U.S. Retail 85% Mexico / Other 3% In the Zone Letter to Shareholders Page 9 CEO Steve Odland highlights the accomplishments of Fiscal 2003 and discusses the tremendous growth potential inherent in the industry. 1 Gro wth Priority: U.S. Retail Page 12 With record $4.6 billion in sales and 3,219 stores across the United States, AutoZone is the clear leader in the growing do-it-yourself automotive aftermarket. 2 Gro wth Priority: AZ Commercial Page 14 With 27% same store sales growth in Fiscal 2003, AZ Commercial is beginning to show its growth potential—offering professional automotive technicians more full service vehicle solutions. Gro wth Priority: AutoZone de Mexico Page 16 With 49 stores primarily along the U.S. border, Mexico is proving to be a country with solid long-term growth potential for our unique AutoZone store format. 3 The Financial Performance Zone Page 17 We’re passionate value creators. Growth Component 3 1 AZ Commercial 12% 2 3,219 U.S. Stores Across All 48 Continental United States 49 Mexico Stores Across 6 Mexican States ®