Baird — “Go Back, To Your Future”

Non-Discretionary Fee-Based

Baird Advisory Choice is our non-discretionary investment advisory program that allows you to offer sophisticated investment advice to your clients while leaving the actual investment decisions with them. It provides flexibility through a wide array of investment options, combining your advisory services with all custodial/transaction costs for a single, asset-based fee.

Discretionary Portfolio Management

Private Investment Management (PIM) allows you to act as a portfolio manager with discretion. Portfolios are managed primarily based on the Investment Philosophy Statement(s) you create, which indicates the investment style, characteristics, implementation and ongoing research you intend to employ in your portfolio(s). PIM offers flexibility in the investment options, quarterly fee-based structures and implementation options available in the program depending on your business model and needs. This program is available to select Financial Advisors with prior portfolio management experience and requires pre-approval.

Separately Managed Accounts

Recommended Managers is our separately managed account program that offers rigorous initial and ongoing professional due diligence by Baird's Advisory Services Research analysts, four of whom are CFA charterholders. This program combines sophisticated investment management, access to industry-leading money managers, ongoing analysis, performance reporting and tax flexibility for a quarterly, all-inclusive fee.

Mutual Fund Wrap

ALIGN Firm Defined Portfolios is Baird's discretionary fee-based mutual fund wrap program that can be implemented with active management (mutual funds), indexed management (exchange traded funds), or a hybrid approach that uses a combination of both investment vehicles. Baird offers two types of firm defined portfolios including asset allocation models based upon the firm's strategic models and tactical models managed by Baird's Chief Investment Strategist. Both versions of this program provide clients with a diversified, sophisticated portfolio management solution. In addition, you benefit from leveraging the talent and dedication of Baird’s Advisory Services Research team which monitors these portfolios to ensure they stay true to their goals and objectives.

Russell Model Strategies is a discretionary, fee-based mutual fund wrap program that is available through a partnership with Russell Investments, a leading international investment management firm. This program allows your clients access to asset allocation portfolios of Russell funds that are automatically diversified across a selection of asset classes, managers and investment styles. Each Model Strategy carefully emphasizes return potential while attempting to manage risk and provide more consistent returns. There are five Model Strategies that you can choose from to meet your clients’ diversification needs.

Discretionary Managed

Riverfront Portfolios is a discretionary, investment advisory program alternative available through Riverfront Investment Group. The Riverfront strategies available at Baird include four asset allocation portfolios, three ETF portfolios and two foundation portfolios. Each portfolio may incorporate a range of security types and is selected based on the client's portfolio objectives and risk tolerance. To learn more about Riverfront, the Asset Manager with Glass Walls, or these portfolio strategies, please visit www.riverfrontig.com.

Baird is a minority investor in Riverfront Investment Group.

Equities and Fixed Income

PWM's Research and Analytics team provides you with direct access to research and traders in all equity and fixed income product areas. You can purchase and trade equities backed by the support of dedicated research analysts, recommended equity ideas and lists, and high-quality research. You will have access to Baird's award-winning equity research¹, as well as Credit Suisse, Morningstar and Value Line.

Our Equities team is dedicated to supporting you in researching individual names, performing portfolio reviews for existing and prospective clients, and working with you to analyze your book of equities across your accounts to concentrate their positions with the highest conviction names.

Through our Fixed Income team, you gain access to primary fixed income markets including a complete range of taxable and municipal fixed income issues as well as receive support on trade execution, portfolio pricing and client suitability input. Our Fixed Income team is also committed to providing you with personalized Fixed Income proposals and account analysis, as well as regular fixed income market updates and proactive notices when markets change and opportunities arise for your clients' portfolios.

¹Baird was voted No. 1 for “most trusted” research for the fifth consecutive year in the 2008 Greenwich Associates survey of small-cap and mid-cap fund managers. The survey also ranked Baird No. 1 for “most important research firm” and for “overall research and analyst service quality.” Greenwich Associates U.S. Equity Investors – Small/Mid-Cap Funds, April 2008. Surveys conducted with 80 U.S. small-cap and mid-cap fund managers. Rankings based on top 10 research firms in survey. Greenwich Associates is the leading consulting firm in the institutional and sell-side research market.

Individual Mutual Funds

Baird's highly trained, dedicated in-house team of mutual fund analysts helps you select and monitor mutual funds within your clients' portfolios. As a firm, we offer access to thousands of load and no-load mutual funds. Importantly, in partnership with third-party consultant Wilshire Associates, our mutual funds team generates objective investment ideas and recommendations found on our Recommended Mutual Funds List. The team is available as a ready resource to you, providing consultative sales and practice management support, including portfolio reviews.

Your clients should carefully consider the investment objectives, risks, charges and expenses of a mutual fund before investing. The prospectus contains this and other information about mutual funds. The prospectus can be obtained through Baird and should be read carefully before investing.

Insurance and Annuities

Through a holistic, consultative approach, our Insurance and Annuities team seeks the best solutions for your clients, working collaboratively with Baird's Financial and Estate Planning team. We provide an independent, objective view of the insurance and annuity marketplace with market access to highly rated insurance companies, offering a comprehensive suite of products including life, long-term-care and disability insurance, along with annuities from leading national insurance carriers.

Alternative Investments and Structured Products

For Qualified Financial Advisors and clients, we offer a variety of alternative investment options including Fund of Hedge Funds, Managed Futures, Private Equity and Exchange Funds. We also offer a variety of Structured Products to you and your clients in order to meet specific investment objectives such as principal protection, income or enhanced yield.

Alternative investments involve specific risks that may be greater than those associated with traditional investments and may be offered only to clients who meet specific suitability requirements.

UITs

Baird offers a full line of equity and fixed income UITs from a range of sponsors. At times, we offer our own "private label" equity UITs, which feature timely investment themes or industry sectors. Our UIT team also provides proactive service and market support to you for your clients. In addition to our weekly email publication, which includes sales ideas and product updates, we also provide pre-approved client prospecting tools, such as proposals and prospecting letters, to support your sales and client development activities.

Financial and Estate Planning

Baird's Financial and Estate Planning team provides financial, estate, investment and tax-planning consultation to you and your clients through customized services. The team can assist you with winning new client accounts or enhancing your services and financial planning advice to existing relationships.

In addition to our desktop planning software, our financial planning experts support you by offering personal assistance to you and your clients in the following areas:

• Estate planning: document reviews, scenario modeling, pre-transaction planning, intergenerational planning, working with your client's attorney
• Portfolio reviews and proposals: asset allocation reviews, sector analysis, statistical analysis of portfolios, customized asset allocation and implementation recommendations
• Income tax planning: tax return reviews, AMT planning, transaction impact, legislation monitoring
• Retirement planning: savings strategies, tax ramifications, distribution planning, social security planning, retirement income planning
• Education planning: saving strategies, tax issues, solution comparisons and analysis
• Other planning services, such as stock option planning and insurance needs analysis

Retirement Plan and Non-Qualified Deferred Compensation Plan Services

Baird's dedicated team of qualified and non-qualified plan specialists can help you implement and monitor the retirement plan programs that best suit your clients’ unique corporate goals and needs. We provide support and advice on all types of programs including 401(k), 403(b), Profit Sharing and Money Purchase Plans, Defined Benefit Plans and Non-Qualified Deferred Compensation programs.

We offer the following specific services through a consultative approach with you and your clients:

• Plan design consultation
• Technical and legislative analysis including regulatory and industry updates
• Due diligence and marketplace review to select the appropriate provider of administrative services
• Establishing an investment policy statement and a recommended list of investment managers, including ongoing investment manager performance monitoring
• Employee communication and education

Stock Option Services

Our Corporate and Executive Services team partners with you and your clients on issues including:

• Rule 10b5-1 Executive and Corporate pre-programmed trading plans
• Sales of restricted and control stock pursuant to Rule 144
• Facilitation of stock option exercises
• Stock option education and planning

Education Savings Plans

Baird offers a full suite of college savings vehicles including Section 529 College Savings Plans, Coverdell Education Savings Accounts, and custodial accounts under the Uniform Gift to Minors Act (UGMA) or the Uniform Transfer to Minors Act (UTMA). Our Education Planning specialists are here to help you and your clients select the right education savings plan, and provide marketing and general support as you guide your clients in achieving their educational investment goals.