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July 31 , 2002

Garmin® Shareholders Announce Execution of Rule 10b5-1 Selling Programs

CAYMAN ISLANDS/July 31, 2002 / PRNewswire – Garmin Ltd. (Nasdaq: GRMN) today announced that the Gary L. Burrell 2000 Grantor Retained Annuity Trust, the Judith M. Burrell 2000 Grantor Retained Annuity Trust, and Ruey-Jeng Kao, a member of the company’s board of directors, have established structured, prearranged trading plans to sell a small portion of their shares in the company over a designated period in accordance with Rule 10b5-1 of the Securities and Exchange Commission.

Jonathan C. Burrell, as trustee, has executed a Rule 10b5-1 selling program for the Gary L. Burrell 2000 Grantor Retained Annuity Trust ("Gary Burrell GRAT") and the Judith M. Burrell 2000 Grantor Retained Annuity Trust ("Judith Burrell GRAT"). Under the plan, Jonathan Burrell has proposed to sell up to 1,000,000 shares of Garmin Ltd. over a 7-month period between September 1, 2002 and April 1, 2003. To the extent practicable, an equal number of shares shall be sold from the Gary Burrell GRAT and the Judith Burrell GRAT. As of today, the Gary Burrell GRAT owns 2,491,707 shares and the Judith Burrell GRAT owns 2,491,707 shares. Gary L. Burrell beneficially owns 16,884,165 shares and Judith M. Burrell beneficially owns 508,425 shares. The selling program is designed by the trustee to raise sufficient proceeds to enable the GRATs to distribute cash when making the GRATs’ annual annuity distributions to the Burrells.

Additionally, Ruey-Jeng Kao has executed a Rule 10b5-1 selling program that will allow for the sale of up to 1,000,000 shares of Garmin Ltd. over a 12-month period commencing in September 2002. The selling program is part of Mr. Kao’s ongoing personal program for asset diversification. Mr. Kao currently owns 8,902,481 shares of Garmin Ltd.

The company’s board of directors approved both Rule 10b5-1 selling programs.

"The concept of Rule 10b5-1 will prove beneficial to Garmin and its shareholders in the future," said Andrew Etkind, general counsel and secretary of Garmin Ltd. "The implementation of a personalized Rule 10b5-1 structured trading program will allow significant shareholders to sell shares without creating unnecessary volatility in Garmin stock. It will also create a larger public float for our stock, as more significant shareholders consider selling a portion of their shares in the future. Garmin's three insider directors, together with their spouses, children and trusts established by them, currently own approximately 54 million shares of Garmin or approximately 50% of the company's outstanding shares. The dispositions under the above selling programs will constitute approximately 1.9% of the outstanding shares."

Rule 10b5-1 allows corporate insiders to establish a prearranged written plan to buy or sell a specified number of company shares at a time when they are not in possession of material inside information in order to gradually change their investment portfolio, to minimize the market effect of share sales or purchases by spreading them out over an extended period of time, and to avoid concerns about initiating transactions while in possession of material nonpublic information.

Notice on forward-looking statements:
This release includes projections and other forward-looking statements regarding Garmin Ltd. and its business. Any statements regarding the company’s future financial position, revenues, earnings, product introductions, plans and objectives are forward-looking statements. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of risk factors affecting Garmin. Information concerning risk factors that could affect Garmin's actual results is contained in the Annual Report on Form 10-K for the year ended December 29, 2001 filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of Garmin's 2001 Form 10-K can be downloaded from http://www.garmin.com/aboutGarmin/invRelations/finReports.html.

Through its operating subsidiaries, Garmin Ltd. designs, manufactures, and markets navigation, communications and information devices, most of which are enabled by GPS technology. Garmin is a leader in the general aviation and consumer markets and its products serve aviation, marine, general recreation, automotive, wireless and OEM applications. Garmin Ltd. is incorporated in the Cayman Islands, and its principal subsidiaries are located in the United States, Taiwan and United Kingdom. For more information, visit the investor relations site of Garmin Ltd. at www.garmin.com or contact the Investor Relations department at 913-397-8200.

 
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