Monro Muffler Brake, Inc. Announces Changes to Board of Directors

    ROCHESTER, N.Y.--May 15, 2002--Monro Muffler Brake, Inc. announced today several changes to its Board of Directors involving three long-time directors who have more than a century of combined service to the Company.
    Charles August, 82, who founded Monro Muffler Brake in 1957, has been appointed Director Emeritus and has resigned as an active Director effective May 13, 2002. Burton August, 86, a Director since 1969, will not seek reelection when his term ends in August 2002. Jack Gallagher, 64, who has served on the Board since 1987, has also resigned his seat effective May 13, 2002.
    The Company also announced that Francis R. Strawbridge has been appointed to the Board. As a result of these changes, the Monro Muffler Brake Board of Directors has decreased from ten members to eight.
    "Monro Muffler Brake has been fortunate to benefit from the vision, guidance, insight and dedication that Charles August, Burton August, and Jack Gallagher have brought to this Company during their decades of service," said Robert G. Gross, Chief Executive Officer of Monro Muffler Brake. "Chuck August is an industry pioneer who built this Company by adding new stores, making acquisitions, expanding our offerings and maintaining the highest standards for customer service. With Chuck as Director Emeritus, the Company will continue to benefit from his experience.
    Like Chuck, Burt August has made an indelible mark on Monro. In addition to his 33 year tenure as Director, Burt served as Senior Vice President from 1969 to 1981 and was instrumental in Monro's growth from an eight store Rochester operation to a 57 store regional chain with locations throughout upstate New York.
    We also appreciate the dedication and commitment of Jack Gallagher, who has been part of the Monro Muffler Brake family for 15 years. As CEO from 1987 to 1995, Jack grew the Company to approximately 250 stores and took it public. We thank Chuck, Burt and Jack for their innumerable contributions to the Company, and wish them the very best."
    Appointed to the Board of Directors effective May 13, 2002 is Francis R. Strawbridge, 64, a distinguished retail executive. From 1984 to 1997, Mr. Strawbridge was Chairman of the Board of Strawbridge & Clothier, a leading regional general merchandise retailer based in Philadelphia. For the period from 1989 to 1997, he was also Co-Chairman of the Executive Committee, where he was responsible for finance, information systems, credit and real estate development. He also had operating responsibility for the company's Department Store Division.
    "We are delighted to welcome Frank Strawbridge to our Board," said Mr. Gross. "Frank is one of the most respected retailing executives in the U.S. His proven leadership qualities will bring a unique perspective to our Board and to our Company."
    Monro Muffler Brake operates a chain of stores providing automotive undercar repair and tire services in the United States. The Company currently operates 550 stores and has 19 dealer locations in New York, Pennsylvania, Ohio, Connecticut, Massachusetts, West Virginia, Virginia, Maryland, Vermont, New Hampshire, New Jersey, North Carolina, South Carolina, Indiana, Rhode Island, Delaware and Michigan. Monro's stores provide a full range of services for exhaust systems, brake systems, steering and suspension systems and many vehicle maintenance services.
    Certain statements made above may be forward-looking and are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve uncertainties, which may cause the Company's actual results in future periods to differ materially from those expressed. These uncertainties include, but are not necessarily limited to, uncertainties affecting retail generally (such as consumer confidence and demand for auto repair); risks relating to leverage and debt service (including sensitivity to fluctuations in interest rates); dependence on, and competition within, the primary markets in which the Company's stores are located; the need for, and costs associated with, store renovations and other capital expenditures; and the risks described from time to time in the Company's SEC reports which include the report on Form 10K for the fiscal year ended March 31, 2001.