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FOR IMMEDIATE RELEASE

August 7, 2007
Contact: Tom Hardiman
Modular Building Institute
888-811-3288 x208 toll-free

Modular Building Industry Shows Strong Results in Second Quarter

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 second quarter 2007 survey was the fifth MBI/Baird joint quarterly survey and provides data on both manufacturers and dealers. Highlights are:

*Dealers reported 16% leasing revenue growth during the June quarter. Growth was driven by 18% fleet growth and a 6% increase in rental rates. Utilization rates, however, declined 100-150 bps on average during the quarter.

*Dealers' responses suggest a 10% increase in unit sales revenue.

*Manufacturers suggest an 11% increase in revenue during the June quarter.

*Manufacturers forecast 7% revenue growth in the coming twelve months.

*Dealers forecast +10% leasing revenue growth and +7% unit sales revenue growth.

*Dealers forecast fleet spending will increase 11% compared to the prior twelve months.

*Manufacturers produced 9% more floors than a year ago.

*Manufacturers reported that lead times approximated eleven weeks as of March.

"This survey shows continued growth expectations for our industry in the remainder of 2007," said MBI Executive Director, Tom Hardiman. "The results reflect continuing demand for accelerated business solutions in the education, healthcare, retail and general office markets."

About MBI
Founded in 1983, the Modular Building Institute is the only, international, non-profit trade association serving non-residential modular construction. Our regular membership includes wholesale manufacturers, direct manufacturers, and dealers of commercial modular buildings, while our associate members are companies supplying building components, services, and financing to the industry. It is MBI's mission to grow the industry and its capabilities by encouraging innovation, quality, and professionalism through communication, education, and recognition. MBI also administers an educational foundation. For more information, visit 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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