Cummins Files 2002 Form 10-K and Announces Annual Shareholders' Meeting Date

COLUMBUS, Ind.--Aug. 4, 2003--Cummins Inc. today filed its 2002 Form 10-K with the Securities and Exchange Commission. In addition, the Board of Directors set the date for the Annual Shareholders' Meeting as September 16, 2003, with a record date of August 6, 2003. The Annual Shareholders' Meeting will be held at 11 a.m. at the Cummins Technical Center in Columbus, Indiana.

The Form 10-K filing contains restated financial results for the years 2000 and 2001. The restatement relates to the previously announced need for an accounts payable adjustment primarily associated with the implementation of a new enterprise resource planning system in one of Cummins' plants. The adjustment required a complete re-audit of 2000 and 2001 by the Company's new auditors, PricewaterhouseCoopers, LLP since Cummins' former auditor, Arthur Andersen, LLP, is no longer providing auditing services.

"Our employees have worked extremely hard to complete the re-audit work over the last several months and I am very grateful for their outstanding effort. We remain committed to providing complete and accurate financial reporting," said Tim Solso, Cummins' Chairman and CEO.

Details related to the restated financials can be found in the Company's Form 10-K.

Cummins Inc., a global power leader, is a corporation of complementary business units that design, manufacture, distribute and service engines and related technologies, including fuel systems, controls, air handling, filtration, emission solutions and electrical power generation systems. Headquartered in Columbus, Indiana, (USA) Cummins serves its customers through more than 500 company-owned and independent distributor locations in 131 countries and territories. With 23,700 employees worldwide, Cummins reported sales of $5.9 billion in 2002. Press releases by fax can be requested by calling News On Demand (toll free) at 888-329-2305. The Cummins home page can be found at www.cummins.com.

Information provided in this release that is not purely historical is considered to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's expectations, hopes, beliefs and intentions on strategies regarding the future. It is important to note that the Company's actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including, but not limited to, general economic, business and financing conditions, labor relations, governmental action, competitor pricing activity, expense volatility and other risks detailed from time to time in Cummins Securities and Exchange Commission filings.