CNH Reports Record First Quarter Revenues and Income; Revenues Reach $4.4 Billion, Up 26%, Net Income of $112 Million, Up 18%, Driven by Strong Growth in Agricultural Markets Worldwide

Market Wire, April, 2008

CNH Global N.V. (NYSE: CNH)

--  Full year 2008 financial outlook confirmed, with expected range of
    diluted EPS before restructuring, net of tax, of $3.30 to $3.60
--  Gross profit for Equipment Operations of $700 million
--  Gross margin for Equipment Operations was 17.1% and was negatively
    impacted by industrial inefficiencies due to high level of activity
--  First quarter diluted EPS was $0.47 up from $0.40 in 2007
--  CNH Equipment Operations continues net debt free at quarter-end
    

CNH Global N.V. (NYSE: CNH) today reported first quarter 2008 net income of $112 million, up compared to net income of $95 million in the prior year. Results include restructuring charges, net of tax, of $13 million in the first quarter of 2008, compared with $10 million in 2007. Net income excluding restructuring charges, net of tax, was $125 million, up 19 percent compared to $105 million in the prior year. First quarter diluted earnings per share were $0.47, compared with $0.40 per share in 2007. Before restructuring, net of tax, first quarter diluted earnings were $0.53 per share, compared with $0.44 per share in the prior year.

"Our first quarter net income represents the ninth consecutive quarter of year-over-year improvement, which is very encouraging," said Harold Boyanovsky, CNH President and Chief Executive Officer. "The industrial issues which negatively impacted margins in the fourth quarter of 2007 continued into the first quarter of this year, as strong demand for our agricultural products pressured both our manufacturing operations and our supplier ranks. Corrective actions which are already underway will improve results as we progress through the year, leading us to reaffirm our full year 2008 financial outlook of an expected range of diluted EPS before restructuring, net of tax of $3.30 to $3.60."

Highlights for the quarter include:

--  Worldwide agricultural industry retail unit sales of tractors were up
    approximately 1%, while combines grew 40%.  Industry unit sales were up in
    every region of the world, except for under-100 horsepower tractors in
    North America.  CNH's global reach allowed the company to fully participate
    in every region, with CNH's worldwide retail unit sales of both tractors
    and combines up more than the industry.

--  Worldwide heavy and light construction equipment industry retail unit
    volumes were up approximately 5%, and were up in every region of the world
    except North America, with CNH's worldwide retail unit sales of total heavy
    and light equipment up in line with the market.

--  Pricing was positive in every region except for construction equipment
    in North America, but did not offset higher input costs.

--  Research and development spending increased 18% compared with 2007,
    reflecting continued increases in investments for product innovation,
    quality and industrial efficiencies.

--  Conditions in the Brazilian agricultural and construction equipment
    markets have continued to improve with total tractor and combine industry
    unit sales up 54% compared with the first quarter of 2007, driven primarily
    by higher sugar, soybean and corn prices.

--  CNH continues to extend its reach in developing markets, increasing
    its presence in its various customer service centers and broadening the
    product offering.  Further, in the second quarter, products produced in our
    Chinese joint venture will be available for sale in other developing
    markets.

--  At the Annual General Meeting in March, CNH shareholders approved a
    doubling of the annual dividend to $0.50 per share, which was paid on April
    15, 2008.
    

EQUIPMENT OPERATIONS - First Quarter Financial Results

Net sales of equipment, comprising the company's agricultural and construction equipment businesses were $4.10 billion for 2008, compared to $3.24 billion for the same period in 2007. Net sales increased 27% including 8% related to currency.

Agricultural Equipment Net Sales

--  Agricultural equipment net sales increased to $2.93 billion, up 38%
    (including 8% related to currency), compared with the prior year.

--  Net sales were up 102% in Latin America (including 15% related to
    currency), up 37% in Western Europe (including 12% related to currency), up
    23% in North America (including 3% related to currency), and up 39% in Rest-
    of-World markets (including 6% related to currency).
    

Construction Equipment Net Sales

--  Construction equipment net sales increased to $1.17 billion, up from
    $1.12 billion in 2007 (including an increase of 10% related to currency).

--  Net sales were up 58% in Latin America (including 14% related to
    currency), up 22% in Western Europe (including 12% related to currency),
    down 41% in North America (including an increase of 2% related to currency)
    and up 53% in Rest-of-World markets (including 12% related to currency).
    

Gross Profit

Equipment Operations gross profit (defined as net sales of equipment less cost of goods sold) for agricultural and construction equipment increased by 16%, or $99 million, to $700 million, compared to the first quarter of 2007.