September 22, 2003

Marinette Marine launches Staten Island Ferry
Marinette Marine Corporation, a subsidiary of The Manitowoc Company, Inc. (NYSE: MTW), successfully launched the ferry Guy V. Molinari, for New York City's Department of Transportation, on Saturday, September 20. The 310-foot ferry is one of three to be built as part of a $120-million contract awarded to Manitowoc in 2001.

The launch ceremony featured Michael R. Bloomberg, mayor of New York, and Guy V. Molinari as the keynote speakers, with the Honorable Susan Molinari, former U.S. Congresswoman from New York and daughter of the ship's namesake, as the sponsor.

"Throughout our 60-year history, Marinette Marine has constructed more than 1,300 ships for government and commercial customers, including buoy tenders for the U.S. Coast Guard and landing crafts, barracks barges, workboats, and tugs for the U.S. Navy," said Dennis McCloskey, president of Manitowoc's Marine Group. "We're proud to play a part in continuing a 98-year-old municipal ferry service and to continue our own rich tradition of serving government customers by supplying these state-of-the-art ferries to the City of New York."

Named after a well-known former Borough President of Staten Island, who is also a former United States Congressman and New York State Assemblyman, the Guy V. Molinari can carry 4,400 passengers and 30 vehicles and will be operated by 22 crew members. The Molinari is the 25th ferryboat built to serve the Staten Island to Manhattan route since this mode of transportation became a municipal service in 1905. The current ferries operate 24 hours a day, 365 days a year, and carry approximately 65,000 passengers daily on a 5.2-mile run between the St. George Terminal on Staten Island and the Whitehall Terminal in Lower Manhattan.

The second and third Staten Island Ferries currently under construction are scheduled to be launched in early and mid-2004, respectively. Other new-construction projects at Marinette Marine include the Improved Navy Lighterage System (INLS) for the U.S. Navy, a new Great Lakes icebreaker for the U.S. Coast Guard, plus an ocean- going tug for a commercial customer.

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