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AutoZone Sets Tender Offer Price For Chief Auto Parts

19 August 1998

AutoZone Sets Tender Offer Price For Chief Auto Parts 10 1/2% Senior Notes Due 2005

    MEMPHIS, Tenn., Aug. 19 -- AutoZone, Inc. ,
announced today that, in connection with its outstanding Offer to Purchase and
Solicitation of Consents dated July 24, 1998, for the 10 1/2% Senior Notes due
2005 of its wholly-owned subsidiary Chief Auto Parts Inc., Merrill Lynch & Co.
and Goldman, Sachs & Co., Dealer Managers, have set the "reference security
yield" which will determine the purchase price to be paid for each Note
validly tendered on or prior to the expiration date.
    The purchase price to be paid with respect to the Notes was determined
using a yield to the earliest redemption date equal to a fixed spread of 45
basis points over the yield of the 5.625% U.S. Treasury Note due May 15, 2001,
as calculated at noon, New York City time, on August 19, 1998, less $15 per
$1,000 principal amount.  The yield on the 5.625% U.S. Treasury Note due May
15, 2001, at noon, New York City time, on August 19, 1998, was 5.329%.
Assuming a settlement date of August 26, 1998, the purchase price to be paid
for each $1,000 principal amount of Notes tendered will be $1,147.03, plus
accrued interest up to but not including the settlement date.  The tender
offer will expire at 5 p.m., New York City time, on August 21, 1998, unless
extended.
    The consent solicitation expired as of August 7, 1998.  Holders that
validly tendered their Notes and delivered consents prior to the expiration of
the consent solicitation will receive a total consideration of $1,162.03 per
$1,000 principal amount plus accrued interest up to but not including the
settlement date.
    Questions or requests for assistance may be directed to Merrill Lynch
(telephone: (888) 654-8637) or Goldman, Sachs (telephone: (800) 323-5678
ext. 0557). Requests for documentation may be directed to Beacon Hill
Partners, the Information Agent (telephone: (800) 755-5001).
    AutoZone sells auto and light truck parts, chemicals and accessories in
38 states through 2,001 AutoZone stores as of May 9, 1998, plus 560 Chief
stores acquired June 29, 1998. AutoZone also sells heavy-duty truck parts
through 43 TruckPro stores in 14 states and automotive diagnostic and repair
software through ALLDATA.