Baldwin Receives Letter from NYSE Amex Regarding Non-Compliance

Due to the small size of Baldwin’s Board of Directors as a result of these changes, it no longer has a majority of independent directors on its board, the three classes of directors of its board are not of approximately equal size, it has only two of the requisite three independent members on its audit committee and its compensation committee is not comprised solely of independent directors. The referenced standards are: Sections 802(a), 802(d) 803(B)(2)(a) and 805(a) of the guide.