Actual results may differ materially
        from those stated in any forward-looking statement based on a number of important factors and risks, which are more specifically
        identified in the companies' most recent SEC filings. Although the companies may indicate and believe that the assumptions underlying
        the forward-looking statements are reasonable, any of the assumptions could prove inaccurate or incorrect and, therefore, there
        can be no assurance that the results contemplated in the forward-looking statements will be realized.</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">THE INFORMATION CONTAINED IN EVENT
        TRANSCRIPTS IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE
        TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE CONFERENCE CALLS.
        IN NO WAY DOES THOMSON REUTERS OR THE APPLICABLE COMPANY ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED
        UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY EVENT TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S
        CONFERENCE CALL ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">&copy; 2015 Thomson Reuters. All
        Rights Reserved.</P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<p>&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="width: 2.25in; text-align: right; vertical-align: bottom">16</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-right: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, sans-serif; margin: 0"><FONT STYLE="color: #424242">THOMSON REUTERS STREETEVENTS
        | </FONT><FONT STYLE="color: blue"><U>www.streetevents.com</U></FONT><FONT STYLE="color: #424242"> | </FONT><FONT STYLE="color: blue"><U>Contact
        Us</U></FONT><BR>
        <BR>
        <FONT STYLE="font-size: 7pt; color: rgb(66,66,66)">&copy; 2015 Thomson Reuters. All rights reserved. Republication or
        redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written
        consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters
        and its affiliated companies.</FONT></P>



</TD>
    <TD STYLE="text-align: right; vertical-align: middle"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P></P>
<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>image_002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_002.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_
MVP!#`0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P``1"``K`,$#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#WR::.WA>:
M5MJ("S'T%4K>[EU!K2ZLWC-C(C%]P^8GMC\:S+_4!<ZTD5MJB0I9Y:ZA(8$A
M2I.,=?0CW_/3MY8YQ#-FWES^\M]AVD0G`W8/U]NM<3K\\^6+T7XV\T]NEK:O
ML=7LO9P3:U?X?\'K>^Q,BHZ",?:&CD_>"3S"/0@9SD?3V.?>!;V/[9`95N(9
M)8WVH_W`%P23VS_GOS0OKLR2+;X8SJNWYRP9@6PWRH/13@^XZY&<]7NX;?RT
M"#,8@B@DF_<R9<#&20=Y';_]1PG7:=DMOZ_S^_T-H8>ZNWN;=OJ@@@LDO)XI
MIKHXC>WY1N1@@_B*U:XF"_\`LY2"WO$6TN%\JS2%2?+E^7)W'DC+'GG.[IS\
MV[H&H)-"UE)?)=7<'^L90<$>H)Z]1^?T)UPV)NU3E^?_``=;[KRW)Q&&<5SK
M^O\`*VS\S9HHHKO.$****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`
MHHHH`X;[3="2_N[FT737WJ//,3'.6`*XR02?4#\#GGH[:\@G=XO.AF9/*5BB
MA#M901G)Y!)'`[&L34K**SUB='O7,NH\0QM'E4)90"<G'!XX'&>G]YEO>7#P
M9S<W,EJPMID@CVY;/RR`G/3'0C/3L?F\*$W1FXOS_5]/)WVO8]JI3C5BI1\O
MZU\TUN=3IMNL%DA'+R`22,>K,0,FF7^PO&F0KN&Y#!6``SN!]CWP>OOSCQZM
M=)YJ6P-R%9E\V']XK$%0."00V"&(''4\][MG%<&X>2Y=GF(8Q[F4%PI4@IM)
M`7D@YYY_/N56,H*G%?U_P?U.&5*49.<F9^M[H+6YD:\D@V74;(5@_P!62,D*
MPZY)S^F#GDT0W,7B&ZA&G+%;L&;S@#\W3!SD@YSD@>OXMIWLGDLV;BX1(7^T
M2;HPP=<CY5/;'M5+PQ:*6N-2BO)9HKDY5'&,=#D\G)[9_P`23@H?[3%+OY;*
M]]_-VTM]VW0I_P"S2YOUZV[>E];_`'[[\\$=S!)!*"T<BE6`)&0>V17%Z#X>
MTP>*M90P28L)H&ME,KXC)7=D=,DGKG/Z\]Q5>"QMK:XN;B&()+<L'F89^8@8
M'Z"O6/+/-(K_`%9/`.HQQZ:&M3)+F\-V%89?D[<9//OS6]]A37?%TUKJ,UQ)
M:06<<D$/FL@<D#<_!SD<?F*Z4:)IJZ6^FBU'V.0DM%N."2<GG.>M,U'P]I.K
M+$M]8QS>4`$)R&`';(.<>U`'!/=WUWX=AMX+]GD37?L]G*T@+.JCY#NY!&>_
M/X]"R3Q!>^(==T&\*/;VUO>Q0%`2`TS#+]QTZ<]FZ<G/HJZ/IZ6MK;):QI#:
M2"6!%X",,\\=^3]<G-/FTNRN'A>2W0M#+YT9'RX?^]QU/UH`XB_L/[%O9;W7
M["34+>2[S'?0W+AXE.`H*9[8QQ[COS;@L+#Q%K>NOJMQ*XM9!'`//*+#'M!W
MKTYZ\\C\#SO/X3T*6_>]?3HVG>3S6)9L,_7)7./T[GU-2:AX:T;5;D7-[I\4
MTPQ\YR"<=,XZ].]`'`>9J^K:?X4E6YE>_1+F:-SP7V%=H/\`>)`VDGUSS_%T
M7A'61KNNW]\A95DM8-T8)*JXW;ASW'';O^)Z@:;9"6UE%M&'M%98#C_5AA@X
M^H%,M-)L;"[NKJUMQ%-=-OG92?G/KC..Y_,^M`'`:W]G7Q5XAGO],N;Z"&.%
MD:&<IY/[L9/##';L?R/,MS;WL]EX0@G@.J2O;RRF$W1C#\(5)<==JM^//7//
M>KIMFEU=7(@7S;M0LY.2)`!@`CITXJE/X7T:YL8+*:Q5[:!BT49=OD)ZXYSC
MVH`YVYA33K_PM";,:>OVR7,)G\P9(P#N)Y)S^9_.VEG%JGC;6K:[#2VRPP?)
MO888#/4$8Z\COD5M'PYI#:6--:QC>T#[Q&Y+8;UR3G/7G/<^M3:;I%AH\3QV
M%LL*R-N<@DECZDG)-`'`Z3906_@35]2@607<9N(XYEE8,%R.2-V`?U_/FYX?
MLI8=!DNSH@M=VFLPO?MID,I*`[@G\)/7VY]>>T@TJQMK*6SAMHUMIBQDCZAM
MWWL_6J=AX6T33#(;.P2,RH8W^9FRI&".2?\`.?6@#@-%#)/X9CMK2YLKNXE$
MKW4DYV7,8Y=0`2,D=B!_X]FMU]-ETO7ENM6T\WRSZ@OV:]CN6!AW,`@9">@X
M'?C(/7GJ6T+3'M+2U-HHAM)%D@56(\M@<@@@YJ#_`(1;1/[2.H?8$^U&43%P
MS??SG=C.,YYZ=SZF@#8HHHH`AN8/.C.T()E!,;LH.P^HK)%B#<:;#?-/+=PE
MI1-"NV,MGJWX`#\<'KSN45A5H1F[_P!;WV[^?0UA6E!67]:6_I&/:6+G[(T_
MV6XDC=WEGC&S#G&"`."3@9SV_6]"I@2*+,414,S11_-N'J._4@GCJ:?)9V\L
M+0M$OELV]E7Y<MG.>/<5+L7?OVC?C&['./2HIT'#;R_K:_1=>XYU>??^OZ_R
M,R%);V&S>U,EM:J2)(9ERTBY&._L?S_/3CCCAC$<2*B#HJC`'X4ZBM:=+D6K
MN_ZV73T(G-R]/Z^\****U("BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`
*HHHH`****`/_V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
