Pep Boys Declares Quarterly Dividend; Appoints Non-Executive Chairman

    PHILADELPHIA--May 29, 2003--The Pep Boys - Manny, Moe & Jack , the nation's leading full-service automotive aftermarket chain announced that its Board of Directors approved the payment of the next quarterly dividend of $.0675 per share on July 28, 2003, to holders of record on July 14, 2003.
    The annual dividend of $.27 per share currently yields 2.8%. Pep Boys has paid a cash dividend on an uninterrupted basis since 1950.
    Bernard J. Korman, a company director since 1983, was appointed Chairman of the Board May 28, 2003.
    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.