Universal Technical Institute, Inc. Announces Closing of Initial Public Offering and Exercise of Underwriters' Over-Allotment Option

PHOENIX, Dec. 22, 2003 -- Universal Technical Institute, Inc. announced today the closing of its initial public offering of 7,500,000 shares of common stock at a price of $20.50 per share. The Company also announced that the underwriters of its initial public offering have exercised their over-allotment option to purchase an additional 1,125,000 shares of common stock from selling stockholders.

Of the total shares sold in the offering, 3,250,000 shares were sold by the Company, and 5,375,000 shares were sold by certain selling stockholders. The Company will not receive any of the proceeds from the sale of common shares by the selling stockholders, including those associated with the over- allotment. Net proceeds from the offering of approximately $60.1 million, less underwriting discounts and estimated expenses, will be used by the Company 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.