Meadowcraft, Inc. Included in the Russell 2000 Index and Russell 3000 Index

Business Wire, July 22, 1998

BIRMINGHAM, Ala.--(BUSINESS WIRE)--July 22, 1998--Meadowcraft, Inc. (NYSE:MWI) announced that the Company has been included in the Russell 2000 Index and the Russell 3000 Index.

To maintain indexes that are truly representative of the U.S. equity market, Frank Russell Company of Tacoma, Washington annually rebalances the Russell family of indexes. Each year on May 31, Russell ranks the 3,000 largest U.S. stocks by market capitalization.

After the initial list of 3,000 eligible participants is determined, the shares outstanding for each company are adjusted for corporate cross-ownership and large private holdings. Therefore, the Russell Indexes include only the investable portion of the universe--that segment in which investors can freely transact shares.

The Russell Indexes serve as benchmarks against which money managers and mutual funds can be evaluated. More than $100 billion is invested in index funds that use the Russell Indexes as their model.

Russell's index additions and deletions are determined by calculating the largest 3,000 companies in the U.S. stock market as ranked by market capitalization on May 31 each year. The Russell 3000 Index comprises all 3,000 companies in the updated ranking. The large cap Russell 1000 Index is made up of the top 1,000 companies in the ranking, while the small cap Russell 2000 Index includes remaining 2,000 companies.

Meadowcraft, Inc. launched its initial public offering and listed on the New York Stock Exchange on November 25, 1997.

Meadowcraft, Inc. is the largest domestic producer of casual outdoor furniture and is also the largest manufacturer of wrought iron furniture in the world. The Company designs, manufactures, and distributes a variety of consumer products, including outdoor and indoor furniture and accessories, outdoor cushions and umbrellas, and garden products.

CONTACT: Meadowcraft Inc., Birmingham

Amanda L. McCanna, 205/715-4325