Concord EFS Announces Stock Repurchase Plan; Board Authorizes Repurchase of up to $250 million of Concord's Common Stock.

Business Editors

MEMPHIS, Tenn.--(BUSINESS WIRE)--Aug. 5, 2002

Concord EFS, Inc. (Nasdaq:CEFT), a leading electronic commerce provider, today announced that its Board of Directors has approved the repurchase of up to $250 million of Concord's common stock. Under the repurchase plan, Concord may buy back shares of its outstanding stock from time to time either on the open market or through privately negotiated transactions.

Commenting on the repurchase plan, Dan M. Palmer, Concord chairman and CEO, said, "We believe that current general market conditions and the present market valuation of our stock makes our stock an attractive investment for Concord."

The timing of any purchases and the number of shares to be purchased will depend on a number of factors, including management's assessment of market conditions. The stock repurchase program does not include specific price targets or timetable and may be suspended or terminated at any time.

Concord is a leading vertically integrated electronic transaction processor, providing transaction authorization, data capture, settlement and funds transfer services to financial institutions, supermarkets, petroleum retailers, convenience stores, restaurants, and other independent retailers. Concord's primary activities include Network Services, providing ATM driving, PIN-secured and signature debit card processing, deposit risk management, and STAR(SM) network access to the financial services industry; and Payment Services, providing credit, debit, check authorization, and electronic benefits transfer processing services to selected retail segments.

This release may contain or incorporate by reference forward-looking statements made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any such statements are not guarantees of future performance and involve risks, uncertainties, and other factors which may cause our actual performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by those statements. Concord undertakes no obligation to publicly update or revise any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, or changes to future results over time. See the cautionary statements included as Exhibit 99.2 to our Annual Report on Form 10-K filed on February 26, 2002 for a more detailed discussion of certain of the factors that could cause our actual results to differ materially from those included in the forward-looking statements.