BAIRD - 100 YEARS
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Financial Information

Baird Financial Group is the ultimate parent company of all of Baird's global operations. Our primary businesses are wealth management, capital markets, asset management and private equity. We are privately held and employee-owned.

Net Revenues
(millions)

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Operating Income
(millions)

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Book Value
(per share / including cumulative dividends)

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*Represents the book value per share of Baird stock at December 31, 2018, of $48.77 plus cumulative cash dividends per share from 2011 through 2017 of $24.20 per share, representing annual dividends of $2.10, $7.50, $2.00, $1.85, $1.65, $1.60 and $7.50 per share in 2017, 2016, 2015, 2014, 2013, 2012 and 2011, respectively.

Return On Book Value**
(per share)

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**For comparative purposes, book value appreciation includes an adjustment for the value of the dividends paid in December of each year.

Stockholders' Equity
(millions / including cumulative dividends)

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***Represents stockholders' equity at December 31, 2018, of $950 million plus cumulative cash dividends from 2011 through 2017 of $414 million, representing annual dividends of $39 million, $136 million, $35 million, $32 million, $27 million, $25 million and $120 million in 2017, 2016, 2015, 2014, 2013, 2012 and 2011, respectively.

Associates
 

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Baird Financial Group: Financial Highlights

  Operating
Results
Per-Share
Data
Financial
Position
Other
Data
  Net Revenues
(millions)
Operating
Income
(millions)
Book Value
(fully diluted)
Cash
Dividend
Total Assets
(millions)
Associates Financial
Advisors
2018 $ 1,784 $ 244 $ 48.77 $ 0.00 $ 3,235 3,642 937
2017 $ 1,533 $ 199 $ 39.77 $ 2.10 $ 3,114 3,410 858
2016 $ 1,390 $ 155 $ 34.67 $ 7.50 $ 2,613 3,410 877
2015 $ 1,286 $ 154 $ 37.48 $ 2.00 $ 2,793 3,312 872
2014 $ 1,202 $ 135 $ 34.87 $ 1.85 $ 2,635 3,172 816
2013 $ 1,069 $ 117 $ 31.78 $ 1.65 $ 2,259 2,935 727
2012 $ 961 $ 100 $ 28.98 $ 1.60 $ 2,340 2,787 698
2011 $ 925 $ 86 $ 27.19 $ 7.50 $ 2,264 2,752 694
2010 $ 847 $ 84 $ 31.51   $ 2,414 2,629 680
2009 $ 718 $ 62 $ 28.60   $ 2,159 2,458 650

Financial information does not reflect the consolidation of certain private equity partnerships.

Book Value: Baird paid cash dividends per share of $2.10, $7.50, $2.00, $1.85, $1.65, $1.60 and $7.50 in December of 2017, 2016, 2015, 2014, 2013, 2012 and 2011, respectively, which resulted in corresponding decreases in book value. In addition, per-share amounts have been restated to give effect for a three-for-one stock split, effective November 30, 1999, and a two-for-one stock split, effective February 19, 2008.