Advance America announces appointment of chief financial officer, executive vice president, and member of the board of directors

Advance America, Cash Advance Centers, Inc. , announced today that its Board of Directors has appointed J. Patrick O’Shaughnessy as Chief Financial Officer and Executive Vice President of the Company. Mr. O’Shaughnessy also has been appointed to the Board of Directors of the Company.

Mr. O’Shaughnessy comes to Advance America from the investment banking industry, where he began his career 15 years ago. He was most recently a partner at Thomas Weisel Partners. Prior to joining Thomas Weisel, he spent much of his career at Donaldson, Lufkin & Jenrette and with Credit Suisse First Boston, where he remained after its acquisition of DLJ until 2002.

Mr. O’Shaughnessy has originated and executed transactions in mergers and acquisitions, equity and equity-linked securities and leveraged finance, with concentrated experience in the consumer and industrial services industries. Mr. O’Shaughnessy is a graduate of the University of Notre Dame and received his MBA from the University of Chicago Graduate School of Business.

“We are excited to add someone of Patrick’s experience and skill set to our executive team and to our Board of Directors,” commented Kenneth E. Compton, the Company’s Chief Executive Officer. “With his industry and transactional experiences, Patrick possesses a unique blend of skills to capture and enhance our stockholder value.”

Mr. O’Shaughnessy will replace John I. Hill who will be leaving the Company after serving as its Chief Financial Officer and Executive Vice President for the last five years. “We wish John the best in his future endeavors and greatly appreciate his contributions in helping to lead the
Company during the past five years, including through its initial public offering,” Mr. Compton
said. “We have experienced tremendous growth over that period and John was instrumental in
helping us establish a solid foundation upon which we are confident we will continue to build.”

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