BWIN · Baldwin Insurance Group, Inc.

Represents shares withheld by the issuer to satisfy income tax withholding obligations in connection with the grant of restricted Class A common stock reported on this Form 4.

The price reported is a weighted average price. The reported securities were sold in multiple transactions at prices ranging from $20.00 to $20.025. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within such range.

The price reported is a weighted average price. The reported securities were sold in multiple transactions at prices ranging from $21.00 to $21.48. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within such range.

These securities are directly held by the Elizabeth H. Krystyn 2019 Irrevocable Trust, dated September 30, 2019, of which Enrique M. Fueyo, the reporting person's spouse, serves as the sole trustee.

The price reported is a weighted average price. The reported securities were sold in multiple transactions at prices ranging from $21.00 to $21.50. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within such range.

These securities are directly held by the Elizabeth H. Krystyn 2017 Revocable Trust, dated June 28, 2017, of which the reporting person is the sole trustee and beneficiary.

The price reported is a weighted average price. The reported securities were sold in multiple transactions at prices ranging from $21.01 to $21.44. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within such range.

These securities are directly held by the Elizabeth H. Krystyn 2019 Irrevocable Trust, dated September 30, 2019, of which Enrique M. Fueyo, the reporting person's spouse, serves as the sole trustee.

These securities are directly held by the Elizabeth H. Krystyn 2017 Revocable Trust, dated June 28, 2017, of which the reporting person is the sole trustee and beneficiary.

Each LLC Unit, together with a share of Class B common stock, may be exchanged by the holder for one share of Class A common stock at any time. The LLC Units do not expire.

These securities are directly held by the Elizabeth H. Krystyn 2019 Irrevocable Trust, dated September 30, 2019, of which Enrique M. Fueyo, the reporting person's spouse, serves as the sole trustee.

These securities are directly held by the Elizabeth H. Krystyn 2019 Irrevocable Trust, dated September 30, 2019, of which Enrique M. Fueyo, the reporting person's spouse, serves as the sole trustee.

These securities are directly held by the Elizabeth H. Krystyn 2019 Irrevocable Trust, dated September 30, 2019, of which Enrique M. Fueyo, the reporting person's spouse, serves as the sole trustee.

Each LLC Unit, together with a share of Class B common stock, may be exchanged by the holder for one share of Class A common stock at any time. The LLC Units do not expire.

These securities are directly held by the Elizabeth H. Krystyn 2017 Revocable Trust, dated June 28, 2017, of which the reporting person is the sole trustee and beneficiary.

The price reported is a weighted average price. The reported securities were sold in multiple transactions at prices ranging from $21.00 to $21.47. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within such range.

These securities are directly held by the Elizabeth H. Krystyn 2017 Revocable Trust, dated June 28, 2017, of which the reporting person is the sole trustee and beneficiary.

These securities are directly held by the Elizabeth H. Krystyn 2017 Revocable Trust, dated June 28, 2017, of which the reporting person is the sole trustee and beneficiary.

Represents shares withheld by the issuer to satisfy income tax withholding obligations in connection with the grant of restricted Class A common stock reported on this Form 4.

Represents restricted shares of Class A common stock that vest in five equal installments on each of January 1, 2027, January 1, 2028, January 1, 2029, January 1, 2030 and January 1, 2031, in each case subject to Ms. Lichon's continued employment through each vesting date.

Represents shares withheld by the issuer to satisfy income tax withholding obligations in connection with the vesting of restricted Class A common stock reported on a Form 4 filed on April 5, 2021.

Represents shares withheld by the issuer to satisfy income tax withholding obligations in connection with the vesting of restricted Class A common stock reported on a Form 4 filed April 5, 2022.

Represents shares withheld by the issuer to satisfy income tax withholding obligations in connection with the vesting of restricted Class A common stock reported on a Form 4 filed on May 5, 2021.

Represents shares withheld by the issuer to satisfy income tax withholding obligations in connection with the vesting of restricted Class A common stock reported on a Form 4 filed on May 5, 2021.

Represents shares withheld by the issuer to satisfy income tax withholding obligations in connection with the vesting of restricted Class A common stock reported on a Form 4 filed on April 5, 2022.

Represents shares withheld by the issuer to satisfy income tax withholding obligations in connection with the vesting of restricted Class A common stock reported on a Form 4 filed on April 5, 2022.

Represents shares withheld by the issuer to satisfy income tax withholding obligations in connection with the vesting of restricted Class A common stock reported on a Form 4 filed on May 5, 2021.

Represents shares withheld by the issuer to satisfy income tax withholding obligations in connection with the vesting of restricted Class A common stock reported on a Form 4 filed April 3, 2024

Represents shares withheld by the issuer to satisfy income tax withholding obligations in connection with the vesting of restricted Class A common stock reported on a Form 4 filed April 4, 2023.

Represents shares withheld by the issuer to satisfy income tax withholding obligations in connection with the vesting of restricted Class A common stock reported on a Form 3 filed on January 26, 2024.

Represents shares withheld by the issuer to satisfy income tax withholding obligations in connection with the vesting of restricted Class A common stock reported on a Form 4 filed on April 3, 2024.

Represents shares withheld by the issuer to satisfy income tax withholding obligations in connection with the vesting of restricted Class A common stock reported on a Form 4 filed on April 5, 2022.

Represents shares withheld by the issuer to satisfy income tax withholding obligations in connection with the vesting of restricted Class A common stock reported on a Form 4 filed on April 5, 2022.

Represents shares withheld by the issuer to satisfy income tax withholding obligations in connection with the vesting of restricted Class A common stock reported on a Form 4 filed on May 5, 2021.

Represents shares withheld by the issuer to satisfy income tax withholding obligations in connection with the vesting of restricted Class A common stock reported on a Form 4 filed on April 4, 2023.

These securities are directly held by the Elizabeth H. Krystyn 2019 Irrevocable Trust, dated September 30, 2019, of which Enrique M. Fueyo, the reporting person's spouse, serves as the sole trustee.

These securities are directly held by the Elizabeth H. Krystyn 2017 Revocable Trust, dated June 28, 2017, of which the reporting person is the sole trustee and beneficiary.

These securities are directly held by the Elizabeth H. Krystyn 2019 Irrevocable Trust, dated September 30, 2019, of which Enrique M. Fueyo, the reporting person's spouse, serves as the sole trustee.