PACCAR Announces Dividend and Stock Repurchase Program

    BELLEVUE, Wash.--Sept. 24, 2002--PACCAR Inc's board of directors today declared a quarterly cash dividend in the amount of twenty cents ($.20) per share, payable on December 5, 2002, to stockholders of record at the close of business on November 20, 2002, according to Mark C. Pigott, PACCAR chairman and chief executive officer.
    In addition, PACCAR Inc's board of directors today approved company plans to purchase from time to time on the open market up to three million shares of its outstanding common stock.
    Repurchased PACCAR stock will be used for general corporate purposes, including awards of stock and grants under the company's existing compensation and benefits plans. On September 23, 2002, the company had 115,879,524 shares outstanding.
    "The repurchase of the company's stock is an excellent investment," said Pigott. "PACCAR is one of the leading automotive companies in the world and has demonstrated an enviable track record of growth, as well as achieving a profit for 62 consecutive years."
    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 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.