Agilent Technologies Signs Equipment Financing and Leasing Agreement With CIT.

Business Editors/High-Tech Writers

PALO ALTO, Calif.--(BUSINESS WIRE)--Oct. 13, 2000

Agilent Technologies Inc. (NYSE:A) and The CIT Group Inc. (NYSE:CIT) (TSE:CIT.U, CGX.U) have entered into a vendor financing agreement whereby CIT will provide equipment financing and leasing services to Agilent customers on a global basis.

Under the terms of the agreement, CIT is establishing a wholly owned subsidiary, Agilent Financial Services Inc. (AFS), and will offer financing products to Agilent customers under this name. Agilent is in the process of selling a portfolio of leased assets to AFS. CIT, through AFS, will be providing funding and services related to equipment financing in most of Agilent's businesses. These services include credit review, document generation, pricing, invoicing and collections.

"CIT has a strategic initiative to work with category leaders Agilent is certainly that," said Albert R. Gamper, Jr., CIT chairman, president and CEO. "The combination of Agilent's outstanding products and technologies with our expertise in financing will mean greater choice and flexibility for Agilent's customers. We expect a substantial volume of business to result from this initiative."

"This agreement will enable us to meet the growing financing needs of our customers and to sharpen our focus on our core businesses," said Robert R. (Bob) Walker, Agilent executive vice president and chief financial officer. "CIT has extensive experience with large-vendor finance programs, a broad global presence and outstanding service capabilities. In addition, CIT's advanced information systems will enable us to move faster and more flexibly to address customer needs."

Agilent estimates that the sale of this portfolio will result in additional net revenue of approximately $220 million in the fourth quarter of fiscal 2000 and between $250 million and $300 million in net revenue in fiscal 2001. Agilent estimates additional operating profit of about $120 million in the fourth quarter as a result of the sale, and between $125 million and $150 million in additional operating profit in fiscal 2001.

In addition, Agilent estimates that the change in revenue recognition for new-order originations will result in between $150 million and $200 million in additional net revenue in fiscal 2001. Agilent estimates additional operating profits will be between $75 million and $100 million in 2001 as a result of the change in revenue recognition.

Sven Jirgal, Agilent's worldwide operations manager for its financing activities, has been named president of AFS. CIT also is planning to make job offers to a number of the people currently working for Agilent in its financing operations.

About CIT

With more than $50 billion in managed assets, CIT is the largest publicly owned commercial financing company in the world. Founded in 1908, CIT has operations in 26 countries. For more information on CIT, visit the company's Web site at www.cit.com.

About Agilent Technologies

Agilent Technologies Inc. (NYSE:A) is a diversified technology company with approximately 46,000 employees serving customers in more than 120 countries. Agilent is a global leader in designing and manufacturing test, measurement and monitoring instruments, systems and solutions, and semiconductor and optical components. In fiscal year 1999, Agilent had net revenue of more than $8.3 billion. The company serves markets that include communications, electronics, life sciences and healthcare.

Information about Agilent Technologies can be found on the Web at www.agilent.com.

This news release contains forward-looking statements (including, without limitation, information regarding expected volume of business, revenue gains and additional operating profit resulting from this agreement) that involve risks and uncertainties that could cause the results of Agilent Technologies to differ materially from management's current expectations. Other risks are detailed in Agilent's Annual Report on Form 10-K for the year ended Oct. 31, 1999, and its Quarterly Report on Form 10-Q for the quarter ended July 31, 2000, as filed with the Securities and Exchange Commission.