EXHIBIT 99(b)
APPENDIX
Pursuant to Item 304 of Regulation S-T, the following is a narrative
description of graphic or image material incorporated by reference
from the Company's 2001 Annual Report to Shareholders at Item 7.
Management's Discussions and Analysis of Financial Condition and
Results of Operations. Some pages contain illustrations of Modine
products, customers and employees.
Page 15 of Annual Report
Net sales by quarter
Dollars in millions
Measurement Period
(Fiscal Year Covered) 1ST QTR 2ND QTR 3RD QTR 4TH QTR
- --------------------- ------- ------- ------- -------
FYE 1997 248,514 254,224 252,972 243,336
FYE 1998 256,923 260,806 267,699 254,990
FYE 1999 273,104 272,961 284,355 281,027
FYE 2000 283,847 286,691 283,520 285,211
FYE 2001 286,484 269,775 252,346 256,790
Net earnings by quarter
Dollars in millions
Measurement Period
(Fiscal Year Covered) 1ST QTR 2ND QTR 3RD QTR 4TH QTR
- --------------------- ------- ------- ------- -------
FYE 1997 16,390 15,654 15,402 16,317
FYE 1998 18,185 18,229 17,836 18,221
FYE 1999 20,080 19,081 17,341 17,441
FYE 2000 19,509 15,096 16,195 14,603
FYE 2001 17,962 19,018 6,109 4,516
Sales dollar distribution
FYE 2001 FYE 2000
-------- --------
Material cost 41.7% 40.1%
Conversion Costs 32.1% 32.0%
Operating and Other Costs 18.8% 19.5%
Income Taxes 2.9% 2.6%
Dividends paid to shareholders 2.7% 2.4%
Earnings retained in the business 1.8% 3.4%
Page 19 of Annual Report
Book value per share
Measurement Period
(Fiscal Year Covered) Book value/share
- --------------------- ----------------
FYE 1997 12.93
FYE 1998 14.24
FYE 1999 15.35
FYE 2000 16.41
FYE 2001 16.99