<SEC-DOCUMENT>0001174947-16-002133.txt : 20160226
<SEC-HEADER>0001174947-16-002133.hdr.sgml : 20160226
<ACCEPTANCE-DATETIME>20160226165419
ACCESSION NUMBER:		0001174947-16-002133
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20160225
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20160226
DATE AS OF CHANGE:		20160226

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:		161462881

	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-15318_rgr.htm
<DESCRIPTION>8-K
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<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 25, 2016</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>

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        <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 STYLE="width: 33%; 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 STYLE="width: 32%; 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: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: normal; font-size: 10pt; text-align: center"><B>ONE LACEY PLACE, SOUTHPORT, CONNECTICUT</B></TD>
    <TD STYLE="width: 32%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: normal; font-size: 10pt; text-align: center"><B>06890</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">(Address of Principal Executive Offices)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; 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>


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<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 25, 2016, discussing our 2015 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 25, 2016, 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>

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    <TD STYLE="width: 1in; font-size: 10pt; text-decoration: underline"><U>Exhibit No</U>.</TD>
    <TD STYLE="font-size: 10pt; text-decoration: underline"><U>Description</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">99.1</TD>
    <TD STYLE="font-size: 10pt">Transcript of conference call and webcast conducted on February 25, 2016.</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>


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<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>

<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>&nbsp;</TD>
    <TD COLSPAN="3">STURM, RUGER &amp; COMPANY, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 2.5in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/S/ Thomas A. Dineen</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Thomas A. Dineen</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Principal Financial Officer,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Principal Accounting Officer,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Vice President, Treasurer and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Chief Financial Officer</FONT></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 26, 2016</P>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom; background-color: #006595"><TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; text-align: left; font: small-caps bold 10pt Times New Roman, Times, Serif; color: rgb(0,51,153)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-variant: normal; color: white">FEBRUARY 25, 2016 / 02:00PM&nbsp;&nbsp;GMT, RGR - Q4 2015 Sturm Ruger &amp; Co Inc Earnings Call</FONT></TD></TR></TABLE></DIV>
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<P STYLE="color: #003399; font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="color: #6B9915; font: bold 10pt Times New Roman, Times, 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; Co Inc - 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; Co Inc - General Counsel</I></FONT></P>

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

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

<P STYLE="color: #6B9915; font: bold 10pt Times New Roman, Times, 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">Andrea James<FONT STYLE="font-weight: normal"><I>
Dougherty &amp; Company - Analyst</I></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 4pt; text-align: left; text-indent: 0">Brian Ruttenbur<FONT STYLE="font-weight: normal"><I>
BB&amp;T Capital Markets - 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">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">Steve Roberts<FONT STYLE="font-weight: normal"><I>
NorthPointe Capital - Analyst</I></FONT></P>

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

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">&nbsp;</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: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Good
day, ladies and gentlemen, and welcome to the Sturm, Ruger &amp; Company fourth-quarter 2015 earnings conference call. My name
is Mark and I will be your operator for today.</FONT></P>

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

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

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">As
a reminder, this conference is being recorded for replay purposes. I would now like to turn the conference over to your host for
today, Michael Fifer, Chief Executive Officer. Please proceed, Sir.</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; Co Inc - CEO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Thank
you. Good morning and welcome to the Sturm, Ruger &amp; Company year-end 2015 conference call. I would like to ask Kevin Reid,
our General Counsel, to read the caution on forward-looking statements which will be followed by a quick overview of 2015, 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; Co Inc - General Counsel </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Thanks,
Mike. We want to remind everyone that statements made in the course of this meeting that state the Company's or Management's intentions,
hopes, beliefs, expectations or predictions of the future are forward-looking statements. It is important note that the Company's
actual results could differ materially from those projected in such forward-looking statements.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">Additional
information concerning factors that could cause actual results to differ materially from those in forward-looking statements is
contained from time to time in the Company's SEC filings including but not limited to the Company's report on Form 10-K for the
year ended December 31, 2015, and Forms 10-Q for the first, second and third quarters of 2015. Copies of these documents may be
obtained by contacting the Company or the SEC or, of course, on the Company's website at www.ruger.com or the SEC website at www.sec.gov.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">We
reference non-GAAP EBITDA, please note that the reconciliation of GAAP net income to non-GAAP EBITDA can be found on our Form 10-K
for the year ended December 31, 2015, and our Forms 10-Q for the first three quarters of 2015 which also posted to 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 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; Co Inc - CEO </I></P>

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

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<P STYLE="margin-top: 0pt; text-align: right; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;<BR></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom; background-color: #006595"><TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; text-align: left; font: small-caps bold 10pt Times New Roman, Times, Serif; color: rgb(0,51,153)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-variant: normal; color: white">FEBRUARY 25, 2016 / 02:00PM&nbsp;&nbsp;GMT, RGR - Q4 2015 Sturm Ruger &amp; Co Inc Earnings Call</FONT></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Thank
you, Kevin. Financial results. For 2015 net sales were $551.1 million and fully diluted earnings were $3.21 per share. For 2014,
net sales were $544.5 million and fully diluted earnings were $1.95 per share.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">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. Excluding this expense, 2014's fully diluted earnings were $3.22 per share.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">For
the fourth quarter of 2015, net sales were $152.4 million and fully diluted earnings were at $0.88 per share. For the corresponding
period in 2014, net sales were $122.6 million and the Company realized a loss of $0.77 per share. Excluding the aforementioned
defined benefit pension plan expense, fourth-quarter 2014 fully diluted earnings were $0.53 per share.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">Our
2015 EBITDA was $132.5 million, or 24% of sales. And our 2014 EBITDA was $126.3 million, or 23% of sales. For the fourth quarter
of 2015, our EBITDA was $36 million, or 24% of sales. These results compare favorably to our fourth-quarter 2014 EBITDA of $17.3
million, or 14% of sales.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">Demand.
After a year of declining demand in 2014, demand rebounded in 2015 both due to slightly higher overall levels and back to typical
seasonal patterns. For 2015, the estimated sell-through of the Company's products from the independent wholesale distributors to
retailers increased 7% from 2014.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">During
the same period, the National Instant Criminal Background Check System, background checks, as adjusted by the National Shooting
Sports Foundation, commonly referred to as NICs checks, increased 9%. For the fourth quarter of 2015, the estimated sell-through
of the Company's products from the independent wholesale distributors to retailers increased 24% from the comparable prior-year
period. During these same periods, NICs checks increased 18%.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">Ruger
had a strong presence in the 2015 Black Friday advertisements with some national chain accounts reporting significant increases
of sales in the Company's products to consumers year-over-year. In the fourth quarter of 2015, we observe stronger demand for those
firearm products that would typically be used for self-defense, such as centerfire pistols.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">This
increase in demand led to increased sell-through at all levels of the channel and helped reduce inventory levels for the Company's
products, both at Ruger and at the independent wholesale distributors. Demand continues to be strong for both self-defense type
firearms and for new products through the first 1.5 months of 2016.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">New
product development. We believe that new products are a key driver of demand. Our major new product launch in mid-2015 was the
Ruger Precision Rifle.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">At
the end of the year, we launched the Ruger American Pistol and shortly thereafter, the Silent-SR rimfire sound suppressor. In addition
to these new products, we placed increase emphasis on accessories and licensed products. New accessory products included the Elite
452 Trigger, which fits all modern sporting rifles, several 10/22 barrels, custom replacement stocks and grips, muzzle brakes for
threaded barrels and a 9 millimeter conversion kit for our LC380 pistol. We also added Ruger ARX ammunition manufactured by PolyCase
and an exclusive line of knives by CRKT to our catalog of licensed products.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">New
products represented $115.4 million, or 21% of firearm sales in 2015. Compared to $89.4 million, or 16% of firearm sales in 2014.
New product sales include only major new products that were introduced in the past two years.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">Production
and inventories. In 2015, unit production for the year declined 8% from 2014. The quarterly numbers, however, show an improving
trend in the second half of the year.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">In
the third and fourth quarters of 2015, unit production increased 23% and 18% respectively from the comparable prior-year periods.
In spite of that increasing production, inventory at both the Company and at the independent wholesale distributors declined in
the fourth quarter due to the aforementioned increase in demand.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">For
the full year, the Company finished with inventory decreased 16,800 units and the independent wholesale distributors' inventory
decreased 55,700 units. We believe that the overall inventory levels are generally sufficient to support rapid fulfillment of retailer
demands. However, there is still insufficient availability of certain models that are enjoying strong demand and we are working
hard to increase production rates for those models.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">Balance
sheet. At December 31, 2015, our cash and cash equivalents totaled $69 million, an increase of $60 million from December 31, 2014.
Our current ratio was 2.3 to 1 and we have no debt. At December 31, 2015, stockholders' equity was $227.7 million which equates
to a book value of $12.17 per share.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">Cash
flows. In 2015, we generated $112.6 million of cash from operations. We reinvested $28.7 million of that back into the Company
in the form of capital expenditures.</FONT></P>

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

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<P STYLE="margin-top: 0pt; text-align: right; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;<BR></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom; background-color: #006595"><TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; text-align: left; font: small-caps bold 10pt Times New Roman, Times, Serif; color: rgb(0,51,153)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-variant: normal; color: white">FEBRUARY 25, 2016 / 02:00PM&nbsp;&nbsp;GMT, RGR - Q4 2015 Sturm Ruger &amp; Co Inc Earnings Call</FONT></TD></TR></TABLE></DIV>
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<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal"></FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">We
estimate that capital expenditures in 2016 will be approximately $25 million. Our primary focus for investment will be new product
development as well as capacity increases for certain established products that have strong demand.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">Cash
returned to shareholders. In 2015, the Company returned $24 million to its shareholders through the payment of $21 million of dividend
and the repurchase of 82,100 shares of our common stock at an average price of $34.57 per share, for a total of $3 million. At
December 31, 2015, $73 million remained authorized for future stock repurchases.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">Our
Board of Directors has declared a $0.35 per share quarterly dividend for shareholders of record as of March 11, 2016, payable on
March 25, 2016. As a reminder, our quarterly dividend is approximately 40% of net income and therefore varies quarter-to-quarter.
Those are the highlights of 2015.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">Operator,
may we please have the first question.</FONT></P>

<P STYLE="color: #6B9915; font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-transform: uppercase; text-indent: 0">QUESTION AND
ANSWER</P>

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

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">Your
first question comes from Andrea James from Dougherty &amp; Company. Please proceed.</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 &amp; Company - Analyst </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Taking
my questions, Andrea James here. Quick question, Mike. Just a modeling question. If you shipped 478,000 units in the quarter at
a $336 ASP, if I multiply those two numbers I get $160 million in revenue? You report about $150 million of firearms revenue. I'm
just wondering what I'm missing because normally that roughly works out.</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; Co Inc - CEO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">All
right. I believe the answer would be free goods being shipped from our -- some of our promotional programs.</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 &amp; Company - Analyst </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">All
right and usually --</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; Co Inc - CEO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">And
not every one of those units went out at that ASP. The ASP would be the products for which we invoice.</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 &amp; Company - Analyst </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Okay.
I appreciate that it and then can you give us a little bit of color into your thinking about the decision to go into suppressors
and whether or not that could be material? 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; Co Inc - CEO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Yes.
I think suppressors are an emerging market that really have taken the whole shooting industry by storm. Once people finally get
around to trying it, they realize how delightful it is to shoot in a much quieter environment.</FONT></P>

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

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<FONT STYLE="font-size: 10pt; color: #424242">&copy; 2016 Thomson Reuters. All rights reserved. Republication or redistribution
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<P STYLE="margin-top: 0pt; text-align: right; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;<BR></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom; background-color: #006595"><TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; text-align: left; font: small-caps bold 10pt Times New Roman, Times, Serif; color: rgb(0,51,153)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-variant: normal; color: white">FEBRUARY 25, 2016 / 02:00PM&nbsp;&nbsp;GMT, RGR - Q4 2015 Sturm Ruger &amp; Co Inc Earnings Call</FONT></TD></TR></TABLE></DIV>
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<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal"></FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">We
just think it's going to be a big growth area. Now for the first year or two, I don't see it being material to our results. But
you know at the SHOT Show we had a bunch of retailers come up to us and say, gee, I was thinking about getting into the silencer
business but I couldn't make up my mind. But now that Ruger's in it that means is mainstream I'm going to do a I'm going to get
my license.</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 &amp; Company - Analyst </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">And
awaiting period on that you think is still a popular product even though folks have to wait a little bit just to get it?</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; Co Inc - CEO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">I
think the waiting period is actually getting worse. Because of budget constraints they have redeployed some of the people who were
working on the licenses, not licenses, but the authorizations for suppressors and have reassigned them to just doing basic NICs
checks.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">So
it's a problem and we can only hope that they will put more resources on it and it'll get better.</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 &amp; Company - Analyst </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Thank
you for taking my questions. Congratulations. 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: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Your
next question comes from the line of Brian Ruttenbur from BB&amp;T.</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> - BB&amp;T Capital Markets - Analyst </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Thank
you much. Great quarter and year. A couple questions, distributor level inventory currently stands around 270,000. Where do you
see or where do you want distributor level inventory to go to? I think you made a comment on the last quarter around 325,000 if
I recall correctly but maybe you can elaborate on 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; Co Inc - CEO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">While
I believe we've been very consistent in saying that we'd really like to have the distributors running at about a six inventory
turn. Which is where that number in the 300,000s come from and of course if this is a good healthy and growing year, then we will
want even more. On the other hand, distributors like to have as little inventory as possible and as many inventory turns as they
can.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">So
it's always a bit of a challenge to convince them to invest a little more but we been reasonably successful and those who actually
did it, because it's not uniform across the board, but those who made a real effort and a real commitment, they made a lot of money
in the fourth quarter. And so hopefully that message will resonate to more of them and more of them will actually act like wholesalers
and hold inventory.</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> - BB&amp;T Capital Markets - Analyst </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Okay.
And then the next question is on capacity at Mayodan, are you at full capacity? Are you 75% of capacity? How many lines do you
have up 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; Co Inc - CEO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Right
now the Mayodan factory has about half the space finished out and with production lines in it. Not all of those production lines
in that first half are shipping yet. Because we are increasing capacity on a bunch of the products there, built there. But I have
signed a capital request to finish out the other half of the building because we anticipate filling it in the coming year.</FONT></P>

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

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| </FONT><FONT STYLE="color: blue">Contact Us</FONT><BR>
<BR>
<FONT STYLE="font-size: 10pt; color: #424242">&copy; 2016 Thomson Reuters. All rights reserved. Republication or redistribution
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'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies.</FONT></P>



<P STYLE="margin-top: 0pt; text-align: right; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;<BR></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom; background-color: #006595"><TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; text-align: left; font: small-caps bold 10pt Times New Roman, Times, Serif; color: rgb(0,51,153)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-variant: normal; color: white">FEBRUARY 25, 2016 / 02:00PM&nbsp;&nbsp;GMT, RGR - Q4 2015 Sturm Ruger &amp; Co Inc Earnings Call</FONT></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></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> - BB&amp;T Capital Markets - Analyst </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Can
you talk a little bit about CapEx requirements then in 2016 as you finish that out? Is it going to be larger, smaller, can you
give me any kind of numbers around 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; Co Inc - CEO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">I
can give you our current estimate which is about $25 million because generally we don't have any major building infrastructure
issues other than finishing out the interior of the Mayodan plant. For example, in the past few years we've done substantial --
a new wastewater treatment facility. We've put in a very big indoor production range and those things are quite expensive building
additions.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">So
our current estimate is $25 million, I would caution however, my January estimates have never held up. And if we get great opportunity,
as you see, we're sitting on a lot of cash so we can move very quickly to take advantage of 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">Brian
Ruttenbur <I> - BB&amp;T Capital Markets - Analyst </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Okay.
Next question is about traction with a new American pistol line. Market reception, what you're seeing out 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; Co Inc - CEO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">All
right. I'd like to ask Chris Killoy, our President and Chief Operating Officer to take the question.</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">Chris
Killoy <I> - Sturm Ruger &amp; Co Inc - President and COO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Thanks,
Mike. One of the things with the American pistol is, we had a very innovative launch plan, shipping to retailers and select ranges
across the country in advance of actual announcement to consumers. That proved very effective and so far the demand has been very
strong.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">We
just finished shipping the last of our introductory packages. Now building at the individual firearms. We have two primary SKUs,
9 millimeter and.45 that are shipping to retailers and so far we been very pleased with the demand and success of the launch.</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> - BB&amp;T Capital Markets - Analyst </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Great.
And then I have some additional follow-up questions, just the plan for promotional activity and 2016 verses 2015? We are picking
up from SHOT Show that maybe the discounting environment is less this year because of the increased volumes or increased demand.
Is that what you are seeing also?</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; Co Inc - CEO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: 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">Chris
Killoy <I> - Sturm Ruger &amp; Co Inc - President and COO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Yes.
This is Chris again. Right now certainly there's increased demand on certain segments, both of Ruger product line and the market
in general. Other parts are still somewhat subjective to -- subjected to promotional needs. At Ruger we typically have, over the
past couple of years, have had a single annual promotional period between January and February and, as many of you likely know,
last year we had a summer series of promotions that we're planning to repeat this year.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">So
we are planning for that, the way we do these promotions is we can throttle those up or down as far as how rich they are or how
rich they need to be based on the market demand and the segments we are talking with.</FONT></P>

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

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<P STYLE="margin-top: 0pt; text-align: right; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;<BR></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom; background-color: #006595"><TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; text-align: left; font: small-caps bold 10pt Times New Roman, Times, Serif; color: rgb(0,51,153)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-variant: normal; color: white">FEBRUARY 25, 2016 / 02:00PM&nbsp;&nbsp;GMT, RGR - Q4 2015 Sturm Ruger &amp; Co Inc Earnings Call</FONT></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></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> - BB&amp;T Capital Markets - Analyst </I></P>

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

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

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">Rise
in ASPs this year versus last year, I think that on the year you had, I guess, $319 was the average and in 2015 versus last year
was $303. Do you expect that rise to continue in 2016 for ASPs? And was that driven primarily by long guns or what was it driven
by?</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; Co Inc - CEO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">The
major factors in ASP are the number of free goods that are shipped and the accessories that are shipped. These ASP numbers include
our accessory sales so if you have a year like 2013, where there was an extraordinary number of after market magazines sold, that
can substantially lower the ASP number. And if you have a period of time when they are not quite so many and then you throw in
our new product, the Precision rifle which is one of -- it's not our most expensive firearm.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">That
can adjust it, too, so I wouldn't read a lot into the ASP numbers one way or the other here. I'd focused more on the total units
sold because we tend to have a good contribution margin on incremental units so if you see us go from one quarter to another with
a big jump, you can expect sort of earnings to follow 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">Brian
Ruttenbur <I> - BB&amp;T Capital Markets - Analyst </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">All
right. And then last questions. Got to bring Tom into this.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">Can
you talk about tax rate, anticipation for 2016, where you anticipate that to shake out? And then you share count. Is there any
anticipated buybacks or you are anticipating kind of flattish share count or some increasing share count with time?</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; Co Inc - CEO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">We
don't have any particular reason to expect the tax rate to change and especially in an election year, I doubt they could pass any
legislative that would affect it.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">In
terms of share repurchases, with that $73 million authorized and at this stock price, I doubt we would do it. And just go back
to a discussion I've had in the past which is if the stock is trading at a historical, kind of average multiple, we are not going
to participate. If we think that multiple has dropped too low, then we will jump in at that point.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">Because
from the perspective of a shareholder who is around before the stock repurchase and stays and still owns their stock after the
repurchase, they are only better off when the Company buys the stocks if the Company buys the stock at a below average earnings
multiple. And honestly, I would invite more people to actually run the math and figure because there's too many assumptions out
there that just buying stock back at any old price is good. But it's only good for the exiting shareholder and it's not good for
the shareholder who stays. So if our average multiple is kind of in the 6 to 8 range, you expect us to buy only when it's below
that range.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">And
right now I think that the multiple is somewhere in that range and so we probably wouldn't participate. But as you saw last year
when it -- the stock price dropped down to what we thought was an unfair level, we did jump in and buy a bunch of $35 a share.</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> - BB&amp;T Capital Markets - Analyst </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">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; text-indent: 0; border-top: #003399 0.25pt solid">Michael
Fifer <I> - Sturm Ruger &amp; Co Inc - CEO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Let
me add to that a little bit. There's always a tug between the three main things, stock repurchase, special dividend or acquisitions.
And we've kept our eye out for acquisitions for the last 10 years and we've actually tried a few times, but have been beaten by
others who were willing to pay really kind of silly multiples. And as we've seen some of those acquisitions that we didn't quite
get, I think the people who bought them rue the day that they did win.</FONT></P>

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

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<P STYLE="margin-top: 0pt; text-align: right; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;<BR></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom; background-color: #006595"><TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; text-align: left; font: small-caps bold 10pt Times New Roman, Times, Serif; color: rgb(0,51,153)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-variant: normal; color: white">FEBRUARY 25, 2016 / 02:00PM&nbsp;&nbsp;GMT, RGR - Q4 2015 Sturm Ruger &amp; Co Inc Earnings Call</FONT></TD></TR></TABLE></DIV>
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<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal"></FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">And
you've seen us where we had done a special dividend in the past and seen us actually by stock back from time to time. If we have
another good year, I think we may find our cash balance to be uncomfortably high at that point and that would probably lead us
in the direction of a special dividend.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">On
the other hand, if it's politics and things really drive a strong market, some of that cash will go into additional capacity and
we may not be in a position to do a special dividend. At the same time, you know, who knows what will happen with politics, if
the stock price gets on the -- what we believe is a very low multiple then we will jump in with a stock repurchase. So we are very
aware of the ways to spend the money, we're trying to do it in a responsible way for our long-term shareholders. And we will be
ready to move if an opportunity presents itself.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">Next
question.</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: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Your
next question comes from Colin Moran from Abdiel. Please proceed.</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: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Mike,
your D&amp;A is running about a little under $40 million a year. But you mentioned this $25 million CapEx number as creating some
room for expansion. Can you just comment on what the right number to think about for just sort of a maintenance CapEx level for
you guys is?</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; Co Inc - CEO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">I
think probably somewhere in the number of $15 million but we have got such a long list of new products out there that we are anxious
to implement that I'd be surprised if you saw us less than $25 million on a running basis.</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: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Okay.
Just to make sure heard. 1-5 million, $15 million is maintenance and then maybe an extra $10 million for -- whatever is above that
is building out 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">Michael
Fifer <I> - Sturm Ruger &amp; Co Inc - CEO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Well,
when you introduce a new product, keep in mind that even if you have existing machinery that's suitable to build it, you generally
have to do a lot of new tooling. Both tooling in the machine and then perhaps tooling for plastic injection molded parts or metal
injection molded parts. And so the startup of a line consumes a fair amount of capital, whether you have the equipment or not and
then if you have to buy either extra equipment or specialized equipment, that adds more to it.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">So
new products really tend to drive our CapEx in any given year. And then typically, to a lesser degree, increasing demand on existing
products may have an impact. We've got a lot of new equipment throughout the business because we have invested over $200 million
back in the business in the last seven or eight years.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">So
it's not like I have a lot of old equipment that's just dying and falling apart. Pretty much we've cleaned most of that out. There
aren't too many Bridgeports left in our building.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">So
when you ask about maintenance, it's a tough question for me to ask -- answer because I'm trying to think of do we have any more
roofs to repair? And we've been pretty steady each year at maintaining our infrastructure and then our CapEx has really been driven
by new product demands.</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: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Okay.
I guess it's sort of related to that, is your sales to net PP&amp;E historically, has been in the kind of close to seven times
ratio. And now it's closer to five times. So would it be right to infer from that, that you've got a fair amount of room to ramp
up production without, at least in existing lines, without needing to spend a lot of CapEx?</FONT></P>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom; background-color: #006595"><TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; text-align: left; font: small-caps bold 10pt Times New Roman, Times, Serif; color: rgb(0,51,153)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-variant: normal; color: white">FEBRUARY 25, 2016 / 02:00PM&nbsp;&nbsp;GMT, RGR - Q4 2015 Sturm Ruger &amp; Co Inc Earnings Call</FONT></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></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; Co Inc - CEO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">It
depends on the lines but I think is a reasonable assumption. And keep in mind that some of our early products during this big run
were small like the LCP pistol and that really required minimal capital for what we were producing. And then we added the things
like the SR1911 which requires a lot of capital for each gun produced. And then most recently we put out the Ruger Precision rifle
which is a very vertically integrated product.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">And
our AR-556 is very vertically integrated which is how we are able to reach the price points we did. And so those are much more
capital intensive than say the original LCP. So a lot has to do with product mix and how much we've vertically integrated versus
how much we are buying component parts from outside vendors.</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: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Okay.
And then with respect to the Precision rifle, what's your sense of how many of those you will be producing in Q4 of this upcoming
year versus the quarter we just finished. Not looking for a number, just kind of a relationship. Are you going to double it, is
it something in that order of magnitude?</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; Co Inc - CEO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">I
do not anticipate doubling it. I'm frankly thrilled with how popular it is and how much it is in demand. But I mean it is $1000
rifle and there is a smaller market for a $1000 rifle no matter how incredibly accurate and fun to shoot it is compared to $299
pistol.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">I
truly have no idea what the demand will at the end of the year. Hopefully, it will be every bit a strong as it is now and I'll
probably be lagging demand in terms of capacity increases because I always remain a little bit skeptical on the higher price products.
It's just how long the strong demand will last.</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: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Okay.
And on the new pistol, what could we think about in the way of additional related pistols over time that might come out of the
American pistol? Just what possible alternative -- or not alternatives, but additional lines could come out of 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; Co Inc - CEO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Well,
what we've done is come out with two of the most popular calibers in a full-size and what we call a Pro model which means manual
safety is not on there, magazine disconnect safety is not on there, because typically more experienced shooters don't want to have
those. And so those are just two models. I believe our plans for that line are somewhere on the order of 22 models in total.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">So
you would expect at least one additional caliber, you would expect a Pro model, safety models, full-size models, compact models.
And just work through the list and that's long before we even get to a distributor exclusive that wants other special features
on it. So I think it'll keep us busy for a few years. You would -- should expect us to expand this to a full line but it will take
a number of years to do so.</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: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Got
it. Thanks.</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: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">(Operator
Instructions)</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">Your
next question comes from Brian Rafn from Morgan Dempsey Capital Management. Please proceed.</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>

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<P STYLE="margin-top: 0pt; text-align: right; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;<BR></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom; background-color: #006595"><TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; text-align: left; font: small-caps bold 10pt Times New Roman, Times, Serif; color: rgb(0,51,153)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-variant: normal; color: white">FEBRUARY 25, 2016 / 02:00PM&nbsp;&nbsp;GMT, RGR - Q4 2015 Sturm Ruger &amp; Co Inc Earnings Call</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Good
morning, Mike. Hi, Chris</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; Co Inc - CEO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: 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: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Mike,
from the standpoint of new product development, obviously that's what you kind of anchored the Company on. One from the standpoint
of engineering staff, are you looking at adding any design capacity and engineers 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; Co Inc - CEO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Brian,
at this point I would tell you probably not other than just sort of the normal part of our engineering intern program. Every year
a few of those guys graduate and we extend them offers for full-time employment. We've been very fortunate in that we've had I
believe zero turnover.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">We
had a, I think of the past few years, one or two guys left for one reason and they both came back. So we've done very well at keeping
the guys and keeping them happy, challenging them. We're working hard on enhancing their education skill sets that's so they become
more valuable to us and with the good established base we have, I think that's more important than bringing in new guys. Although
we try to bring in interns every year and then keep a few of them post-graduation.</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: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Okay,
so your keep a couple interns every year. Okay. The last time I checked you had 75, 80, 85 engineers. Is that about right or am
I off?</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; Co Inc - CEO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">It
depends who you count. But I think in aggregate, including our manufacturing engineers which work so closely with the design guys
there's a lot of crossover. I think we're probably closer in total to about 140.</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: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">140.
Oh, okay. Great. Super. All right. When you look at product development lifecycle, you know, concept, prototyping, testing, building
inventory. At one time Ruger was, 3 1/2, 4 years, what maybe are your goals and are you seeing any compression in that design to
bringing to market, that compression of that cycle time?</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; Co Inc - CEO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Well
last year we initiated a big project to try to rationalize how we do new product development at all of our facilities. And I don't
really want to go into all the details on that but we expect good things from it and in spite of, my in the past saying it takes
three or four years to develop a product, every now and then we get one that flies through in a year.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">So
we have done it well on occasion. And we know that if we can get those best practices across the board, throughout the plants and
teach more of the guys how to do that, we will get better over time.</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: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Yes,
okay. No, I think you're making efforts. You had talked once, and one of the things that we look at, too, is you know the ability
-- you build some buzz in the channel, you got to have some decent inventory on launch date. The Precision rifle, such a superb
rifle. There are Delta Force guys, SOCOM guys, the rangers that can't get this. I am still on a waiting list.</FONT></P>

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

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<FONT STYLE="font-size: 10pt; color: #424242">&copy; 2016 Thomson Reuters. All rights reserved. Republication or redistribution
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<P STYLE="margin-top: 0pt; text-align: right; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;<BR></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom; background-color: #006595"><TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; text-align: left; font: small-caps bold 10pt Times New Roman, Times, Serif; color: rgb(0,51,153)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-variant: normal; color: white">FEBRUARY 25, 2016 / 02:00PM&nbsp;&nbsp;GMT, RGR - Q4 2015 Sturm Ruger &amp; Co Inc Earnings Call</FONT></TD></TR></TABLE></DIV>
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<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">You
talked about being a little skeptical, kind of gauging that. What is your sense on -- I'm trying to understand what you -- the
gauging. If you're constantly kind of behind that, how do you kind of lift production for something that's in -- that has tremendous
demand.</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; Co Inc - CEO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">That's
the challenge we face every day. Right now demand for that rifle is substantially more than we can build today. But is that --
let's say that demand would you say 2 or 3 X what we building today but is that going to last for five years?</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">In
which case I should be scrambling to get more equipment and more staff and working on that right away. Or is that the typical launch
of a new product where you get this enormous spike for the first 6 to 12 months and then it kind of settles down to a value that
was say for example, half of the peak value and that's the sustainable multi-year. So what we try to do is we try to estimate what
the sustainable multi-year level is, build a production capacity for that and then build units for several months before the launch
so that we can take care of the peak at launch but not be over invested in 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: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: 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; Co Inc - CEO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">And
pretty much we have misjudged that every single time. We have never had enough 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: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Yes,
right. Well, it's a tough thing you do. I'm not pressing you. You know, Harley-Davidson does that with motorcycles here in Milwaukee.
They like scarcity. Scarcity drives that buzz. I'm wondering does -- is scarcity for you, does that help in gauging and being a
little more skeptical or would you just as soon deliver as many as you could.</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; Co Inc - CEO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">I
think this is a little bit like what you learn in business school, that you cannot inventory a hotel room. If you didn't fill it
last night, you lost that sale forever.</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: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Right.</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; Co Inc - CEO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">And
there's a certain number folks who, when they see it on the cover of a magazine want to run out and buy it right then and there.
But if you wait six or nine months, they may have two different reactions.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">One
maybe they've just forgotten about it and they're on to the next exciting thing. Or, two, they are so resentful they couldn't get
it that you can't even give it to them. And so I think it's more important to have enough when you launch, and you know -- that
demand is perishable. You really need to service it at launch if you can.</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: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Yes,
I got you. No, I appreciate the color. Yes, indicate you guys build, I think it's six rifles and one pistol, at Mayodan. You talked
about building out the other 50%.</FONT></P>

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

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<P STYLE="margin-top: 0pt; text-align: right; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;<BR></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom; background-color: #006595"><TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; text-align: left; font: small-caps bold 10pt Times New Roman, Times, Serif; color: rgb(0,51,153)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-variant: normal; color: white">FEBRUARY 25, 2016 / 02:00PM&nbsp;&nbsp;GMT, RGR - Q4 2015 Sturm Ruger &amp; Co Inc Earnings Call</FONT></TD></TR></TABLE></DIV>
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<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal"></FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">How
many other lines are you adding? How -- are you shifting other rifles or long guns from Newport? Are you using that capacity for
new pipeline products that you are have yet to launch or to bring out? What's going to build out 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; Co Inc - CEO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Yes.
(Laughter)</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: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: 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; Co Inc - CEO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Brian,
we're doing all of the above.</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: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Yes,
okay. I got you. The Earth City, the metal injection mold vertically integrated, is that on plan, on budget? Are you seeing more
content? Are you expanding it? What is going on at Earth City?</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; Co Inc - CEO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">I
believe right now we're fairly pleased with it. We made an estimate of how much total capacity there was there. And we are not
using it all yet but with the launch of the American pistol, I expect to completely utilize it and we may be starting to look at
expanding it.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">We're
not going to -- I don't think we're going to expand it in St. Louis. I think what we are going to do is develop cells there that
we can then move to the factories that consume the units. And so our core MIM factory will be in St. Louis with the major expertise
there. But then when we can develop a small cell and move it to the plant, that will be the right way to expand.</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: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Okay.
Okay. And when you look at the plans, historically, Newport has been rifles, long guns, revolvers. Prescott's been pistols. Is
Mayodan going to get a class or is it going to be more new products or is it just where you have floor space? What is going to
define what Mayodan, North Carolina builds.</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; Co Inc - CEO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Brian,
that's a great question. I don't really think I have a good answer. It is been really very opportunistic. For example, back to
your earlier question, we are moving a product line out Newport because Newport has a new product they need the space for and the
engineers are there, so we're moving out a product line that is fairly stable and moving it down to Mayodan. But it is driven by
needs in Newport, not driven by some fancy plans for Mayodan.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">And
we've done that once before with a product line from Prescott moving to Mayodan. But Mayodan in their own right is building their
own engineering team and it's developing new products. So the farther down the road we go the less likely we will move a product
line to Mayodan because they will have a pretty of their own taking up the space.</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: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Your
next question comes from Steve Roberts from NorthPointe Capital. Please proceed.</FONT></P>

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

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<BR>
<FONT STYLE="font-size: 10pt; color: #424242">&copy; 2016 Thomson Reuters. All rights reserved. Republication or redistribution
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<P STYLE="margin-top: 0pt; text-align: right; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;<BR></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom; background-color: #006595"><TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; text-align: left; font: small-caps bold 10pt Times New Roman, Times, Serif; color: rgb(0,51,153)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-variant: normal; color: white">FEBRUARY 25, 2016 / 02:00PM&nbsp;&nbsp;GMT, RGR - Q4 2015 Sturm Ruger &amp; Co Inc Earnings Call</FONT></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">During,
obviously, we have the election coming up this fall and the year of demand has been fairly robust. Have you think if Hillary Clinton
is elected president that we'll see a step up in demand or just kind of stay at this level here?</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; Co Inc - CEO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">I
think we'll see a step up of demand if a Democrat wins the election. And particularly so if they win the Senate because, in spite
of whether President Obama is successful in appointing a new Supreme Court Justice, more than likely based on agent health, that
the next president will get several opportunities. And that could drive concern about the rights of gun rights. So, 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">Steve
Roberts <I> - NorthPointe Capital - Analyst </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Okay.
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: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Your
next question comes from Brian Rafn from Morgan Dempsey Capital Management. Please proceed.</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: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Yes,
Mike, the mini-foundries up at Newport you are running two, maybe? And what if any further plans with the main integrated foundry
versus the minis?</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; Co Inc - CEO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">I
believe I said it in the past and it's still true today that I think we need three mini-foundries at our current volume level to
be able to shut down the big one, the old legacy foundry. And we're holding off on the third mini-foundry for the moment. Sort
of to not spend too much on our capital spending.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">And
also because there are some emerging new technologies that we want to look at and see how they mature. So my guess is we will not
commence that third mini-foundries this year as we watch some of these emerging technologies and we will revisit it again probably
12 months from now.</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: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Okay.
Okay. Any CapEx? You talk about building out Mayodan, anything going on at Newport or Prescott or just specifically on new products?</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; Co Inc - CEO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Primarily
it's on new products and the only major infrastructure that I can think of at the moment is the build out in 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">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: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Okay.
Okay. You indicate, Mike, you have the old Dorr Woolen building, 45,000 square feet. I thought you guys were going to burn that
thing to the ground? Or are you going to knock it over?</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">Maybe
I got that wrong. I thought that was an old asset or whatever. What is in there? Is that a storage area or --?</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; Co Inc - CEO </I></P>

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

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'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies.</FONT></P>



<P STYLE="margin-top: 0pt; text-align: right; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;<BR></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom; background-color: #006595"><TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; text-align: left; font: small-caps bold 10pt Times New Roman, Times, Serif; color: rgb(0,51,153)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-variant: normal; color: white">FEBRUARY 25, 2016 / 02:00PM&nbsp;&nbsp;GMT, RGR - Q4 2015 Sturm Ruger &amp; Co Inc Earnings Call</FONT></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Well,
like most industrial buildings, it was built over time with different sections of different age and the building style and sort
of quality. And there was, in that large building, there was one section that was pretty new and we got rid of everything but that
one new section.</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: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: 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; Co Inc - CEO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">And
that's our finished goods warehouse for Newport.</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: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Okay.
All right. Let me ask relative to, you know, accessories. You mentioned many years back, talking about M&amp;A activity, but you
kind of qualified it with the phrase needle mover. You wanted something that was --that had some impact.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">I'm
just wondering when you look across, certainly with the modern sporting rifles, the grips, the optics, the lasers, the flashlights,
holsters or slings for revolvers or pistols, are there any areas you guys certainly have added magazine clips and triggers and
some things, are there other broader areas in the accessories area that you might go to? Obviously, suppressors, very good choice.
I'm just wondering how broad your nets are?</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; Co Inc - CEO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Well,
we pay a lot of attention to what's out there. Frankly, our big focus right now is going to be on suppressors and some of our products,
for example, the 10/22 and now emerging the Precision rifle, draw a lot of after market suppliers because those products are very
customizable.</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: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: 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">Michael
Fifer <I> - Sturm Ruger &amp; Co Inc - CEO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">And
so we have decided, and it's really sort of a shift in thinking here, that, gee, we ought to be supplying a lot more of those after
market products. And you can get good margins for them. So the engineers that we have dedicated to accessories are really kind
of focused on that for now.</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: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Okay.
You mentioned a little bit yet in your opening comments, talking about Black Friday sales and it seems to have been, I don't know
the last four or five years, the gun area on Black Friday has really been a big area.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">How
do you guys war plan for that? And what kind of things do you do? Other than some promotions. I'm just curious as to what kind
of goes into your Black Friday planning.</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; Co Inc - CEO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Let
me give that one to Chris, I think.</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">Chris
Killoy <I> - Sturm Ruger &amp; Co Inc - President and COO </I></P>

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

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<P STYLE="margin-top: 0pt; text-align: right; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;<BR></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom; background-color: #006595"><TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; text-align: left; font: small-caps bold 10pt Times New Roman, Times, Serif; color: rgb(0,51,153)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-variant: normal; color: white">FEBRUARY 25, 2016 / 02:00PM&nbsp;&nbsp;GMT, RGR - Q4 2015 Sturm Ruger &amp; Co Inc Earnings Call</FONT></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Hi,
Brian. Chris here. You know really the Black Friday planning process begins as early as SHOT Show this past year, if you believe
it. We were meeting with all of our big box partners that we sell -- we still sell them through our network of independent wholesalers
but we're out there planning, really right there at SHOT Show forward on what would make good Black Friday ad commitments. We firm
that up as we get further down in the spring and most of that is locked up pretty early on in the year.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">I
mean, last year you remember we talked about in 2014, we got boxed out of some of those planned ads because of discounting and
price cuts by some of the competition. This year we didn't see that. We saw very strong Black Friday ads and we had very fruitful
and productive discussions with our -- the big box stores at the SHOT Show and continuing forward. And I think we are in good shape
from a planning standpoint.</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: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Yes,
okay. Good. Let me ask you guys in the military and police side, obviously you know, I think you guys made certainly the right
choice with not taking back scrap guns and holsters and having to buy leather and bullets and training and all the stuff that goes
with those big orders. But you do have products, certainly the modern sporting rifles, the American pistol, I mean it's got a nice
kind of a military look to it. Any smaller departments, any limited size business SWAT teams are that relative to you know Ruger
products in the police side?</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">Chris
Killoy <I> - Sturm Ruger &amp; Co Inc - President and COO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Brian,
Chris again. We do have a small footprint in the law enforcement market but the products you mentioned, in particular the AR-556
as well as the Precision rifle, have generated some small department orders as well as some test and evaluation requests from quite
a few different departments.</FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-weight: normal; font-variant: normal">And
we think there also be interest in the American pistol as we go forward. But again that's not a major part of our approach to business
down the road. We still focused primarily on the consumer segment.</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: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Right.
And finally, any in specific calibers or product lines, any safety stock building for 2016?</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; Co Inc - CEO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">It's
Mike here. We've actually encouraged our wholesalers that this summer, anticipating a little bit of the normal seasonal slowdown
in the summer, regardless of the politics, that this their big opportunity to take advantage of the upcoming elections. And so
we're -- have been continuing encouraging them, strong arming them, that kind of stuff and hopefully they will do it.</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: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: 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; Co Inc - CEO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">It
really is a big opportunity for them.</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: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: 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">Michael
Fifer <I> - Sturm Ruger &amp; Co Inc - CEO </I></P>

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

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<FONT STYLE="font-size: 10pt; color: #424242">&copy; 2016 Thomson Reuters. All rights reserved. Republication or redistribution
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'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies.</FONT></P>



<P STYLE="margin-top: 0pt; text-align: right; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;<BR></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom; background-color: #006595"><TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; text-align: left; font: small-caps bold 10pt Times New Roman, Times, Serif; color: rgb(0,51,153)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; font-variant: normal; color: white">FEBRUARY 25, 2016 / 02:00PM&nbsp;&nbsp;GMT, RGR - Q4 2015 Sturm Ruger &amp; Co Inc Earnings Call</FONT></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">The
day after the election it's too late to ask for product. It's all allocated from that day 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">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: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Right
and one final one, Mike. I guessing they have a plant tour someday at Mayodan or are you going to wait until it gets built out?</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; Co Inc - CEO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">I'm
sorry. Say that 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">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: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">When
you had an analyst day there, we've enjoyed those in the past. Prescott and Newport. Are you going to do something similar to that
at Mayodan or are you going to wait until he gets fully -- filled up? I think you said you are going to build it out 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; Co Inc - CEO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Yes,
we are going to have an analyst day. The annual meeting is on Tuesday the 3rd and so we are inviting interested shareholders to
let us know if they'd like to come in at 2 PM on Monday, May 2, at Mayodan for a tour. We're going to, as we've done in the past,
we will sort of limit it to a manageable sized crowd so let us know your interest, your current share holdings, and we will try
to get some folks in 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">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: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Sounds
good. Thanks, guys. Appreciate it</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: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">I
would now like to hand the call back to Michael Fifer for closing remarks.</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; Co Inc - CEO </I></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Thank
you. In closing, I'd like to thank you for your continued interest in Ruger and I'd like to thank our loyal customers and the 2,000
plus hard-working members of the Ruger team who design and manufacture wonderful firearm products every day in our American factories.
And I look forward to seeing many of you at our 2016 annual meeting on Tuesday, May 3 in Mayodan, North Carolina. 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: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Thank
you very much. This concludes today's conference. Thank you for your participation. You may now disconnect. Have a wonderful day.</FONT></P>

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

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