United Capital Corp. to be Added to Russell 3000 Index

    GREAT NECK, N.Y.--June 18, 2003--United Capital Corp. (ASE:AFP) today announced that it will join the Russell 3000(R) Index when the broad market index is reconstituted June 30, according to a preliminary list 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(R) means automatic inclusion in either the large-cap Russell 1000 (R) Index or small-cap Russell 2000(R) Index.
    "United Capital Corp. is pleased to be named to the Russell Indexes. Inclusion in these indexes is clear recognition of our accomplishments and will broaden the investment community's awareness of our Company" noted A.F. Petrocelli, Chairman, President and CEO of United Capital Corp.
    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(R). The largest 1,000 companies in the ranking comprise the Russell 1000(R) Index while the remaining 2,000 companies become the widely used Russell 2000(R) Index.
    The final membership lists for the Russell 1000(R), 2000(R), and 3000(R) indexes will be issued by Frank Russell Company on July 9.

    United Capital Corp. owns and manages real estate and through subsidiaries, provides engineered products to industrial and automotive markets worldwide.

    Certain statements in this press release and other statements made by the Company or its representatives that are not strictly historical facts are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 that should be considered as subject to the many risks and uncertainties that exist in the Company's operations and business environment. The forward-looking statements are based on current expectations and involve a number of known and unknown risks and uncertainties that could cause the actual results, performance and/or achievements of the Company to differ materially from any future results, performance or achievements, expressed or implied, by the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, and that in light of the significant uncertainties inherent in forward-looking statements, the inclusion of such statements should not be regarded as a representation by the Company or any other person that the objectives or plans of the Company will be achieved. The Company also assumes no obligation to publicly update or revise its forward-looking statements or to advise of changes in the assumptions and factors on which they are based. See our 2002 Annual Report on Form 10-K for a discussion of risk factors that could impact our future financial performance and/or cause actual results to differ significantly from those expressed or implied by such statements.