Advance Auto Parts, Subsidiary Face Asbestos Lawsuits ----------------------------------------------------- Published November 29, 2002 Advance Auto Parts Inc's Western Auto subsidiary, together with other defendants including automobile manufacturers, automotive parts manufacturers and other retailers, has been named as a defendant in lawsuits alleging injury as a result of exposure to asbestos-containing products. Together with Discount and Parts America, Advance also has been named as defendants in many of these lawsuits. The plaintiffs have alleged that these products were manufactured, distributed and/or sold by the various defendants. To date, these products have included brake and clutch parts and roofing materials. The number of cases in which the Company or one of its subsidiaries has been named as a defendant has increased in the past year. Many of the cases pending against them were filed recently and are in the early stages of litigation. The damages claimed against the defendants in some of these proceedings are substantial. Additionally, some of the automotive parts manufacturers that are named as defendants in these lawsuits have declared bankruptcy, which will limit plaintiffs' ability to recover monetary damages from those defendants. Advance Auto Parts believes it has valid defenses against these claims. It also believes that most of these claims are at least partially covered by insurance. Based on discovery to date, it does not believe the cases currently pending will have a material adverse effect on it. However, if it were to incur an adverse verdict in one or more of these claims and ordered to pay damages that were not covered by insurance, these claims could have a material adverse affect on its operating results, financial position and liquidity. If the number of claims filed against it or any of its subsidiaries alleging injury as a result of exposure to asbestos-containing products increases substantially, the costs associated with concluding these claims, including damages resulting from any adverse verdicts, could have a material adverse effect on our operating results, financial position and liquidity in future periods. COMPANY PROFILE Advance Auto Parts, Inc. (NYSE: AAP) 5673 Airport Rd. NW Roanoke, VA 24012 Phone: 540-362-4911 Fax: 540-561-1448 http://www.advance-auto.com Employees : 25,736 Revenue : $ 2,517,600,000 Net Income : $ 11,400,000 Assets : $ 1,950,600,000 Liabilities : $ 1,662,000,000 (As of December 31, 2001) Description: Advance Auto Parts (formerly Advance Holding) is now the #2 chain (AutoZone is #1) after its 1998 acquisition of Sears, Roebuck's Western Auto Supply and its 2001 purchase of Discount Auto Parts, Advance operates more than 2,400 stores under the Advance Auto Parts, Western Auto, and Discount Auto names in more than 35 states. It also sells merchandise through about 470 independently owned Western Auto stores in about 45 states. Advance runs online auto parts seller PartsAmerica.com with partner CSK Auto. The company is buying 55 Trak Auto Parts stores. Sears, Roebuck is selling its 24% share in Advance Auto Parts. ----------------------------------------------------------- LitigationDataSource.com