Joy Global: Joy Global Inc. Stock Distribution News

News Release

At the Company:
Donald C. Roof
Executive Vice President and
Chief Financial Officer

Milwaukee, WI – January 28, 2003 – Joy Global Inc. (Nasdaq: JOYG) (the “Company”) today announced that, because no significant claims have been resolved since the Company’s most recent stock distribution on July 31, 2003, no distribution of common stock will be made at the end of January 2004 to holders of allowed pre-petition claims against Harnischfeger Industries, Inc., the Company’s name prior to its reorganization in 2001. The Company indicated that 48,766,577 shares have been distributed to date and the 1,233,423 remaining shares will be distributed in accordance with the Company’s plan of reorganization as the two remaining bankruptcy related claims are finally resolved.

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Joy Global Inc. is a worldwide leader in manufacturing, servicing and distributing mining equipment, both for surface mines, through its P&H Mining Equipment division, and underground mines, through its Joy Mining Machinery division.

All statements in this news release other than historical facts are forward-looking statements which involve risks and uncertainties and which are subject to change at any time. Such statements are based on management’s expectation at the time they are made. In addition to the assumptions and other factors referred to in connection with the statements, factors set forth in the Company’s recent filings with the Securities and Exchange Commission, among others, could cause actual results to differ materially from those contemplated.