Rent-A-Center announced today that its wholly-owned subsidiary, Rent-A-Center East, Inc., has given notice to the trustee of its 11% Senior Subordinated Notes due 2008, Series D (the "11% Notes") that Rent-A-Center East, Inc. intends to optionally redeem all  in principal amount of its currently outstanding 11% Notes on August 15, 2003.

The redemption price of 105.5% of the principal amount of the 11% Notes remaining outstanding, with unpaid interest accrued to the redemption date, will be payable on August 15, 2003, the first date on which Rent-A-Center East, Inc. is permitted to optionally redeem the 11% Notes under the indenture. On and after August 15, 2003, interest will cease to accrue on the 11% Notes. The trustee of the 11% Notes will send out formal notice to the holders of the 11% Notes in accordance with the terms of the indenture. The trustee, The Bank of New York, will serve as the paying agent.

Rent-A-Center East, Inc. previously repurchased approximately $183,000,000 in principal amount of its 11% Notes pursuant to a debt tender offer that closed on May 6, 2003. On that same date, the Company issued a principal amount of $300,000,000 of a new series of 7 1/2 % Senior Subordinated Notes due 2010, a portion of the proceeds of which were used to repurchase the 11% Notes in the tender offer and will be used to redeem the outstanding 11% Notes on August 15, 2003.