ASV Slated to Join Russell 3000 Index

    GRAND RAPIDS, Minn.--June 17, 2003--ASV, Inc. announced today it will join the Russell 3000(R) Index when the broad-market index is reconstituted June 30, according to a preliminary list of additions issued by Frank Russell Company. Index membership will go into effect July 1 and will remain in place for one year. Membership in the Russell 3000 means automatic inclusion in either the large-cap Russell 1000(R) Index or small-cap Russell 2000(R) Index. ASV believes it will be included in the Russell 2000(R) Index.
    "We are pleased to have ASV included in the Russell indexes and believe this may help increase our Company's exposure in the investment community," said ASV President Gary Lemke. "It is gratifying when others take notice of the success we have been experiencing."
    ASV recently announced it had increased its outlook for expected sales and earnings for fiscal 2003. ASV raised its expected sales to the range of $65-72 million for the twelve months ending December 31, 2003. ASV also raised its expected earnings to the range of $.43-.49 per diluted share for the twelve months ending December 31, 2003. ASV's previously announced ranges for net sales had been $57-65 million for fiscal 2003 and earnings per share of $.33-.43 per diluted share for fiscal 2003.
    Membership in Russell's 21 U.S. equity indexes is determined primarily by market capitalization rankings and style attributes. 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 Index while the remaining 2,000 companies become the widely used Russell 2000 Index.

    About ASV

    ASV designs, manufactures and sells all-purpose crawlers and related accessories and attachments. ASV also manufactures rubber track undercarriages which are a primary component on Caterpillar's Multi Terrain Loaders. With its patented undercarriage technology, ASV leads all rubber-tracked, all-purpose crawlers in technology and innovation. ASV's products are able to traverse nearly any terrain with minimal damage to the ground, making it effective in industries such as construction, landscaping and agriculture. For more information, visit ASV's website at www.asvi.com.

    About Russell

    Russell, global leaders in multi-manager investment services, provides investment products and services in more than 35 countries. Russell manages $67 billion in assets and advises clients worldwide representing $1.6 trillion. Founded in 1936, Russell is a subsidiary of Northwestern Mutual and is headquartered in Tacoma, Wash., with additional offices in New York, Toronto, London, Paris, Singapore, Sydney, Auckland and Tokyo. For more information, go to www.russell.com.

    Note: The statements set forth above regarding ASV's future expected sales and earnings levels are forward-looking statements based on current expectations and assumptions, and entail various risks and uncertainties that could cause actual results to differ materially from those expressed in such forward-looking statements. Certain factors may affect whether these anticipated events occur including ASV's ability to successfully manufacture the machines, unanticipated delays, costs or other difficulties in the manufacture of the machines, market acceptance of the machines, deterioration of the general market and economic conditions, corporate developments at ASV or Caterpillar and ASV's ability to realize the anticipated benefits from its relationships with Caterpillar. Any forward-looking statements provided from time-to-time by the Company represent only management's then-best current estimate of future results or trends. Additional information regarding these risk factors and uncertainties is detailed from time to time in the Company's SEC filings, including but not limited to, its report on Form 10-Q for the period ended June 30, 2002.