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FOR IMMEDIATE RELEASE

May 17, 2007
Contact: Tom Hardiman
Modular Building Institute
888-811-3288 x208 toll-free

1Q 2007 MBI/Baird Joint Survey Forecasts Ongoing Growth for Commercial Modular Dealers and Manufacturers

Charlottesville, VA - The Modular Building Institute (MBI) has partnered with Robert W. Baird & Co. (Baird) for the purpose of preparing joint industry surveys on the commercial modular construction market. The first quarter 2007 survey results have been released and confirm that companies engaged in the commercial modular construction industry, both dealers and manufacturers, expect strong results for all of 2007.

The first quarter survey was the fourth MBI/Baird joint quarterly survey and provides data on both manufacturers and dealers. Highlights are:

*Dealers reported 14% leasing revenue growth during the quarter, based on a weighted average, driven by 10.8% fleet growth, a 2% increase in rental rates, and a 0-.5% improvement in utilization

*Manufacturers continue to forecast low-double-digit revenue growth in the coming twelve months

*Dealers forecast 13% leasing revenue growth

*Dealers forecast fleet spending will increase 8% in the coming year

"We are very pleased with the expected growth in the upcoming year as an ongoing trend for this industry and in continuation of double-digit growth rates for all of 2006," said MBI Executive Director, Tom Hardiman. "The industry's results reflect a growing demand for modular construction solutions in top markets which include school construction, health care, general office and retail."

About MBI

Founded in 1983, the Modular Building Institute is an international nonprofit trade association representing commercial modular building manufacturers and distributors with membership in over 850 locations and 15 countries including the United States, Australia, Belgium, Canada, Chile, Denmark, France, Germany, Hungary, Japan, Mexico, the Netherlands, Peru, Poland, and the United Kingdom. Members serve seven primary markets: general office, education, retail, healthcare, government, security, and construction-site. For more information, visit www.modular.org.

About Baird

Baird, established in 1919, is an employee-owned, international wealth management, capital markets, private equity and asset management firm with offices in the United States, Europe and Asia. Baird's principal operating subsidiaries are Robert W. Baird & Co. in the United States and Robert W. Baird Group Ltd. in Europe. Baird also has an operating subsidiary in Asia supporting Baird's private equity operations.

Robert W. Baird & Co. is a member of the New York Stock Exchange and other principal exchanges and the Securities Investor Protection Corporation (SIPC). Robert W. Baird Ltd. and Baird Capital Partners Europe are authorized and regulated in the United Kingdom by the Financial Services Authority.

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