Press Release

SOURCE: The FINOVA Group Inc.

FINOVA Announces Creditors' Committee Support of Improved Berkadia Proposal

SCOTTSDALE, Ariz., June 8 -- The FINOVA Group Inc. (NYSE: FNV) announced that
the FINOVA Creditors' Committee has expressed its support for a revised Berkadia
debt restructuring proposal. A spokesman for the committee advised that, "The
Creditors' Committee has selected the revised Berkadia proposal over the
previously announced General Electric Capital Corporation proposal." Berkadia
LLC is a joint venture of Berkshire Hathaway Inc. and Leucadia National
Corporation.

The modified Berkadia proposal that was selected by the Creditors' Committee
includes the following principal improvements:

  -- The cash distribution to holders of allowed general unsecured claims
     against FINOVA Capital will equal 70% of the principal amount of those
     claims (before inclusion of pre-petition interest), with a further cash
     distribution equal to 100% of pre-petition and allowed post-petition
     interest.
  -- The New Senior Notes of FINOVA Group issued for the balance of the allowed
     general unsecured claims against FINOVA Capital will have an interest rate
     of 7.5% per year and will mature in eight years.
  -- Holders of Trust Originated Preferred Securities of FINOVA Finance Trust
     will receive an amount equal to 75% of their interests paid in the same
     combination of cash and New Senior Notes of FINOVA Group as are being paid
     to the holders of allowed general unsecured claims against FINOVA Capital.
  -- As soon as reasonably practicable after the effective date of the Plan,
     Berkshire Hathaway will make a tender offer for up to $500 million
     principal amount of New Senior Notes at a cash purchase price of 70% of par
     ($700 per $1,000 principal amount).
  -- Berkshire Hathaway will hold for four years all New Senior Notes that it
     receives in exchange for its present $1.428 billion of FINOVA bank and bond
     debt and any New Senior Notes that may be purchased in the tender offer.

FINOVA and Berkadia believe that with the Creditors' Committee support, the Plan
of Reorganization for FINOVA and its affiliated debtors can be quickly
confirmed.

Berkadia's commitment to these modifications will terminate if there is any
agreement for or Bankruptcy Court approval of breakup, topping, due diligence or
similar fees except as previously agreed or if specified actions are not taken
in furtherance of the proposed Plan.

The debtors intend to file a revised Plan and Disclosure Statement with these
modifications. The Bankruptcy Court has not approved these modifications, the
Plan or Disclosure Statement


previously filed. The solicitation process will not begin until the Bankruptcy
Court approves the revised Disclosure Statement and authorizes FINOVA to solicit
the votes of their creditors and stockholders in connection with the revised
Plan. Thereafter, FINOVA will send the revised Plan and Disclosure Statement to
all creditors and stockholders who are entitled to vote on the Plan.

This news release contains forward-looking statements such as predictions or
forecasts. FINOVA assumes no obligation to update those statements to reflect
actual results, changes in assumptions and other factors. The forward-looking
statements are subject to known and unknown risks, uncertainties and other
factors that could cause actual results to differ materially from those
projected. Those factors include Bankruptcy Court and creditor approval of the
revised Plan; funding of the Berkadia loan; FINOVA's ability to address its
financing requirements in light of its existing debt obligations and market
conditions; pending and potential litigation related to charges to earnings; the
results of efforts to implement FINOVA's business strategy, including the
ability to attract and retain key personnel and customers; conditions that
adversely impact FINOVA's borrowers and their ability to meet their obligations
to FINOVA; actual results in connection with continuing or discontinued
operations; the adequacy of FINOVA's loan loss reserves and other risks detailed
in FINOVA's SEC reports, including pages 14 and 15 of FINOVA's 10-K/A for 2000.


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