BURR RIDGE, IL -- (MARKET WIRE) -- 01/23/08 -- CNH Global N.V. (NYSE: CNH)

--  Fourth quarter net income was $114 million up from $35 million in 2006
--  Fourth quarter diluted EPS was $0.48 up from $0.15 in 2006
--  CNH Equipment Operations remains net debt free at year-end
--  Full year 2008 financial outlook is an expected range of diluted EPS
    of $3.30 to $3.60
    

CNH Global N.V. (NYSE: CNH) today reported fourth quarter 2007 net income of $114 million, up compared to net income of $35 million in the prior year. Results include restructuring charges, net of tax, of $6 million in the fourth quarter of 2007, compared with $58 million in 2006. Net income excluding restructuring charges, net of tax, was $120 million, up 29 percent compared to $93 million in the prior year. Fourth quarter diluted earnings per share were $0.48, compared with $0.15 per share in 2006. Before restructuring, net of tax, fourth quarter diluted earnings were $0.50 per share, compared with $0.39 per share in the prior year.

For full year 2007, net income of $559 million was up 91 percent compared to net income of $292 million in 2006. Results include restructuring charges, net of tax, of $61 million in 2007, compared with $71 million in the prior year. Net income excluding restructuring charges, net of tax, was $620 million in the year, up 71 percent compared to $363 million in 2006. Full year diluted earnings per share were $2.36, compared with $1.23 per share in the prior year. Before restructuring, net of tax, full year diluted earnings were $2.61 per share, compared with $1.53 per share in 2006.

"Our Equipment Operations gross margin rose to 18.8% and our operating margin rose to 8.2%, making them our best annual margins in CNH history," said Harold Boyanovsky, CNH President and Chief Executive Officer. "Our revenue growth and margin improvements are a direct result of our actions to revitalize our brands, enhance our customer and quality focus, and leverage our global footprint, which also should contribute to further improvements in 2008. Our full year 2008 financial outlook is an expected range of diluted EPS, of $3.30 to $3.60."

Highlights for the quarter include:

--  Worldwide agricultural equipment industry retail unit volumes of
    tractors and combines up 8% and 32% respectively and up in almost every
    region of the world.  CNH's global reach allowed the company to fully
    participate in every region, with retail unit sales up more than the
    industry and with particular strength in high horsepower tractors, combines
    and in developing markets.
--  Worldwide construction equipment industry retail unit volumes were up
    in total, approximately 12%, and were up in every region of the world
    except North America.  CNH's strong global presence allowed the company to
    capitalize on the strong markets outside of North America and increase
    retail unit sales more than the industry.
--  Net sales outside of North America were 66% of total net sales, up
    from 61% in the fourth quarter of 2006.
--  Positive pricing and positive impacts of exchange rate changes more
    than offset higher economic costs, primarily on steel, rubber, and
    petroleum-based products, driving another quarter of positive net price
    recovery.
--  Research and development spending increased 25% compared with 2006,
    reflecting continuing higher levels of investment in product innovation and
    quality.
--  Equipment Operations remained in a Net Cash position throughout the
    quarter.
--  Conditions in the Brazilian agricultural equipment market have
    continued to improve with total tractor and combine industry unit sales up
    63% compared with the fourth quarter of 2006 driven primarily by higher
    sugar, soybean and corn prices.
--  CNH's plants produced record numbers of its major agricultural and
    construction equipment products during the quarter.
--  CNH extended its reach in developing markets with additional customer
    service centers in Moscow and Istanbul and increased its use of operations
    in Turkey and India as export bases of value tractors for its worldwide
    markets.
    

EQUIPMENT OPERATIONS - Fourth Quarter Financial Results

Net sales of equipment, comprising the company's agricultural and construction equipment businesses, were $4.1 billion for 2007, compared to $3.0 billion for the same period in 2006. Net sales increased 36% including 7% related to currency variations.

Agricultural Equipment Net Sales

--  Agricultural equipment net sales increased to $2.8 billion, up 44%
    (including 7% related to currency), compared with the prior year.
--  Net sales were up 97% in Latin America (including 12% related to
    currency), up 52% in North America (including 2% related to currency), up
    28% in Western Europe (including 10% related to currency), and up 34% in
    Rest-of-World markets (including 8% related to currency).
    

Construction Equipment Net Sales

--  Construction equipment net sales increased to $1.3 billion, up 23%
    (including 8% related to currency), compared to the prior year.
--  Net sales were up 97% in Latin America (including 12% related to
    currency), up 41% in Western Europe (including 10% related to currency),
    down 23% in North America (including positive 2% related to currency) and
    up 78% in Rest-of-World markets (including 9% related to currency).
    

Gross Margin

Equipment Operations gross margin (defined as net sales of equipment less cost of goods sold) for agricultural and construction equipment increased by 29% to $696 million, compared to the fourth quarter of 2006. As a percent of net sales, gross margin was 17.1%.

--  Agricultural equipment gross margin increased in dollars compared to
    the prior year.  Higher volumes, better mix and improved quality costs were
    the primary contributors to the profit improvement.  Higher material,
    manufacturing and expediting costs required to maintain the higher
    production levels, and higher variable compensation costs prevented CNH
    from realizing the full incremental margins for the additional volumes.
    The margin declined, however, as a percent of net sales, due to changes in
    parts and wholegoods mix, changes in regional and product mix within
    wholegoods and incremental expediting and manufacturing costs required to
    maintain the high volume levels.
--  Construction equipment gross margin also increased in dollars compared
    to the prior year.  Positive industry and retail performance outside of
    North America and positive net price recovery were offset by effects of the
    decline in the North American industry, variable compensation costs and
    incremental costs to support higher volume levels outside of North America.
    The decline in margin as a percent of net sales was primarily due to
    regional market and product mix.
    

Industrial Operating Margin

Equipment Operations industrial operating margin (defined as net sales of equipment, less cost of goods sold, SG&A and R&D costs) increased 62% to $265 million, or 6.5% of net sales, compared to $164 million or 5.5% of net sales in the fourth quarter of 2006. The higher gross margin noted above drove the $101 million improvement in Operating Margin. As a percent of net sales, SG&A costs declined by 1.7 percentage points to 7.6% of net sales and R&D costs declined by 0.3 percentage points to 2.9% of net sales, compared with the fourth quarter last year. SG&A costs, in dollars, increased for exchange rate changes, economics, and investments in enhanced customer care and variable compensation programs. R&D costs also increased in dollars as a result of exchange rate changes, the company's higher level of investments in product innovation and quality, and variable compensation.

Equity in Income of Unconsolidated Subsidiaries

Equipment Operations equity in income of unconsolidated subsidiaries increased $38 million to $45 million in the quarter.

Equipment Operations consolidated effective tax rate

Equipment Operations consolidated effective tax rate, excluding restructuring, of 70% in the quarter resulted in an increase of the Equipment Operations annual consolidated effective annual tax rate to 46%. The higher tax rate in the quarter primarily reflects adjustments to U.S. state deferred tax assets.

FINANCIAL SERVICES - Fourth Quarter Financial Results

Financial Services operations reported net income, excluding restructuring, of $34 million, compared with net income of $61 million in the prior year. Although higher balances of receivables were under management across every region, timing and lower gains on ABS transactions accounted for the decline.

In Brazil, the government extended until February 17, 2008, the existing moratorium on repayments of agricultural retail financing obligations. This payment moratorium affects approximately one-third of our Brazilian Financial Services operations' $1.7 billion portfolio of agricultural equipment financings, down from one-half at the end of the third quarter.

FOURTH QUARTER 2007 BRAND ACTIVITIES

--  New Holland Agricultural Equipment launched five new models of FR self-
    propelled forage harvesters, with the biggest crop-choppers in the world,
    up to 824 horsepower.  The brand also launched new models of H9800 self
    propelled bale wagons, BR7000 round balers and a new 30 horsepower compact
    tractor for "hobby" farmers.  It continued its worldwide rollout of 11 new
    tractors into Europe during the quarter, from utility tractors up to the
    top-of-the-line Model T8050 row-crop tractors.  The brand consolidated its
    industry-leading position on biodiesel by announcing its support of the use
    of B100 biodiesel in nearly 80% of New Holland branded products with diesel
    engines, including electronic injection engines with common rail
    technology.  At the Agritechnica machinery show, the largest European show
    for agricultural machinery, New Holland's T7000 row-crop tractor won the
    prestigious "Tractor of the Year" award and the "Golden Tractor for Design"
    award.  Its FR9000 forage harvester won the "Machine of the Year" award and
    its new CR 9000 Elevation combine won a gold medal and two silver medals
    for innovation.
--  Case IH Agricultural Equipment launched its new WD 3 series of self-
    propelled windrowers with Tier 3 engines and high-visibility cabs and
    launched its new Magnum(TM) 335 row crop tractor.  Across the world, the
    brand also launched upgraded or re-powered tractors of all sizes from
    compact to row-crop and a new A7700 Austoft(TM) Sugar Cane Harvester with
    Tier 3 engines.  The new sugar cane harvester won "Metric Awards Brasil" in
    the automotive category at the PTC Technology Day in Sao Paulo, for
    innovation, cost reduction and productivity improvement.
--  New Holland Construction launched new Tier 3 models of upgraded
    telehandlers, skid steer loaders, hydraulic crawler and wheeled excavators
    and wheel loaders and began sales of backhoe loaders in China.  The brand
    extended its enhanced customer care initiatives into Italy and France, with
    a roll-out throughout Europe to take place in 2008.  It continued expanding
    into Russia and Pakistan and tapping new markets throughout the world.  Its
    LM-A Series telehandler was recognized with a "Top 100 Products" award by
    Construction Equipment Magazine, and The Better Roads Magazine awarded a
    "Top 50 Products" designation to the Kobelco SK210-8 Acera excavator.
--  Case Construction Equipment launched the high-powered 1650L crawler
    dozer in North America, the first model in its new L Series, and launched
    its 721E and 821E wheel loaders in Latin America. Case won "Contractor's
    Choice" recognition in North America from Roads & Bridges Magazine.  It was
    cited as "Best Of" in several product categories, winning bronze awards for
    its 865 VHP motor grader, its 721E wheel loader and its 580M Series 2
    tractor loader backhoe.  Case also announced the formation of a strategic
    alliance with Hyundai Heavy Industries, initiating a relationship that will
    result in the extension of the Case lineup of wheel loaders.
    

HIGHLIGHTS FOR THE FULL YEAR 2007 INCLUDE:

--  Worldwide agricultural equipment industry retail unit volumes of
    tractors were up 2% and combine unit sales up 21%, in total, with sales up
    in every major market except for tractors in Rest-of-World.  CNH's global
    reach allowed the company to fully participate in every region, with retail
    unit sales up more than the market and showing particular strength in high
    horsepower tractors and combines.
--  Worldwide heavy and light construction equipment industry retail unit
    sales were up 13%, with industry unit sales outside of North America
    showing continued strength, more than compensating for the weakness in the
    North American market.  CNH's global presence allowed the company to
    capitalize on the strong markets outside of North America and increase
    retail unit sales in line with the industry.
--  Positive pricing and positive impacts of exchange rate changes, offset
    higher economic-related cost increases, primarily on steel, rubber, and
    other petroleum-based products, driving another year of positive net price
    recovery.
--  Equipment Operations positive cash flow drove a $749 million reduction
    in Net Debt in the year, resulting in a Net Cash position of $486 million
    at December 31, 2007.
--  On August 1, 2007, Case New Holland, Inc. redeemed the full $1.05
    billion aggregate principal amount of its outstanding 9 1/4% Senior Notes
    due 2011, with a combination of cash and term financings from Fiat Finance
    North America.  The action improved CNH's balance sheet structure while
    reducing future interest expense and allowing CNH to better manage its
    liquidity.  Third quarter charges to redeem the notes and writeoff
    remaining unamortized issuance costs totaled $57 million.
--  In the first quarter, CNH acquired Kobelco-Case Machinery (Shanghai)
    Co. Ltd., which manages the Case Construction brand distribution network in
    China.
--  Research and development spending increased 11% compared with 2006,
    reflecting CNH's continuing investments in product innovation and quality.
--  In October, CNH made its final submissions in a consolidated
    arbitration proceeding in London before the ICC International Court of
    Arbitration, the final ruling in which is still pending.  Full year 2007
    results were unfavorably impacted by $55 million due to changes in
    provisions.
--  In August, CNH's Financial Services in Europe acquired sole ownership
    of a special purpose trust used to securitize certain wholesale receivables
    in Europe.  Financial Services also took over funding the trust, repaying
    the third party financing.  The transaction was financed through an
    increase in a debt facility with a related party.  Accordingly, Financial
    Services consolidated approximately $1.0 billion of the trust's assets and
    liabilities on its balance sheet as of September 30, 2007.
    

EQUIPMENT OPERATIONS - Full Year 2007 Financial Results

Net sales of equipment, comprising the company's agricultural and construction equipment businesses were $15.0 billion for 2007, compared to $12.1 billion for the same period in 2006. Net sales increased 24% including 5% related to currency variations.

Agricultural Equipment Net Sales

--  Agricultural equipment net sales increased to $10.0 billion, up 27%
    (including 5% related to currency), compared with the prior year.
--  Net sales were up 86% in Latin America (including 9% related to
    currency), up 25% in Western Europe (including 9% related to currency), up
    18% in North America (with positive 1% related to currency), and up 29% in
    Rest-of-World markets (including 7% related to currency).
    

Construction Equipment Net Sales

--  Construction equipment net sales increased to $5.0 billion, up 17%
    (including 6% related to currency), compared to the prior year.
--  Net sales were up 58% in Latin America (including 8% related to
    currency), up 40% in Western Europe (including 9% related to currency),
    down 21% in North America (with positive 1% related to currency), and up
    83% in Rest-of-World markets (including 8% related to currency).
    

Gross Margin

Equipment Operations gross margin for agricultural and construction equipment increased 29% to $2.8 billion, compared to $2.2 billion for the full year 2006. As a percent of net sales, gross margin increased eight-tenths of a percentage point to 18.8%.

--  Agricultural equipment gross margin increased both in dollars and as a
    percent of net sales compared to the prior year.  Higher volumes and better
    product mix, positive net price recovery and reduced quality costs were the
    primary contributors to the improvement.  Expediting costs and
    manufacturing inefficiencies from maintaining higher volumes levels were a
    partial offset.  Margin growth, as a percent of sales, was constrained by
    regional product and market mix, a slower growth of parts sales than
    equipment and by the expediting costs and manufacturing inefficiencies.
--  Construction equipment gross margin increased in dollars and was
    unchanged as a percent of net sales compared to the prior year.  Positive
    industry and retail performance outside of North America, positive net
    price recovery and reduced quality costs were partially offset by effects
    of the industry decline in North America, CNH's actions to reduce dealer
    inventories and incremental costs to support the higher volume levels
    outside of North America.  Margin growth was constrained by the impact of
    the decline of the North American market.
    

Industrial Operating Margin

Equipment Operations industrial operating margin increased 53% to $1.2 billion, or 8.2% of net sales, compared to $800 million or 6.6% of net sales in 2006. The higher gross margin noted above more than accounted for the improvement. SG&A and R&D costs declined by 0.5 and 0.3 percentage points respectively, as a percent of net sales, but increased in dollars.

Equity in Income of Unconsolidated Subsidiaries

Equipment Operations equity in income of unconsolidated subsidiaries increased $41 million to $89 million in the year.

FINANCIAL SERVICES - Full Year Financial Results

Financial Services operations delivered a 2% year-over-year increase in net income excluding restructuring, to $229 million, reflecting the impact of higher balances of receivables under management across every region. Financial Services also recorded lower gains on retail ABS transactions, primarily in the fourth quarter. SG&A costs, including variable compensation, declined as a percent of financial interest income by 210 basis points to 22.4% but increased in dollars.

NET DEBT (CASH) AND OPERATING CASH FLOW

Equipment Operations Net Debt (Cash) position (defined as total debt less cash and cash equivalents, deposits in Fiat affiliates cash management pools and intersegment notes receivable) was Net Cash of $486 million on December 31, 2007 compared to Net Cash of $413 million on September 30, 2007 and to Net Debt of $263 million on December 31, 2006.

In the quarter, Equipment Operations Net Cash increased by $73 million. Operating activities generated $208 million of cash in the quarter, as cash generated from earnings and decreases in working capital more than offset seasonal changes in other assets and liabilities.

Working Capital (defined as accounts and notes receivable, excluding inter-segment notes receivable, plus inventories less accounts payable), net of currency variations, decreased by $260 million in the quarter. Decreases in receivables essentially offset increases in inventories, while payables increased -- reflecting the incremental increases in production in Western Europe during the quarter, where payment terms are longer. For the full year, working capital, net of currency variations decreased $213 million.

At incurred currency rates, Equipment Operations working capital on December 31, 2007 was $2,043 million, down $248 million from $2,291 million at September 30, 2007 and down $67 million from $2,110 million at December 31, 2006.

Capital expenditures were $163 million in the quarter and $333 million for the full year 2007. In the full year, Equipment Operations Net Debt was reduced by $749 million, driven by $1,001 million of cash generation from operating activities, primarily earnings and the decrease in working capital.

Financial Services Net Debt increased by $457 million to $7,866 million on December 31, 2007 from $7,409 million on September 30, 2007, and by $3,398 million from $4,468 million at December 31, 2006, driven primarily by higher levels of receivables. For the full year, higher volumes, the consolidation of the European Financial Services special purpose trust and reduced use of ABS wholesale conduit facilities drove the increase in receivables.

ADDITIONAL FULL YEAR 2007 BRAND ACTIVITY HIGHLIGHTS:

--  New Holland Agricultural Equipment launched two important tractor
    lines in the 100 to 210 engine horsepower range, the T6000 Series and T7000
    Series, and received the "Eye on Biodiesel" award for innovation at the
    National Biodiesel Board Conference.  New Holland launched its CR 9060
    TwinRotor(TM) combine in Argentina and started production in Brazil of the
    TT3840 tractor (55 hp).  It also launched its T5600 Series tractors in the
    domestic Chinese market, targeting the higher end of the growing 80 to 100
    horsepower market segment with the most advanced and efficient tractors
    manufactured in China.
--  New Holland Construction Equipment expanded its offering by launching
    new models of telehandlers, compact track loaders and refreshed its lineup
    of mini-excavators, wheel loaders and crawler excavators with upgraded
    engines and enhanced features.  New Holland also launched new models of
    skid steer loaders with upgraded engines and cabs, celebrating its 35th
    anniversary of skid steer loader production.  The brand launched new Tier 3
    products in Latin America including E215 and E330 crawler excavators, new
    skid steer loaders and backhoe loaders.  In Europe, the brand launched an
    upgraded Tier 3 E245 crawler excavator with improved performance and
    productivity, new models of telehandlers to expand the product offering,
    and new wheel loaders with improved durability and reliability.
--  Case IH Agricultural Equipment began shipping the new Puma(TM)  Series
    tractors (135 to 180 PTO horsepower) as well as its new Axial-Flow® 7010
    Class 7 combine harvester and a new series of chopping corn heads for its
    Axial-Flow® combines in North America.  During the third quarter, Case IH
    Agricultural Equipment began shipping its industry leading Module
    Express(TM) 625 cotton picker/packager, an environmentally friendly machine
    that allows farmers to pick, transfer and pack cotton on a single machine
    without requiring additional investments by the cotton gins to process the
    bales.  Case IH's line of STX Steiger® 4 wheel drive tractors earned a
    2007 "FinOvation" award from Farm Industry News Magazine.
--  Case Construction Equipment launched its new Tier 3 CX B Series of
    full sized hydraulic excavators offering a 20% improvement in fuel
    efficiency, a 25% improvement in productivity, and noise levels inside the
    cab that set new standards of quietness for the industry and it was
    recognized by Construction Equipment Magazine with a "Top 100" products
    award.  The brand launched new M Series 2 backhoe loaders in the 76 to 98
    horsepower range with Pilot controls, Tier 3 engines and backhoe
    performance improvements while commemorating the 50th anniversary of the
    first factory-integrated tractor loader/backhoe.  It also launched the 621E
    wheel loader featuring greater horsepower with increased fuel efficiency
    and an enhanced ergonomically designed cab with improved worksite
    visibility and quieter operator environment.
--  Case IH Agricultural Equipment expanded its "SERVICE MAX" program from
    Europe to North American customers. This 24-hour-a-day/7-day-a-week service
    provides dealer back-up for customer support, dealer contact information,
    technical service and breakdown assistance including parts procurement from
    depots, plants and suppliers.
--  New Holland Agricultural Equipment introduced "TOP SERVICE" to the
    U.S. market, an industry-leading customer support program with company
    technical experts and parts and logistics specialists working in tandem
    with the New Holland dealer network, expanding the program originally
    piloted in western Canada and Europe.
--  Case Construction supported Habitat for Humanity with a series of more
    than 80 Case dealer rodeo events during the year.  More than 4,200
    participants throughout North America competed in the "Case Rodeo Series,"
    which culminates in March 2008 with a championship event in Las Vegas and a
    grand prize of a Case Loader/Backhoe.  Case construction estimates that
    these dealer sponsored events raised more than $138,000 for local Habitat
    for Humanity affiliates.
    

AGRICULTURAL EQUIPMENT MARKET OUTLOOK

CNH expects U.S. net farm income in 2008 to be near the record levels of 2007, bolstered by high corn, wheat, soybean, cotton and sugar prices. For the full year, CNH expects North American industry retail sales of over-40 horsepower tractors to be up 5 to 10%, compared with 2007, with sales of over-140 horsepower tractors up about 10%. CNH expects industry retail unit sales of combines in North America to be up 5 to 10% compared with 2007. CNH expects industry retail unit sales of under-40 horsepower tractors, which are more closely aligned with residential construction and overall GDP, to be flat to down 5 %, with the total North American industry flat.

Outside of North America, for the full year, CNH expects industry retail unit sales of tractors to be flat to up slightly, compared with 2007, with industry sales in the Latin American market up 5 to 10%. CNH expects tractor industry unit sales in Western Europe to be flat and in Rest-of-World markets to be flat to up 5% from 2007 levels.

CNH expects the worldwide industry unit retail sales of over-40 horsepower and total agricultural tractors to be up slightly compared with 2007. CNH expects combine sales to be up 20 - 25% compared with 2007, and up in every major market.

CONSTRUCTION EQUIPMENT MARKET OUTLOOK

For the full year, CNH expects North American industry retail unit sales of both heavy and light construction equipment to be down 5 to 10% compared with 2007, as housing starts and activity levels continue to decline.

For the year, CNH expects both heavy and light construction equipment industry retail unit sales outside of North America to be flat to up slightly compared with 2007. CNH expects industry sales of total heavy and light equipment to be flat to down slightly in Western Europe, up 5 to 10% in Latin America and up 15 to 20% in Rest-of-World.

In total, CNH expects worldwide industry retail unit sales of both heavy and light construction equipment to be flat to up 5% compared with 2007.

CNH OUTLOOK FOR FULL YEAR 2008

Based on these agricultural and construction equipment market outlooks and initiatives to properly position the company's four main brands and improve efficiencies, CNH anticipates an increase in net sales of equipment of 10 to 15% and to generate 2008 diluted earnings per share, net of tax, in the range of $3.30 to $3.60, compared with $2.36 for the full year 2007.

Restructuring costs, net of tax, in 2008 are expected to be about $10 million primarily related to previously announced actions.

CNH Global N.V. is a world leader in the agricultural and construction equipment businesses. Supported by about 11,500 dealers in 160 countries, CNH brings together the knowledge and heritage of its Case and New Holland brand families with the strength and resources of its worldwide commercial, industrial, product support and finance organizations. CNH Global N.V., whose stock is listed at the New York Stock Exchange (NYSE: CNH), is a majority-owned subsidiary of Fiat S.p.A. (FIA.MI). More information about CNH and its Case and New Holland products can be found online at www.cnh.com.

CNH management will hold a conference call later today to review its fourth quarter and full year 2007 results. The conference call Webcast will begin at approximately 9:00 a.m. U.S. Central Time; 10:00 a.m. U.S. Eastern Time. This call can be accessed through the investor information section of the company's Web site at www.cnh.com and is being carried by CCBN.

Forward-looking statements. This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this press release, including statements regarding our competitive strengths, business strategy, future financial position, budgets, projected costs and plans and objectives of management, are forward-looking statements. These statements may include terminology such as "may," "will," "expect,", "could", "should," "intend," "estimate," "anticipate," "believe," "outlook," "continue," "remain," "on track," "goal," or similar terminology.

Our outlook is predominantly based on our interpretation of what we consider key economic assumptions and involves risks and uncertainties that could cause actual results to differ. Crop production and commodity prices are strongly affected by weather and can fluctuate significantly. Housing starts and other construction activity are sensitive to interest rates and government spending. Some of the other significant factors for us include general economic and capital market conditions, the cyclical nature of our business, customer buying patterns and preferences, foreign currency exchange rate movements, our hedging practices, our customers' access to credit, actions by rating agencies concerning the ratings of our debt securities and asset backed securities, risks related to our relationship with Fiat S.p.A., political uncertainty and civil unrest or war in various areas of the world, pricing, product initiatives and other actions taken by competitors, disruptions in production capacity, excess inventory levels, the effect of changes in laws and regulations (including government subsidies and international trade regulations), the results of legal proceedings (including the ultimate outcome of the consolidated arbitration proceeding pending in London before the ICC International Court of Arbitration), technological difficulties, results of our research and development activities, changes in environmental laws, employee and labor relations, pension and health care costs, relations with and the financial strength of dealers, the cost and availability of supplies from our suppliers, raw material costs and availability, energy prices, real estate values, animal diseases, crop pests, harvest yields, government farm programs and consumer confidence, housing starts and construction activity, concerns related to modified organisms and fuel and fertilizer costs. Additionally, our achievement of the anticipated benefits of our margin improvement initiatives depends upon, among other things, industry volumes as well as our ability to effectively rationalize our operations and to execute our brand strategy. Further information concerning factors that could significantly affect expected results is included in our Form 20-F for the year ended December 31, 2006.

We can give no assurance that the expectations reflected in our forward-looking statements will prove to be correct. Our actual results could differ materially from those anticipated in these forward-looking statements. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by the factors we disclose that could cause our actual results to differ materially from our expectations. We undertake no obligation to update or revise publicly any forward-looking statements.

                              CNH Global N.V.
  Estimates of 2007 Worldwide Retail Industry Unit Sales Performance(1)


                      Worldwide    N.A.        W.E.        L.A.      ROW
                       '07 B(W)  '07 B(W)    '07 B(W)    '07 B(W)  '07 B(W)
                       =======   =========   =========  ========   =======

                   First Quarter 2007 Industry Unit Sales Revised Actual
                         Compared with First Quarter 2006 Actual
Agricultural Equipment:
-----------------------
Agricultural Tractors:
  -  Under 40 horsepower  n/a          (1)%       n/a       n/a       n/a
  -  Over 40 horsepower   n/a            6%       n/a       n/a       n/a
Total Tractors             (3)%          2%          4%       23%     (11)%
Combine Harvesters          17%         13%        (1)%       34%       38%
Total Tractors and
 Combines                  (2)%          3%          4%       24%     (10)%

Construction Equipment:
-----------------------
Light Construction Equipment:
Tractor Loaders & Backhoes  28%       (25)%         40%       41%       82%
Skid Steer Loaders         (3)%       (16)%          9%       48%       43%
Other Light Equipment       18%       (10)%         29%       40%       25%
Total Light Equipment       15%       (15)%         28%       42%       40%
Total Heavy Equipment       17%       (10)%         25%       42%       29%
Total Light & Heavy
 Equipment                  16%       (14)%         27%       42%       34%
                       -------   ---------   ---------  --------   -------

                  Second Quarter 2007 Industry Unit Sales Revised Actual
                         Compared with Second Quarter 2006 Actual
Agricultural Equipment:
-----------------------
Agricultural Tractors:
  -  Under 40 horsepower  n/a          (2)%       n/a       n/a       n/a
  -  Over 40 horsepower   n/a            6%       n/a       n/a       n/a
Total Tractors               1%          1%          0%       34%      (2)%
Combine Harvesters          21%          1%        (2)%       83%       49%
Total Tractors and
 Combines                    1%          1%        (1)%       36%      (1)%

Construction Equipment:
-----------------------
Light Construction Equipment:
Tractor Loaders &
 Backhoes                   24%       (14)%         23%       19%       73%
Skid Steer Loaders         (4)%       (14)%          7%       65%       14%
Other Light Equipment       10%        (9)%         14%       16%       25%
Total Light Equipment       10%       (12)%         14%       29%       36%
Total Heavy Equipment       16%       (16)%         24%       45%       34%
Total Light & Heavy
 Equipment                  12%       (13)%         17%       37%       35%
                       -------   ---------   ---------  --------   -------

                  First Half 2007 Industry Unit Sales Revised Actual
                         Compared with First Half 2006 Actual
Agricultural Equipment:
-----------------------
Agricultural Tractors:
  -  Under 40 horsepower  n/a          (2)%       n/a       n/a       n/a
  -  Over 40 horsepower   n/a            6%       n/a       n/a       n/a
Total Tractors             (1)%          1%          2%       29%      (7)%
Combine Harvesters          19%          5%        (2)%       47%       45%
Total Tractors and
 Combines                    0%          1%          1%       30%      (6)%

Construction Equipment:
-----------------------
Light Construction Equipment:
Tractor Loaders &
 Backhoes                   26%       (19)%         31%       28%       77%
Skid Steer Loaders         (3)%       (15)%          8%       57%       27%
Other Light Equipment       14%       (10)%         21%       27%       25%
Total Light Equipment       12%       (14)%         20%       34%       38%
Total Heavy Equipment       17%       (13)%         24%       44%       32%
Total Light & Heavy
 Equipment                  14%       (13)%         21%       39%       35%
                       -------   ---------   ---------  --------   -------


                      Worldwide    N.A.        W.E.        L.A.      ROW
                       '07 B(W)  '07 B(W)    '07 B(W)    '07 B(W)  '07 B(W)
                       =======   =========   =========  ========   =======

                  Third Quarter 2007 Industry Unit Sales Revised Actual
                         Compared with Third Quarter 2006 Actual
Agricultural Equipment:
-----------------------
Agricultural Tractors:
  -  Under 40 horsepower  n/a          (5)%       n/a       n/a       n/a
  -  Over 40 horsepower   n/a            8%       n/a       n/a       n/a
Total Tractors               2%          1%          6%       51%      (4)%
Combine Harvesters          14%         17%        (3)%      161%     (20)%
Total Tractors and
 Combines                    3%          1%          6%       55%      (4)%

Construction Equipment:
-----------------------
Light Construction Equipment:
Tractor Loaders &
 Backhoes                   29%        (8)%         17%       48%       60%
Skid Steer Loaders         (2)%        (7)%        (1)%       14%       11%
Other Light Equipment        7%        (8)%          9%       44%       14%
Total Light Equipment        9%        (8)%          9%       38%       24%
Total Heavy Equipment       17%       (14)%         25%       23%       33%
Total Light & Heavy
 Equipment                  12%       (10)%         13%       30%       28%
                       -------   ---------   ---------  --------   -------

                  First Nine Months 2007 Industry Unit Sales Revised Actual
                         Compared with First Nine Months 2006 Actual
Agricultural Equipment:
-----------------------
Agricultural Tractors:
  -  Under 40 horsepower  n/a          (3)%       n/a       n/a       n/a
  -  Over 40 horsepower   n/a            7%       n/a       n/a       n/a
Total Tractors              0%           1%          3%       37%      (6)%
Combine Harvesters         18%          11%        (2)%       74%       26%
Total Tractors and
 Combines                   1%           1%          3%       39%      (5)%

Construction Equipment:
-----------------------
Light Construction Equipment:
Tractor Loaders &
 Backhoes                   27%       (16)%         26%       35%       71%
Skid Steer Loaders         (3)%       (13)%          6%       39%       21%
Other Light Equipment       12%        (9)%         17%       33%       21%
Total Light Equipment       11%       (12)%         16%       36%       33%
Total Heavy Equipment       17%       (14)%         25%       36%       32%
Total Light & Heavy
 Equipment                  13%       (12)%         19%       36%       32%
                       -------   ---------   ---------  --------   -------

                  Fourth Quarter 2007 Industry Unit Sales Estimated Actual
                         Compared with Fourth Quarter 2006 Actual
Agricultural Equipment:
-----------------------
Agricultural Tractors:
  -  Under 40 horsepower  n/a          (6)%       n/a       n/a       n/a
  -  Over 40 horsepower   n/a           10%       n/a       n/a       n/a
Total Tractors               8%          2%          2%       44%       10%
Combine Harvesters          32%         19%         28%      106%      (5)%
Total Tractors and
 Combines                    9%          3%          3%       48%       10%

Construction Equipment:
-----------------------
Light Construction Equipment:
Tractor Loaders &
 Backhoes                   25%       (20)%         12%       54%       61%
Skid Steer Loaders           2%       (10)%        (1)%       79%       34%
Other Light Equipment        9%        (9)%         13%        6%       11%
Total Light Equipment       10%       (12)%         11%       56%       25%
Total Heavy Equipment       14%       (13)%         14%       33%       29%
Total Light & Heavy
 Equipment                  12%       (12)%         12%       45%       27%
                       -------   ---------   ---------  --------   -------


                      Worldwide    N.A.        W.E.        L.A.      ROW
                       '07 B(W)  '07 B(W)    '07 B(W)    '07 B(W)  '07 B(W)
                       =======   =========   =========  ========   =======

                     Full Year 2007 Industry Unit Sales Estimated Actual
                         Compared with Full Year 2006 Revised Actual
Agricultural Equipment:
-----------------------
Agricultural Tractors:
  -  Under 40 horsepower  n/a          (4)%       n/a       n/a       n/a
  -  Over 40 horsepower   n/a            7%       n/a       n/a       n/a
Total Tractors               2%          1%          3%       39%      (3)%
Combine Harvesters          21%         13%          4%       85%       21%
Total Tractors and
 Combines                    2%          2%          3%       42%      (2)%

Construction Equipment:
-----------------------
Light Construction Equipment:
Tractor Loaders &
 Backhoes                   26%       (17)%         22%       39%       68%
Skid Steer Loaders         (2)%       (12)%          4%       50%       25%
Other Light Equipment       11%        (9)%         16%       24%       18%
Total Light Equipment       11%       (12)%         15%       41%       30%
Total Heavy Equipment       16%       (13)%         22%       35%       31%
Total Light & Heavy
 Equipment                  13%       (12)%         17%       38%       31%
                       -------   ---------   ---------  --------   -------

(1)  Excluding India


                              CNH Global N.V.
    Outlook for 2008 Worldwide Retail Industry Unit Sales Performance(1)

                      Worldwide    N.A.        W.E.        L.A.      ROW
                       '08 B(W)  '08 B(W)    '08 B(W)    '08 B(W)  '08 B(W)
                       =======   =========   =========  ========   =======

                          First Quarter 2008 Industry Unit Sales Outlook
                         Compared with First Quarter 2007 Estimated Actual
Agricultural Equipment:
-----------------------
Agricultural Tractors:     Flat      0 - 5%    (0 - 5)%   5 - 10%      Flat
Combine Harvesters     20 - 25%     5 - 10%     5 - 10%      ~50%  25 - 30%
Total Tractors and
 Combines                0 - 5%      0 - 5%    (0 - 5)%      ~10%    0 - 5%

Construction Equipment:
-----------------------
Total Light Equipment    0 - 5%  (15 - 20)%  (15 - 20)%  10 - 15%  15 - 20%
Total Heavy Equipment    0 - 5%  (20 - 25)%   (5 - 10)%  15 - 20%  20 - 25%
Total Light & Heavy
 Equipment               0 - 5%  (15 - 20)%  (15 - 20)%  10 - 15%  15 - 20%
                       -------   ---------   ---------  --------   -------

                          Full Year 2008 Industry Unit Sales Outlook
                         Compared with Full Year 2007 Estimated Actual
Agricultural Equipment:
-----------------------
Agricultural Tractors:   0 - 5%        Flat        Flat   5 - 10%    0 - 5%
Combine Harvesters     20 - 25%     5 - 10%     5 - 10%      ~25%   5 - 10%
Total Tractors and
 Combines                0 - 5%      0 - 5%      0 - 5%   5 - 10%    0 - 5%

Construction Equipment:
-----------------------
Total Light Equipment    0 - 5%   (5 - 10)%   (5 - 10)%   5 - 10%  15 - 20%
Total Heavy Equipment   5 - 10%   (5 - 10)%    (0 - 5)%   5 - 10%  20 - 25%
Total Light & Heavy
 Equipment               0 - 5%   (5 - 10)%    (0 - 5)%   5 - 10%  15 - 20%
                       -------   ---------   ---------  --------   -------

(1)  Excluding India



                              CNH Global N.V.
                          Revenues and Net Sales
                                (Unaudited)



                           Three Months Ended          Year Ended
                              December 31,             December 31,
                      -------------------------  -------------------------
                                           %                          %
                        2007      2006   Change    2007      2006   Change
                      --------  -------- ------  --------  -------- ------
                                          (In Millions)

 Revenues:
   Net sales
     Agricultural
      equipment       $  2,743  $  1,904     44% $  9,948  $  7,809     27%
     Construction
      equipment          1,334     1,085     23%    5,023     4,306     17%
                      --------  --------         --------  --------
       Total net
        sales            4,077     2,989     36%   14,971    12,115     24%

   Financial services      302       247     22%    1,131       952     19%
   Eliminations and
    other                  (45)      (25)            (138)      (69)
                      --------  --------         --------  --------

   Total revenues     $  4,334  $  3,211     35% $ 15,964  $ 12,998     23%
                      ========  ========         ========  ========

 Net sales:
   North America      $  1,397  $  1,157     21% $  5,506  $  5,354      3%
   Western Europe        1,384     1,045     32%    4,995     3,843     30%
   Latin America           564       286     97%    1,738     1,001     74%
   Rest of World           732       501     46%    2,732     1,917     43%
                      --------  --------         --------  --------

   Total net sales    $  4,077  $  2,989     36% $ 14,971  $ 12,115     24%
                      ========  ========         ========  ========



                              CNH GLOBAL N.V.
                 CONDENSED CONSOLIDATED INCOME STATEMENTS
                       AND SUPPLEMENTAL INFORMATION
                                (Unaudited)

                                           EQUIPMENT         FINANCIAL
                        CONSOLIDATED       OPERATIONS        SERVICES
                        Three Months      Three Months     Three Months
                            Ended            Ended             Ended
                        December 31,      December 31,      December 31,
                      -----------------------------------------------------
                        2007     2006    2007     2006      2007     2006
                      -------  -------  -------  -------  -------- --------
                              (In Millions, except per share data)
Revenues
   Net sales          $ 4,077  $ 2,989  $ 4,077  $ 2,989  $      - $      -
   Finance and
    interest income       257      222       49       41       302      247
                      -------  -------  -------  -------  -------- --------
 Total                  4,334    3,211    4,126    3,030       302      247
                      -------  -------  -------  -------  -------- --------

 Costs and Expenses
   Cost of goods sold   3,381    2,451    3,381    2,451         -        -
   Selling, general
    and administrative    386      337      311      278        75       59
   Research and
    development           120       96      120       96         -        -
   Restructuring            9       81        9       79         -        2
   Interest expense       179      130       71       66       151       82
   Interest compensation
    to Financial
    Services                -        -       70       64         -        -
   Other, net              79       87       42       55        20       15
                      -------  -------  -------  -------  -------- --------
 Total                  4,154    3,182    4,004    3,089       246      158
                      -------  -------  -------  -------  -------- --------


 Income before income
  taxes, minority
  interest and equity
  in income
   of unconsolidated
    subsidiaries and
    affiliates            180       29      122      (59)       56       89
 Income tax provision     114        4       88      (27)       24       32
 Minority interest         (1)      (1)      (1)      (1)        -        -
 Equity in income of
  unconsolidated
  subsidiaries and
  affiliates:
   Financial Services       2        2       34       59         2        2
   Equipment
    Operations             45        7       45        7         -        -
                      -------  -------  -------  -------  -------- --------

 Net income           $   114  $    35  $   114  $    35  $     34 $     59
                      =======  =======  =======  =======  ======== ========

 Weighted average
  shares outstanding:
   Basic                237.1    236.1
                      =======  =======
   Diluted              237.7    237.7
                      =======  =======

 Basic and diluted
  earnings per share
  ("EPS"):
   Basic:
     EPS before
      restructuring,
      net of tax      $  0.51  $  0.39
                      =======  =======
     EPS              $  0.48  $  0.15
                      =======  =======
   Diluted:
     EPS before
      restructuring,
      net of tax      $  0.50  $  0.39
                      =======  =======
     EPS              $  0.48  $  0.15
                      =======  =======

   Dividends per
    share                   -        -
                      =======  =======


 See Notes to Condensed Consolidated Financial Statements.



                              CNH GLOBAL N.V.
                 CONDENSED CONSOLIDATED INCOME STATEMENTS
                       AND SUPPLEMENTAL INFORMATION
                                (Unaudited)


                                           EQUIPMENT         FINANCIAL
                        CONSOLIDATED       OPERATIONS        SERVICES
                         Year Ended        Year Ended        Year Ended
                        December 31,      December 31,      December 31,
                      -----------------------------------------------------
                        2007     2006    2007     2006      2007     2006
                      -------  -------  -------  -------  -------- --------
                              (In Millions, except per share data)
Revenues
   Net sales          $ 14,971 $ 12,115 $ 14,971 $ 12,115 $      - $      -
   Finance and
    interest income        993      883      190      177    1,131      952
                      -------- -------- -------- -------- -------- --------
 Total                  15,964   12,998   15,161   12,292    1,131      952
                      -------- -------- -------- -------- -------- --------

 Costs and Expenses
   Cost of goods sold   12,154    9,933   12,154    9,933        -        -
   Selling, general
    and administrative   1,436    1,248    1,183    1,015      253      233
   Research and
    development            409      367      409      367        -        -
   Restructuring            85       96       85       94        -        2
   Interest expense        701      578      358      321      479      340
   Interest
    compensation to
    Financial
    Services                 -        -      247      235        -        -
   Other, net              349      359      224      233       70       54
                      -------- -------- -------- -------- -------- --------
 Total                  15,134   12,581   14,660   12,198      802      629
                      -------- -------- -------- -------- -------- --------


 Income before income
  taxes, minority
  interest and equity
  in income
   of unconsolidated
    subsidiaries and
    affiliates             830      417      501       94      329      323
 Income tax provision      354      165      245       56      109      109
 Minority interest          15       16       15       16        -        -
 Equity in income of
  unconsolidated
  subsidiaries and
  affiliates:
   Financial Services        9        8      229      222        9        8
   Equipment
    Operations              89       48       89       48        -        -
                      -------- -------- -------- -------- -------- --------

 Net income           $    559 $    292 $    559 $    292 $    229 $    222
                      ======== ======== ======== ======== ======== ========

 Weighted average
  shares outstanding:
   Basic                 236.8    213.4
                      ======== ========
   Diluted               237.2    236.8
                      ======== ========

 Basic and diluted
  earnings per share
  ("EPS"):
   Basic:
     EPS before
      restructuring,
      net of tax      $   2.62 $   1.70
                      ======== ========
     EPS              $   2.36 $   1.37
                      ======== ========
   Diluted:
     EPS before
      restructuring,
      net of tax      $   2.61 $   1.53
                      ======== ========
     EPS              $   2.36 $   1.23
                      ======== ========

   Dividends per
    share             $   0.25 $   0.25
                      ======== ========


 See Notes to Condensed Consolidated Financial Statements.



                              CNH GLOBAL N.V.
                  CONDENSED CONSOLIDATED BALANCE SHEETS
                       AND SUPPLEMENTAL INFORMATION
                                (Unaudited)


                                          EQUIPMENT          FINANCIAL
                        CONSOLIDATED      OPERATIONS         SERVICES
                      ----------------- ----------------- -----------------
                      December December December December December December
                        31,      31,      31,      31,      31,      31,
                        2007     2006     2007     2006     2007     2006
                      -------- -------- -------  -------- -------- --------
                                          (In Millions)
Assets
   Cash and cash
    equivalents       $  1,025 $  1,174 $   405  $    703 $    620 $    471
   Deposits in Fiat
    affiliates cash
    management pools     1,231      497   1,157       496       74        1
   Accounts, notes
    receivable and
    other - net         10,593    6,549   1,544     1,314    9,310    5,344
   Intersegment notes
    receivable               -        -   1,831     1,445        -        -
   Inventories           3,488    2,735   3,488     2,735        -        -
   Property, plant
    and equipment -
    net                  1,510    1,307   1,505     1,295        5       12
   Equipment on
    operating leases
    - net                  511      254       -         -      511      254
   Investment in
    Financial
    Services                 -        -   2,099     1,788        -        -
   Investments in
    unconsolidated
    affiliates             528      457     420       354      108      103
   Goodwill and
    intangibles          3,142    3,144   2,973     2,998      169      146
   Other assets          1,717    2,157   1,215     1,386      502      771
                      -------- -------- -------  -------- -------- --------

 Total Assets         $ 23,745 $ 18,274 $16,637  $ 14,514 $ 11,299 $  7,102
                      ======== ======== =======  ======== ======== ========


Liabilities and
 Equity
   Short-term debt    $  4,181 $  1,270 $   728  $    488 $  3,453 $    782
   Intersegment
    short-term debt          -        -       -         -    1,831    1,348
   Accounts payable      2,907    1,881   2,989     1,939      161       42
   Long-term debt        5,455    5,132   2,179     2,419    3,276    2,713
   Intersegment
    long-term debt           -        -       -         -        -       97
   Accrued and other
    liabilities          4,900    4,871   4,439     4,548      479      332
                      -------- -------- -------  -------- -------- --------
 Total Liabilities      17,443   13,154  10,335     9,394    9,200    5,314
   Equity                6,302    5,120   6,302     5,120    2,099    1,788
                      -------- -------- -------  -------- -------- --------
 Total Liabilities
  and Equity          $ 23,745 $ 18,274 $16,637  $ 14,514 $ 11,299 $  7,102
                      ======== ======== =======  ======== ======== ========

 Total debt less cash
  and cash equivalents,
  deposits in Fiat
  affiliates cash
  management pools
  and intersegment
  notes receivable
  - "Net Debt /
    (Net Cash)"       $  7,380 $  4,731 $  (486) $    263 $  7,866 $  4,468
                      ======== ======== =======  ======== ======== ========


 See Notes to Condensed Consolidated Financial Statements.



                              CNH GLOBAL N.V.
              CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                       AND SUPPLEMENTAL INFORMATION
                                (Unaudited)



                                           EQUIPMENT         FINANCIAL
                        CONSOLIDATED       OPERATIONS        SERVICES
                         Year Ended        Year Ended        Year Ended
                        December 31,      December 31,      December 31,
                      -----------------------------------------------------
                        2007     2006    2007     2006      2007     2006
                      -------  -------  -------  -------  -------- --------
                                         (In Millions)
 Operating
  Activities:
   Net income         $   559  $   292  $   559  $   292  $   229  $   222
   Adjustments to
    reconcile net
    income to net
    cash from operating
    activities:
      Depreciation
       and amortization   372      316      295      273       77       43
      Intersegment
       activity             -        -      (30)      29       30      (29)
      Changes in
       operating
       assets and
       liabilities       (767)      46      560      274   (1,327)    (228)
      Other, net         (259)     (47)    (383)    (153)     (43)     (47)
                      -------  -------  -------  -------  -------  -------
 Net cash from
  operating
  activities              (95)     607    1,001      715   (1,034)     (39)
                      -------  -------  -------  -------  -------  -------

 Investing
  Activities:
   Expenditures for
    property, plant
    and equipment        (338)    (218)    (333)    (213)      (5)      (5)
   Expenditures for
    equipment on
    operating leases     (377)    (173)       -        -     (377)    (173)
   Net (additions)
    collections from
    retail receivables
    and related
    securitizations    (1,120)    (227)       -        -   (1,120)    (227)
   Net (deposits in)
    withdrawals from
    Fiat affiliates
    cash management
    pools                (609)     128     (548)     127      (61)       1
   Other, net              52       56       (9)      (2)      61       58
                      -------  -------  -------  -------  -------  -------
 Net cash from
  investing
  activities           (2,392)    (434)    (890)     (88)  (1,502)    (346)
                      -------  -------  -------  -------  -------  -------
 Financing
  Activities:
   Intersegment
    activity                -        -     (281)    (378)     281      378
   Net increase
    (decrease) in
    indebtedness        2,306     (208)     (83)    (346)   2,389      138
   Dividends paid         (59)     (59)     (59)     (59)     (62)     (74)
   Other, net              (9)      (9)      (9)      (9)       -        5
                      -------  -------  -------  -------  -------  -------
 Net cash from
  financing
  activities            2,238     (276)    (432)    (792)   2,608      447
                      -------  -------  -------  -------  -------  -------

 Other, net               100       32       23       10       77       22
                      -------  -------  -------  -------  -------  -------

Increase (decrease)
 in cash and cash
 equivalents             (149)     (71)    (298)    (155)     149       84
Cash and cash
 equivalents,
 beginning of period    1,174    1,245      703      858      471      387
                      -------  -------  -------  -------  -------  -------
Cash and cash
 equivalents, end of
 period               $ 1,025  $ 1,174  $   405  $   703  $   620  $   471
                      =======  =======  =======  =======  =======  =======


 See Notes to Condensed Consolidated Financial Statements.



                            CNH GLOBAL N.V.
    Notes to Unaudited Condensed Consolidated Financial Statements

1. Principles of Consolidation and Basis of Presentation - The accompanying unaudited condensed consolidated financial statements and supplemental information reflect all adjustments consisting only of normal, recurring adjustments except where noted, that are, in the opinion of management, necessary for a fair presentation of the consolidated results of CNH Global N.V. and its consolidated subsidiaries ("CNH" or the "Company") in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"); however, because of their condensed nature, they do not include all of the information and note disclosures required by U.S. GAAP for complete financial statements. These financial statements should therefore be read in conjunction with the audited, consolidated financial statements and notes thereto for the year ended December 31, 2006 included in the Company's Annual Report on Form 20-F filed with the Securities and Exchange Commission ("SEC") on March 31, 2007.

CNH is controlled by Fiat Netherlands Holding N.V., a wholly owned subsidiary of Fiat S.p.A. ("Fiat"). As of December 31, 2007, Fiat owned approximately 89% of CNH's outstanding common shares.

The condensed consolidated financial statements include the accounts of CNH's majority-owned and controlled subsidiaries and reflect the interests of the minority owners of the subsidiaries that are not fully owned for the periods presented, as applicable. The operations and key financial measures and financial analysis differ significantly for manufacturing and distribution businesses and financial services businesses; therefore, management believes that certain supplemental disclosures are important in understanding the consolidated operations and financial results of CNH. The supplemental financial information captioned "Equipment Operations" includes the results of operations of CNH's agricultural and construction equipment operations, with the Company's financial services businesses reflected on the equity method of accounting. The supplemental financial information captioned "Financial Services" reflects the combination of CNH's financial services businesses.

2. Stock-Based Compensation Plans - In February, 2007, CNH granted approximately 1.5 million performance-based stock options (at targeted performance levels) which resulted in an estimated expense over the vesting period of approximately $16 million under the CNH Equity Incentive Plan ("CNH EIP"). The determination of the number of options awarded occurred in January 2008, when 2007 results were approved by the Board of Directors (the "Determination Date"). One-third of the options vested on the Determination Date. The remaining options will vest equally on the first and second anniversary of the Determination Date. Options granted under the CNH EIP have a contractual life of five years from the Determination Date or approximately six years. The grant date fair value of $12.65 per option was determined using the Black-Scholes pricing model.

The assumptions used in this model were:

             Risk-free interest rate                4.40%
             Expected volatility                   38.32%
             Expected life                      4.0 years

Published Jan. 23, 2008 
 

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