CNH Created from Case and New Holland Merger / Begins Trading Today on NYSE as CNH

New York (PROTEXT) - CNH (NYSE: CNH), the company created fromthe merger of Case Corporation and New Holland, will begintrading today on the New York Stock Exchange as CNH. Withcombined revenues of approximately $12 billion in 1998, CNHbuilds and markets several of the world's leading brands ofagricultural and construction equipment and is among the world'slargest equipment financing companies. "CNH is focused on generating value for all of itsstakeholders," said Jean-Pierre Rosso, CNH chairman and chiefexecutive officer. "Customers will continue to derive value fromthe brands they are loyal to, employees and dealers will share ina global enterprise that will invest in the future, andshareholders will benefit from a company that has a broadpresence in geographic and product market segments. "We have a world of opportunity before us," Rosso added. "Weintend to grow our combined business in established anddeveloping markets, while aggressively reducing costs throughprocess improvements and increased efficiencies. Our integrationplans are progressing, and we will begin implementing themimmediately to realize the $400 to $500 million in annual savingsover the next three to four years that we have identified." The company plans to operate under a multiple brand, multipledistribution business model. It will maintain its variousagricultural equipment, construction equipment and financialservices brands and corresponding distribution networks. Goingforward, the company intends to design and build its products oncommon platforms, but with differentiated features that appeal tospecific customer groups under the company's multiple brands.Financial services products also will be offered under each ofthe brand organizations. CNH is committed to value creation for its stakeholdersthrough a combination of continuous growth and cost management.The company expects to realize significant synergies as a resultof the merger, coming from four primary areas: purchasing andlogistics; research and development; selling, general andadministrative; and industrial restructuring. The annual savingsare expected to be approximately $130 million in 2000 and grow to$400 to $500 million within the next three to four years. The company said it will account for the merger under thepurchase method. As a result, assets and liabilities will berevalued and the remaining purchase price will be allocated togoodwill and intangibles. With strong global brands, CNH Global N.V. is a leader in theagricultural equipment, construction equipment and financialservices industries and had combined 1998 revenues ofapproximately $12 billion. CNH is the number one manufacturer ofagricultural tractors and combines in the world, the thirdlargest maker of construction equipment and has one of thelargest equipment finance companies in the world. Based in theUnited States, CNH has operations in 16 countries and sells itsproducts in 160 markets through a network of more than 10,000dealers and distributors. CNH products are sold under thefollowing brands: Case, Case IH, Fermec, Fiatallis, Fiat-Hitachi,Link-Belt, New Holland, O&K and Steyr. ots Original TextService: CNH Internet: http://www.newsaktuell.de Contact: BillMasterson, +1-262-636-5793, or Jeffrey T. Walsh, +44-181-479-8809, both of CNH Web site: http://www.cnh.com

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