<HTML><FONT FACE=arial,helvetica><FONT SIZE=2>List,
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<BR>The latest dismal news from Baldwin:
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<BR></FONT><FONT COLOR="#000000" SIZE=5 FAMILY="SANSSERIF" FACE="Arial" LANG="0"><B>Heffernan Resigns from Baldwin Piano & Organ's Board
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<BR></FONT><FONT COLOR="#000000" SIZE=2 FAMILY="SANSSERIF" FACE="Arial" LANG="0"></B>
<BR>MASON, Ohio, May 24 /PRNewswire/ -- Baldwin Piano & Organ Company (Nasdaq: <A HREF="aol://4785:BPAO">
<BR>BPAO</A>) announced today that James T. Heffernan has resigned from the Company's
<BR>Board of Directors. Heffernan was elected as a director of the Company in
<BR>June, 2000. The Company does not intend to appoint an interim board member
<BR>to replace Heffernan.
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<BR>The latest stock quote:
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<BR>BPAO - BALDWIN PIANO & ORGAN
<BR>Exchange: Nasdaq NM
<BR>Delay: at least 15 minutes
<BR>Last Price: 2.30 at 15:18 EDT
<BR>Change: Unchanged (0.00%)
<BR>High: 2.30 at 15:18 EDT
<BR>Low: 2.30 at 15:18 EDT
<BR>Open: 2.30
<BR>Previous Close: 2.30 on 5/23
<BR>Volume: 3,100
<BR>30-Day Avg. Volume: 33,000
<BR>Shares Outstanding: 3,463,000
<BR>Market Cap.: 7,964,900
<BR>52-Week High: 7.34
<BR>52-Week Low: 1.50
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<BR>Bill Bremmer RPT
<BR>Madison, Wisconsin</FONT></HTML>