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June 3, 2003

Garmin® Retires All of Its Long-Term Debt

CAYMAN ISLANDS/June 2, 2003/PR Newswire/ — Garmin Ltd. (Nasdaq: GRMN) announced today that its U.S. subsidiary, Garmin International Inc., has purchased all $20 million of its outstanding industrial revenue bonds issued in 2000 (City of Olathe, Kansas, Taxable Industrial Revenue Bonds, Garmin International Inc. Project, Series 2000). This action retires all of the long-term debt of Garmin Ltd. and its subsidiaries.

" The bond purchase is intended to re-deploy a portion of our cash and cash equivalents to increase overall profitability," said Kevin Rauckman, CFO and Treasurer of Garmin Ltd.

 

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

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 28, 2002 filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of Garmin's 2002 Form 10-K can be downloaded from www.garmin.com/aboutGarmin/invRelations/finReports.html.

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