HINT Hill Intl (MM)

William Blair & Company initiated research coverage of Hill International, Inc. (Nasdaq: HINT) ($13.22), a provider of project management and consulting services related to construction activity, with an Outperform rating and an Aggressive Growth company profile. Analyst Timothy McHugh estimated that the company would earn $0.43 per share in 2007, $0.54 in 2008, and $0.65 per share in 2009. �With one of the largest construction management operations in the Middle East, a growing market share in the United States, and a highly regarded construction consulting business, Hill International is well positioned to capitalize on growing demand for construction management services, in our opinion,� McHugh said. �We also believe there is a significant opportunity for the company to expand into new geographies and segments of the construction industry during the next few years through a combination of organic and acquired growth.� �Hill International possesses many of the investment characteristics that we look for in a professional services company,� McHugh continued. �The long-term nature of the company�s project management contracts gives management strong visibility into future revenue growth. The low capital intensity of the company�s services also yields solid free cash flow and strong returns on capital. Lastly, Hill International has a strong balance sheet and is led by an experienced management team.� William Blair & Company, L.L.C. has received compensation for investment banking services from the company within the past 12 months, or expects to receive or intends to seek compensation for investment banking services in the next 3 months. William Blair & Company, L.L.C. is a market maker in the security of this company and may have a long or short position. William Blair & Company, L.L.C. (www.williamblair.com) is a Chicago-based investment firm offering investment banking, asset management, equity research, institutional and private brokerage, and private capital to individual, institutional, and issuing clients. Since 1935, we have been committed to helping clients achieve their financial objectives. As an independent, employee-owned firm, our philosophy is to serve our clients' interests first and foremost. For important disclosures and information regarding the firm�s rating system, valuation methods and potential conflicts of interest, please visit: http://www.williamblair.com/Pages/news_story_dept.asp?uid=1310&depID=4 Additional information is available upon request.