Lowes Inks Contract Extension

CHARLOTTE, N.C. - Lowe's, primary sponsor of the No. 48 NASCAR Winston Cup Chevrolet, announced today it signed a five-year contract extension with car co-owners Rick Hendrick and Jeff Gordon. Hendrick Motorsports also extended the contracts of driver Jimmie Johnson and crew chief Chad Knaus, keeping what is already regarded as one of the best driver/crew chief combinations together for at least another five years.

"Jimmie's on-track performance over the past year has helped Lowe's become one of the most recognizable sponsors in NASCAR," said Dale Pond, Lowe's senior executive vice president of merchandising/marketing. "The team's performance, dedication and determination exemplify the team spirit Lowe's employees feel as they work together to serve our customers every day."

Under Knaus' direction on track, Johnson won three times during his rookie season, including a sweep at Dover International Speedway. He was the first rookie in Winston Cup history to lead the point standings and finished fifth in points for the season. This year, Johnson won The Winston all-star race at Lowe's Motor Speedway and is currently sixth in the points standings.

"The confidence and support of a great sponsor is an important part of our success on the track," said Johnson. "Chad, the entire No. 48 team, and I are proud to represent Lowe's, its employee-owners, and customers who have supported our team strongly from the very beginning."

In addition to sponsoring the No. 48 Lowe's Chevrolet Monte Carlo, the company also has naming rights to Lowe's Motor Speedway in Concord, N.C.

Last season, Johnson's on-track success translated into Team Lowe's Racing becoming one of NASCAR's largest fan clubs. Lowe's also ranked second in sponsorship exposure value compared to all other major NASCAR sponsors.

With fiscal year 2002 sales of $26.5 billion, Lowe's Companies, Inc. is a FORTUNE 100 company that serves approximately nine million customers a week at more than 875 home improvement stores in 45 states. In 2003, FORTUNE named Lowe's America's Most Admired Specialty Retailer, and Forbes ranks Lowe's among the nation's 25 fastest-growing big companies. Based in Wilkesboro, N.C., the 57-year old company is the second-largest home improvement retailer in the world. For more information, visit Lowes.com

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