SCHEDULE 14A
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                               UNITED NATIONAL BANCORP
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                (Name of Registrant as Specified In Its Charter)

                     COMMITTEE TO PRESERVE SHAREHOLDER VALUE
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(Name of Person (s) filing Proxy Statement, if other than the Registrant)

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                        UNITED NATIONAL BANCORP COMMITTEE
                          TO PRESERVE SHAREHOLDER VALUE
                                 100 Misty Lane
                                 P. O. Box 5430
                              Parsippany, NJ 07054
                              (973) 560-1400, X108

                                   May 2, 2003




DEAR FELLOW SHAREHOLDER:

On April 16, 2003,  Ryan Beck & Co. issued a research  report on United National
Bancorp. The following are excerpts from that report:


    o  1Q' 03 Results - Unacceptable Returns Continue as Expenses Jump.
    o  Operating trends remain disappointing, as core ROA last quarter was
       .80% while ROE was 8.7%.
    o  We are disappointed that core G & A expenses were up 21%
       annualized from 4 Q '02, excluding legal costs, versus an
       operating revenue decline of 16%, excluding securities gains.

In the Company's proxy statement, they admit that their performance in 2002 did
not meet their budget and that their return on equity, net interest margin, and
efficiency ratio was below their peers.


                            2002                     2002             2002
                            ROE                      NIM           Eff. Ratio
                            %                         %
         United            10.28                     4.02             61.18
         Peers             15.93                     4.20             56.67


For a more detailed analysis of the above information, including the Company
results for the respective ratios for 2000 and 2001, please see the Company's
proxy statement page 16.




     THE TIME FOR EXCUSES IS OVER. INDEPENDENCE IS EARNED THROUGH EXEMPLARY
                          PERFORMANCE AND NOT EXCUSES.


The Committee also agrees with the statement in the Ryan Beck & Co. research
report that

    o "[T]he bank is located in a terrific market area and its core deposit base
      should support an attractive acquisition price."

The Committee  believes that the Board, if the Board wants the Company to remain
independent,  must  reassess  the  strengths  and  capabilities  of the  present
management  team because,  in the Committee's  opinion,  the management team has
failed to deliver satisfactory financial results. In order to insure that such a
process is  professionally  and  thoroughly  conducted the Committee  needs each
shareholder  to cast his/her vote on the Green Proxy card for Harold  Schechter,
the Committee's Nominee.

The  Committee  believes that the five members of the Board of Directors who are
seeking  reelection have been  disqualified  from serving based on the Company's
by-laws.  The Committee  has sent a demand to the  Company's  counsel to declare
these  directors  ineligible.  The basis for this opinion is the  provisions  of
Section 2 of the Company's  By-Laws,  which stipulate that a person shall not be
"eligible  for election or  re-election  as a  director...if  he or she has been
found  to be in  violation  of any  rule  of any  administrative  agency."  [The
Company's  Proxy  Statement   admits  that  it  -  and  therefore  by  necessary
implication,  its Board of Directors - has violated the Rules promulgated by the
SEC.]

The  Committee's  sole objective is  maximization  of shareholder  value through
improved  financial  results  or through a sale at a  premium.  Your  support is
needed to accomplish these goals.

A copy of the Committee's Counsel Letter is available upon request from Lawrence
Seidman by calling him at (973) 560-1400, X108.


Very truly yours,

UNITED NATIONAL BANCORP COMMITTEE
TO PRESERVE SHAREHOLDER VALUE