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Lake Forest, Illinois (June 23, 2003) CNH Global N.V. (NYSE:CNH) today branded recent newspaper reports regarding the company's future plans as pure speculation.

The comments relative to CNH that began appearing last Thursday are without merit and are not based on any information released either by CNH or by Fiat. The restructuring actions already foreseen for CNH are incorporated in the Fiat plan to be announced this week.

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CNH is the number one manufacturer of agricultural tractors and combines in the world, the leader in light construction equipment, and has one of the industry's largest equipment finance operations. Revenues in 2002 totaled $10 billion. Based in the United States, CNH's network of 12,400 dealers and distributors operates in over 160 countries. CNH agricultural products are sold under the Case IH, New Holland and Steyr brands. CNH construction equipment is sold under the Case, FiatAllis, Fiat Kobelco, Kobelco, New Holland, and O&K brands. For further information, please visit CNH at www.cnh.com