Modine Signs Agreement With Fuel Cell Maker Xcellsis

    RACINE, Wis.--Nov. 8, 2001--Modine Manufacturing Company has signed a new agreement with Xcellsis, a leading developer of fuel cells, expanding their relationship to include components for hydrogen powered vehicles. This is a significant agreement for Modine, as many of the initial fuel cell vehicle programs are likely to be hydrogen powered. Early introduction of this technology is expected to develop around various types of fleet vehicles, which can be centrally fueled, such as buses, taxis, and delivery vans.
    For the past few years, Modine has been collaborating with Xcellsis to develop and provide heat transfer components that offer optimum solutions to the problems of heat and mass transfer facing the fuel cell industry. Modine's expertise in solving these problems will assist in bringing about the commercialization of the fuel cell engine for the automotive marketplace. Modine's ability to optimize performance, size, and durability of thermal components is an enabling technology for fuel cells.
    Application of fuel cell technology will be driven, in part, as a solution to environmental and energy concerns. According to a marketing report by the Freedonia Group, the global automotive fuel cell market will reach $1.8 billion by 2005, and exceed $3.9 billion by 2010. Modine's products are expected to make up a significant portion of the critical components on Xcellsis' fuel cell system.
    Xcellsis is a joint venture of DaimlerChrysler, Ballard Power Systems, and Ford Motor Company, which was formed to commercialize fuel cells for the automotive market. Recently, Ballard Power Systems announced that they plan to acquire the interests of Xcellsis Fuel Cell Engines and Ecostar Electric Drive Systems from DaimlerChrysler and Ford. Xcellsis is a leader in developing and producing proton exchange membrane (PEM) fuel cell engines for vehicular applications.
    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 fuel cells for vehicles and stationary power. 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 technology to diversified markets. Core markets include vehicles, HVAC (heating, ventilating, air conditioning), industrial, refrigeration, fuel cells, and electronics cooling.

    Forward-looking statements about sales and operations in this news release involve both risks and uncertainties, as detailed on page 19 of Modine's Annual Report for fiscal-2001.