Baird Principal Group Management Company I LLC

Item 5.    Fees and Compensation

            With respect to the Partnership, the General Partner will receive an annual management fee and a carried interest.
Commencing as of the effective date, as defined in the Partnership’s Limited Partnership Agreement (the “Effective Date”) and during
the investment period, as defined in the Partnership’s Limited Partnership Agreement (the “Investment Period”), the Partnership will
pay the General Partner an annual management fee (the “Management Fee”), payable quarterly in advance, equal to 1.0% of aggregate
commitments. Commencing with the 12-month period beginning on the first Management Fee due date after the expiration of the
Investment Period or earlier upon the occurrence of certain events as set forth in the Partnership’s limited partnership agreement (the
“Partnership Agreement”), and for each succeeding 12-month period, the Management Fee will be reduced to 90% of the Management
Fee for the immediately preceding 12-month period (calculated without giving effect to any reduction in the Management Fee on
account of fees received by the General Partner); provided that, commencing with the first Management Fee due date after the expiration
of the Partnership’s initial 10-year term, the Management Fee will equal 1.0% per annum of the aggregate amount of investment
contributions with respect to the portion of each investment that has not been disposed of or completely written off; provided further
that investments in a portfolio company that have been disposed of or completely written-off will be treated as such only to the extent
that, as of the date of any such disposition or write-off, the aggregate fair market value of all remaining Partnership investments in such
portfolio company is less than the Partnership’s aggregate investment contributions made with respect to such portfolio company. In
addition, the Management Fee will be reduced by: (i) 100% of any director’s fees, financial consulting fees or advisory fees earned by
the General Partner from portfolio companies; (ii) 100% of any transaction fees paid by portfolio companies to the General Partner;
and (iii) 100% of any break-up fees from transactions not completed that are paid to the General Partner; but not including, in any
event, any amount received by the General Partner or other person from a portfolio company as reimbursement for expenses directly
related to such portfolio company or a prospective investment, as payment for services provided to any portfolio company in the
ordinary course of such portfolio company’s business or as compensation for services provided by the General Partner or other person
as an employee of or in a similar capacity for such portfolio company or any of its subsidiaries. For the avoidance of confusion, as
further described in the Partnership Agreement, the Management Fee will not be reduced by any compensation received by any
operating partner, senior advisor, venture partner or an individual serving in a similar capacity (“Operating Partner”), and none of such
persons will be subject to the provisions of the Partnership Agreement that apply to specified persons associated with the General
Partner, including members of the General Partner’s management team, associates of the General Partner, affiliated persons, or
employees of Robert W. Baird & Co. Incorporated or an affiliate thereof (as each of such associations and affiliates are further detailed
in the Partnership Agreement). Furthermore, Operating Partners are not employees or otherwise dedicated resources of Baird or its
affiliates, can invest in portfolio companies. In addition, Operating Partners are permitted to receive compensation from the General
Partner and from the portfolio companies. Such compensation may be a retainer paid by the Adviser for fund-level strategic advice,
investment sourcing assistance, and investment due diligence assistance from an operational perspective; and portfolio companies for
services provided directly to the respective company or companies (e.g., board participation, mentoring and advising management and
industry expertise). Compensation paid by portfolio companies to Operating Partners may include, but may not be limited to, the
following forms of compensation: board or director participation fees; stock options, equity securities or other non-cash compensation
and other cash compensation, such as consulting fees. As of the date of this brochure, the General Partner has not engaged any Operating
Partners.

Baird Principal Group Management Company I, LLC                                                               March 2026

          In addition, after the General Partner has achieved an 8% compounded annually preferred return, the General Partner will
receive a carried interest or performance fee from investors in the Partnership equal to 10% of distributions, including distributions of
net cash proceeds from the sale of securities and distributions of securities in kind, together with dividends and interest income received
with respect to investments in portfolio companies (as more fully described in the Partnership Agreement). The Partnership and other
Funds invest on a long-term basis. Accordingly, investment advisory and other fees are paid during the term of each Fund and investors
generally are not permitted to withdraw or redeem interests in a Fund. If the investor has specified an account at Baird, after the General
Partner gives notice to the investor, Baird will deduct the Management Fee and other expenses from the investor’s account. If the
investor does not have an account at Baird, the General Partner will notify the investor as to when the Management Fee and other
expenses are payable. The General Partner has not negotiated a fee arrangement other than as described herein with any other investor.

          The Management Fee will commence as of the Effective Date, regardless of when a Limited Partner is actually admitted.
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Item 7.    Types of Clients

           The General Partner provides investment advice to the Partnership, which is an employee securities company exempt from
registration as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”) pursuant
to an application for an exemption granted by the SEC. The General Partner also may provide investment advice to other Funds, including
private investment funds that are investment partnerships or other investment entities formed under domestic or foreign laws and operated
as exempt investment pools under the Investment Company Act. The investors participating in the Funds may include individuals, trusts
and estates. The minimum commitment of an investor is $50,000, although individual investor commitments of lesser amounts may be
accepted at the discretion of the General Partner.