Bandag, Incorporated Declares Quarterly Dividend

MUSCATINE, Iowa, March 11 -- The Board of Directors of Bandag, Incorporated, today declared a regular quarterly dividend of $.32 per share on the Common Stock, Class A Common Stock and Class B Common Stock of the Company payable April 17, 2003 to shareholders of record at the close of business on March 21, 2003.

Bandag, Incorporated manufactures retreading materials and equipment for its worldwide network of over 1,100 franchised dealers that produce and market retread tires and provide tire management services. Bandag's traditional business serves end-users through a wide variety of products offered by dealers, ranging from tire retreading and repairing to tire management systems outsourcing for commercial truck fleets. Tire Distribution Systems, Inc. (TDS), a wholly-owned subsidiary, sells and services new and retread tires.