The rights offering price was determined by averaging the daily closing prices (after excluding the highest and lowest prices) of CNH stock on the New York Stock Exchange for the 20 trading days preceding June 30, 2000. The number of shares eligible for purchase was determined from a ratio that enables shareholders to maintain their ownership position relative to Fiat, CNH's largest shareholder, following the previously announced conversion of Fiat's $1.4 billion advance to capital into shares of CNH Global common stock, which occurred on June 30, 2000. Fiat has agreed not to purchase additional shares through this rights offering.

The rights are issued to shareholders as of the June 30 record date and are non-transferable. Any unexercised rights will expire as of 5 p.m. (U.S. EDT) on August 4, 2000.

With strong global brands, CNH is a leader in the agricultural equipment, construction equipment and financial services industries and had combined 1999 revenues of approximately $11 billion. CNH sells its products in 160 markets through a network of more than 10,000 dealers and distributors. CNH products are sold under the following brands: Case, Case IH, Fermec, Fiatallis, Fiat-Hitachi, Link-Belt (earth-moving equipment), New Holland, O&K and Steyr.