PACCAR Completes Stock Repurchase

BELLEVUE, Wash.--June 30, 2004--PACCAR Inc today announced it had successfully completed the repurchase of two million (2,000,000) of its common shares pursuant to a repurchase program authorized by its Board of Directors and announced on April 27, 2004. The shares were repurchased at an average price of $53.86 for a total investment of approximately $108 million.

"PACCAR's positive action supports its belief that its shares are undervalued and represent an outstanding long-term investment opportunity, reflecting the strong performance of the company's global businesses for 99 years," said Mark C. Pigott, chairman and chief executive officer.

"In addition to the share repurchase program, PACCAR has steadily invested in new products, facilities and information technology, throughout all phases of the business cycle, and is benefiting from those strategic investments," added Pigott. "Recently completed capital projects include: opening of Kenworth's new 24,000-square-foot research and development center; the completion of PACCAR Parts' distribution center expansions in Leyland, U.K., and Atlanta, Georgia, of 97,000 and 80,000 square feet, respectively; and successful commissioning of paint robotics at Kenworth and Peterbilt manufacturing facilities."

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.