CNH Global NV Receives Proposal From Fiat Industrial S.p.A. To Enter Into Combination Transaction

CNH Global NV announced that its Board of Directors has received a proposal from Fiat Industrial S.p.A. regarding a combination transaction between Fiat Industrial S.p.A. and CNH. The proposal was set forth in a letter sent by Sergio Marchionne, Chairman of Fiat Industrial S.p.A., to the Board of Directors of CNH. Fiat Industrial S.p.A. currently owns approximately 88% of CNH's shares. The Board of Directors of CNH expects to evaluate the proposal through a committee of independent directors which would retain independent financial and legal advisors to assist it. The Board of Directors of CNH advises its shareholders and others considering trading in its securities that it has not yet evaluated the proposal and there can be no assurance that the proposal will lead to any definitive offer, that any agreement will be reached or that any transaction will be consummated. At this time, no action by CNH Global's shareholders is required.