Forbes Magazine Honors PACCAR Executive

April 30, 2004, Bellevue, Washington Forbes magazine (www.forbes.com) recently published its annual CEO pay-versus-performance review.  In the pay-versus-performance rankings, Forbes evaluated 194 CEOs who met the qualification criteria of a minimum of six-year tenure as chief executive.  The rankings were calculated by company stock performance (including dividends) versus peer companies and relative to the S&P 500 Index.  The final criterion was the executives compensation trends during the previous years.

The scores were combined and one of the following grades was assigned based on the executives and companys performance: A+, A, B, C, D, F.  The top ten best-performing CEOs were graded as A+ in the review.

Mark Pigott/PACCAR

A+

This is wonderful recognition for the company and is a direct reflection on the integrity and dedication of PACCARs 18,000 employees in providing superior performance to its customers, said Mark C. Pigott, chairman and chief executive officer.  It is pleasing to earn the grade of A+ for the second year in a row and to be included in such a distinguished group of CEOs in the top category.  PACCAR is celebrating its 99th year in 2004 and is committed to be a leader in the financial and transportation industry.

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.