Market Overview

Cummins Announces $500 Million Accelerated Share Repurchase


Cummins Inc. (NYSE:CMI) today announced that it has entered into an
accelerated share repurchase (ASR) agreement with Goldman, Sachs & Co.
LLC (GS&Co.) to repurchase $500 million of Cummins' common stock.
Today's ASR is part of Cummins' previously announced share repurchase
plans authorized by the Board of Directors and is consistent with the
company's plans to return 75 percent of Operating Cash Flow to
shareholders in 2018.

Under the terms of the ASR agreement, Cummins will repurchase $500
million of its common stock from GS&Co. with an initial delivery of
approximately 3 million shares based on current market prices. The final
number of shares to be repurchased will be based on Cummins'
volume-weighted average stock price during the term of the transaction,
less a discount.

About Cummins

Cummins Inc., a global power leader, is a corporation of complementary
business units that design, manufacture, distribute and service a broad
portfolio of power solutions. The company's products range from diesel
and natural gas engines to hybrid and electric platforms, as well as
related technologies, including battery systems, fuel systems, controls,
air handling, filtration, emission solutions and electrical power
generation systems. Headquartered in Columbus, Indiana, (USA) Cummins
currently employs approximately 58,600 people committed to powering a
more prosperous world. Cummins serves customers in approximately 190
countries and territories through a network of approximately 500
company-owned and independent distributor locations and approximately
7,500 dealer locations. Cummins earned about $1 billion on sales of
$20.4 billion in 2017. Press releases can be found on the Web at
Follow Cummins on Twitter at
and on YouTube at

Forward-looking disclosure statement

Information provided in this release that is not purely historical are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995, including statements regarding our
forecasts, guidance, preliminary results, expectations, hopes, beliefs
and intentions on strategies regarding the future. These forward looking
statements include, without limitation, statements relating to our plans
and expectations for our revenues and EBITDA percentage for the full
year of 2018. Our actual future results could differ materially from

projected in such forward-looking statements because of a number of
factors, including, but not limited to: (i) a sustained slowdown or
significant downturn in our markets; (ii) our truck manufacturing and
OEM customers discontinuing outsourcing their engine needs; (iii) the
development of new technologies; (iv) the discovery of any significant
additional problems with our engine platforms or aftertreatment systems
in North America; (v) performance or safety-related recalls; (vi) lower
than anticipated market acceptance of our new or existing products or
services; (vii) a slowdown in infrastructure development and/or
depressed commodity prices; (viii) unpredictability in the adoption,
implementation and enforcement of increasingly stringent emissions
standards around the world; (ix) our reliance on significant earnings
from investees that we do not directly control; (x) the adoption and
impact of new tax legislation; (xi) potential security breaches or other
disruptions to our information technology systems and data security;
(xii) financial distress or a change-in-control of one of our large
truck OEM customers; (xiii) our pursuit of strategic acquisitions and
divestitures; and (xiv) other risks detailed from time to time in our
Securities and Exchange Commission filings, particularly in the Risk
Factors section of our 2017 Annual Report on Form 10-K. Shareholders,
potential investors and other readers are urged to consider these
factors carefully in evaluating the forward-looking statements and are
cautioned not to place undue reliance on such forward-looking
statements. The forward-looking statements made herein are made only as
of the date of this press release and we undertake no obligation to
publicly update any forward-looking statements, whether as a result of
new information, future events or otherwise. More detailed information
about factors that may affect our performance may be found in our
filings with the Securities and Exchange Commission, which are available
or at
in the Investor Relations section of our website.

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