FINANCIAL RESULTS UNDER U.S. GAAP

• First quarter revenues totaled $7.5 billion, in line with Q1 2013. Net sales of Industrial Activities at $7.2 billion decreased 0.6% vs. Q1 2013 (+1.3% on a constant currency basis).

• Operating profit of Industrial Activities for the quarter was $412 million, down 2.1% against Q1 2013, with operating margin at 5.7%.

• Net income was $101 million, or $0.07 per share. Net income before restructuring and other exceptional items was $177 million, or $0.13 per share, down $8 million against Q1 2013.

• Net industrial debt was $4 billion at March 31, 2014 ($2.2 billion at December 31, 2013). Available liquidity totaled $8.1 billion ($8.7 billion at December 31, 2013), after the issuance of a €1 billion bond, due March 2019, with an annual fixed rate of 2.75%.

• CNH Industrial is releasing its 2014-2018 Business Plan. 

CNH Industrial N.V. today announced consolidated revenues of $7,540 million for the first quarter 2014, in line with Q1 2013. Net sales of Industrial Activities were $7,213 million in Q1 2014, a 0.6% decrease compared to the prior year (+1.3% on a constant currency basis). Net of a 1.9% negative impact of currency translation, net sales increased in Construction Equipment and Powertrain, offsetting reduced net sales for Agricultural Equipment, primarily in LATAM. Net sales for Commercial Vehicles were substantially flat compared to Q1 2013.

Operating profit of Industrial Activities was $412 million in Q1 2014, a 2.1% decrease compared to Q1 2013 (+3.3% on a constant currency basis) with an operating margin for the first quarter of 5.7%. Operating profit increases in Construction Equipment and Powertrain, together with margin improvements in Agricultural Equipment, were more than offset by the negative effects of challenging operating conditions in LATAM affecting Commercial Vehicles mainly due to a significant decline in demand in Brazil and in manufacturing activities in Venezuela, as well as by a 5.3% negative currency translation impact.

Interest expense, net totaled $141 million for the quarter, $29 million higher than Q1 2013 primarily due to an increase in average net industrial debt, mainly due to working capital build-up to support expected increase in seasonal activity in Q2.

Other, net was a charge of $94 million for the quarter ($97 million for Q1 2013). In Q1 2014 Other, net included a pre-tax charge of $64 million due to the re-measurement of Venezuelan assets denominated in Bolivares following the changes in Venezuela’s exchange rate mechanism. In Q1 2013, Other, net included a pre-tax charge of $41 million related to the dissolution of the Financial Services joint venture with the Barclays group.

Income taxes totaled $143 million, representing an effective tax rate of 65.3% for the quarter. The significant increase over the 52.3% Q1 2013 effective tax rate is mainly due to the exceptional pre-tax charge relating to the re-measurement of Venezuelan assets, for which no corresponding tax impact has been book benefited.

Excluding this item, the effective tax rate for the quarter was 50.5%, higher than the Company’s 2014 forecast range of 40% to 44% due to not book benefiting losses in certain jurisdictions. Equity in income of unconsolidated subsidiaries and affiliates totaled $25 million for the quarter, in line with Q1 2013.

Net income of Financial Services was $86 million for the quarter ($59 million for Q1 2013). Q1 2013 was affected by the negative impact of $25 million, net of taxes, related to the dissolution of the joint venture with Barclays group.

Consolidated net income was $101 million for the quarter ($151 million for Q1 2013), or $0.07 per share ($0.09 for Q1 2013). Net income before restructuring and other exceptional items was $177 million for the quarter ($185 million in Q1 2013).

Net industrial debt of $4 billion at March 31, 2014 was $1.8 billion higher than at December 31, 2013. Net industrial cash flow absorption reflected the expected seasonal increase in working capital (mainly in Agricultural Equipment after de-stocking in Q4 2013).

Available liquidity of $8.1 billion, inclusive of $2.3 billion in undrawn committed facilities, decreased $0.6 billion during the first quarter mainly due to the anticipated seasonal increase in working capital, partially offset by a €1 billion bond ($1.4 billion equivalent) issued in March 2014 by CNH Industrial Finance Europe S.A., a wholly-owned subsidiary of CNH Industrial N.V. The notes were issued under the Global Medium Term Note Programme guaranteed by CNH Industrial N.V. at an annual fixed rate of 2.75% and are due March 2019.

2014-2018 Business Plan and 2014 US GAAP Guidance

CNH Industrial is setting its 2014 U.S. GAAP guidance consistent with the 5-year plan financial projections that will be presented at today’s Investor Day.

Agricultural Equipment

Net sales for Agricultural Equipment were $3,706 million for the quarter, down 6.0% from Q1 2013 (-3.9% on a constant currency basis), mainly as a result of decreased volumes primarily in LATAM and APAC and less favourable product mix.

The geographic distribution of net sales for the period was 48% NAFTA, 31% EMEA, 11% LATAM and 10% APAC. Worldwide Agricultural Equipment market share was lower for tractors and combines, mainly due to the expected timing impact from the transition to Tier 4B Final emission regulations in major markets.

The Company’s worldwide production of Agricultural Equipment was 27% above retail sales for the quarter, consistent with past years as the Company increases inventory in the first quarter in anticipation of the spring and summer selling seasons.

Agricultural Equipment operating profit was $464 million for the quarter ($468 million in Q1 2013). Operating margin was 0.6 p.p. higher at 12.5%, with net price realization and improved industrial performance offsetting negative volume and mix.

(*) Beginning with the filing with the U.S. Securities and Exchange Commission (“SEC”) of its annual report on Form 20-F for the fiscal year ended December 31, 2013, prepared in accordance with U.S. GAAP, CNH Industrial reports quarterly and annual financial results both under U.S. GAAP for SEC reporting purposes and under IFRS for European listing purposes and Dutch law requirements. Financial statements under both sets of accounting principles use U.S. dollar as the reporting currency. In addition, as disclosed in the Form 20-F, CNH Industrial has expanded its reportable segments from three (Agricultural and Construction Equipment inclusive of its financial services activities, Trucks and Commercial Vehicles inclusive of its financial services activities, and Powertrain) to five (Agricultural Equipment, Construction Equipment, Commercial Vehicles, Powertrain and Financial Services). The following tables and comments on the financial results of the Company and by segments are prepared in accordance with U.S. GAAP. Financial results under IFRS are shown in a subsequent section of this press release; prior period results under IFRS, prepared in euro, have been consistently recast into

U.S. dollars. A summary outlining the Company’s transition to U.S. GAAP and U.S. dollar as the reporting currency is available on the Company’s website, www.cnhindustrial.com.

(**) Refer to the Non-GAAP Financial Information section of this press release for information regarding Non-GAAP financial measures.