Abstract: A two fluid heat exchanger adapted for utilization in an exhaust gas recirculation system of an automotive internal combustion engine to reduce the temperature level of the exhaust gas from the combustion cycle that is metered from the exhaust manifold and recycled through the combustion cycle. The heat exchanger includes a plurality of generally elliptical perforated plates stacked together with end caps; each plate having a peripheral flange, an inlet opening for a first fluid defined by a flange, an outlet opening for the first fluid defined by a flange, and several elongated openings for a second fluid defined by flanges. All of the flanges project from one surface of the plate to engage the unflanged surface of the next adjacent plate with the various openings axially aligned to form continuous passages. The plates may have louvres therein, and the flanges defining the inlet and outlet openings have lateral openings therein to communicate with the spaced formed between the plates.