Modine to Supply Components for DaimlerChrysler Fuel Cell Bus

    RACINE, Wis.--June 24, 2002--Modine Manufacturing Company announced today that it will supply thermal management components to Ballard Power Systems for use on fuel cell buses. Ballard is a leader in developing and providing proton exchange membrane (PEM) fuel cell engines for transportation applications.
    "This is an important developmental step for this environmentally-friendly technology, as it moves us closer to the commercialization of the fuel cell for global automotive markets," said Mark Baffa, director of Modine's Fuel Cell Products Group. "As we move into the future, and fuel cells become more commonplace, the potential growth opportunities for Modine are exciting."
    Modine's components will be installed on the hydrogen-powered bus, the Citaro, which is being produced by DaimlerChrysler's wholly owned subsidiary, EvoBus GmbH. The 250-kilowatt, fifth-generation bus engine was developed and manufactured by Ballard. Recently, Modine extended their relationship with Ballard to include components for hydrogen-powered vehicles.
    Adding increased significance to both this agreement and to the fuel cell industry, the Bush administration announced in January, that it will support an Energy Department and auto industry plan to develop hydrogen-based fuel cell powered cars for the future. Early adoption of this technology is expected to develop around the various types of centrally fueled fleet vehicles, such as buses, taxis, and delivery vans.
    According to a marketing report by the Freedonia Group, the U.S. market for fuel cell products and systems will expand close to $3.3 billion through 2006, and reach $8.8 billion in 2011. This is significant for Modine, as it can offer products that are expected to make up a substantial portion of the critical components on a typical fuel cell system.
    In May of 2000, Modine formed a Fuel Cell Products Group to develop optimum solutions for complex thermal and mass transfer issues in fuel cells. The group is focused on (PEM) fuel cells for both the vehicular and stationary power markets. Inquiries about Modine's fuel cell activities can be directed to the following toll-free telephone number, (888) 636-8627 or Modine's Internet site at www.modine.com.
    Modine specializes in thermal management, bringing heating and cooling technology to diversified markets. Modine's products are used in light, medium, and heavy-duty vehicles, HVAC equipment, industrial equipment, refrigeration systems, fuel cells and electronics.

    To view a photo and schematic of the bus use the links below:

    http://www.modine.com/images/citaro_bus.jpg

    http://www.modine.com/images/citaro_bus2.jpg

    This news release contains forward-looking statements that involve assumptions, risks, and uncertainties, and Modine's actual results, performance, or achievements may differ materially from those expressed or implied in these statements. A detailed discussion of factors that could affect Modine's results are on page 14 of the company's fiscal 2002 Annual Report to Shareholders and in other public filings with the U.S. Securities and Exchange Commission. Modine does not assume any obligation to update any of these forward-looking statements.