PACCAR Will Expense Employee Stock Options

    BELLEVUE, Wash.--Sept. 24, 2002--PACCAR Inc's board of directors today approved company plans to expense the estimated value of employee stock options granted by the company effective January 1, 2003. Mark C. Pigott, chairman and chief executive officer said, "Under current accounting rules, the impact on earnings per share would be approximately $.02 per share in 2003, assuming a similar number of shares subject to options as in 2002, and could increase to approximately $.06 per share per year over the next three 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.