Keystone Automotive Operations, Inc. Announces December 8 Meeting With Lenders

EXETER, Pa., Dec. 7, 2006 -- Keystone Automotive Operations, Inc. ("Keystone" or the "Company") will meet with prospective lenders on Friday, December 8, 2006, to discuss the Company's previously announced refinancing. The refinancing is expected to conclude in January 2007.

Pro forma for the refinancing, Keystone expects to have total debt of approximately $376 million, with $175 million in existing subordinated bonds, $200 million in new Term Loan B and approximately $1 million drawn on the new asset-based revolving credit facility. The Company's Adjusted EBITDA for the twelve months ended September 30, 2006, defined pursuant to the existing credit agreement, was $71.5M, resulting in a pro forma debt to Adjusted EBITDA ratio of approximately 5.3x. The Adjusted EBITDA is calculated as:

  ($ in millions)
  Reconciliation to Adjusted EBITDA                                  LTM PF
                                                                    9/30/06
  Net Income                                                         $ 1.6
  Interest Expense                                                    33.0
  Taxes(1)                                                             2.3
  Depreciation and Amortization                                       20.2
  Reported EBITDA                                                    $57.2
  Management Fees                                                      1.6
  Reliable Pro Forma Annualized EBITDA and Synergies                   2.4
  Blacksmith and Reliable Transaction and Transition Costs(2)          7.0
  Non-Cash Charges, Non-Recurring Expense and Extraordinary Items(3)   3.3
  Adjusted EBITDA                                                    $71.5

   (1) Includes $0.2 million in franchise taxes
   (2) LTM PF 9/30/06 includes $6.5 million and $0.1 million in charges
       associated with Reliable and Blacksmith integrations, respectively,
       and $0.4 million of non-capitalized transaction costs related to
       acquisition of Reliable.
   (3) LTM PF 9/30/06 includes $1.2 million of non-cash charges related to
       stock option compensation, $1.5 million of non-recurring expenses
       related to professional fees and Sarbanes-Oxley compliance, and $0.6
       million of extraordinary items related to departed CEO severance and
      legal settlements.

  Safe Harbor Statement

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in such statements. The principal risks and uncertainties include, but are not limited to: changes in general economic conditions, our ability to operate as a stand-alone company, labor and material costs, increased competition, our ability to develop and protect intellectual property and know-how, interest rate and foreign currency changes, environmental risks and conditions in end-markets. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak to results only as of the date the statements were made, and we undertake no obligation to publicly update or revise any forward-looking statements, whether to reflect any future events, circumstances or otherwise.