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Rainier Research Initiates Coverage of RV Industry

PORTLAND, Ore., February 28, 2002 - Since the middle of 2000, the
recreational vehicle industry has been mired in a slowdown that was much
longer and deeper than most analysts had expected.  Beginning in late 2001,
the industry began to show signs of life with increased order activity,
lower dealer inventories and strengthening retail demand, according to Jeff
Tryka, senior equity analyst with Portland, Ore.-based Rainier Research.

Rainier Research initiated coverage yesterday on four stocks it considers
representative of the RV industry, including Coachman Industries, Inc.
, Monaco Coach Corp. , National RV Holdings, Inc.
and Spartan Motors, Inc. .  

According to Tryka, there are several positive factors investors should
consider about the RV industry including:

* Strong Demographic Trends: The RV industry is looking forward to a
potential boom over the next decade, as the "baby boom" generation reaches
its peak RV buying age of 55.
* Changing Cultural Demands: In the wake of the events of Sept. 11, a
greater number of Americans are looking for alternate vacations that allow
them to spend more time with family and friends.  This could lead to
increased sales and rentals of RVs over the next few years.
* Positive Industry Trends:  During the low points of the most recent
economic downturn, many RV manufacturers were plagued with high inventories
at the dealer level.  At the beginning of 2002, dealers have already worked
through much of their excess inventory.  This could lead to a healthier
recovery as dealers are forced to meet increasing retail demand.

"Although we have seen signs of significant improvement and long-term growth
prospects for the industry, we could still see some bumps in the road.
Shaky consumer confidence and capacity issues with some manufacturers could
act to slow the recovery," said Tryka. "However, we are confident that the
road for the RV industry over the long term is very positive."

About Us
Portland, Ore.-based Rainier Research Inc. (www.rainierresearch.com)
identifies attractive small-cap equities for its institutional investor
clients.  The firm provides clients with timely, independent views on
investment ideas in the underserved small cap market.  Rainier is neither an
underwriter nor a market maker, and the company and its employees are
prohibited from owning shares in any company with a market capitalization
under $3 billion. Its primary business is independent, unbiased,
institutional-quality research.  Rainier Research has no financial ties to
any of the companies under coverage.  For additional information contact the
firm at info@rainierresearch.com or call 503.546.7400.
Email: info@rainierresearch.com