Universal Technical Institute, Inc. to Arrange New $30 Million Credit Facility

Annual Savings of Approximately $400,000 Expected

PHOENIX, Oct. 5 -- Universal Technical Institute, Inc. , a provider of technical education training, today announced that it terminated its $30.0 million credit facility with Heller Financial, Inc., effective September 30, 2004. At the time of the termination, the Company had no outstanding borrowings under the credit facility. The credit facility had been used to secure a letter of credit in favor of the Department of Education related to the Company's Title IV funding eligibility. UTI plans to secure this existing letter of credit with cash until its expiration or replacement in November 2004.

UTI anticipates securing a lower-cost credit facility with Wells Fargo Bank. UTI also plans to issue a replacement letter of credit to the Department of Education under the new facility prior to the November expiration of the current letter of credit.

The change in lenders will result in a one-time, fourth quarter charge of approximately $400,000 related to the write-off of unauthorized deferred financing costs, prepaid loan administration fees and legal costs. UTI announced that it expects to realize approximately $400,000 in annual interest cost savings under the new credit facility.

About Universal Technical Institute

Universal Technical Institute, Inc. is a provider of technical education training for students seeking careers as professional automotive, diesel, collision repair, motorcycle and marine technicians. The company offers undergraduate degree, diploma and certificate programs at eight campuses across the United States, and manufacturer-sponsored advanced programs at 22 dedicated training centers. Through its campus-based school system, Universal Technical Institute, Inc. offers specialized technical education programs under the banner of several well-known brands, including Universal Technical Institute (UTI), Motorcycle Mechanics Institute and Marine Mechanics Institute (MMI) and NASCAR Technical Institute (NTI). For more information, visit www.uticorp.com.