Snap-on Incorporated and Newcourt Credit Group Complete Transaction to Form Snap-on Credit LLC

Kenosha, Wisconsin, and Toronto, Ontario - January 4, 1999 - Snap-on Incorporated (NYSE: SNA) and Newcourt Credit Group (TSE, ME, NYSE: NCT ) announced they completed arrangements on January 3, 1999 to form a new joint venture entity, Snap-on Credit LLC ("Snap-on Credit"). Snap-on Credit will be the preferred provider of financial services to Snap-on's global dealer and customer network.

As previously disclosed on December 2, 1998, the new entity combines the operations and commitments of Snap-on's existing captive finance program with Newcourt's expertise in providing tailored, flexible financing solutions to industry leaders. The operations will be established initially in the United States early in 1999, and expanded globally thereafter.

Newcourt Credit Group is one of the world's leading sources of commercial and corporate asset-based financing with owned and managed assets of Cdn$34.4 billion (US$22.4 billion) and global capability in 26 countries.

Snap-on Incorporated is a $1.7 billion leading global developer, manufacturer and distributor of tool and equipment solutions for professional technicians, motor service shop owners, specialty repair centers, original equipment manufacturers, and industrial tool users worldwide. Product lines include hand and power tools, diagnostics and shop equipment, tool storage units, diagnostics software, and other solutions for the transportation service industry.

Media contact:
Richard Secor
414/656-5561