Modine Board Announces Quarterly Dividend

    RACINE, Wis.--Jan. 17, 2002--The Modine Manufacturing Company Board of Directors yesterday declared a dividend for its third quarter of 12.5 cents per share on the outstanding common stock, payable March 7 to all shareholders of record February 22.

    On October 17, 2001, the Board of Directors announced its intention to reduce this quarter's dividend to 12.5 cents per share. This represents a 50% reduction from the previous quarterly rate of 25 cents per share. As discussed in the previous announcement, Modine's Board believes the decision is in the best interest of Modine's shareholders, affording the company more financial flexibility to reduce debt, increase cash flows and pursue other measures to increase shareholder value.

    Modine specializes in thermal management, bringing heating and cooling technology to diversified markets. Modine products are used in light, medium and heavy-duty vehicles, HVAC (heating, ventilating, air-conditioning) equipment, industrial equipment, refrigeration systems, fuel cells, and electronics. Modine can be found on the Internet at www.modine.com.