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Sears, Roebuck and Co. (NYSE: S) today announced it has entered into a definitive agreement to sell its National Tire & Battery (NTB) business to TBC Corporation (NASDAQ: TBCC) for total cash consideration of approximately $260 million. The cash consideration includes $35 million for assets TBC is acquiring as part of the transaction, which is expected to close in the fourth quarter of 2003, subject to customary regulatory review and closing conditions.

Sears expects to recognize a pretax gain in the range of $50 million to $100 million, which will be finalized upon closing. Proceeds from the transaction are intended to be used for general corporate purposes.

"This transaction is a further refinement of Sears' focus on our core business strategy," said Alan J. Lacy, Sears chairman and chief executive officer. "We believe this sale is in the best interests of Sears and its customers. National Tire & Battery will benefit from being a part of the broader 900-store TBC network."

Upon completion of the transaction, substantially all of the approximately 3,500 employees of NTB will become employees of TBC. National Tire & Battery operates 226 locations nationwide and currently generates annual revenues in excess of $425 million.

About Sears

Sears, Roebuck and Co. is a broadline retailer with significant service and credit businesses. In 2002, the company's revenue was $41.4 billion. The company offers its wide range of apparel, home and automotive products and services to families in the U.S. through Sears stores nationwide, including approximately 870 full-line stores. Sears also offers a variety of merchandise and services through its Web sites, sears.com and landsend.com, and a variety of specialty catalogs.

Forward-Looking Statements

This press release contains forward-looking statements about Sears' expectations regarding the sale of its National Tire & Battery business, including statements concerning expected benefits to Sears and the timing of closing of the transaction. These forward-looking statements are based on assumptions about the future that are subject to risks and uncertainties, and actual results may differ materially from the results projected in the forward looking statements. Risks and uncertainties include the possibility that the transaction does not close, that the companies may be required to modify aspects of the transaction in order to achieve regulatory approval or other factors outside the control of Sears and TBC. The company intends these forward-looking statements to speak only as of the time of this release and does not undertake to update or revise them, as more information becomes available.

SOURCE: Sears, Roebuck and Co.

CONTACT: Media, Edgar P. McDougal, +1-847-286-9669, or investors, Pam
White, +1-847-286-1468, both of Sears, Roebuck and Co.

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