http://www.rwbaird.com/content/rpts/HCSMAP.pdf

Robert W. Baird's Equity Research Department is pleased to provide you
with this edition of the HCS MAP, a monthly compendium of observations and
commentary regarding trends and developments in the Human Capital Services
industry, as well as a summary of the financial performance and valuation
multiples of the sector's leading companies.

We hope that you will find this a valuable reference tool and encourage
you to contact the members of the Baird Human Capital Services Research
Department (below) with your comments or additional information and
insight. To add names to our distribution list, please send us an e-mail
with your full name, company name, mailing address, telephone and fax
numbers to hcm@rwbaird.com<mailto:hcm@rwbaird.com> or contact Cindy Plucinski by telephone at
(414) 298-1706.

You will need Adobe Acrobat Reader to view the referenced file. If you do
not have Adobe Acrobat Reader installed on your PC you can download the
program free of charge at http://www.adobe.com.

Mark S. Marcon, CFA
Senior Research Analyst, Director
Phone: (414) 298-7556
Fax: (414) 765-3590
mmarcon@rwbaird.com

Jeffrey P. Meuler
Research Associate
Phone:(414) 298-7694
Fax: (414) 765-3590
jmeuler@rwbaird.com

Patrick R. Abeln
Research Analyst
Phone: (414) 765.3589
Fax: (414) 765-3590
pabeln@rwbaird.com

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