Founded in 11, Baird is an international fi nancial services fi rm with more than $ billion in client assets. We provide Private , Asset Management, , Capital Markets and services to clients through our BairdFacts offi ces in the United States, Europe and Asia. As employee-owners, we manage for the long term, continuously building capabilities to best serve clients. And we conservatively September 2019 manage our balance sheet and capital position to maintain fi nancial fl exibility in all types of market conditions. On April 1, 01, Hilliard Lyons and Hilliard Lyons Trust Company became wholly owned subsidiaries of Baird, enhancing client services and adding approximately $0 billion to Baird’s client assets.

$ 285 billion 100 Best ×16 4,500 employees No.1 Assets in Client Accounts A Great Place to Work Global Perspective Overall Quality Baird’s clients trust us with For  consecutive years, Baird has Baird has approximately , In 2019, small-cap and mid-cap more than $ billion in assets been recognized as one of Fortune’s employees and over 100 locations in institutional fund managers ranked as of June 30, 2019.  Best Companies to Work For®. the United States, Europe and Asia. Baird No. 1 overall for combined quality in sales, corporate access and research.1 in , our 11th straight No.16 year in the top .

History Revenues Founded in , headquartered in , Wisconsin.  revenues were $. billion,2 a firm record.

Member NYSE Baird Foundation Robert W. Baird & Co. has been a member of the New York Stock Exchange since . Baird Foundation gave $. million to qualified nonprofits in .

Ownership Senior Executives Baird is employee-owned, privately held and independent. More than two-thirds Steven G. Booth, President & Chief Executive Officer of our employees own Baird stock. Paul E. Purcell, Chairman Over the past 100 years, Baird's capabilities have grown with our clients' needs. Our five A Century complementary businesses help diversify and balance revenue through all types of market of Growth conditions. Our structure and independence give us the financial strength to make ongoing investments in the professional expertise and distinctive culture that make Baird a trusted & Success partner for individuals, municipalities, corporations and institutions around the world.

Private Wealth Asset Fixed Income Investment Banking/ Private Equity Management Management Capital Markets Equity Capital Markets Baird Advisors Fixed Income Sales & Trading Advisory & Financing Services Global Private Equity (U.S., U.K., Asia) Baird Equity Asset Management Public Finance Equity Research, Sales, Trading U.S.

Baird’s Wealth Management Baird’s fixed income and equity Baird’s Fixed Income Sales & Baird’s Global Investment Banking Baird Capital, our private equity professionals provide portfolio managers offer disciplined Trading team provides investment group provides M&A, debt advisory business, makes venture capital, comprehensive wealth investing and outstanding service ideas and trade execution for U.S. and equity financing services to growth equity and buyout management strategies and to institutional investors and institutional clients. Our Public companies, entrepreneurs and investments in lower middle-market solutions for high-net-worth individuals through customized Finance professionals offer debt private equity and venture capital companies in the Industrial individuals and their families across portfolios and mutual funds. underwriting and advisory services firms. Our Institutional Equities Solutions, Technology & Services the United States. to clients in the public, private and business provides research, sales and Healthcare sectors. • $80 billion in fixed income nonprofit sectors. and trading expertise to institutional • More than 1,300 Financial Advisors investments managed by • Investments made in more than 300 Baird Advisors4 investors around the globe. portfolio companies since inception • More than 85 in-house specialists • Approximately 150 institutional sales, provide advice for all aspects of • $6 billion in equity investments trading and analytics professionals • Approximately 700 companies under • More than 50 investment, operating wealth management, retirement managed by our Growth, Value, Core, • Approximately 60 Public Finance research coverage and support professionals in the United States, Europe and Asia planning, charitable giving and International, Global and Specialized bankers and analysts • More than 400 banking professionals wealth transfer Asset Management teams in Baird serving clients globally • Dedicated global resources to help 4 • Ranked as the No. 1 lead managing Equity Asset Management portfolio companies accelerate growth • Serves clients coast-to-coast from underwriter in the nation by number • Advised on more than 200 financing over 160 locations in 33 states • Minority interests in RiverFront of issues, No. 8 by par amount, No. 5 and advisory transactions in 2018 with • Active portfolio companies Investment Group and Greenhouse • Barron’s Top Wealth Management for competitive issues by par a total value of more than $55 billion have combined annual revenues Funds LP amount and No. 5 Municipal Advisor of $2.4 billion and more than Firms list, 2007–2018 • Arranged more than 20,000 company- • A Best Place to Work in Money by number of issues through the 16,000 employees • Hilliard Lyons Trust Company, with more investor connections in 2018 Management for seven consecutive first half of 2019, according to than $10 billion in assets, provides asset years among firms our size according Ipreo MuniAnalytics • Strategas provides award-winning management, estate planning, wealth to Pensions & Investments macro research to institutional transfer tax planning and trust services investors and corporate executives to high-net-worth clients. More than More than for knowledge $ billion $ billion municipal bond of industries and $ billion in PWM in assets under No. underwriter No. companies in raised and 200 client assets3 85 management 1nationwide5 1Greenwich survey1 3.5 managed

Robert W. Baird & Co. Incorporated. Please visit our website at rwbaird.com for important information and disclosures. 1Greenwich Associates North American Equity Investors – U.S. Small-/Mid-Cap Funds and U.S. Equities Sales, Corporate “Baird” is the marketing name for Robert W. Baird & Co. Incorporated and several of its subsidiaries and affiliates worldwide. Access & Research, May 2019. Survey conducted with 100 small-cap and mid-cap fund managers and 169 fund managers Robert W. Baird Limited (RWBL) and Baird Capital Partners Europe Limited (BCPE) are authorized and regulated and 269 traders, respectively. Rankings for qualitative metrics based on leading research firms in survey. in the U.K. by the Financial Conduct Authority (registered numbers are 124308 and 150154, respectively). 2Financial results do not reflect the consolidation of certain private equity partnerships. RWBL and BCPE have approved this information for distribution in the U.K. and Europe. ³Assets as of June 30, 2019 and include Hilliard Lyons and Hilliard Lyons Trust Company. 4Assets as of June 30, 2019 5Based on number of issues each year since 2009, according to Ipreo MuniAnalytics and . To learn more, call 800-79-BAIRD in the United States or +44 (0)20 7488 1212 in Europe, or visit us online at rwbaird.com. J.J.B. Hilliard, W.L. Lyons, LLC, A Baird Company. Member SIPC and NYSE. Trust services through Hilliard Lyons Trust Company, LLC, A Baird Company. ©2019 Robert W. Baird & Co. Incorporated. Member SIPC. First use: 9/2019. MC-357954. #1200.31