Document v1Nwwrn3dpwprKdqrj5DMbYMZ

Dana Corporation Page 108 of 176 notes and the carrying value of the notes were adjusted as the swap agreements increased in value. In May 2003, we received $18 in connection with terminating two of the swap agreements. The corresponding valuation adjustment is being amortized as a reduction of interest expense over the remaining life of the related notes. The terminated agreements were replaced with new swap agreements. All of our current fixed-for-variable swap agreements have been designated as fair value hedges of the August 2001 and March 2002 notes. As of December 31, 2003, the agreements provided for us to receive an average rate of 9.26% on notional amounts of $825 and 200 and to pay variable rates equal to the six- 55 http://www.sec.gOv/Archives/edgar/data/26780/000095015204001384/105571ael0vk.htm 8/1/2004