Dana Corporation Continues Discussions With Banks and Financial Institutions

TOLEDO, Ohio, Feb. 27 /PRNewswire-FirstCall/ -- Dana Corporation (NYSE: DCN) announced today that it continues to be in discussions with banks and financial institutions regarding financing alternatives and expects to reach a resolution within the next two weeks.

(Logo: http://www.newscom.com/cgi-bin/prnh/19990903/DANA)

The company also announced that on Friday, Feb. 24, 2006, it obtained a waiver of the minimum required corporate credit rating under its accounts receivable securitization program.

About Dana Corporation

Dana people design and manufacture products for every major vehicle producer in the world. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. A leading supplier of drivetrain, chassis, structural, and engine technologies, Dana employs 46,000 people in 28 countries. Based in Toledo, Ohio, the company reported sales of $9 billion in 2004. Dana's Internet address is http://www.dana.com/.

Forward-Looking Statements

Statements in this release which are not entirely historical constitute "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements represent Dana's expectations based on our current information and assumptions. However, forward-looking statements are inherently subject to risks and uncertainties. There can be no assurances regarding the outcome of Dana's discussions with lenders regarding financing alternatives. Dana does not undertake to update any forward-looking statements in this release.

First Call Analyst:
FCMN Contact: michelle.hards@dana.com

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PRN Photo Desk, photodesk@prnewswire.com

SOURCE: Dana Corporation

CONTACT: Michelle Hards of Dana Corporation, +1-419-535-4636, or
michelle.hards@dana.com

Web site: http://www.dana.com/

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