Pep Boys Statement Regarding Asbestos-Related Litigation

    PHILADELPHIA--Nov. 26, 2002--Pep Boys made the following statement in response to recent disclosures made by Autozone, Inc. and Advance Auto Parts, Inc. relating to their involvement in asbestos-related litigation.
    Although the Company is also involved in such litigation, as it has stated in prior public disclosures, these lawsuits are not, singularly or in the aggregate, material to the Company's financial position or results of operations.
    Pep Boys further emphasizes that the health and safety of its customers and associates have been and continues to be of significant importance to the Company. The Company has a stringent set of established standards to provide satisfaction to its customers and associates in a healthy and safe environment.
    Pep Boys prides itself on its history of providing honest, reliable automotive service and high quality products.
    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.