Modine Wins High Volume Condenser Program from PSA

RACINE, Wis.--Feb. 1, 20047, 2004--Modine Manufacturing Company announced today the largest condenser order in its 88 year history, from the European automobile manufacturer PSA Peugeot Citroen. The condensers will be used in several models for PSA, which has been one of the fastest-growing carmakers in the past five years.

"Modine is pleased to continue to expand our relationship with PSA," said Charles Goodremote, Managing Director of Automotive Business Unit at Modine. "We have collaborated with them since 1998, steadily increasing our volumes from the beginning. This is a great opportunity to continue to meet the growing needs of our customer." The condensers will be used on PSA Platform "BVH1", with models C3, C2, Pluriel and several future models. These successful high-volume products mean a shift in market shares for Modine-Europe and world-wide.

Modine will start production in 2006 for the anticipated $15 million order, of which approximately half represents incremental business. The air conditioning condensers will be manufactured in a highly specialised facility in Austria, which started in 1984 as a joint venture. It became wholly owned by Modine in 1994, and now employs approximately 350 people. Modine Austria supports other European automotive carmakers like BMW, DC and FIAT with air conditioning condensers.

World-wide Modine employs nearly 8,000 workers at 34 manufacturing locations, and two tech centers, one in Racine, Wisconsin, the other in Bonlanden Germany. Modine specializes in thermal management components, 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. More information about Modine can be found on the Internet at www.modine.com.

This news release contains statements, including information about future financial performance, accompanied by phrases such as "believes," "estimates," "expects," "plans," "anticipates," "will," "intends," and other similar "forward-looking" statements, as defined in the Private Securities Litigation Reform Act of 1995. Modine's actual results, performance or achievements may differ materially from those expressed or implied in these statements, because of certain risks and uncertainties, which are identified on page 25 of the Company's 2003 Annual Report to Shareholders and other recent Company filings with the Securities and Exchange Commission. In addition, this news release contains a forward-looking statement regarding incremental business. This forward-looking statement is particularly subject to a number of risks and uncertainties, including international economic changes and challenges; market acceptance and demand for new products and technologies, and the ability of Modine, its customers and suppliers to achieve projected sales and production levels; and unanticipated product or manufacturing difficulties.

Modine does not assume any obligation to update any of these forward-looking statements.