Dairy Mart Convenience Stores, Inc. (AMEX:DMC) is pleased to announce the appointment of four executives to its new management team: Dale Fuller to Vice President, Administration and Retail Support Services, Jay Ross to Vice President, Marketing and Merchandising, and Dale Valvo to Vice President, Retail Operations.

The Company also promoted Gregg Budoi to Vice President Finance, Chief Financial Officer and Treasurer.

“As we move forward, I am very happy to have these high caliber executives as part of our management team,” said Gregory G. Landry, Dairy Mart President and CEO. “Each individual will benefit the Company greatly and contribute to our efforts in turning this Company around.”

Dale Fuller, of Shaker Heights, Ohio, joins Dairy Mart from Sherwood Promotions where he was Vice President of Operations. Prior to that, Fuller was Executive Vice President/Chief Administration Officer for Dairy Mart.

Fuller also served as President of Midial, parent company of the Original Cookie Company and Hot Sam Companies. During his 13-year tenure with Midial, Fuller directed the $150 million business with responsibility for 400-plus retail stores in 43 states.

Jay Ross, of Hiram, Ohio, joins the Company’s executive team after serving two years with Jo-Ann Stores. Prior to Jo-Ann’s, Ross served Dairy Mart as Vice President, Marketing and Merchandising.

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Ross has more than 28 years of merchandising experience with Revco D.S. Inc., a major drug store chain (which is now CVS). Ross formerly served as Vice President of Merchandising at Revco. He was a key member of the management team that transformed Revco into an industry leader.

Dale Valvo, of Richfield, Ohio, rejoined Dairy Mart’s new management team after a summer of consulting work with Twin Cities Stores of Minneapolis, Minnesota, which recently acquired Avanti Petroleum. He previously served as Vice President, Gasoline Operations and Store Development with Dairy Mart.

Prior to joining Dairy Mart, Valvo was General Manager Marketing-Southeast Business Unit for Fina Oil and Chemical Company. He was responsible for Fina’s Company-operated convenience stores along with the sale of all refined products produced by the Port Arthur Refinery. Valvo, who began his career with Exxon, also later served as President of Harken Marketing Company, a subsidiary of Harken Energy Corporation.

Dairy Mart announced the promotion of Gregg R. Budoi, of Westlake, Ohio, to Vice President Finance, Chief Financial Officer and Treasurer. Prior to his new role, Budoi served as the Company’s Treasurer.

Budoi joined Dairy Mart in 1997 as Manager Financial Analysis. Before joining Dairy Mart, he was Manager Treasury Operations for Figgie International, Inc.

Additional News

Dairy Mart has announced that Robert B. Stein, Jr., the Company’s former Chairman, President and CEO, has resigned from Dairy Mart’s Board of Directors, effective August 22, 2001.

Dairy Mart Convenience Stores, Inc. owns or operates approximately 546 retail stores in seven states located in the Midwest and Southeast. For more information, visit Dairy Mart’s web site at www.dairymart.com.