Dana Holding Corporation Board of Directors Authorizes Payment of Dividend on Preferred Stock

TOLEDO, Ohio, May 22, 2008 -- The Board of Directors of Dana Holding Corporation announced that it has authorized the payment of a dividend to shareholders of 4.0 percent Series A Convertible Preferred Stock and 4.0 percent Series B Convertible Preferred Stock. A cash payment of $1.33 per share for the four-month period from February 1, 2008, through May 31, 2008, will be payable on June 2, 2008, to preferred shareholders of record at the close of business on May 23, 2008.

About Dana Holding Corporation

Dana is a world leader in the supply of axles; driveshafts; and structural, sealing, and thermal-management products; as well as genuine service parts. The company's customer base includes virtually every major vehicle manufacturer in the global automotive, commercial vehicle, and off- highway markets, which collectively produce more than 70 million vehicles annually. Based in Toledo, Ohio, the company employs approximately 35,000 people in 26 countries and reported 2007 sales of $8.7 billion.