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 1998-99 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 13 of Annual Report
Shipments by market
Dollars in millions
FYE FYE FYE FYE FYE FYE FYE FYE FYE FYE
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
Aftermarket $135 $156 $165 $169 $193 $220 $229 $229 $231 $258
Off-highway equipment 56 58 48 48 55 94 120 127 147 140
Industrial 58 69 68 77 96 112 117 125 134 141
Heavy & med. trucks 64 50 51 86 107 158 168 154 184 200
Cars & light trucks 63 64 89 93 119 202 245 263 245 275
Miscellaneous 13 18 25 20 26 44 35 23 21 20
Building HVAC 47 67 81 78 74 83 76 78 78 77
FYE FYE FYE FYE FYE FYE FYE FYE FYE FYE
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
Aftermarket 31% 32% 31% 30% 29% 24% 23% 23% 22% 23%
Off-highway equipment 13 12 9 8 8 10 12 13 14 13
Industrial 13 14 13 13 14 12 12 13 13 13
Heavy & med. trucks 15 11 10 15 16 18 17 15 18 18
Cars & light trucks 14 13 17 16 18 22 25 26 24 25
Miscellaneous 3 4 5 4 4 5 3 2 1 1
Building HVAC 11 14 15 14 11 9 8 8 8 7
Page 14 of Annual Report
Shipments by product
Dollars in millions
FYE FYE FYE FYE FYE FYE FYE FYE FYE FYE
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
Building HVAC $ 47 $ 67 $ 81 $ 78 $ 74 $ 83 $ 76 $ 78 $ 78 $ 77
Miscellaneous 24 30 36 35 39 66 54 39 35 74
Charge-air coolers 25 31 39 59 73 107 118 107 126 136
Air conditioning 48 47 66 67 83 129 177 217 209 208
Oil coolers 62 65 67 74 99 145 155 163 179 180
Radiators 230 242 238 258 302 383 410 395 413 436
FYE FYE FYE FYE FYE FYE FYE FYE FYE FYE
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
Building HVAC 11% 14% 15% 14% 11% 9% 8% 8% 8% 7%
Miscellaneous 5 6 7 6 6 7 5 4 3 7
Charge-air Coolers 6 6 7 10 11 12 12 11 12 12
Air conditioning 11 10 13 12 12 14 18 22 20 19
Oil Coolers 14 13 13 13 15 16 16 16 17 16
Radiators 53 51 45 45 45 42 41 39 40 39
Page 17 of Annual Report
Sales dollar distribution
FYE 98-99 FYE 97-98
Material cost 39.2% 38.7%
Employee salaries, wages, and
fringe benefits 30.5% 30.7%
All taxes (except payroll taxes) 4.3% 4.5%
Wear and exhaustion of facilities 3.4% 3.4%
All other costs 16.0% 15.7%
Dividends paid to shareholders 2.2% 2.2%
Earnings retained in the business 4.4% 4.8%
Page 18 of Annual Report
Net earnings by quarter
excluding accounting changes
Dollars in millions
Measurement Period
(Fiscal Year Covered) 1ST QTR 2ND QTR 3RD QTR 4TH QTR
FYE 1995 14,830 16,801 17,413 19,398
FYE 1996 15,983 16,736 14,855 13,825
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
Net sales by quarter
Dollars in millions
Measurement Period
(Fiscal Year Covered) 1ST QTR 2ND QTR 3RD QTR 4TH QTR
FYE 1995 208,436 221,760 240,505 242,309
FYE 1996 239,216 254,292 252,817 244,168
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
Page 20 of Annual Report
Book value per share
Measurement Period
(Fiscal Year Covered) Book value/share
FYE 95 10.38
FYE 96 11.74
FYE 97 12.93
FYE 98 14.24
FYE 99 15.35