From: Bowen, Bridget
Sent: Wednesday, July 29, 2009 8:52 AM
To: .DL ALL International
Subject: Letter from Dan Ustian

To:  All Navistar Employees

Sometimes challenging economic times present opportunities that wouldn’t otherwise be attractive or viable.  Think about Monaco RV:  we were able to get a good business that complements us very well at a price we would have never thought possible.

Recently another opportunity has emerged that is worth consideration.  A multi-building office complex formerly occupied by Lucent Technologies (just three miles down the road from our current world headquarters) is for sale.  This unique property could provide an opportunity to co-locate many of our businesses and functions in one complex. The facility also presents the potential to display our products and capabilities for visiting customers, suppliers and investors and allow room for growth.

While purely exploratory at this point, we wanted to tell you now because some of the activity necessary to fully evaluate the property will become public record.  We also know that the business publication Crain’s intends to report that we are interested in the property, which we believe is very premature.  It will take as long as six months to collect all of the information we need from developers and public officials to determine if this is right for us.

We are committed to keeping you up to date on what could be a very strategic opportunity for our company.  As you’ve heard us say before, a key philosophy behind our strategy for great products, competitive costs and profitable growth is to leverage what we have and what others have built.  This could be a very literal way to do this – a chance to better leverage our talented people and to leverage a facility that another company built – all at an affordable price.

Sincerely,

Dan Ustian