<HTML><FONT FACE=arial,helvetica><FONT SIZE=2>List,
<BR>
<BR>Since September 11, the value of Baldwin Stock had been holding at 90 cents per share. Today, it is reported at 35 cents.
<BR>
<BR>Bill Bremmer RPT
<BR>Madison, Wisconsin
<BR>
<BR>BPAOE - BALDWIN PIANO & ORGAN COMPANY
<BR>Exchange: OTCBB
<BR>Last Price: 0.35</FONT></HTML>