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United Capital Corp. Announces Two-For-One Stock Split

GREAT NECK, N.Y.--Aug. 5, 2003--United Capital Corp. (ASE:AFP) today announced that the company's Board of Directors has unanimously approved a two-for-one split of the company's Common Stock. Shareholders of record as of the close of business August 15, 2003 will receive one additional share of Common Stock for each share owned on that date in the form of a stock dividend. Certificates representing the additional Common Shares will be distributed on or about August 29, 2003.

The effect of the stock split will be to increase the number of outstanding shares of the company from approximately 4.55 million to approximately 9.1 million shares.

The Board's action follows an amendment to the company's Articles of Incorporation, approved by a majority of shareholders, which increased the number of authorized common shares from 7.5 million to 17.5 million shares.

A.F. Petrocelli, Chairman of United Capital Corp., noted that, "This stock split should lead to wider ownership and improved liquidity for all shareholders."

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.