EXHIBIT 99b
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 2000 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 12 of Annual Report
<TABLE>
Net earnings by quarter
Dollars in millions
<CAPTION>
Measurement Period
(Fiscal Year Covered) 1ST QTR 2ND QTR 3RD QTR 4TH QTR
------- ------- ------- -------
<S> <C> <C> <C> <C>
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
FYE 2000 19,509 15,096 16,195 14,603
</TABLE>
<TABLE>
Net sales by quarter
Dollars in millions
<CAPTION>
Measurement Period
(Fiscal Year Covered) 1ST QTR 2ND QTR 3RD QTR 4TH QTR
------- ------- -------- --------
<S> <C> <C> <C> <C>
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
FYE 2000 283,847 286,691 283,520 285,211
</TABLE>
Page 13 of Annual Report
<TABLE>
Sales dollar distribution
<CAPTION>
FYE 99-00 FYE 98-99
--------- ---------
<S> <C> <C>
Material cost 40.1% 39.2%
Conversion Costs 32.0% 32.9%
Operating and Other Costs 19.5% 17.3%
Income Taxes 2.6% 4.0%
Dividends paid to shareholders 2.4% 2.2%
Earnings retained in the business 3.4% 4.4%
</TABLE>
<PAGE>
Page 14 of Annual Report
<TABLE>
Shipments by market
Dollars in millions
<CAPTION>
FYE FYE FYE FYE FYE FYE FYE FYE FYE FYE
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000
---- ---- ---- ---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Aftermarket $156 $165 $169 $193 $220 $229 $229 $231 $258 $294
Off-highway equipment 58 48 48 55 94 120 127 147 140 107
Industrial 69 68 77 96 112 117 125 134 141 137
Heavy & med. trucks 50 51 86 107 158 168 154 184 200 222
Cars & light trucks 64 89 93 119 202 245 263 245 275 289
Miscellaneous 18 25 20 26 44 35 23 21 20 14
Building HVAC 67 81 78 74 83 76 78 78 77 76
FYE FYE FYE FYE FYE FYE FYE FYE FYE FYE
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000
---- ---- ---- ---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Aftermarket 32% 31% 30% 29% 24% 23% 23% 22% 23% 26%
Off-highway equipment 12 9 8 8 10 12 13 14 13 9
Industrial 14 13 13 14 12 12 13 13 13 12
Heavy & med. trucks 11 10 15 16 18 17 15 18 18 20
Cars & light trucks 13 17 16 18 22 25 26 24 25 25
Miscellaneous 4 5 4 4 5 3 2 1 1 1
Building HVAC 14 15 14 11 9 8 8 8 7 7
</TABLE>
Page 15 of Annual Report
<TABLE>
Shipments by product
Dollars in millions
<CAPTION>
FYE FYE FYE FYE FYE FYE FYE FYE FYE FYE
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000
---- ---- ---- ---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Building HVAC $ 67 $ 81 $ 78 $ 74 $ 83 $ 76 $ 78 $ 78 $ 77 $ 76
Miscellaneous 30 36 35 39 66 54 39 26 37 43
Charge-air coolers 31 39 59 73 107 118 107 97 93 100
Air conditioning 47 66 67 83 129 177 217 140 130 138
Oil coolers 65 67 74 99 145 155 163 172 182 182
Radiators 242 238 258 302 383 410 395 349 354 348
Modules/Packages * - - - - - - - 178 238 252
* New category (prior years are not restated)
<PAGE>
FYE FYE FYE FYE FYE FYE FYE FYE FYE FYE
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000
---- ---- ---- ---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Building HVAC 14% 15% 14% 11% 9% 8% 8% 7% 7% 7%
Miscellaneous 6 7 6 6 7 5 4 3 3 3
Charge-air Coolers 6 7 10 11 12 12 11 9 8 9
Air conditioning 10 13 12 12 14 18 22 14 12 12
Oil Coolers 13 13 13 15 16 16 16 17 16 16
Radiators 51 45 45 45 42 41 39 33 32 31
Modules/Packages * 0 0 0 0 0 0 0 17 22 22
*New category (prior years are not restated)
</TABLE>
Page 17 of Annual Report
<TABLE>
Book value per share
<CAPTION>
Measurement Period
(Fiscal Year Covered) Book value/share
--------------------- ----------------
<S> <C>
FYE 96 11.74
FYE 97 12.93
FYE 98 14.24
FYE 99 15.35
FYE 00 16.41
</TABLE>
<PAGE>
