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Excelsior-Henderson Common Stock May Trade IN OTC "Pink Sheet"

18 March 2000

    BELLE PLAINE, Minn.--Excelsior-Henderson Motorcycle Manufacturing Company (the "Company") was notified on March 13, 2000 that the Nasdaq Listing Qualifications Panel (the "Panel") determined to delist the Company's securities from the Nasdaq Stock Market effective with the open of business on March 14, 2000. At this time, the Company does not intend to appeal the Panel's decision.

    The Company has been informed that since the Panel's decision, trading in the Company's stock may occur in the "pink sheets" published by National Quotation Bureau LLC. The Company strongly encourages anyone contemplating investing in its securities to proceed cautiously and only after a careful review of publicly available information. The Company has filed an 8-K with the United States Securities and Exchange Commission, dated March 10, 2000, which includes certain financial information filed with the Bankruptcy Court. At this time, the Company expects it will not file its Form 10-K for the year ended December 31, 1999, because of its limited court approved operating budget and the unduly burdensome time and expense involved given its limited operations.