Culp, Inc. Announces Election of New Independent Board Members At Annual Meeting of Shareholders.

Business Editors

HIGH POINT, N.C.--(BUSINESS WIRE)--Sept. 24, 2002

Culp, Inc. (NYSE:CFI) held its annual meeting of shareholders today in High Point, North Carolina. In the formal business conducted at the meeting, shareholders elected three directors to new three-year terms expiring with the 2005 annual meeting and one director to fill a vacancy with a term expiring in 2004. Franklin N. Saxon (50), executive vice president, chief financial officer, treasurer, and president of Culp Velvets/Prints division, was re-elected to a three-year term; and Harry R. Culp (50), formerly a director of the company from 1996 to 1999, was elected to a three-year term. The Company also added two new directors, Albert L. Prillaman (56), who will serve a three-year term, and Kenneth W. McAllister (53), who will fill the vacancy expiring in 2004.

Mr. Prillaman brings over 30 years of experience in the home furnishings industry to Culp. He currently serves as chairman and chief executive officer of Stanley Furniture Company, Inc. Mr. Prillaman began his career with Stanley in 1969 as a trainee and served in various human resource and marketing capacities before being named president in 1983 and chief executive officer in 1985. He currently serves on the board of directors of American Woodmark Corporation and the board of trustees of Roanoke College. Mr. Prillaman is chairman of the board of the American Furniture Manufacturers Association.

Mr. McAllister retired in 2001 as senior executive vice president and general counsel of Wachovia Corporation where he had overall responsibility for legal, audit, compliance, corporate communications, public policy, governmental affairs and security functions. He joined Wachovia in 1988 as general counsel and served in various senior management positions during his tenure. Prior to joining Wachovia he was in private law practice in High Point and served as United States Attorney for the Middle District of North Carolina from 1981-1986. He is currently chairman of the board of trustees of The Presbyterian Home of High Point, Inc. and a member of the board of governors of Presbyterian Homes, Inc. Mr. McAllister also serves on the Governor's Commission on Business Laws and Economy. He formerly served as director of the Piedmont Triad Airport Authority and was a member of the board of visitors of Wake Forest University School of Law and of the University of North Carolina at Chapel Hill.

"We are very pleased to have Albert Prillaman and Ken McAlister join our board," commented Robert G. Culp, III, chairman and chief executive officer of Culp, Inc. "We believe that one requirement to be a great company is to have an experienced and dedicated board of directors. The wide-ranging expertise and fresh perspective of these new independent directors will strengthen an already outstanding group of directors. We look forward to working together to execute Culp's strategy to build shareholder value."

Other directors of Culp, whose terms continue to future years, include: Robert G. Culp, III, Howard L. Dunn, H. Bruce English, Patrick B. Flavin and Patrick H. Norton. In other action at today's meeting, shareholders ratified the selection of KPMG LLP as independent auditors for the current fiscal year ending April 27, 2003, and approved the company's 2002 Stock Option Plan.

Culp, Inc. is one of the world's largest marketers of upholstery fabrics for furniture and mattress fabrics for bedding. The company's fabrics are used principally in the production of residential and commercial furniture and bedding products.