K & F Industries, Inc. Completes Exchange Offer

    NEW YORK--March 5, 2003--K & F Industries, Inc. today announced that is has successfully completed its offer to exchange all of its outstanding 9-5/8 percent Series A Senior Subordinated Notes due 2010, that were privately placed in December, 2002 (the "Outstanding Notes"), with a new issue of 9-5/8 percent Series B Subordinated Notes due 2010, which have been registered with the Securities and Exchange Commission (the "Exchange Notes"). Holders of 100 percent of the total principal amount of the Outstanding Notes tendered their Outstanding Notes for an equal principal amount of the Exchange Notes. The Exchange Notes were issued on March 5, 2003.
    K & F Industries, Inc., through its Aircraft Braking Systems Corporation subsidiary, is a leading manufacturer of wheels, brakes and brake control systems for commercial transport, general aviation and military aircraft. K & F's other subsidiary, Engineered Fabrics Corporation, is a major producer of aircraft fuel tanks and de-icing equipment and specialty coated fabrics used for storage, shipping, environmental and rescue applications for commercial and military uses.