OUTSTANDING ACCOMPLISHMENT: Randy is leader of Baird's Human Capital Services (HCS) group. This group actively covers the leading public staffing, Human Resources Consulting and e-Recruiting firms for investors and has been widely recognized for the superior breadth, depth and quality of the research product. Baird's Human Capital Services (HCS) group is consitently acknowledged for 'the best job' in this area'.

About Randy Mehl:

Mehl is the senior anlayst and leader of and joined in 1996. Prior to joining Baird, Randy was a senior business systems consultant at Accenture. He received a BS degree from Bowling Green University and an MBA from the University of Chicago. Mehl is also amember of the investment board of Baird Venture Partners.

Baird is an investment banking, asset management and private equity firm, headquartered in Milwaukee, Wisconsin, with operations in 17 states and four European countries. Established in 1919, it is majority-owned by Northwestern Mutual, with the remaining ownership belonging to its employees.

Baird has long focused on providing high-quality research, concentrated in selected power alleys. One of the strongest is its Human Capital Services (HCS) group, led by Randall A. Mehl, CFA. Key team members are Jon Langenfeld, Research Associate, and David Webb, Junior Research Analyst. Judith Scott, CFA, is a senior equity analyst who now works as part of the team in an advisory capacity. Brief bios of the group are attached below.

Human Capital Services principally combines the areas of 1) Human Capital Management, with its focus on the strategic issues of identification, recruitment, assessment, deployment and flow of talent in an organization, and 2) Administrative and Employee Services, with its focus on enhancing efficiency in the more tactical administrative process areas. Over time, the research team believes it is inevitable that these segments will converge in many ways, thus forming the genesis of Baird's holistic HCS approach. The group provides extensive industry and company information in its monthly email publication, the Baird HCS MAP. MAP is 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.

Companies actively under Baird coverage include the following: Administaff (ASF), ADP (ADP), Ceridian (CEN), Exult (EXLT)1, Hall Kinion (HAKI)1,2 , Heidrick & Struggles (HSII)1, Kforce (KFRC)1, Manpower, (MAN)3, On Assignment (ASGN)1, Paychex (PAYX)1, ProBusiness Services (PRBZ)1,4, RehabCare Group (RHB)2, Resources Connection (RECN)1,2, Robert Half International (RHI), Spherion (SFN), TALX Corp. (TALX)1,2, TMP Worldwide (TMPW)1 and Watson Wyatt (WW)2,Hewitt Associates Inc. (HEW).