<SEC-DOCUMENT>0001140361-13-040727.txt : 20131105
<SEC-HEADER>0001140361-13-040727.hdr.sgml : 20131105
<ACCEPTANCE-DATETIME>20131105172518
ACCESSION NUMBER:		0001140361-13-040727
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20131031
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20131105
DATE AS OF CHANGE:		20131105

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MODINE MANUFACTURING CO
		CENTRAL INDEX KEY:			0000067347
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLE PARTS & ACCESSORIES [3714]
		IRS NUMBER:				390482000
		STATE OF INCORPORATION:			WI
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-01373
		FILM NUMBER:		131193744

	BUSINESS ADDRESS:	
		STREET 1:		1500 DEKOVEN AVE
		CITY:			RACINE
		STATE:			WI
		ZIP:			53403
		BUSINESS PHONE:		2626361200

	MAIL ADDRESS:	
		STREET 1:		1500 DEKOVEN AVE
		CITY:			RACINE
		STATE:			WI
		ZIP:			53403
</SEC-HEADER>
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<TYPE>8-K
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<DESCRIPTION>MODINE MANUFACTURING COMPANY 8-K 10-31-2013
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 13.7pt; FONT-SIZE: 14pt; FONT-WEIGHT: bold">SECURITIES AND EXCHANGE COMMISSION</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 13.7pt; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Washington, DC &#160;20549</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 13.7pt; FONT-SIZE: 18pt; FONT-WEIGHT: bold">FORM 8-K</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 13.7pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CURRENT REPORT</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 13.7pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Securities Exchange Act of 1934</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 13.7pt; FONT-SIZE: 10pt">Date of Report (Date of earliest event reported): &#160;<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">October 31, 2013</font></div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u style="FONT-SIZE: 24pt">Modine Manufacturing Company</u></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(Exact name of registrant as specified in its charter)</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 13.7pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Wisconsin</u></div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 13.7pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>39-0482000</u></div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 13.7pt; FONT-SIZE: 10pt">(State or other jurisdiction of incorporation)</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 13.7pt; FONT-SIZE: 10pt">(Commission File Number)</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 13.7pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>1500 DeKoven Avenue, Racine, Wisconsin</u></div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 13.7pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>53403</u></div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>(262) 636-1200</u></div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: Wingdings; FONT-SIZE: 10pt">o</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Information to be Included in the Report</div>

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<div style="FONT-WEIGHT: bold">Item 7.01</div>
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<div style="FONT-WEIGHT: bold">Regulation FD Disclosure</div>
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<div style="TEXT-ALIGN: left">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Attached to this Current Report on Form 8-K as Exhibit 99.1 is a copy of the transcript of the fiscal 2014 second quarter earnings conference call held on October 31, 2013. &#160;The information in this Item 7.01, including Exhibit 99.1, is furnished pursuant to Item 7.01 and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference in such filing.</div>

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<div style="FONT-WEIGHT: bold">Financial Statements and Exhibits</div>
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<td style="WIDTH: 41px; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><u>Exhibits</u></td>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">The following exhibit is being furnished herewith:</div>

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<td style="WIDTH: 34.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">99.1</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Transcript of fiscal 2014 second quarter earnings conference call held on October 31, 2013</td>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Modine Manufacturing Company</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">By: <font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><u>/s/ Margaret C. Kelsey</u></font></div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Margaret C. Kelsey</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Date: &#160;November 5, 2013</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 13.7pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Exhibit Index</u></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><a href="ex99_1.htm">99.1</a></div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Transcript of fiscal 2014 second quarter earnings conference call held on October 31, 2013</div>
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<TYPE>EX-99.1
<SEQUENCE>2
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<DESCRIPTION>EXHIBIT 99.1
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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Modine Manufacturing Co<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Q2 2014 Earnings Call</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Oct<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> 31<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> 2013</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><img src="image3.jpg">&#160; MANAGEMENT DISCUSSION SECTION</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Operator: &#160;Good day<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> ladies and gentlemen<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> and welcome to the Modine Manufacturing Company Second Quarter 2013 Earnings Call Presentation<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> At this time<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> all participants are in a listen<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</font>only mode<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Later, we will conduct a question<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</font>and<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</font>answer session and instructions will follow at that time. [Operator Instructions] As a reminder, today's conference call is being recorded<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">I would now like to introduce your host today for today's conference<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> Ms<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Kathy Powers<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> Vice President<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> Treasurer and Investor Relations<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Ms<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Powers<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> please begin<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Thank you and thank you for joining us today for Modine's second quarter fiscal 2014 earnings call. With me today are Modine's President and CEO<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> Tom Burke; and Mick Lucareli<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> our Vice President Finance and Chief Financial Officer<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">We will be using slides for today's presentation<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Those links are available through both the webcast link as well as a PDF file posted on the Investor Relations section of our company website modine<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font>com. Also<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> should you need to exit the call prior to its conclusion a replay will be available through our website beginning approximately two hours after the call concludes<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">On slide two is an outline for today's call<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Tom and Mick will provide comments on our second quarter results and review our revenue and earnings guidance for fiscal 2014<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> At the end of the call, there will be a question-and<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</font>answer session<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">On slide three is our notice regarding forward-looking statements<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> I want to remind you that this call may contain forward<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</font>looking statements as outlined in today's earnings release as well as in our company's filings with the Securities and Exchange Commission<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">With that<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> it is my pleasure to turn the call over to Tom Burke<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Thomas A<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Burke<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> President &amp; Chief Executive Officer</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Thank you<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> Kathy, and good morning<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> everyone<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> I am pleased to report that Modine reported another solid quarter with improvements in revenue<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> earnings and cash flow<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> We delivered adjusted earnings per share for the quarter of $<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font>16<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> up 23% from the prior year<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Our revenues were up 7% with year-over-year sales increases in all segments on a constant currency basis<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Our outlook is consistent with the previous quarter with mixed markets resulting in flat<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</font>to<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</font>moderate growth in each of our segments<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Mick will provide some more details on our financial results in a few minutes<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> But first<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> I'd like to comment briefly on our segment results and outlook.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Turning to page six<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> revenue was up 2% in the North America segment with higher sales to commercial vehicle<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> automotive and specialty vehicle customers offsetting the decreas to sales to off<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</font> highway customers<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> The North American off<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</font>highway segment continues to be pressured by weak demand particularly for the heavy industrial equipment<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Overall<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> given the offsetting revenues in these diverse markets<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> the $3<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font>6 million increase in tooling sales primarily accounted for the revenue increase during the quarter.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Looking forward<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> we expect mixed market conditions in North America to continue for the remainder of fiscal 2014<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> We expect heavy truck production to decline 5% to 10%<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> medium truck production to increase 5% to 10% and the off<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</font>highway markets to be flat to down 5% versus last year. We anticipate that the heavy industrial segment of the off<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</font> highway market in particular will be down year-over-year<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> We believe there is a potential for this portion of the off<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</font>highway market to further weaken in the second half of the year with particular weakness expected in our third quarter<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Modine Manufacturing Co<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Oct<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> 31<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> 2013</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">As a result<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> we expect revenue for the North America segment to remain fairly flat for the balance of the year. Please turn to page seven<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Our Europe segment's year-over-year sales increased 17% in the second quarter driven by the impact of the stronger euro<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> higher sales to automotive and commercial vehicle customers and a $5 million increase in tooling sales<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Excluding the impact of currency, sales were up 11%<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> We continue to expect the broad European auto sector to be flat to down 5% this fiscal year<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> but so far the German premium auto market has performed well<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> This provides Modine Europe with a good sales mix as German automotive sales account for a significant portion of our total European revenues<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> We had expected the commercial vehicle markets to be down 5% this year. However<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> we did realize another quarter of higher sales from this market<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> more than half of which was from existing Euro 5 products with the rest being from the continued ramp up of Euro 6 programs<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">As we reported last quarter, we continue to see a modest pre<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</font>buy of our Euro 5 trucks<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> which was a benefit to us in the first half of the year. However<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> we anticipate that we'll see a drop in the fourth quarter when the Euro 6 mandate becomes effective<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Admittedly<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> European truck sales are difficult to predict with this major transition impacting the market<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> In Europe<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> our operational focus is on two areas: completing our restructuring program and continuing the ramp up our new commercial truck radiator programs<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">We're still experiencing manufacturing inefficiencies with our new truck programs<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Labor and overhead costs are significantly higher than we anticipated and that is causing margins for these products to be lower than we originally planned<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> We have made the necessary investments to stabilize our operations for these important programs<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> One new geographic growth area for Modine Europe is in Russia<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> We have been awarded a new program with a leading Russian commercial vehicle manufacturer and in September<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> launched the assembly of radiator cooling modules for this program at a new Modine assembly facility in Central Russia<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> The initial volumes will be small<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> but will expand over time providing significant revenue growth in a new and expanding market<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Moving to South America on page 8<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> excluding currency impacts<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> sales were up 5%<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> The rate of growth has slowed in Brazil due in part to the recent nationwide unrest and associated labor disputes<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Sales of commercial vehicles have slowed as some of our customers stopped production during the quarter as a result of the disputes<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> We expect these disruptions to be minimal over the next three months<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Our outlook for the current fiscal year for this segment is for 15% to 20% growth in commercial vehicles sales after the sharp decline in fiscal 2013<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> We also expect to experience growth in agricultural equipment and the aftermarket<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> However, we are concerned about the slowing economic growth in the region and expect the lower market growth rates in the second half of the year<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> particularly compared to the strong fourth quarter last year<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Please turn to page nine<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Our Asia segment sales increased by 17% with increased sales to automotive customers in India and the off<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</font>highway customers in China and Korea<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> In China<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> we continue to improve our position in the automotive cooler market and are preparing for several program launches in the fourth quarter<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Market conditions in China remain fairly stable<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> but generally flat<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">China's excavator market is expected to see moderate growth this year, primarily in lower<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</font>tonnage units<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> However, because we generally participate on high<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</font>tonnage equipment<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> we do not expect to see a significant benefit from this market growth<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Turning to page 10<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> sales in our Building HVAC business were up 3% in the quarter, driven by sales in the UK. Our Airedale business in the UK was having a great year prior to the September 6 fire that destroyed our manufacturing facility. The good news is<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> no one was injured and we are swiftly beginning the recovery and rebuilding process<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> The team has done a remarkable job getting our IT infrastructure back in place<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> securing customer relationships and orders<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> and beginning to move operations into a temporary facility<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> I'm pleased to report that we've been successful in retaining the vast majority of the orders we had in our backlog at the time of the fire with customers agreeing to defer delivery until we are back up and running<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Oct<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> 31<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> 2013</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Our Airedale team continues &#8211; continues to move swiftly to reestablish operations in our temporary facility<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> We're in the process of ordering machinery and equipment and performing the necessary refurbishments at the temporary site to start production as quickly as possible<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> We are already producing smaller condensing units and expect to begin shipping a wide range of products next month<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">In addition<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> we are currently working on plans to rebuild our Airedale facility on the existing site<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> and we anticipate this process will take at least 18 months<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> I am extremely grateful all of our employees safely evacuated the premises and that no injuries were suffered<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> and I am confident that not only will we recover from the setback, but that we will merge stronger, and better than ever.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Also in September, we announced that we have entered into negotiations to acquire Barkell Limited<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> a manufacturer of custom built air handling units located in the U<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font>K<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Barkell will provide us with an expanded product offering in the air handling segment<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> which will highly complement our strong computer air conditioning position in the UK. We anticipate that the deal will close later this fiscal year, subject to the completion of our due diligence process<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">In North America<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> our commercial HVAC business was down slightly in the quarter<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> but we are still anticipating growth for the year. Our current backlog going into the heating season is up significantly from the prior year. However<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> we did realize lower sales from our school products group<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> In North America<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> we are launching several new products this fall including a new smaller cabinet size for our rooftop ventilation line<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> which will broaden our offering<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> as well as two new energy efficient school HVAC package units<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">And with that<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> I'd like to turn over to Mick for an overview of our financial performance<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> and guidance<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font><br>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Thanks<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> Tom<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> and good morning<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> everyone<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Please turn to slide 12<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> and I'll review the income statement<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> As Tom mentioned<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> we had another strong quarter with a 7% increase in sales<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> On a constant currency basis<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> sales increased 6%<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> This was driven by volume increases in all five business segments with the largest impact in Europe<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">As reported<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> the gross margin increased 20 basis points to 15<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font>7%<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Consistent with prior reports<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> we can only classify certain costs as restructuring<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> shown in a separate line on the P&amp;L<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> and the gross profit was negatively impacted by $2<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font>1 million of accelerated depreciation of production equipment that's been phased out in Europe<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Excluding the accelerated depreciation<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> gross margin improved 80 basis points to 16<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font>3%<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> This margin improvement was primarily due to higher sales volume and favorable material costs during the quarter.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">As expected<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> the impact of favorable material costs was less than we saw last quarter, as we began passing on the lower cost to our customers<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> You could see the SG&amp;A expense was higher than the prior year. Part of this is due to $0<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font>5 million of costs we incurred related to the UK fire<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> This amount relates to our insurance deductable and the write<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</font>off of leashold improvements that we cannot recover<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Also<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> we are accruing this year for higher incentive compensation expenses<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> And lastly<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> I want to point out that SG&amp;A in the prior year benefited from a $2 million reversal of an acquisition related liability in our South America segment<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Oct<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> 31<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> 2013</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">Please note that during the quarter, we recorded $600<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">00</font>0 on the restructuring line<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> primarily related to severance costs in Europe<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Our GAAP earnings per share for the quarter was $0<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font>10<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> and our adjusted earnings per share was $0<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font>16<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> These adjustments include $0<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</font>5 for restructuring charges and accelerated depreciation in Europe and $0<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</font>1 for losses relating to the Airedale fire<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">Turning to slide 13<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> year<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</font>to<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</font>date free cash flow increased $22 million to nearly $28 million<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> In this quarter, free cash flow was $22 million representing a $9 million improvement over the prior year. The improvement was driven by higher operating cash flow<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> which resulted from stronger operating earning and to a lesser extent by insurance proceeds<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Our full year target for capital spending remains in the $6<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</font> million range<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> and the stronger cash flow is continuing to strengthen our balance sheet<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Net debt<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</font>to-capital is 27% and our cash had increased to nearly $6<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</font> million<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Also during the quarter, we renewed our revolving credit agreement<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> In doing so<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> we were able to increase the size of our revolver from $145 million to $175 million<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> extend the term to five years<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> lower our borrowing costs<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> and increase in flexibility in terms<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> conditions and other covenants<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">Moving onto slide 14<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> let's take a closer look at North America on the left hand side<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> where as Tom mentioned first quarter sales were up 2%<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> The segment performed well and gross margin improv ed significantly to 17<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font>1%<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> The improvement was due to positive mix and favorable material costs. SG&amp;A increased as expected by $2<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font>7 million on a year<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</font>over-year basis<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> This was due to higher compensation-related expenses<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> and lower recovery of development costs compared to the prior year. Please note also that there was an asset impairment charge in the prior year related to idle manufacturing facilities<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> These facilities have now been sold<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Overall<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> operating income for the segment increased $4<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font>8 million over the prior year.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">Now<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> looking at our European business segment on the right hand side<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> there is a lot going on right now in Europe<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> We had a very solid quarter in Europe<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> with sales up 11% from the prior year, on a constant currency basis<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> excluding any tooling sales<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> the underlying business was up 6%<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">As reported<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> gross margin declined year<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</font>over-year, however, there are a couple of items that attributed to this decline<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> As previously mentioned<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> Europe's cost of sales included $2<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font>1 million of accelerated depreciation<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Excluding these costs<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> the gross margin would have been 12<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font>1%<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> The prior year was also positively impacted by a large commercial pricing settlement<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> and last<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> Tom mentioned that launch inefficiencies in Europe are keeping our margins below targeted levels<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">Our SG&amp;A was down $2<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font>2 million<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> versus the prior year<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> as a direct result of restructuring actions, and higher recovery of development costs<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Excluding all of the restructuring related costs<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> operating income increased $1<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font>2 million over the prior year.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">Moving on to slide 15<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> we have a look at our South America and Asia business segments<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Sales in South America were up 5% or $1<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font>7 million on a constant currency basis<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> The gross margin was up 130 basis points to 18<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font>2%<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> on higher sales volume and improved aftermarket pricing<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> SG&amp;A was lower in the prior year due to the reversal of an acquisition related liability of $2 million that I mentioned at the beginning<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> And adjusting for the impact of this accrual reversal<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> operating income for the segment would have improved by about $0<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font>2 million<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">Now<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> looking at the right side at our Asia segment<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> second quarter sales increased by $2<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font>4 million or 17%<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> The gross margin improved significantly due to higher sales volume<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> the favorable material costs and also cost improvements in our manufacturing process<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> The results show an operating loss of $1<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font>1 million<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> but this represents a $1<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font>2 million improvement over the prior year. As Tom mentioned<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> we have program launch activity in India and China that should continue to add sales volume<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> which is critical to this segment moving towards breakeven<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">And on slide 16 is our commercial products or building HVAC business<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Sales were up $900<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">00</font>0 or 3% despite the fire at our Airedale facility<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> which halted production in the UK for the last three weeks of the quarter. Our gross margin declined due to a less favorable product mix and SG&amp;A increased $1<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font>1 million from the prior year primarily due to higher compensation related expenses and the previously mentioned $500<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">00</font>0 of losses from the UK fire<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> This should be the extent of the losses impacting this segment as insurance proceeds are expected to cover the remaining expenses<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> However<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> we will continue to experience lost profits for the second half of the year and we will not record income for insurance proceeds related to the loss profits until those insurance proceeds are received<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Oct<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> 31<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> 2013</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">And at this point<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> we're unsure of the timing of those payments. Including all impacts of the fire, operating income declined from the prior year by $1<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font>4 million<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">So<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> now let's turn to fiscal 2014 guidance on slide 17<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> We said several times<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> we're off to a strong start and we're holding our full year guidance despite the fire at our Airedale facility. Although we expect to eventually recover the lost profits<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> we may not receive payments during this fiscal year. This could therefore have an impact on this year's earnings which we have factored into the range in our guidance<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> We're estimating SG&amp;A to be in the range of $18<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</font> million given the current run rate<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> We remain cautious about some of our end markets in the second half of the fiscal year. In North America<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> there will be the customary seasonal shutdowns along with ongoing softness in the off<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</font>highway markets<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> In Europe<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> the commercial vehicle market may experience a slowdown after the January implementation of new emissions regulations<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">In addition<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> we are working to improve the operational inefficiencies that have been impacting our margins in that region<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> And as you look at the quarterly trend there are several other important factors to consider. We are currently estimating higher tax expenses in Q3 and Q4<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Also we expect the benefit of lower material costs during the first half of this year to be much more limited as these savings are being passed through to our customers<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Factoring this in<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> we anticipate that the third quarter will be lower than the previous quarters as was the case last year. Then we expect things to improve in the fourth quarter with the volume. Obviously<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> along with other companies we are taking a cautious stance on the next six months and we believe that's prudent<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Despite the caution<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> Tom and I are pleased with our second quarter results and the ongoing positive trends which is further evidence that our previous actions and strategic initiatives are paying off<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">So with that<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> Tom<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> I'll turn it back to you<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Yes<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> thanks<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> Mick. Turning to page 18<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> we are pleased with results of the second quarter and particularly I am pleased with the free cash flow generation<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Overall<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> most of our end markets continue to hold steady, with flat<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</font>to<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</font>moderate growth<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> We clearly have some challenges in front of us<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> but we're meeting them head-on<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Our Airedale business will be back up and running within the next month or so<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> and our European team is aggressively addressing the inefficiencies that are impacting margins on our truck program launches in the region<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">As Mick mentioned<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> we are holding our guidance for the year despite these challenges<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> The first half of our fiscal year has been strong and we have clearly benefited from favorable material costs and modest market improvements<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> In addition<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> we'll continue to focus on growth opportunities<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> such as expansion into Russia<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> and the acquisition of Barkell in the United Kingdom<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Oct<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> 31<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> 2013</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><img src="image3.jpg">&#160; QUESTION AND ANSWER SECTION</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Operator: &#160;[Operator Instructions] And the first question comes from Mike Shlisky of JPMorgan. Please<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> go ahead<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&lt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Q</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8211; </font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">M</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">i</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">k</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">e </font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">S</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">hli</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">sk</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">y</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&gt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">:</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>Good morning<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> everybody.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&lt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&gt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">:</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>Hey, Mike<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&lt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&gt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">:</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>Hey, Mike<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&lt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Q</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8211; </font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">M</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">i</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">k</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">e </font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">S</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">hli</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">sk</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">y</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&gt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">:</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>I just wanted to ask a quick question about the pre-buy in Europe<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> It looks like some OEMs have pretty solid orders in Q3<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> which should be some of this going to [ph] Q4 from mainly Euro 5 product<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Do you have any sense as to<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> just how much we could be seeing production in Europe in the fourth calendar quarter year? And if we see such a large increase in production<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> do you have the capacity to kind of meet that in a cost effective way?</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&lt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&gt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">:</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>First<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> we agree with your timing<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Our anticipation is that our Q3 or calendar fourth quarter is going to see the bulk of the pre-buy impact<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> we've got that pretty well study. As I mentioned<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> it's kind of a moving target since it varies actually within region by country and different ways they're handling that<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">We definitely have the capacity and we're going to benefit from it when we see that come up where we can<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&lt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Q</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8211; </font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">M</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">i</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">k</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">e </font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">S</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">hli</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">sk</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">y</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&gt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">:</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>Great<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> thanks<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> And then the other question<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> and if I missed this<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> I apologize, but just about some of the Asia programs that you have kind of coming on here in fiscal 2014<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> just wanted to know how it's going with I think you said last that you had 50 different programs slated for release this year. How is the ramp coming so far this year versus your expectations?</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&lt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&gt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">:</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>Well<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> I just got back from Asia and Tom Marry our COO and I were over there for the better part of the week in India and China<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Those launches are coming along very well<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> India has actually seen the early part of those launches with programs +both in engine oil cooler business for automotive<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> power generation launches on stationary power and some additional truck support going into India<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">China is lagging a little bit behind as far as the launch curve<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> They're going to have some fourth quarter launches in the oil cooler business along with some truck launches<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Our first commercial truck launch is launching also in the fourth quarter. So we're just coming into the heart of those launches that will really take most effect in the next fiscal year.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&lt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&gt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">:</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>Yes and what we saw was disruptions not really labor disputes<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> but more or less logistical protests in front of some international type customers that we supply to which could be both truck and off<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</font>highway. Again<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> nothing prolonged<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> but just some people that took some downtime to get through the conditions<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> I think those are kind of are fading away. We anticipate those to be minimal over this next quarter, but there's still some impact of that<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> but it's &#8211; just some temporary shutdown periods for day or a shift and that type of thing that we felt through the last quarter.</div>

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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Oct<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> 31<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> 2013</div>
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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 18pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&lt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Q</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8211; </font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dav</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">i</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">d</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">L</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">e</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">i</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ker</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&gt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">:</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>Good morning<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> everyone<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&lt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&gt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">:</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>Good morning<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&lt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&gt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">:</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>Good morning<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> David<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&lt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Q</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8211; </font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dav</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">i</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">d</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">L</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">e</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">i</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ker</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&gt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">:</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>A follow<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</font>up here on Europe for a bit<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> how much of your Euro 6 new business are you in production on today?</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&lt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&gt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">:</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>Percentage<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</font>wise<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> we're ramping up everything<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> okay. So<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> with just the ramp up is starting to really hit its form &#8211; hit its full form right about now<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Obviously, it's going to peak in our next quarter, the first quarter in calendar year 2014<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> But I would say we're over the 50% mark as far as our anticipated volumes right now with those launches as far as the ramp up<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&lt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Q</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8211; </font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dav</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">i</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">d</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">L</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">e</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">i</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ker</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&gt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">:</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>Okay<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> And do you have any indication in the first calendar quarter what your production rates look like? It seems like the majority of these orders that we're getting out of Europe are Euro 5 orders<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> There is not a whole lot of Euro 6 orders in the marketyet<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&lt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&gt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">:</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>Yes<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Clearly<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> Euro 5 is accelerated or being<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> let's say higher, okay<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> and it's going to see that through this quarter, our third quarter<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> So<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> I'd say we're touching our anticipated half way mark of our Euro 6 levels through this next quarter<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> And we anticipate that to take full ramp up next year. How far they ramp up is the question<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> right? How much have we pulled ahead sales from Euro 6 into Euro 5 with this pull ahead is going to be the question<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> So<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> what do they get to in Euro 6 levels in our fourth quarter after the mandate change is going to be the key question<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&lt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Q</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8211; </font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dav</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">i</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">d</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">L</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">e</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">i</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ker</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&gt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">:</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>And then<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> you talk about some manufacturing efficiency<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> I think over in Europe<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> is that on the Euro 6 product that you're launching?</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&lt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&gt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">:</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>That's on Euro 6 product<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Yeah<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> that's the &#8211; a lot of automation<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> highly automated lines we put in and again we anticipated and reported over the last couple of quarters<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> we're working on these things<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> getting them tuned in and we had to make some additional investment to get them stabilized and we've got the stability now that we need and we're fine tuning the let's say the day<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</font>to<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</font>day operation efficiency which we need<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> needed to guide<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> but this is going to be a few quarters before we get those where we want them.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&lt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Q</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8211; </font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dav</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">i</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">d</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">L</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">e</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">i</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ker</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&gt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">:</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>So<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> it sounds like you're having<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> I don't know if the word difficulties, challenges<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> in launching that business relative to what you thought it was going to be at the manufacturing line<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> is that fair?</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&lt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&gt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">:</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>That's a fair statement<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> I do want to say, David<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> we're extremely happy with the product in the field<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> and as far as delivering to the customer what we need<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> we're hitting every target<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> This is clearly internal efficiencies<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> it was<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> we've made some big automation assumptions into this product line<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> which we're now adjusting to get those right<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> and we have all the right people and made the right adjustments already, but it's just going to take a while to get the what I call stability, okay<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> That constant repeatability on the line where we need to be<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> but I want to be honest<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> it's going to take a few quarters to get there<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&lt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Q</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8211; </font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dav</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">i</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">d</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">L</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">e</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">i</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ker</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&gt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">:</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>How much impact does that have<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> I would imagine that lowers the returns on that business from when you originally booked it<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> how much of an impact?</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&lt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&gt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">:</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>Yeah<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> It's had an impact. I'll let Mick answer that<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Oct<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> 31<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> 2013</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&lt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Q</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8211; </font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dav</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">i</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">d</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">L</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">e</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">i</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ker</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&gt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">:</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">I</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">s t</font>hat $1 million or $2 million, you think you can get back or is that just a lower return on margin?</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&lt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8211;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">T</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">o</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">m</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">B</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">u</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">rk</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">e</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&gt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">:</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>No<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> we're focused and we're going to get it back; it's just a matter of time<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> And again<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> we have no concerns with the product &#8211; with delivery of product<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> This is purely the yield<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> and uptime focus we need to get<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> But it's going to take a couple of quarters and we'll keep you posted on how that goes<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&lt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Q</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8211; </font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dav</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">i</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">d</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">L</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">e</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">i</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ker</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&gt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">:</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>Okay<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> And then, the last item here<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> As you look in terms of your new bookings for new business looking out into 2014<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> 2015<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> what are you seeing there that you're been able to &#8211; just characterize to us what that backlog looks like and how that's evolving?</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&lt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8211;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">T</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">o</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">m</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">B</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">u</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">rk</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">e</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&gt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">:</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>Yes<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> well as the previous caller asked<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> we feel very<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> very positive<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> in Asia<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> we're going to pursuing these growth opportunities<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&lt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Q</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8211; </font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dav</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">i</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">d</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">L</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">e</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">i</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ker</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&gt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">:</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>Right<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&lt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8211;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">T</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">o</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">m</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">B</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">u</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">rk</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">e</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&gt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">:</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>We have 60 something new programs we'll be starting<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> and those are really going to start taking hold<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> We'll start launching some gen set business in India this quarter. In the next quarter, the oil cooler business<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> automotive wise in India, is up and running with some new launches and increasing<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> The real investment we made into China for the diversifying into the automotive business<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> and taking advantage of our customer contacts and opportunities with the European side<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> and China is going to start taking hold in the fourth quarter next year and ramp up aggressively through the next calendar year.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">If I look obviously in Europe<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> it's all about absorbing the Euro 6 launch that we're really getting into. North America has significant launches through the traditional folks and we have both in all segments that we're working on<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> whether it's coils business and off<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</font>highway, and the same with the expanding automotive applications in oil coolers and the like<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> So<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> we feel very comfortable with our order book, and what's coming<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> and we're really putting additional focus on growing those pursuit opportunities as we go forward<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&lt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Q</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8211; </font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dav</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">i</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">d</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">L</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">e</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">i</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ker</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&gt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">:</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>Okay<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> And then<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> just a detail question<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> Mick<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> the accelerated DNA. Was that equipment coming out of facilities that you're exiting or is it equipment that's not running the way you want it to be running?</div>

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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Oct<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> 31<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> 2013</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Operator: &#160;The next question is from Walt Liptak of Global Hunter Securities<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Please go ahead<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&lt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Q</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8211; </font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">W</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">a</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">l</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">t</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">L</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">i</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">p</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">t</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ak</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&gt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">:</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>I want to ask about the North American profits and for OE? And you called out the mix of business<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> I wonder if you could provide some color and maybe talk about what that mix is going to look like in the next quarter?</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&lt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&gt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">:</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>Yeah<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> Walt<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> this is Mick<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> The biggest impact and as Tom mentioned<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> they had a fair amount of tooling in the quarter<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> So we think about this as being flat up a little bit from a true volume standpoint<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Then the next biggest driver there earnings improvement at least on the gross profit line was the favorable materials<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> That was a big driver. And then second<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> we had a little bit of additional mix benefit from some automotive components that are actually doing quite well<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> within that region. That was the biggest impact and we had a little bit in off<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</font>highway mix issue<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> but and as we go forward for the remainder of the year<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> that will be pretty much the same mix of businesses<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">As Tom mentioned<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> we see this business with what's going on in off<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">-</font>highway and truck right now in North America being<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> call it flattish<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> The biggest challenge we'll have in front of us is the remainder of the year with flatter revenue<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Some of those material benefits will go away as we continue to pass on the pricing to our customers<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> So that's kind of how we're looking at this for the next two quarters<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&lt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Q</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8211; </font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">W</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">a</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">l</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">t</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">L</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">i</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">p</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">t</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ak</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&gt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">:</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>Okay. Yes and the raw material<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> contractually that passes through &#8211; Does that start happening in the third quarter or is it in the fourth?</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&lt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&gt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">:</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>Yes<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> it actually started a quarter ago<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> We probably had is when we came out when Q1 with a really strong Q1 one of the things we wanted to make sure<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> everyone understood was part of that was call it the perfect storm in our favor<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> We had really bottomed out on metals<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> But yet the customers the way our pricing mechanism works<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> we're still using last year's prices<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Throughout our fiscal year here<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> we have started to lower prices and it just depends on the contract with the customer. Some of them will get a price adjustment every quarter, some every six months and the longest ones would be one year.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">So I think the last one will be coming up frankly on around January 1<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> but we've already passed on some prices on October 1<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> but then the remainder should be by the end of our fiscal year here<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&lt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Q</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8211; </font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">W</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">a</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">l</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">t</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">L</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">i</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">p</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">t</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ak</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&gt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">: &#160;</font>Thanks for that and if I could switch over to the Airedale<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> The loss that you reported of $0<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font>5 million<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> what was that related to? Is that a write-off or was that business disruption? If this was business disruption<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> have you've been able to quantify yet?</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&lt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&gt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">:</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>Yes<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Good question<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> The $500<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">000</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> a $100<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">00</font>0 of that was an insurance deductible<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> that is not recoverable and then $400<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">00</font>0 that was a leased facility. It's important and I guess for us to make sure people know that<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> but that was a leased facility<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> but clearly, we have an obligation to rebuild the facility<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> And during our ownership or our leasing of that<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> we had done about $400<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">00</font>0 of lease improvements<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> So with the rebuilding of facility<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> we won't get those back. That was the $500<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">000</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> In the quarter<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> them being shutdown was hard to estimate because what would've actually gone out the door in the last three weeks<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> but we estimate it was up to $1 million impact in the quarter from an operating income standpoint<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&lt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Q</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8211; </font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">W</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">a</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">l</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">t</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">L</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">i</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">p</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">t</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ak</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&gt;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">:</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>Okay. Okay<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Thanks<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Operator: &#160;I would now like to turn the conference back to Ms<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Kathy Powers for any further remarks<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Modine Manufacturing Co<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Oct<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> 31<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">,</font> 2013</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, Serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Thank you<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> This concludes today's call<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Thank you for joining us this morning and thanks to your interest in Modine<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font> Good bye<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.</font></div>

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