Q1 2009 Earning Report of CNH Global N.V.

First Quarter 2009
Fi Q
Financial Results

April 23, 2009

Management Participants

Harold Boyanovsky
President & Chief Executive Officer

Rubin McDougal
Chief Financial Officer

Marco Casalino
Vice President & Treasurer

Al T ft
Trefts
Senior Director, Investor Relations & Capital Markets

2
CNH Global First Quarter 2009 Conference Call – April 23, 2009

Forward Looking Statements

This presentation 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, operating results, 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
expect, could, should, intend, estimate, anticipate, believe, outlook, continue, remain, on track, goal,
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 the availability of credit and to interest
rates and government spending. Some of the other significant factors which may impact our results include general economic and
capital market conditions, th cyclical nature of our b i
it l kt diti the li l t f business, customer b i
t buying patterns and preferences, f i
tt d f foreign currency
exchange rate movements, our hedging practices and our customers’ access to credit, actions by rating agencies concerning the
ratings of our debt securities and asset backed securities and the ratings of Fiat S.p.A., 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, 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 profit 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
g, y y y p gy
information concerning factors that could significantly affect expected results is included in our Annual Report on Form 20-F for the
year ended December 31, 2008.
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
expectations. forward-looking
statements.

3

First Quarter 2009 Highlights

First Quarter Net Sales
(U.S. GAAP, US$ in mils.)
5,000 A “Particularly Challenging first
Particularly Challenging”
quarter:
$4,099
4,000

$1,174
$3,241 Higher horsepower tractors and
$3,052
combines in North America
3,000
$480 largely offset weak markets in
$1,124
Latin America, Rest of World and
lower horsepower segment in
2,000
North America, Net Sales down
2% excluding currency.
l di
$2,925
$
$2,572
$2,117
1,000

CNH outperformed the CE
Industry Units decline of 57% as
-
CE Net Sales declined 54%
2007 2008 2009
excluding currency. Reduced
AG Net Sales CE Net Sales volumes had a significant impact
on earnings.

4

First Quarter - Equipment Operations Operating Profit Highlights

First Quarter Operating Profit (U.S. GAAP, US$ in mils.)

$264
300
$219 $29
200
$86 $39 AG Operating Profit impacted by:
$235
100 Volume and Market Mix ($65)m
$133 $130
Translation ($44)m
-
Net Pricing $27m
($91)
(100)
2007 2008 2009
CE Operating Profit decline driven
AG CE
by:
Operating Profit (U.S. GAAP, US$ in mils.)
Volume ($130)m
264 (195) Translation ($7)m
Net Pricing ($6)m

25 (51)
Extended plant closures in
21 (7)
Construction Equipment business
(18) 39
reduced dealer inventory.

5

First Quarter Agricultural Equipment Industry

Preliminary Results
200 10
(Units in thousands)
8
150

Tractor industry volume down
y
6
worldwide with declines in all
100
4 regions
50
2

CNH tractor market share flat
- -
worldwide despite gains in North
'00 '01 '02 '03 '04 '05 '06 '07 '08 '09
America over 40HP and Latin
Tractors

America
North America Western Europe Latin America Rest Of World Total Combines

Industry % CNH
Change Share Change

Combine industry declines
Tractors - Worldwide (10) FLAT
worldwide driven by Latin America
(20)
- North America +
and Rest of World
(23)
Under 40 Horsepower -
(17)
Over 40 Horsepower +
(9)
- Western Europe FLAT
CNH combine market share down
(17)
- Latin America +
(3)
despite gains in Western Europe
- Rest of World -

and Rest of World
Combines - Worldwide (23) -

- North America 32 FLAT
- Western Europe 13 +
- Latin America (46) -
- Rest of World (56) +

6

First Quarter Construction Equipment Industry

200 Preliminary Results
(Units in thousands)
Worldwide total construction
150
equipment industry down 57%
100

Total worldwide light construction
50
equipment industry retail unit sales
down 61% with weakness in all
0
regions
'00 '01 '02 '03 '04 '05 '06 '07 '08 '09

Heavy Skid Steer Loaders & Backhoe Loaders Other Light
Industry % CNH
Heavy equipment industry retail
Change Share Change
unit sales d
it l down 50% with declines
ith d li
Light Equipment - Worldwide (61) FLAT
in all regions
- North America (52) +
- Western Europe (66) -
- Latin America (64) + CNH market share was stable in
- Rest of World (62) -
both light and heavy equipment
with gains in the Americas
Heavy Equipment - Worldwide (50) FLAT
offsetting losses in Western
- North America (42) +
Europe
- Western Europe (73) -
- Latin America (61) +
- Rest of World (44) FLAT

7

Equipment Operations Change in Net Debt (Cash)*
First Quarter
(Use)
Change
2008 2009

$ 112 $ (126) $ (238)
Net Income (l
NI (loss) attributable to CNH Gl b l N V
) ib bl Global N.V.
61 62 1
Depreciation & Amortization
173 (64) (237)
Subtotal
(437) (470) (33)
Working Capital, Net of FX Impact For The Period **
90 99 9
Other
(
(174) ) (
(435) ) (
(261) )
Net Cash From Operating Activities
p g
(79) (44) 35
Net Cash From Investing Activities***
(27) 14 41
All Other, Including FX Impact for the Period

$ (280) $ (465) $ (185)
Increase / (Decrease) in Net Cash

$ (206) $ 888
Net Debt (Cash)
N t D bt (C h)

Capital expenditures of $46 million during the quarter Working capital increased as finished goods
focused on: inventories were up due to slowdown in
demand and accounts payable were down
New product
p
due to decrease in construction equipment
Factory efficiency improvements
production activity.
Selective capacity improvements
Systems and processes
* See Appendix for Definition and US GAAP Reconciliation.
** Net change in receivables, inventories and payables including inter-segment receivables and payables.
*** Excluding Net (Deposits In) Withdrawals from Fiat Cash Pools, as they are part of Net Debt (Cash).

8

Case IH - Prepared for the Future…

Magnum 180-190-210
Latest Additions to the Magnum Family
Designed Specially for the US Farmer

Power Boost
Industry leading 35 HP as added
y g
reserve; 15% more than the
competition for tough terrain or
conditions

Fuel Efficiency
19th gear provides additional 10%
efficiency during on road travel

Turning Radius
Industry Leading 16’; a full 2’ tighter
than the leading competitor

The Best Operator Controls in the
Industry

9

Agriculture... positioned for the Future

T7000 AUTO COMMAND™

o New SideWinder II™ Armrest

o New Continue Variable Transmission
option

o New model @ 225hp (T7070)

BOOMER 3000 EASY DRIVE™

o New EasyDrive™ CVT Advanced
Transmission “Drive like a car”

o Silver Medal at 2009 Paris Show
for Innovation

10

Restructuring Actions

Adjusting cost a d st uctu e o C
djust g and structure of CNH to market out oo s
a et outlooks
Approximately $250 million to implement
Consolidation of operations, 10-15% salaried workforce reduction
Specific review of the construction equipment business

Position CNH for the upturn
Maintain focus on process improvement
Simpler, easier to do business with
Will not remove capacity necessary to handle agricultural market
volatility

11

Global Construction Industry Conditions

The profitability of our construction equipment business has been
significantly impacted by the current worldwide financial and credit crisis,
and its spillover effects onto the real economy

The current and medium term prospects for the construction equipment
industry require that CNH take a proactive role in structurally reshaping its
activities

Construction equipment manufacturers, to weather this critical market and
qp ,
financial environment, need to
Increase the volume base for their product platforms, also through industry-wide
consolidation
Streamline th i i d t i l f t i t and th i organization t i
St li their industrial footprint d their i ti to improve cost t
efficiency and market effectiveness

12

Construction Business Next Steps

With the objective of improving its profitability and strengthening its role with
a view to a long term sustainable model, CNH is currently developing a plan
which will involve:
Maximizing the collective strength of our brands
Streamline the construction business
Optimize sharing of p
p g product architecture
Re-evaluate industrial and commercial alliances and partnerships

Dealers and customers are foremost in our minds as we continue the
analysis
Increasing Brand value and customer support

We ti i t th t
W anticipate that we will update th analysis and report on progress of th
ill d t the li d t f the
resulting actions on the construction business during our second quarter
conference call

13

Dealing with the Current Financial Environment

Financial Services
Equipment Operations
$1.2 billion of new funding transactions including
CE company inventory reduced by $160 million.
py y y
$500 million ABS transaction closed in the quarter.
CE dealer inventory reduced by $70 million.
$1.2 billion retail warehouse facility renewed until
CE Production to be 45% of expected retail in Q2 2010.
AG inventory build $340 million. CNH U.S. Wholesale and Retail assets meet TALF
US
criteria.
Large seasonal reduction in Q2 production
schedules at 80% of expected retail. Risk costs increased by $30 million, primarily
related to the Construction Equipment market in
Payables declining as CE plants idled, AG
North America and Europe.
E rope
production rates reduced.
Alternative funding available to dealers and
Reduced capital spending plans to 2/3 of 2008
customers.
levels.

14

Full Year 2009 – Industry Volume Outlook

2009 Highlights
FY 09 Industry
Agricultural Equipment % Change vs. 08
Tractors - World Wide (15-20%)
- North America (20-25%)
Worldwide Agricultural Equipment industry outlook
g qp y
Under 40 HP ~(25%)
declining from January ‘09 outlook of (10-15%) to
Over 40 HP (20-25%)
(15-20%) with worldwide tractors over 40
- Western Europe (10-15%)
Tractors
horsepower down 10-15%.
- Latin America ~(25%)
- Rest of World (10-15%)

Combines - W ld Wid
C bi World Wide (25-30%)
(25 30%)
Combine industry in NA starts slowing down
Combines leading to a full year down 5-10% from January
‘09 outlook of flat

Stronger than previously forecasted decline
FY 09 Industry
across the regions drive worldwide Construction
Construction Equipment % Change vs. 08
Equipment industry to an expected decline of
Light Equipment - World Wide (40-45%)
~40% vs. 2008 (~20% more than in January ‘09)
(40 45%)
Light
- Latin America (45-50%)
Both heavy and light equipment industries will be
Heavy Equipment - World Wide (30-35%) down more than previously expected in all regions.
- Western Europe (45 50%)
(45-50%)
Heavy

15

Q2 2009 – Outlook

Q2 09 Industry
Agricultural Equipment % Change vs. 08
Tractors - World Wide (20-25%)
Under 40 HP (25 30%)
(25-30%)
Market h ll
M k t challenges similar t Q1
i il to Q1.
Over 40 HP (20-25%)
Tractors
- Latin America (25-30%) Continue to manage inventories to
market demand.
Combines - World Wide (25-30%)
(25 30%)
- North America ~+5%
Aggressively implementing cost
Combines - Western Europe ~(20%)
reduction activities.

Continue implementation of
Q2 09 Industry reorganization plan.
Construction Equipment % Change vs. 08
Light Equipment - World Wide (45-50%)
Finalize CE plan.
- Western Europe ~(55%)
Light

Heavy Equipment - World Wide (35-40%)
- Western Europep (
(55-60%)
)
Heavy

16

For Further Information

Please Contact:

Albert S. Trefts Jr. p
phone: 1-630-887-2385 e-mail: al.trefts@cnh.com
@
Senior Director,
Investor Relations & Capital Markets
CNH Global N.V.

Federico Catasta phone: 1-630-887-3745
1 630 887 3745 e-mail: federico.catasta@cnh.com
e mail: federico catasta@cnh com
Manager,
Capital Markets
CNH Global N.V.

Case New Holland Inc.
6900 Veterans Boulevard
Burr Ridge, Illinois 60527
USA

Fax: 1-630-887-3890
E-mail: wwinvestorrelations@cnh.com
Website: www.cnh.com

17

Appendix

18

CNH Agricultural & Construction Equipment
Net Sales Change Details1
Q1
of which
% Change
Currency
vs 2008
(
, $ )
(5)%
North America 6%
AG 16 (6)
CE (33) (2)
(12)%
Western Europe
Wt E (34)%
AG (14) (16)
CE (75) (4)
(14)%
Latin America (46)%
(43) (14)
AG
(52) (12)
CE
(5)%
Rest of World (45)%
(37) (7)
AG
(65) (2)
CE
(9)%
World (26)%
AG (12) (10)
CE (59) (5)
1
See Appendix for Geographic Information.

19

First Quarter Agricultural & Construction Equipment
Detail of Other Countries1 Industry Unit Sales Changes
AG CE
Industry % Change Year over Year Tractors Combines Light Eq Heavy Eq
Western Europe (9)% 13% (66)% (73)%
France 4% (2)% (71)% (71)%
Germany y (10)%
() 29% ()
(53)% ()
(66)%
Italy (4)% 8% (61)% (65)%
Spain (20)% 39% (82)% (83)%
UK (7)% (6)% (70)% (74)%
All Other (13)% 22% (65)% (79)%
Latin America ()
(17)% ()
(46)% ()
(64)% ()
(61)%
Brazil 3% (31)% (39)% (54)%
Argentina (59)% (76)% (78)% (67)%
All Other (34)% (48)% (73)% (66)%
Rest of World (3)% (56)% (62)% (44)%
Australia & New Zealand 3% 32% ()
(68)% ()
(64)%
Eastern Europe2 - 36% (76)% (78)%
CIS 3 (68)% (88)% (90)% (88)%
China 21% - (29)% 1%
Pakistan (7)% - - -
Turkey (76)% (53)% (87)% (93)%
South Africa (30)% 41% (82)% (71)%
All Other (64)% (23)% - -
1
See Appendix for Geographic Information
2
Eastern Europe includes: Albania, Bosnia Herezegovina, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Latvia,
Lithuania,
Lithuania Macedonian Republic Malta, Monaco, Montenegro, Poland, Romania Serbia Slovakia Slovenia
Republic, Malta Monaco Montenegro Poland Romania, Serbia, Slovakia,
3
CIS: Armenia, Azerbaijan, Belaruss, Georgia, Kazakhstan, Kyrgyzstan, Republic of Moldova, Russia, Tajikistan,
Turkmenistan, Ukraine, Uzbekistan

20

Equipment Operations Operating Profit


CNH defines Equipment Operations Gross Profit as net sales less equipment cost of
goods sold. CNH defines Equipment Operations Operating Profit as Gross Profit less
selling, general and administrative and research and development costs. Operating
Margin is Operating Profit expressed as a percentage of net sales of equipment. The
following table summarizes the computation of Equipment Operations Gross and
g p qp p
Operating Profit and Operating Margin for all periods presented:

First Quarter
2008 2009
Net sales $ 4,099
4 099 $ 3,052
3 052
Less:
Cost of goods sold 3,399 2,627
Gross Profit 700 425
Less:
Selling, general and administrative 330 293
Research and development 106 93
Operating Profit $ 264 $ 39

Operating Margin 6.4% 1.3%

21

Net Income (Loss) Before Restructuring, After Tax
CNH defines net income (loss) before restructuring, after tax as U.S. GAAP net income (loss) attributable
to CNH, less US GAAP restructuring expense, after tax applicable to the restructuring expense. We
believe that net income (loss) before restructuring, after tax is a useful figure for measuring the
performance of our operations.

Net income (loss) before restructuring, after tax is a “non-GAAP financial measure” as this term is defined
under the Securities Act. As a result, the following table reconciles U.S. GAAP net income (loss)
attributable to CNH to net income (loss) before restructuring, after tax, for all periods presented and the
related pro-forma computation of earnings (loss) per share:
(U.S. GAAP, US$ in mils., except per share data) 2008 2009

$ 112 $ (126)
Net income (loss) attributable to CNH
Restructuring, after tax:
Restructuring 18 2
(5) (1)
Tax
13 1
Restructuring, after tax
$ 125 $ (125)
Net Income (loss) before Restructuring, after tax
Weighted average common shares outstanding - basic 237.2 237.4

Basic earnings (loss) per share before restructuring, after tax $ 0.53 $ (0.53)
1
Weighted average common shares outstanding - basic 237.2 237.4
Effect of dilutive securities (when dilutive):
0.5 -
Stock Compensation Plans
Weighted average common shares outstanding - diluted 237.7 237.4

Diluted earnings (loss) per share before restructuring, after tax $ 0.53 $ (0.53)

22

Equipment Operations Working Capital


Working capital is defined as accounts and notes receivable, excluding inter-segment
notes receivable, plus inventories less accounts p y
,p payable. We believe that working capital,
gp,
as defined, is a useful analytical tool for measuring our consumption of cash from our
purchases of materials from our suppliers to our ultimate collection of cash from our end
customers. The calculation of working capital is shown below:
gp

March 31,
2009 @
December 31, December 31,
2008 2008 FX Rates 2009
Accounts, Notes Receivable
and Other Net $ 1,478 $ 1,386 $ 1,356
Inventories 4,485 4,638 4,537
Accounts Payable (2,860) (2,492) (2,428)
Working Capital $ 3,103 $ 3,532 $ 3,465

23

Credit Lines & Facilities

The following table summarizes CNH Credit Lines and Debt Position at March 31, 2009
Equipment Operations Financial Services Consolidated
Committed (C) Total Total
Currency Maturity* Guarantor
Short- Current Long- Short- Current Long- Short- Current Long-
/ Uncommitted (U) Facility Available
term Maturities term term Maturities term term Maturities term
US Retail and BNDES Financing
Receivable Securitizations US$ Feb-10 (A) C $ 1,200 $- $ - $- $ - $ 272 $ 492 $ - $ 272 $ 492 $ 436
Various from
Apr-09 to
Dec-16 C
BNDES Subsidized Financing BRL (D) 1,279 - - - - 517 695 - 517 695 67 Fiat (B)
Subtotal 2,479 - - - - 789 1,187 - 789 1,187 503
Other ABCP Facilities
Receivable Securitizations AUS Mar-10 C 346 - - - 346 - - 346 - - -
Dec-09 C
Receivable Securitizations CAD 239 - - - 239 - - 239 - - -
Subtotal 585 - - - 585 - - 585 - - -
Other 3rd Party Facilities
Revolving Syndicated Credit Facility Euro Aug-10
Aug 10 C 399 - - 399 - - - - - 399 - Fiat
Various from
Apr-09 to
Various Credit lines - Latin America Multiple Sep-13 (D) C 573 221 300 52 - - - 221 300 52 -
Various from
Apr-09 to
Factoring lines Multiple Mar-10 (D) U 181 181 - - - - - 181 - - -
Various from
Jul-09 to
Various Credit Lines - Australia AUS Dec-09 (D) C 125 - - - 125 - - 125 - - -
Various from
Apr-09 to
Nov-09 U/C
Other Credit Lines Multiple (D) 100 82 - - - - - 82 - - 18 Fiat (C)
Subtotal 1,378 484 300 451 125 - - 609 300 451 18
Fiat Facilities
Various from
Apr-09 to
Credit Lines with Fiat Multiple Jan-14 (D) U 2,992 319 - - 1,149 61 173 1,468 61 173 1,290
Revolving Credit Facility Multiple Feb-10 (D) C 1,000 - 736 - - 75 - - 811 - 189
Apr-09 U
Factoring lines EUR 6 6 - - - - - 6 - - -
Subtotal 3,998 325 736 - 1,149 136 173 1,474 872 173 1,479
Total Credit Facilities 8,440 809 1,036 451 1,859 925 1,360 2,668 1,961 1,811 2,000

Amount above with or guaranteed by Fiat Affiliates 5,199 373 736 399 1,149 653 391 1,522 1,389 790 1,498
* Maturity dates reflect maturities of the credit facility which may be different than the maturities of the advances under the facility.
(A) The porfolio performance criteria under the facility were amended to enable the transfer of receivables into the facility.
(B) Up to $735 million (1 7 billion Braziliian Reals) of subsidized financing provided by Banco Nacional de Desenvolvimento Economico e Social (quot;BNDESquot;)
(1.7 ( BNDES ).
(C) Includes a $67 million uncommitted line guaranteed by Fiat. As of March 31 2009, this line was drawn for US$48 million.
(D) Includes various maturities from initial to final maturity.
(E) U.S. Retail and BNDES financing are paid only as the underlying receivables are collected unless the receivables sold are not repurchased by CNH.

24

Equipment Operations Net Debt (Cash)

Net Debt (Cash) of Equipment Operations is defined as total debt of Equipment Operations less cash and cash equivalents,
deposits in Fiat affiliates cash management pools and inter-segment notes receivables. We believe that Net Debt (Cash), as
defined, is a useful analytical tool for measuring our effective borrowing requirements, excluding our inter-segment Notes
Receivable from Financial Services and the effect of certain of our cash management practices. The calculation of Net Debt
(Cash) is shown below:
December 31, 2008 March 31, 2009
Credit Credit
Lines Other Total Lines Other Total
Short Term Debt
With Fiat Affiliates $ 14 $ 342 $ 356 $ 325 $ 4 $ 329
Other 259 101 360 484 16 500
Intersegment - - - - - -
Total 273 443 716 809 20 829

Long Term Debt*
With Fiat Affiliates 559 1,207 1,766 736 920 1,656
Other 809 1,266 2,075 751 1,267 2,018
Intersegment - - - - - -
Total 1,368 2,473 3,841 1,487 2,187 3,674

Total Debt $ 1,641 $ 2,916 4,557 $ 2,296 $ 2,207 4,503

less:
(173) (155)
Cash and Cash Equivalents
(1,666) (1,079)
Deposits in Fiat Affiliates Cash Management Pools
(2,295) (2,381)
Intersegment Notes Receivable
$ 423 $ 888
Net Debt (Cash)

*Including Current Maturities of Long Term Debt.

25

Equipment Operations Long Term Debt*

The following table summarizes CNH's Equipment Operations long term debt maturities at
December 31, 2008 and March 31, 2009:

December 31,
2008 March 31, 2009
Public Notes **
Payable in 2009 (June) $ 498 $ 499
Payable in 2014 (March) 500 500
Payable in 2016 (January) 249 250
Total Public Notes 1,247 1,249

Funding from Fiat Affiliates
Fiat Committed Revolving Facility 559 736
Notes Payable in 2009 (April) 407 120
Notes payable in 2017 (June) 800 800
1,766 1,656

Other Long Term Uses of Credit Lines 809 751
19 18
Other Long Term Debt
Total $ 3,841 $ 3,674

* Including Current Maturities of Long Term Debt
Debt.
** Public Notes are reported net of any premium/discount.

26

Equipment Operations Change in Net Debt (Cash)

We believe that the change in Net Debt (Cash) of Equipment Operations, as
defined elsewhere in this presentation is a useful analytical tool for measuring
presentation,
changes in our effective borrowing requirements, excluding our inter-segment
notes receivable from Financial Services and the effect of certain of our cash
management practices.

The change in Net Debt (Cash) should not be considered an alternative to the
statement of cash flows prepared under U.S. GAAP for purposes of evaluating
sources and uses of cash and cash equivalents.

Change in Net Debt (Cash) is a “non-GAAP financial measure” as this term is
defined under the Securities Act. As a result, the following slide reconciles the
increase (decrease) in cash and cash equivalents, the U.S. GAAP financial
measure which we believe to be most comparable to (increase) decrease in
comparable,
Net Debt (Cash).

27

Equipment Operations Change in Net Debt (Cash)


First Quarter
2008 2009

Increase (Decrease) In Cash and Cash Equivalents $ (73) $ (18)
Intersegment Financing Activities 345 91
Increase (Decrease) in Cash and Cash Equivalents
Excluding Intersegment Financing Activities 272 73
Net (Increase) Decrease in Indebtedness (285) 5
Net Deposits In (Withdrawals From)
Fiat Cash Pools (235) (563)
Other - Primarily Effect of Foreign Exchange Rate
Changes on Indebtedness and Intersegment Notes
Receivable (32) 20
Increase/(Decrease) in Net Cash $ (280) $ (465)

28

Equipment Operations Adjusted EBITDA
and Interest Coverage Ratio

Adjusted EBITDA is defined as net income (loss) attributable to CNH of Equipment
Operations excluding (i) net interest expense, (ii) income tax provision (benefit), (iii)
depreciation and amortization and (iv) restructuring. Net interest expense is defined as (i)
p () g p ()
interest expense (excluding interest compensation to Financial Services) less (ii) finance
and interest income.

We believe that Adjusted EBITDA is a measure commonly used by financial analysts
because of its usefulness in evaluating operating performance Adjusted EBITDA does not
performance.
represent cash flows from operations as defined by U.S. GAAP, is not necessarily
indicative of cash available to fund all cash flow needs and should not be considered an
alternative to net income or net cash from operating activities under U.S. GAAP for
purposes of evaluating results of operations and cash flows.

Adjusted EBITDA is a “non-GAAP financial measure” as this term is defined under the
Securities Act. As a result, the following slide reconciles net cash from operating
activities, the U.S. GAAP financial measure which we believe to be most directly
comparable,
comparable to Adjusted EBITDA
EBITDA.

CNH defines interest coverage for Equipment Operations as adjusted EBITDA, as defined
above, divided by net interest expense, as defined above.

29

Equipment Operations Adjusted EBITDA
and Interest Coverage Ratio

First Quarter Last Twelve Months Ended
Q1 2008 Q1 2009
2008 2009

Net Cash from Operating Activities $ (174) $ (435) $ 497 $ (543)
Net Interest Expense:
Interest Expense 75 79 360 362
Less: Finance and Interest Income (45) (34) (196) (194)
Net Interest Expense 30 45 164 168
Income Tax Provision (Benefit) 33 17 247 263
Restructuring:
Equipment Operations
qp p 18 1 89 17
Financial Services - 1 - 6
Change in Other Operating Activities
and noncontrolling Interest 347 371 364 1,389
Adjusted EBITDA $ 254 $ - $ 1,361 $ 1,300

Net Interest Expense $ 164 $ 168

Interest Coverage Ratio 8.3 7.7

30

Equipment Operations Results


First Quarter

% of % of
2008 Net Sales 2009 Net Sales
Net Sales $4,099 $ 3,052
Less: Cost of Goods Sold 3,399 2,627
Gross Profit 700 17.1% 425 13.9%
Less: Selling, General and Administrative 330 293
Research and Development 106 93
Operating Profit 264 6.4% 39 1.3%
Other, N t
Oth Net (62) (47)
Net Income (loss) in Unconsolidated Subs * 63 (19)
Less: Interest Compensation to Fin. Services (67) (42)
Net Income (loss) attributable to noncontrolling interests (5) 7
61 62
Plus: Depreciation & Amortization
$ 254 $ -
Adjusted EBITDA 6.2% 0.0%

* Includes Financial Services, excluding Restructuring, on the equity method of accounting

31

Equipment Operations Segment Analysis

First Quarter
2008 2009
Trading Profit (Loss) Under IFRS*
Agricultural Equipment $ 196 $ 108
Construction Equipment
C t ti E i t 5 (103)
Trading Profit Under IFRS 201 5

IFRS to U.S. GAAP Adjustments
Accounting for Benefit Plans (10) (10)
Intangible Asset Amortization,
g
Primarily Development Costs (11) (25)
IFRS Reclassifications** 49 40
Other Income (27) (18)
Total Adjustments 1 (13)
62 47
Plus: U.S. GAAP quot;Other, netquot;

$ 264 $ 39
U.S. GAAP Operating Profit ***

U.S. GAAP Operating Profit (Loss) by Segment
Agricultural Equipment $ 235 $ 130
Construction Equipment
qp $ 29 $ ()
(91)
U.S. GAAP Operating Profit by Segment as a % of Net Sales
Agricultural Equipment 8.0% 5.1%
Construction Equipment 2.5% -19.0%
* 2009 First Quarter Press Release, Financial Statements, Footnote 14 - Segment Information.
** The net reclassification of interest compensation to Financial Services to cost of goods sold and the interest component of
unfunded benefit plans to interest expense.
*** See Appendix for Definition and U.S. GAAP Reconciliation.

32

Geographic Information

Certain financial and market information in this presentation has been presented
separately by geographic area. CNH defines its geographic areas as:

– North America
– Western Europe
– Latin America and
– Rest of World

As used in this presentation, all references to “North America,” “Western Europe,”
“Latin America” and “Rest of World” are defined as follows:

– North America - United States and Canada
– Western Europe - Austria, Belgium, Denmark, Finland, France, Germany, Greece,
Iceland, Ireland, Italy, Luxembourg, The Netherlands, Norway, Portugal, Spain,
Sweden, Switzerland and the United Kingdom
– Latin America - Mexico, Central and South America, and the Caribbean Islands
– Rest of World - Those areas not included in North America Western Europe and
America,
Latin America as defined above. This area will include China (as reported), but not
India unless specifically noted.

33

Market Share / Market Position Data

Certain market and share information in this report has been presented on a worldwide
basis which includes all countries, with the exception of India.

In this report, management estimates of market share information are generally based
on retail unit data in North America, on registrations of equipment in most of Europe,
Brazil, and various Rest of World markets and on retail and shipment unit data collected
by a central information bureau appointed by Equipment Manufacturers Associations
including the Association of Equipment Manufacturers in North America the Committee
America,
for European Construction Equipment in Europe, the ANFAVEA in Brazil, the Japan
Construction Equipment Manufacturers Association and the Korea Construction
Equipment Manufacturers Association, as well as on other shipment data collected by an
independent service bureau.

Not all agricultural or construction equipment is registered, and registration data may
thus underestimate, perhaps substantially, actual retail industry unit sales demand,
particularly for local manufacturers in China, Russia, Turkey, and Brazil.

In addition, there may also be a period of time between the shipment, delivery, sale
and/or registration of a unit, which must be estimated, in making any adjustments to the
shipment, delivery, sale, or registration data to determine our estimates of retail unit data
in any period
period.

34

Q1 2009 Earning Report of CNH Global N.V.

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