PACCAR Announces Stock Dividend; Cash Dividend

    BELLEVUE, Wash.--April 30, 2002--PACCAR Inc's Board of Directors today declared a 50 percent stock dividend of the Company's common stock (i.e., one additional share for each two shares held). The new shares will be issued on May 28, 2002, to stockholders of record at the close of business on May 10, 2002. "PACCAR has earned a profit for 62 consecutive years and is the product quality leader in the industry," said Mark Pigott, PACCAR chairman and chief executive officer.
    The board of directors also declared a quarterly cash dividend in the amount of twenty cents ($.20) per share, payable on June 14, 2002, to stockholders of record at the close of business on June 3, 2002.
    At the annual stockholder meeting held today, the stockholders reelected John M. Fluke, Jr., Gerald Grinstein, David J. Hovind and Michael A. Tembreull as PACCAR directors for a three-year term expiring in 2005.
    PACCAR is a global technology leader in the design, manufacture and customer support of high-quality light-, medium- and heavy-duty trucks under the Kenworth, Peterbilt, DAF and Foden nameplates. It also provides financial services and distributes truck parts related to its principal business. In addition, the Bellevue, Washington-based company manufactures industrial winches under the Braden, Gearmatic and Carco nameplates.
    PACCAR shares are traded on the NASDAQ Exchange, symbol PCAR, and its homepage can be found at www.paccar.com.