Cummins Inc. and its consolidated subsidiaries are hereinafter sometimes referred to as ‘‘Cummins,’’ ‘‘the Company,’’ ‘‘the registrant,’’ ‘‘we,’’ ‘‘our,’’ or ‘‘us.’’

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION

Certain parts of this annual report contain forward-looking statements that are based on current expectations, estimates and projections about the industries in which we operate and management’s beliefs and assumptions. Forward-looking statements are generally accompanied by words, such as ‘‘anticipates,’’ ‘‘expects,’’ ‘‘forecasts,’’ ‘‘intends,’’ ‘‘plans,’’ ‘‘believes,’’ ‘‘seeks,’’ ‘‘estimates’’ or similar expressions. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which we refer to as ‘‘future factors,’’ which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Future factors that could cause our results to differ materially from the results discussed in such forward-looking statements are discussed below. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Future factors that could affect the outcome of forward-looking statements include the following:

• price and product competition by foreign and domestic competitors, including new entrants;
  
• rapid technological developments of diesel engines;
  
• the ability to continue to introduce competitive new products in a timely, cost-effective basis;
  
• the sales mix of products;
  
• the continued achievement of lower costs and expenses;
  
• domestic and foreign governmental and public policy changes, including environmental regulations;
  
• protection and validity of patent and other intellectual property rights;
  
• reliance on large customers;
  
• technological, implementation and cost/financial risks in increasing use of large, multi-year contracts;
  
• the cyclical nature of some of our markets;
  
• the outcome of pending and future litigation and governmental proceedings;
  
• continued availability of financing, financial instruments and financial resources in the amounts, at the times and on the terms required to support our future business; and
  
• other risk factors described in Part I of this report under the caption ‘‘RISK FACTORS RELATING TO OUR BUSINESS.’’
  

In addition, such statements could be affected by general industry and market conditions and growth rates, general domestic and international economic conditions, including the price of crude oil (diesel fuel), interest rate and currency exchange rate fluctuations and other future factors.