Newcourt Credit Group corrects news release transmitted earlier today.

TORONTO--(BUSINESS WIRE)--Nov. 7, 1996--

In the news release transmitted Wednesday (Nov. 7, 1996) two errors occurred, one in the sixth paragraph and the second in the seventh paragraph. The correct and complete release follows. CORRECTION FROM SOURCE: Newcourt Credit Group Reports 60 Percent Growth in Nine Month Earnings Board of Directors Approves Increase in Quarterly Dividend to $0.07 per Share

Newcourt Credit Grou (TSE, ME NCT.) Newcourt Credit Group Thursday reported net income for the nine months ending September 30, 1996 of $33.1 million representing a 60 percent increase over the $20.6 million in net income reported for the same period last year.

Net income for the third quarter grew by 64 percent to $13.9 million compared with $8.5 million for the same period last year.

The Company's fully diluted earnings per share were $1.31 for the nine months ending September 30, 1996 ($0.52 for the quarter) as compared with $1.08 for the same period last year ($0.44 for the quarter).

Newcourt originated new asset-based financings of $4,428 million during the first nine months of 1996 compared with $2,121 million for the same period last year. Transactions in the commercial finance market accounted for $2,327 million (53 percent) of this new lending activity while financings and advisory mandates in the corporate finance market accounted for the remaining $2,101 million (47 percent).

Total asset finance income for the nine months ending September 30, 1996 was $115.0 million compared with $62.8 million for the same period last year. Fee-based income continued to represent the major component of the Company's revenue mix accounting for $79.5 million, or 69 percent of total asset finance income.

The Company has increased its portfolio of owned and managed finance assets from $4.3 billion reported as at December 31, 1995, to $6.3 billion as at September 30, 1996.

At a meeting of the Board of Directors held November 7, 1996, a quarterly dividend of $0.07 per common share was approved for payment on November 29, 1996 to shareholders of record as of November 18, 1996.

"These nine month results are ahead of the plan that we set for ourselves at the beginning of the year. In keeping with these results, I am pleased to report that the Board of Directors has approved an increase in our quarterly dividend from $0.06 to $0.07 This decision is indicative of their confidence in the Company's ability to continue to grow our earnings performance while maintaining asset quality," noted Steven K. Hudson, Newcourt's President and Chief Executive Officer.

Newcourt Credit Group is a non-bank financial services company active in the origination, management and funding of asset-based financings. Through its North American and European network of 27 offices, the Company specializes in financing a broad range of equipment and capital assets through secured loans, conditional sales contracts and leases.

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Financial Highlights     Three Months Ended  Nine Months Ended
($,000, except share data)   September 30       September 30
                             ------------       ------------
                           1996        1995    1996      1995

Total asset
 finance income           48,508      23,410  115,050   62,768
Operating income          17,663       9,496   41,911   25,276
Net income                13,882       8,454   33,110   20,637

Earnings per share
     Basic                  0.52        0.44     1.31     1.08
     Fully diluted          0.52        0.44     1.31     1.08
Dividends per share         0.07        0.06     0.19     0.16

Total new asset
 financings              1,110.6       829.9  4,428.1  2,121.1

                               As at               As at
                       September 30, 1996    December 31, 1995
                       ------------------    -----------------
Total owned and
 managed assets            $6.3 billion         $4.3 billion

Common shares
 outstanding                 30,065,811           22,863,791

CONTACT: Newcourt Credit Group

John Sadler, 416/594-2400