PACCAR Increases Quarterly Cash Dividend

    BELLEVUE, Wash.--April 22, 2003--PACCAR Inc's Board of Directors today declared a quarterly dividend in the amount of twenty-two cents ($.22) per share, payable on June 5, 2003, to stockholders of record at the close of business on May 19, 2003.
    The dividend was increased by ten percent, two cents per share ($.02) from the previous quarterly amount of twenty cents. "PACCAR has increased its regular quarterly dividend by 120 percent in the last five years. PACCAR shareholder performance, including dividend reinvestment, has beaten the S&P 500 in the last one-, five- and ten-year time periods," said Mark Pigott, chairman and chief executive officer.
    At the annual stockholder meeting held today, the stockholders reelected James C. Pigott, Mark C. Pigott and William G. Reed, Jr., as PACCAR directors for a three-year term expiring in 2006.
    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 Stock Market, symbol PCAR, and its homepage can be found at www.paccar.com.