Research Leadership. Robert J. Venable Head of Equities

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1 RESEARCH ANALYSTS 3

2 Research Leadership Robert J. Venable Head of Equities Bob Venable is Head of Equities, for Robert W. Baird & Co., overseeing equity research, sales and trading. He is a member of the Board of Directors, Executive Committee, Capital Commitment and Investment Policy Committees. Bob also sits on the Investment Committees for Baird Capital Partners and Baird Venture Partners. Prior to joining Baird in 1996, Bob was with Ameritech Venture Capital and co-founded and took public a wireless technology firm. He began his career with Procter & Gamble. In the community, Bob is Vice-Chair of the Executive Board of the YMCA of Metropolitan Milwaukee; Vice-Chair of the Board of Columbia St. Mary s Hospital; and a Trustee of The University School of Milwaukee. Bob received an MBA with honors from the University of Chicago, and a BS in Agricultural Economics from the University of Wisconsin-Madison. He is a CFA charterholder. Jon A. Langenfeld, CFA Director of Equity Research Jon Langenfeld is Director of Equity Research for Robert W. Baird & Co., with responsibilities for the publishing equity analysts across Baird s eight power alleys including Business Services, Consumer, Energy, Financials, Healthcare, Industrial, Real Estate, and Technology. Jon previously served as the Associate Director of Research and Senior Analyst covering Transportation/Logistics. Prior to joining Baird in 2000, he was a senior manager at PricewaterhouseCoopers, providing supply chain consulting services. Jon graduated cum laude with a BS in Mechanical Engineering and an MBA from the University of Notre Dame. Amy W. Junker Associate Director of Research Amy Junker is Baird s Associate Director of Research. Amy previously served as the Senior Analyst covering Education Services. Prior to joining Baird in 2003, Amy was a junior analyst at Lehman Brothers, a research associate at William Blair & Company, an intern at Institutional Capital Corporation, and an associate instructor of mathematics at Indiana University. In 2007, StarMine ranked her among the top three for stock picking skills in Diversified Consumer Services. Amy received a BA in Mathematics from Kalamazoo College and an MA in Mathematics from Indiana University. Robert W. Baird & Co.

3 Health Care Research Analysts Page 2 of 10 David E. Tarantino, CFA Associate Director of Research David Tarantino is Baird s senior analyst covering Restaurants as well as Associate Director of Research. Prior to joining Baird in 2003, he was an assistant brand manager and senior scientist/engineer at Procter & Gamble; previously, he was an intern at Monsanto. David received a BS in Chemical Engineering from the University of Notre Dame and an MBA with concentrations in Finance and Accounting from the University of Chicago. Craig R. Kennison, CFA Director of Research Operations Craig Kennison is Baird s senior analyst covering Consumer and Automotive Services as well as the Director of Research Operations. Prior to joining Baird in 1999, Craig worked in marketing and sales for the Eureka Company. In 2011, Craig was recognized among the Best on the Street by The Wall Street Journal in Leisure Goods & Services. Craig also has been recognized by StarMine for the accuracy of earnings estimates in the automotive sector. He earned Baird s G. Frederick Kasten Jr. Award for Quality, Integrity, and Service in 2010 and is a United Way Tocqueville Society Member. Craig received a BA in Economics, English, and Philosophy, and an MBA in Finance from the University of Wisconsin-Madison, where he is an alumnus of the Applied Security Analysis Program. Timothy P. Byrne, CFA Director of Research Private Wealth Management Tim Byrne is Director of Research for Baird s Private Wealth Management business, with responsibility for Baird s outside money manager and mutual fund research, equity and fixed income securities research and portfolio consultation, financial and estate planning services, and practice management research. Prior to joining Baird s Private Wealth Management business, Tim was Baird s senior IT Services analyst in Equity Research. Forbes recognized Tim in its Top Equity Analyst - Best Earnings Estimator list for his IT Services coverage in 2004, and he was a member of the Baird team that ranked first for IT Services Research in the 2005 Greenwich Associates Survey of Small/Mid-Cap Funds. Tim was at Mercer Management Consulting for nearly eight years before joining Baird; as a partner in Mercer s strategy group, Tim focused on high-tech industries and helped launch Mercer s digital strategy practice. Tim has an AB magna cum laude in Chemistry from the College of the Holy Cross and an MBA from Harvard Business School. Tim is a member of the Investment Management Consultants Association.

4 Health Care Research Analysts Page 3 of 10 Investment Strategists Bruce A. Bittles Chief Investment Strategist Bruce Bittles provides stock market analysis to Baird s retail, institutional and corporate clients, and is a member of Baird s Investment Policy and Stock Selection committees. He joined Baird in Bruce began his investment career as head trader at the options trading firm of Thomas, Haab and Botts, in New York City, where he served for nine years. In 1974, Bruce joined J.C. Bradford & Company to establish and head the Options Department. In 1985, he joined Bradford s Research Department, where he was partner in charge of market strategy until the company was acquired by PaineWebber in He received both his BS in Business and MBA in Economics and Finance from Fairleigh Dickinson University. William A. Delwiche, CMT, CFA Associate Investment Strategist William Delwiche is Baird s Associate Investment Strategist. Before joining Baird in 1999, Willie worked briefly as a researcher at the Committee for Economic Development, a Washington, D.C., pro-business think tank. Willie received a BA in Economics and in Government and Politics from the University of Maryland, and an MA in Economics from the University of Wisconsin-Milwaukee. Willie is a member of the Market Technicians Association and the American Economics Association.

5 Health Care Research Analysts Page 4 of 10 Portfolio Strategists Brian F. Rauscher, CFA Chief Portfolio Strategist Brian Rauscher is the Chief Portfolio Strategist for equity research. Prior to joining Baird in 2012, he had 18 years of market and portfolio strategy experience including Chief Portfolio Strategist at Wedge Partners and at Dahlman Rose & Company, U.S. Equity Strategist at Fortress Investment Group, Director of Portfolio Strategy at Brown Brothers Harriman, and U.S. Investment Strategist at Morgan Stanley. Brian received a BBA with majors in Economics and Finance and an MBA in Finance, both from Temple University. Jonathan B. Lesser Sr. Associate Portfolio Strategist Jonathan Lesser is Senior Associate Portfolio Strategist for equity research. Prior to joining Baird in 2012, he had nearly 20 years in market and portfolio strategy experience including work at Wedge Partners Corp., Dahlman Rose & Co., Fortress Investment Group, Brown Brothers Harriman and Morgan Stanley Dean Witter. Jonathan received a BA in Economics from Binghamton University.

6 Health Care Research Analysts Page 5 of 10 Health Care/Life Sciences Biotechnology Christopher J. Raymond Chris Raymond is a Baird senior analyst covering Biotechnology. Prior to joining Baird in 2002, he was a biotech analyst at Prudential and Prudential Vector Healthcare Group. Previously, he spent 10 years with Baxter Healthcare and G.D. Searle, where he focused on marketing oncology and cellular therapy products. In 2012, Chris was recognized by StarMine as No. 2 earnings estimator in Biotechnology. In 2004, he was named among the Best on the Street in The Wall Street Journal survey, ranking No. 3 in Biotechnology. He serves on the advisory board for the Financial Markets Institute at the Eli Broad College of Business, Michigan State University. Chris received a BA from Michigan State University and an MBA from the University of Chicago. Blake C. Arnold, CFA Research Associate Blake Arnold is a member of Baird s Biotechnology team, joining the company in Blake received a BBA with majors in Finance, Investment & Banking and International Business European Track from the University of Wisconsin. Laura K. Chico, Ph.D. Research Associate Laura Chico is a member of Baird s Biotechnology team. Prior to joining Baird in 2010, she was president and founder of LKC Pharma Services, a research assistant professor at Northwestern University, a research technologist for the Robert H. Lurie Cancer Center and a scientist for biotechnology firms. Laura received a BS in Bacteriology from the University of Wisconsin-Madison, and an MA in Computational Biology and Ph.D. in Molecular Pharmacology from Northwestern University.

7 Health Care Research Analysts Page 6 of 10 Health Care/Life Sciences Biotechnology Brian P. Skorney, CFA Brian Skorney is a Baird senior analyst covering Biotechnology. Prior to joining Baird in 2012, he was a senior vice president in equity research at Brean Murray Carrett & Co, a vice president in equity research at ThinkEquity, LLC and a research analyst at Susquehanna International Group, LLC, all in the biotech/pharmaceutical industry. He also worked as a coordinator and lab manager at the Howard Hughes Medical Institute. Brian received a BS in Biological Sciences from the University of Notre Dame and an MBA in Finance from New York University.

8 Health Care Research Analysts Page 7 of 10 Health Care/Life Sciences Distribution & Services Eric W. Coldwell Eric Coldwell is Baird s senior analyst covering Health Care Distribution & Services. Prior to joining Baird in 2003, he was a senior analyst in pharmaceutical and biotechnology services at Prudential Securities, a senior analyst in life sciences at Wachovia Securities and an investment analyst at Morehead Investment Advisors. In 2011, Eric was recognized among the Best on the Street by the Wall Street Journal, ranking No. 2 in the Health Care Providers sector. This is Eric s third recognition by The Wall Street Journal. Additionally, he was ranked by StarMine in 2002, 2008, 2009 and 2010 either as a top three earnings estimator or stock picker, or both. In 2009, he was ranked by StarMine as the No. 1 stock picker in Health Care Providers & Services. Eric received a BA in Political Science from Wake Forest University and an MBA with a concentration in Finance from Queens University. Evan Stover, CFA Research Associate Evan Stover is a member of Baird s Biotechnology team. Prior to joining Baird in 2012, he was an associate in specialty pharmaceuticals equity research and before that an analyst in healthcare investment banking at SunTrust Robinson Humphrey. He also was an intern at Standard & Poor s. Evan received a BS in Finance from Wake Forest University. Michael K. Polark Analyst Michael Polark is a member of Baird s Health Care Distribution & Services team. Prior to joining Baird in 2012, he was a senior research associate at Cambridge Associates LLC and an intern at BNP Paribas. Michael received a BA in Economics and Hispanic Studies from Boston College.

9 Health Care Research Analysts Page 8 of 10 Health Care/Life Sciences Facilities & Services Whit Mayo Whit Mayo is Baird s senior analyst covering Health Care Facilities & Services. Prior to joining Baird in 2008, he was a senior analyst at Stephens Inc. covering Healthcare Facilities & Services, specifically acute care hospitals, behavioral hospitals, alternate site and post-acute providers as well as Healthcare IT. Prior to joining Stephens Inc., Whit was an investment analyst at Reliance Trust. In 2008, he was recognized in The Wall Street Journal s Best on the Street annual survey in the Health-Care Providers sector. He received a BA in Economics from The University of the South (Sewanee), in Sewanee, TN. Matthew D. Gillmor Research Associate Matthew Gillmor is a member of Baird s Health Care Facilities & Services team. Prior to joining Baird in 2008, he was an associate analyst at Philadelphia Financial Management of San Francisco. Matthew received a BS in Economics from The George Washington University. Mary K. Pircon Research Analyst Mary K. Pircon is a member of Baird s Health Care Facilities & Services team. Prior to joining Baird in 2011, she was an intern at the Medical College of Wisconsin and Hard Hat Services Inc. Mary received a B.S. with a major in Chemistry and a minor in Business Administration from the College of William and Mary.

10 Health Care Research Analysts Page 9 of 10 Health Care/Life Sciences Life Sciences & Diagnostics Jeffrey T. Elliott, CFA Jeffrey Elliott is Baird s senior analyst covering Life Sciences & Diagnostics. Prior to joining Baird in 2007, he was a senior business analyst -- logistics and distribution at Walgreen Corporation and a senior consultant at Cap Gemini Ernst & Young Consulting. Jeffrey received an MBA from the University of Chicago and a BS in Business Administration from the University of Illinois. Ryan D. Patton Research Analyst Ryan is a member of Baird s Biotechnology team, joining the company in Ryan received a BBA in Finance from the University of Notre Dame.

11 Health Care Research Analysts Page 10 of 10 Health Care/Life Sciences Medical Technology Jeffrey D. Johnson, O.D., CFA Jeff Johnson is Baird s senior analyst covering Medical Technology. Prior to joining Baird in 2003, he was an optometrist and the associate director of Refractive Surgery Services at the Massachusetts Eye and Ear Infirmary. He was also an instructor of ophthalmology at Harvard Medical School, an adjunct-assistant professor of optometry at the New England College of Optometry and an equity research intern at Baird. Jeff received his MBA from Northwestern University, graduated summa cum laude and as salutatorian from the Illinois College of Optometry, and did his undergraduate work at the University of Illinois at Urbana- Champaign. Jason Bednar, CFA Research Associate Jason Bednar is a member of Baird s Medical Technology team. Prior to joining Baird in 2008, he was a research analyst at B.C. Ziegler. Jason received a BS in Business Administration with a major in Finance from Marquette University. Rebecca Schlagenhauf Research Analyst Rebecca Schlagenhauf is a member of Baird s Medical Technology team. Prior to joining Baird in 2010, she was an intern in Baird s research department and in other Baird departments. Rebecca received a BA in Economics with a concentration in mathematics from the University of Notre Dame.

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