Dana Corporation Increases Dividend to 12 Cents Per Share

TOLEDO, Ohio, Feb. 10, 2004 -- Citing continued confidence in the company's performance and direction, the Board of Directors of Dana Corporation today declared a dividend on the company's common stock of 12 cents per share, an increase of 6 cents per share from the previous payment. The dividend is payable on March 15, 2004, to shareholders of record on March 1, 2004.

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"We are pleased that Dana's improving performance and stronger balance sheet have enabled us to provide our shareholders with another significant dividend increase," said Dana Chairman Glen Hiner. "Coming on the heels of the increase made in the fourth quarter, this increase brings Dana's dividend payout more in line with levels typical of the sector, while also reflecting our continued confidence in the company's direction."

He continued, "Dividends remain an important component of the returns we provide to Dana shareholders. Looking ahead, all future dividends will be considered by striking an appropriate balance between Dana's performance, our relative financial position, and the continued need to invest in the growth of our core businesses."

Dana Corporation 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.

Certain statements contained in this release constitute "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements represent Dana's expectations based on our current information and assumptions. Forward-looking statements are inherently subject to risks and uncertainties. Dana's actual results could differ materially from those that are anticipated or projected due to a number of factors. These factors include national and international economic conditions; adverse effects from terrorism or hostilities; the strength of other currencies relative to the U.S. dollar; the cyclical nature of the global vehicular industry; changes in business relationships with our major customers and in the timing, size and continuation of their and our programs; the ability of our customers and suppliers to achieve their projected sales and production levels; competitive pressures on our sales and pricing; increases in production or material costs that cannot be recouped in product pricing; the continued success of our cost reduction and cash management programs and of our long-term transformation strategy for the company; the success and timing of the contemplated divestiture of the Automotive Aftermarket business unit; and other factors set out in our public filings with the Securities and Exchange Commission. Dana does not undertake to update any forward-looking statements in this release.

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