Monro Muffler Brake, Inc. Completes Mr. Tire Acquisition

ROCHESTER, N.Y.--March 2, 2004--Monro Muffler Brake, Inc. today announced that it has completed its previously announced acquisition of 36 leased Mr. Tire locations from privately held Mile One Automotive.

The acquired locations generated approximately $50 million in sales last year and will expand the Company's market share in the mid-Atlantic region, particularly the Baltimore market. The transaction, valued at approximately $29 million, is expected to contribute between $5 million and $6 million to Monro's EBITDA in the first year. The Company anticipates the acquisition will be immediately accretive to earnings and contribute approximately $0.06 to $0.10 per share during fiscal 2005, which begins March 28, 2004. The Company plans to provide additional guidance for fiscal 2005 during the second week of April.

Robert G. Gross, Monro's President and Chief Executive Officer stated, "The acquisition of Mr. Tire fits squarely within our previously outlined strategy of seeking cost-effective acquisitions that will strengthen our geographic footprint, increase our market share, and diversify our product line. Mr. Tire has posted very strong performance and is a leader in the markets in which it operates. Their organization will not only strengthen our presence in the mid-Atlantic market but will also bring additional tire expertise and management strength to Monro. We welcome the Mr. Tire team and look forward to a profitable future together."

Monro Muffler Brake operates a chain of stores providing automotive undercar repair and tire services in the United States, operating under the brand names of Monro Muffler Brake and Service, Speedy Auto Service by Monro, Kimmel Tires - Auto Service, Tread Quarters Discount Tires and Mr. Tire. The Company currently operates 595 stores, 10 Kiosks and has 18 dealer locations in New York, Pennsylvania, Ohio, Connecticut, Massachusetts, West Virginia, Virginia, Maryland, Vermont, New Hampshire, New Jersey, North Carolina, South Carolina, Indiana, Rhode Island, Delaware, Michigan and Maine. Monro's stores provide a full range of services for exhaust systems, brake systems, tires, steering and suspension systems and many vehicle maintenance services.