A True Partner in Northern California

Since opening our first Northern California office in San Francisco, we’ve found local investors, their families and area businesses value Baird’s client-first culture and financially conservative philosophy. We have since expanded to five offices in the region, with more than 100 employees serving clients in many of Baird’s major business units:

• Private • Equity Sales and Trading “California is a vital • Equity Research • Fixed Income Sales and Trading part of our strategic • growth strategy. Our Over the past seven years, Baird has become a trusted partner to thousands of individual, clients want and institutional, corporate and municipal clients throughout Northern California. need us here. More importantly, it’s a Invested in Our Community great cultural fit and a place where we want At Baird we believe in giving back to the communities we serve because we also call them home. to be long-term.” Our Northern California employees donate generously of their time, talents and resources to organizations including: • Stanford Women’s Cancer Center • GLIDE • Second Harvest Food in San Carlos • Soil Born Farms • Treat ‘Em Like a King Foundation • Sacramento and California Departments • Sacramento Habitat for Humanity of Parks and Recreation

Baird has sought to encourage philanthropy in California through “Creating Social Impact,” a first- of-its-kind forum that brought together local entrepreneurs with established corporate philanthropists, – Paul Purcell, nonprofits and experts in corporate giving. We are also the title sponsor of Gentry magazine’s Baird Chairman, Philanthropy issue, which celebrates the Top 50 Bay Area philanthropists making transformative President & CEO contributions to Northern California and around the world. Baird Facts Baird’s independence and employee ownership give us the freedom to focus on what we believe is in the best long-term interests of our clients. This approach fuels our financial strength and accomplishments, including:

• Advised on more than 150 financings and global M&A transactions in 2012 with a total value of $43 billion

• $2.8 billion in capital raised since inception and investments made in 267 portfolio companies by Baird Capital

• A leading U.S. municipal underwriter: in 2012, Top 10 in issues under $100 million and Top 5 in competitive underwritings of all sizes, based on transaction value, according to

• $17.7 billion in institutional fixed income portfolios and mutual funds under management by Baird Advisors

• $919 million in equity portfolios and mutual funds managed by Baird

Additional Baird Highlights

• Ranked No. 1 “most trusted” research firm in Greenwich small/mid-cap survey1 since 2004

• One of the FORTUNE 100 Best Companies to Work For® since 2004

• Recognized for the eighth year in a row by The M&A Advisor or various “Deal of the Year” honors in 2012

• The Bond Buyer’s public finance “Deal of the Year.”

• Baird Capital’s U.S. team has been recognized as a top 20 “Consistent Performer” among international buyout managers in Preqin’s Private Equity Performance Monitor since 2008

• Baird Financial Advisors repeatedly listed among the nation’s best in Barron’s and other publications

California locations • Grass Valley • Palo Alto • Roseville • Sacramento • San Francisco

About Baird Baird is an international wealth management, capital markets, asset management and private equity firm with offices and affiliates in the United States, Europe and Asia. Established in 1919, Baird has $99 billion in client assets.2 Our more than 2,700 employees worldwide are dedicated to delivering deep expertise and broad skills to our clients, with a genuine care that can only come from employee ownership. As an independent firm, we have the strength and flexibility to take a longer-term, strategic approach while expanding our capabilities to best serve our clients’ needs. rwbaird.com/about-baird/wsj-norcal-edition.aspx

1Greenwich Associates U.S. Equity Investors – Small/Mid-Cap Funds, April 2012. Surveys conducted with 94 U.S. small-cap and mid-cap fund managers. Rankings based on top 10 research firms in survey. 2As of December 31, 2012. ©2013 Robert W. Baird & Co. rwbaird.com. 800-RW-BAIRD. First use: 3/2013. MC-37604.