Dana Corporation Responds to ArvinMeritor Announcement of Revised Tender Offer

TOLEDO, Ohio, Nov. 17, 2003 -- Dana Corporation issued the following statement today, in response to the announcement by ArvinMeritor, Inc. of a revised tender offer for outstanding Dana shares.

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"ArvinMeritor has today announced a revised tender offer for all outstanding shares of Dana common stock at a price of $18 per share. Dana's Board will evaluate ArvinMeritor's revised offer and will advise Dana shareholders of the Board's position regarding the revised offer and its reasons for such position. Dana urges its shareholders to defer making a determination of whether to accept or reject ArvinMeritor's revised offer until they have been advised of the Dana Board's position.

"Dana's shareholders, and its customers, suppliers and employees, are strongly advised to read carefully Dana's solicitation/recommendation statement regarding ArvinMeritor's revised tender offer, when it becomes available, because it will contain important information. Free copies of the solicitation/recommendation statement, which will be filed by Dana with the Securities and Exchange Commission, will be available at the SEC's web site at www.sec.gov , or at the Dana web site at www.dana.com , and also by directing requests to Dana's Investor Relations Department."

Dana is a global leader in the design, engineering, and manufacture of value-added products and systems for automotive, commercial, and off-highway vehicle manufacturers and their related aftermarkets. The company employs approximately 60,000 people worldwide. Founded in 1904 and based in Toledo, Ohio, Dana operates hundreds of technology, manufacturing, and customer service facilities in 30 countries. The company reported 2002 sales of $9.5 billion.

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