<HTML><FONT FACE=arial,helvetica><FONT SIZE=2 FAMILY="SANSSERIF" FACE="Arial" LANG="0">List,
<BR>
<BR>While the economic news for Baldwin has been abysmal, the story chez Steinway
<BR>is quite the opposite. In my opinion, the reason is very simple: Steinway
<BR>has always maintained that it builds pianos to the *best* of it's ability
<BR>(whether anyone might take issue with that or not). The manufacturers who
<BR>have failed and are failing are those who have tried to build a *cheap* piano.
<BR>
<BR>Bill Bremmer RPT
<BR>Madison, Wisconsin
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<BR></FONT><FONT COLOR="#000000" SIZE=5 FAMILY="SANSSERIF" FACE="Arial" LANG="0"><B>Steinway Reports First Quarter Results Sales Top $100 Million</FONT><FONT COLOR="#000000" SIZE=3 FAMILY="SANSSERIF" FACE="Arial" LANG="0"></B>
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<BR></FONT><FONT COLOR="#000000" SIZE=3 FAMILY="FIXED" FACE="Courier New" LANG="0">WALTHAM, Mass.--(BUSINESS WIRE)--May 3, 2001--Steinway Musical Instruments,
<BR>Inc. (NYSE:
<BR>LVB
<BR>), one of the world's leading manufacturers of musical instruments, today
<BR>announced results for the period ending March 31, 2001. Net sales increased
<BR>16%, to $101.6 million. Operating profit rose 9%, to $13.1 million from $12.0
<BR>million in the prior year period. EBITDA increased 11%, to $16.8 million.
<BR>Earnings per share were $0.58 for the first quarter, on par with the prior
<BR>year....
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