Modine Clarifies August 1, 2002 Announcement Regarding Cooling Module Business With the Chrysler Group

    RACINE, Wis.--Aug. 5, 2002--Modine Manufacturing Company today clarified its August 1, 2002 release regarding cooling module business with the Chrysler Group. Modine will begin production of the front-end cooling modules in 2003 for the 2004 model year vehicle.

    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.

    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.