Modine Manufacturing Company

Investor Presentation August 2020

2

Forward-Looking Statements

This presentation contains statements, including information about future financial performance and market conditions, accompanied by phrases such as “believes,”

“estimates,” “expects,” “plans,” “anticipates,” “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, including, but not limited to those described under “Risk Factors” in Item 1A of Part I of the Company's Annual Report on Form 10-K for the year ended

March 31, 2020 and under Forward-Looking Statements in Item 7 of Part II of that same report, and in the Company’s Quarterly Report on Form 10-Q for the quarter

ended June 30, 2020. Other risks and uncertainties include, but are not limited to, the following: the impact of the COVID-19 pandemic on the national and global

economy, our business, suppliers, customers, and employees; the overall health and price-down focus of Modine’s customers; our ability to successfully execute

our strategic and operational plans, including our ability to successfully exit the automotive business; our ability to effectively and efficiently reduce our cost structure

in response to sales volume declines and complete restructuring activities and realize benefits thereon; our ability to comply with the financial covenants in our

credit agreements and to fund our global liquidity requirements efficiently, particularly in light of the volatility and negative impacts to the financial markets resulting

from COVID-19; operational inefficiencies as a result of program launches, unexpected volume increases, product transfers, and delays or inefficiencies resulting

from restrictions imposed in response to the COVID-19 pandemic; economic, social and political conditions, changes and challenges in the markets where Modine

operates and competes, including foreign currency exchange rate fluctuations, tariffs (and potential trade war impacts resulting from tariffs or retaliatory actions),

inflation, changes in interest rates or tightening of the credit markets, recession, restrictions associated with importing and exporting and foreign ownership, public

health crises, and the general uncertainties about the impact of regulatory and/or policy changes, including those related to tax and trade, the COVID-19 pandemic

and other matters, that have been or may be implemented in the U.S. or abroad, and continuing uncertainty regarding the impacts of “Brexit”; the impact on Modine

of any significant increases in commodity prices, particularly aluminum, copper, steel and stainless steel (nickel) and other purchased component inventory, and our

ability to adjust product pricing in response to any such increases; the nature of and Modine’s significant exposure to the vehicular industry and the dependence of

this industry on the health of the economy; the concentration of sales within our CIS segment attributed to one customer; Modine’s ability to recruit and maintain

talent in managerial, leadership, and administrative functions; Modine’s ability to protect its proprietary information and intellectual property from theft or attack; the

impact of any substantial disruption or material breach of our information technology systems; costs and other effects of environmental investigation, remediation or

litigation; and other risks and uncertainties identified by the Company in public filings with the U.S. Securities and Exchange Commission. Forward-looking

statements are as of the date of this presentation, and the Company does not assume any obligation to update any forward-looking statements.

3

31%

11%36%

22%

Commercial &Industrial Solutions

Building HVACSystems

Heavy Duty Equipment

Automotive

Modine at a Glance

A Diversified Industrial Company with a Well Positioned Product Portfolio

Modine Manufacturing Company has been leading

the way in thermal management since 1916. We

design, manufacture and test heat transfer products

for a wide variety of applications and markets.

We're at work in practically every corner of the

world, delivering the solutions our customers need,

where they need them.

Ticker MOD (NYSE)

Founded 1916 in Racine, WI

FY’20 Net Sales $2.0 billion

Employees 11,300

Locations Operate in 17 countries

50%

39%

11%Americas

EMEA

Asia

FY’20 Sales by Geographic Region

FY’20 Sales by Business Segment

4

Serving Diversified Industrial Markets

Modine provides thermal management solutions focusing on industrial

markets with strong macro trends

Heat

Exchangers

Fluid

Management

Controls

Thermal management

solutions

Channel(OEMs and System

Integrators)

OEMs

Distributors

End-Users and Specifiers

Commercial

Transport

Food Chain

Comfort

Infrastructure

Process

Commercial Truck

Transit Bus

Specialty Vehicles

Med, Heavy Agriculture

Commercial Refrigeration

Industrial Refrigeration

Refrigerated Transport

Commercial Heating

Ventilation

Residential AC

Commercial AC

Mobile AC

HVDC Power Conversion

Generator Sets

Mining and Construction

Data Centers

Industrial Growing

Greenhouses

Technology CustomersIndustrial

Markets

Market

SegmentsMacro Trends

Greenhouse

Gas Reduction

Energy

Efficiency

Data Usage

and Storage

Population

Growth

5

Strategic Transformation

Optimize Capital

Improve Profitability

Leverage People

& Culture

Accelerate Organic Growth

• CEO transition plan

• Continuous improvement focus

• Leadership behavior model

• Data centers

• Specialty vehicles and bus

• Commercial refrigeration

• Specialty coatings

• Ventilation and air conditioning

• Strong balance sheet

• Improved free cash flow

• Disciplined capital allocation

• Strategic acquisition strategy

• Auto exit strategy

• Manufacturing efficiency

• Pricing and procurement initiatives

• Focus on systems and technology

• Leverage SG&A reductions

6

Strategic Actions and Priorities

CEO Transition Exit AutoData Center Expansion

CIS Margin Improvement

Renewed Focus on HDE

Capital Reallocation Program

• CEO search underway

• Accelerate growth

• Drive industrial strategy

• Considering internal and external candidates

• Execute sale of liquid-cooled business

• Sell or wind-down air-cooled business

• Run on a cash neutral basis during wind-down period

• Leverage existing

footprint in North

America and

Europe

• Target new and

existing customers

outside of our UK

markets

• Grow coatings & coolers business

• Optimize pricing model

• Drive efficiency and margin improvement in coils

• Grow market share in bus and specialty vehicle

• Drive operational excellence and margin improvement

• Focus spending on high margin businesses

• Reduce overall level of capex spending

• Strategically increase IT spend to optimize efficiency

7

Financial Trend Graphs

* See Appendix for Non-GAAP reconciliations

8

Commercial & Industrial Solutions (31%)

FY Ended March 31 2020 2019

Net Sales $623.9 $707.6

Adjusted EBITDA* 59.6 77.9

Adjusted EBITDA margin* 9.6% 11.0%56%

37%

7%

Americas

Europe

Asia

69%

23%

8%

Coils

Coolers

Coatings/Other

42%

26%

17%

8%7%

Commercial HVAC

Refrigeration

Data Center

Coatings/Other

Industrial

FY 2020 Sales by End Market

FY 2020 Sales by Product

FY 2020 Sales by Geography

* See Appendix for Non-GAAP reconciliations

9

Building HVAC Systems (11%)

63%

37%North America

EMEA

41%

22%

20%

17%

Heating

Air Conditioning

Ventilation

Aftersales/Other

41%

39%

19%

1%

Heating

Ventilation & AC

Data Center

Other

FY 2020 Sales by End Market

FY 2020 Sales by Product

FY 2020 Sales by Geography

* See Appendix for Non-GAAP reconciliations

FY Ended March 31 2020 2019

Net Sales $221.1 $212.4

Adjusted EBITDA* 39.8 32.1

Adjusted EBITDA margin* 18.0% 15.1%

10

Heavy Duty Equipment (36%)

* See Appendix for Non-GAAP reconciliations

60%

31%

9%

Powertrain Cooling

Engine Products

Other

40%

32%

13%

15%

Commercial Vehicle

Off-Highway

Other

Automotive

FY 2020 Sales by End Market

FY 2020 Sales by Product

65%

19%

16%

Americas

Europe

Asia

FY 2020 Sales by GeographyFY Ended March 31 2020

Net Sales $745.9

Adjusted EBITDA* 66.7

Adjusted EBITDA margin* 8.9%

11

Automotive (22%)

* See Appendix for Non-GAAP reconciliations

31%

67%

2%

Powertrain Cooling

Engine Products

Other

FY 2020 Sales by Product

16%

72%

12%

Americas

Europe

Asia

FY 2020 Sales by Geography

FY Ended March 31 2020

Net Sales $444.9

Adjusted EBITDA* 26.0

Adjusted EBITDA margin* 5.8%

Appendix

13

Non-GAAP Reconciliations

(a) Restructuring expenses primarily relate to employee severance expenses, largely resulting from

targeted headcount reductions, and equipment transfer and plant consolidation costs.

(b) During fiscal 2020, the Company recorded asset impairment charges totaling $8.0 million within the

Automotive segment, primarily related to manufacturing facilities in Austria and Germany. Also in

fiscal 2020, the Company recorded a $0.6 million impairment charge to reduce the carry ing value of a

prev iously-closed CIS manufacturing facility in Austria. During fiscal 2019, the Company recorded a

$0.4 million impairment charge related to the CIS facility in Austria.

(c) During fiscal 2020, the Auto segment sold a prev iously-closed manufacturing facility in Germany

and, as a result, recorded a gain of $0.8 million. During fiscal 2019, the Building HVAC Systems

segment sold its operations in South Africa and, as a result, recorded a loss of $1.7 million.

(d) Environmental charges, including related legal costs, are recorded as SG&A expenses and relate

to prev iously-owned U.S. manufacturing facilities in the HDE segment.

14

Non-GAAP Reconciliations

Modine Manufacturing Company

Adjusted EBITDA

(In millions)

2020 2019 2018 2017 2016

Net (loss) earnings (2.0)$ 85.9$ 23.8$ 14.9$ (1.0)$

Interest expense 22.7 24.8 25.6 17.2 11.1

Prov ision (benefit) for income taxes 12.4 (5.1) 39.5 5.9 (8.9)

Depreciation and amortization expense 77.1 76.9 76.7 58.3 50.2

Other expense - net 4.8 4.1 3.3 4.3 35.9

Automotive separation and strategy costs (a)

39.2 7.1 - - -

Restructuring expenses (b)

12.2 9.6 16.0 10.9 16.6

Impairment charges (c)

8.6 0.4 2.5 - 9.9

Environmental charges (d)

0.2 3.2 1.4 1.9 1.6

(Gain) loss on sale of assets (e)

(0.8) 1.7 - (2.0) -

Acquisition and integration costs (f)

- 0.2 4.3 19.1 0.5

Strategy consulting fees (g)

- - 3.7 - -

Adjusted EBITDA 174.4$ 208.8$ 196.8$ 130.5$ 115.9$

Net sales 1,975.5$ 2,212.7$ 2,103.1$ 1,503.0$ 1,352.5$

Adjusted EBITDA margin 8.8% 9.4% 9.4% 8.7% 8.6%

Twelve months ended March 31,

(a) The Company recorded costs associated with its rev iew of strategic alternatives for the automotive business, including costs to separate and prepare the business for a potential sale, at

Corporate. With the exception of $3.1 million of costs in fiscal 2020 associated with program and equipment transfers recorded as costs of sales, these costs were recorded as SG&A

expenses and primarily related to accounting, legal, and IT professional serv ices.

(b) Restructuring expenses primarily relate to employee severance expenses and equipment transfer and plant consolidation costs.

(c) During fiscal 2020, the Company recorded asset impairment charges totaling $8.0 million within the Automotive segment, primarily related to manufacturing facilities in Austria and

Germany. Also in fiscal 2020, the Company recorded a $0.6 million impairment charge to reduce the carry ing value of a prev iously-closed CIS manufacturing facility in Austria. During fiscal

2019 and 2018, the Company recorded a $0.4 million and $1.3 million impairment charge, respectively , related to the CIS facility in Austria. Also during fiscal 2018, the Building HVAC

Systems ("BHVAC") segment recorded a $1.2 million impairment charge related to a discontinued geothermal product line. During fiscal 2016, the Company recorded a $9.9 million

impairment charge related to a manufacturing facility in Germany.

(d) Environmental charges, including related legal costs, are recorded as SG&A expenses and relate to prev iously-owned U.S. manufacturing facilities in the Heavy Duty Equipment

segment. (e) During fiscal 2020, the Automotive segment sold a prev iously-closed manufacturing facility in Germany and, as a result, recorded a gain of $0.8 million. During fiscal 2019, the BHVAC

segment sold its operations in South Africa and, as a result, recorded a loss of $1.7 million. During fiscal 2017, the Company sold two prev iously-closed manufacturing facilities in North

America and a manufacturing facility in Europe; as a result of these sales, the Company recorded net gains totaling $2.0 million.

(f) These costs related to the Company's acquisition and integration of the Luvata Heat Transfer Solutions business.

(g) During fiscal 2018, the Company recorded $3.7 million of third party strategy advisory fees as SG&A expenses at Corporate.

15

Non-GAAP Reconciliations

Free cash flow and adjusted free cash flow

(In millions)

2020 2019 2018 2017 2016

Net cash prov ided by operating activ ities 57.9$ 103.3$ 124.2$ 41.6$ 72.4$

Expenditures for property , plant and equipment (71.3) (73.9) (71.0) (64.4) (62.8)

Free cash flow (13.4)$ 29.4$ 53.2$ (22.8)$ 9.6$

Payments for restructuring activ ities, automotive separation and strategy costs, acquisition-

related costs, and certain other expenses 65.2 17.0 26.1 32.7 12.8

Adjusted free cash flow 51.8$ 46.4$ 79.3$ 9.8$ 22.4$

Twelve months ended March 31,