Raytech Corporation Slated to Join Russell 3000 Index

    SHELTON, Conn.--June 18, 2002--Raytech Corporation may join the Russell 3000(R) Index when the broad-market index is reconstituted June 30, according to a preliminary list of additions issued June 7 by Frank Russell Company.
    Index membership will go into effect July 1 and will remain in place for one year.
    "This is a great opportunity for Raytech to be recognized within the Russell 3000(R) Index," said Albert Canosa, President and Chief Executive Officer.
    Membership in Russell's 21 U.S. equity indexes is determined strictly by market capitalization rankings and style attributes rather than by subjective opinion or committee decisions. Russell indexes are widely used by managers for index funds and as benchmarks for both passive and active investment strategies. About $250 billion is invested in index funds based on Russell's indexes and an additional $850 billion is benchmarked to them. Investment managers who oversee these funds purchase shares of member stocks according to that company's weighting in the particular index.
    Annual reconstitution of the Russell indexes captures the 3,000 largest U.S. stocks as of the end of May, ranking them by total market capitalization to create the Russell 3000. The largest 1,000 companies in the ranking comprise the Russell 1000(R) Index while the remaining 2000 companies become the widely used Russell 2000(R) Index.
    Raytech Corporation is headquartered in Shelton, Connecticut, serves world markets for energy absorption, power transmission and custom-engineered components for automotive OEM, heavy duty on-and-off highway vehicles and aftermarket vehicular power transmission applications.
    Frank Russell Company, a global leader in multi-manager investment services, provides investment products and services in more than 35 countries. Russell manages $70 billion in assets and advises clients worldwide representing U.S. $1.8 trillion. Founded in 1936, Russell is a subsidiary of Northwestern Mutual and is headquartered in Tacoma, Washington, with additional offices in New York, Toronto, London, Paris, Singapore, Sydney, Auckland and Tokyo. For more information, go to www.russell.com.