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5. Cummins, Inc. Business Report FY ended 2015

Factors
1)
-Engine segment sales in FY ended Dec. 31, 2015 decreased by 4.7% year-on-year due to following main reasons;

• Lower global demand in construction markets with decreased engine shipments of 27%.
• Foreign currency fluctuations unfavorably impacted sales results (primarily the Brazilian real, euro and British pound).
• Light-duty automotive sales decreased due to lower demand, primarily in Brazil.

2)
-Components segment sales in FY ended Dec. 31, 2015 increased by 1.1% year-on-year due to following main reasons;

• Emission solutions sales increased by 6.7% year-on-year, primarily due to improved demand in the North American on-highway markets and increased demand in China.
• Fuel systems sales increased by 9.2% year-on-year, due to the new Beijing Foton ISG engine that entered production in the 2nd quarter of 2014 in China, and improved demand in North American on-highway markets.
• Turbo technologies sales decreased by 6.6% year-on-year, due to primarily lower demand in China, Europe and Brazil, partially offset by higher demand in the North American on-highway markets.
• Filtration sales decreased by 6.0% year-on-year, primarily due to lower demand in Europe, Asia Pacific and Brazil, partially offset by higher demand in China.

Contracts

-The Company announced that the 2016 Nissan "Titan XD" full-size pickup with the Company's 5.0L V8 Turbo Diesel will be displayed at the 2015 North American International Auto Show in Detroit. The Company's 5.0L V8 Turbo Diesel will be built at the Columbus Engine Plant in Columbus, Indiana, USA. (From a press release issued in January 2015)

R&D Structure

-The Company operates 19 technical centers around the world: North America (8), South America (1), Europe (6), Asia (3) and India (1).

Product Development

High efficiency aftertreatment system
-Cummins Emission Solutions is introducing the first of its next generation of ultra-high efficiency aftertreatment systems, the EcoFit Single Module. The EcoFit Single Module is designed to be up to 60% smaller and 40% lighter compared to the EPA 2013 solution it supersedes, all while improving emissions reduction performance. The smaller size enables better heat management and retention for improved fuel economy capability, while the simple single-pass exhaust flow design delivers low back pressure. This new solution, which will meet GHG and fuel efficiency standards for EPA 2017, specifically addresses the needs of medium- and heavy-duty engine customers in low emissions markets. (From a press release on March 18, 2015)

Diesel-electric hybrid engine
-The Company and Allison Transmission Holdings Inc. announced that they have received certification from the California Air Resources Board (ARB) to sell the model year 2015 Allison H 40/50 EP hybrid propulsion system paired with the Cummins ISB6.7 and ISL9 diesel-electric hybrid engines for transit buses and coaches. Allison's H 40/50 EP hybrid propulsion system is used for both straight and articulated transit buses. It has been shown to improve fuel economy up to 25% over similar diesel buses. The ISB6.7 diesel-electric hybrid engine is rated at 280 hp (209kW) while the ISL9 diesel-electric hybrid engine is rated at 330 hp (246kW) for the transit bus market. (From a press release on March 3, 2015)

Connected diagnostics solution using telematics
-The Company announced details surrounding Connected Diagnostics, the first application within the Connected Solutions suite that has been designed to work seamlessly with leading telematics providers. The Company's Connected Solutions is an innovative group of products that utilize the connection of a Company's electronic engine to a vehicle's on-board telematics system. Connected Diagnostics gathers engine data to provide customers with immediate expert recommendations in response to engine fault information. Production availability will begin in April 2015. (From a press release on February 16, 2015)