Caterpillar Exercises Shares of ASV Stock

Caterpillar Inc. (Peoria, IL) has exercised its warrant for the purchase of 1,040,069 shares of ASV Inc. common stock at $21 per share. The shares were subject to an acceleration notice issued by ASV on October 21, 2003.

Caterpillar was required to either purchase the shares or lose the opportunity to acquire the shares under the warrant. A total of 8,727,058 shares remain subject to the warrant, with 2,053,426 shares subject to an acceleration notice issued November 12, 2003. Following the exercise, Caterpillar owns 2,640,069 shares, or 21.8% of the outstanding common stock of ASV.