Page 1 2

Commercial Babcock was acquired by J.B. Poindexter & Co in December, 2004. Commercial Babcock's product line and market position are a strong complement to Morgan, the leading U.S. manufacturer and marketer of medium-duty truck bodies. Commercial Babcock provides Morgan with a leading brand and expands the company's manufacturing and marketing presence into the Canadian market. Morgan and Commercial Babcock will work closely together to serve the truck body needs of North America.