Pep Boys Redeems $49,915,000 of Medium-Term Notes

    PHILADELPHIA--July 17, 2002--The Pep Boys - Manny, Moe & Jack , the nation' leading full service automotive aftermarket chain, announced that it has redeemed $49,915,000, 6.52%, Medium-Term Notes, due July 16, 2007, that were redeemable at the option of the holder on July 16, 2002.
    The Company utilized a portion of the proceeds from the $150,000,000, 4 1/4 %, Convertible Notes that it sold on May 15, 2002, to redeem these Medium-Term Notes.
    The Company also has outstanding $43,005,000, 6.40%, Medium-Term Notes, due September 19, 2007, that are redeemable at the option of the holder on September 19, 2002.
    Pep Boys has 629 stores and over 6,500 service bays in 36 states and Puerto Rico. Along with its vehicle repair and maintenance capabilities, the company also serves the commercial auto parts delivery market and is one of the leading sellers of replacement tires in the United States. Customers can find the nearest location by calling 1-800-PEP-BOYS or by visiting pepboys.com.

    Notes: Certain statements made herein, including those discussing management's expectations for future periods, are forward-looking and involve risks and uncertainties.
    The Company's actual results may differ materially from the results discussed in the forward-looking statements due to factors beyond the control of the Company, including the strength of the national and regional economies and retail and commercial consumers' ability to spend, the health of the various sectors of the market that the Company serves, the weather in geographical regions with a high concentration of the Company's stores, competitive pricing, location and number of competitors' stores and product and labor costs.
    Further factors that might cause such a difference include, but are not limited to, the factors described in the Company's filings with the Securities and Exchange Commission.

    Internet: http://www.pepboys.com