Universal Technical Institute Announces Pricing of Initial Public Offering of Common Stock

PHOENIX, Dec. 17, 2003 -- Universal Technical Institute, Inc. announced today that its initial public offering of 7,500,000 shares of common stock has been priced at $20.50 per share. The common stock will be listed on the New York Stock Exchange under the symbol "UTI" and is expected to begin trading today.

Universal Technical Institute, Inc. has agreed to sell 3,250,000 shares and selling stockholders have agreed to sell 4,250,000 shares. The underwriters have been granted the option to purchase up to an additional 1,125,000 shares from the selling stockholders to cover over-allotments, if any. Universal Technical Institute, Inc. will not receive any of the proceeds from the shares of common stock sold by the selling stockholders. The Company intends to use net proceeds from the offering to repay outstanding indebtedness, to pay all accrued dividends on and redeem a portion of the shares of the outstanding preferred stock, and for general corporate purposes.

Credit Suisse First Boston acted as lead manager for the offering and the co-managers were Banc of America Securities LLC, Jefferies & Company, Inc., Thomas Weisel Partners LLC, SunTrust Robinson Humphrey and ThinkEquity Partners LLP. A copy of the written prospectus related to this offering may be obtained from Credit Suisse First Boston LLC, Prospectus Department, One Madison Avenue, New York, NY 10010 (telephone no. 212-325-2580).

A registration statement relating to these securities was filed and declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

About Universal Technical Institute

Universal Technical Institute, Inc. provides technical education training in automotive, diesel, collision repair and refinishing, motorcycle, marine and personal watercraft technologies.