<HTML><FONT FACE=arial,helvetica><FONT SIZE=2>List,
<BR>
<BR>It won't be long, mark my words. This headline today from the financial
<BR>markets:
<BR>
<BR></FONT><FONT COLOR="#000000" SIZE=5 FAMILY="SANSSERIF" FACE="Arial" LANG="0"><B>Baldwin Piano Announces Sales Fall Off and Liquidity Squeeze</FONT><FONT COLOR="#000000" SIZE=3 FAMILY="SANSSERIF" FACE="Arial" LANG="0"></B>
<BR>
<BR>MASON, Ohio--(BUSINESS WIRE)--April 24, 2001--Baldwin Piano & Organ Company
<BR>(NASDAQ: BPAO ) today announced disappointing April sales trends and tighter
<BR>lending terms from its primary lender, which, taken together, are
<BR>exacerbating Baldwin's current liquidity situation. Baldwin is currently in
<BR>discussions with its primary lender to address this situation in the near
<BR>term....
<BR>
<BR></FONT><FONT COLOR="#000000" SIZE=2 FAMILY="SANSSERIF" FACE="Arial" LANG="0">Bill Bremmer RPT
<BR>Madison, Wisconsin</FONT></HTML>