Baldwin & Lyons Inc.

Baldwin & Lyons Inc. is listed on NASDAQ (BWINA). Baldwin & Lyons, Inc. was incorporated under the laws of the State of Indiana in 1930. Through its divisions and subsidiaries, Baldwin & Lyons, Inc. (referred to herein as B&L) specializes in marketing and underwriting property and casualty insurance. B&Ls subsidiaries are: Protective Insurance Company (referred to herein as Protective), with licenses in all 50 states, the District of Columbia and all Canadian provinces; Sagamore Insurance Company (referred to herein as Sagamore), which is currently licensed in 47 states; and B & L Insurance, Ltd. (referred to herein as BLI), which is domiciled and licensed in Bermuda. These subsidiaries are collectively referred to herein as the Insurance Subsidiaries. The Company, as used herein, refers to Baldwin & Lyons, Inc. and all its subsidiaries unless the context indicates otherwise.

Baldwin Technology Company Inc.

Baldwin Technology Company Inc. is listed on AMEX (BLD). Baldwin Technology Company, Inc. (Baldwin) is a leading global manufacturer of accessories and controls for the printing and publishing industry. The Company offers its customers a broad range of products designed to enhance the quality, productivity and cost-efficiency of the print manufacturing process while addressing environmental concerns and safety issues. Baldwins products include cleaning systems, fluid management and ink control systems, web press protection systems and drying systems. The Company sells its products both to printing press manufacturers who incorporate the Companys products into their own printing press systems for sale to printers and publishers, as well as to printers and publishers to upgrade the quality and capability of their existing and new printing presses. The Company has product development and manufacturing facilities, and sales and service operations, in strategic markets worldwide.

BT GROUP PLC ..ormation set forth under the headings: . Contents on page 1 (first two paragraphs); . Business review ? Introduction on page 7; . Business review ? In..

Bowater Incorporated ..anufacture, sale and distribution of newsprint, uncoated specialty paper, coated groundwood paper, market pulp, lumber and timber. We operate faciliti..

CallWave Inc. ..s typically used a landline telephone as their primary means of communication. The emergence of mobile telephones and the Internet has reshaped the co..

Cambior Inc. ..ree-Year History The year 2002 was significant for the Company as it was emerging from a financial restructuring program and was positioning itself fo..

Cabot Microelectronics Corporation ..ctronics, the Company, us, we, or our), which was incorporated in the state of Delaware in 2000, is the leading supplier of high-performance polishing..

Central Garden & Pet Company ..ter and producer of quality branded products. We are one of the largest suppliers in the lawn and garden and pet supplies industries. The total lawn a..

Comfort Systems USA Inc. .. provides comprehensive heating, ventilation and air conditioning (HVAC) installation, maintenance, repair and replacement services within the mechani..

Churchill Downs Incorporated ..ing company that conducts pari-mutuel wagering on live Thoroughbred, Quarter Horse and Standardbred horse racing and simulcasts signals of races. Addi..

CompX International Inc. ..manufacturer of precision ball bearing slides, security products and ergonomic computer support systems used in office furniture, computer-related app..

Commercial Metals Company ..el and metal products and related materials and services through a network of locations located throughout the United States and internationally. We c..

China Netcom Group Corporation (Hong Kong) Limited ..hina Netcom Group Corporation (Hong Kong) Limited. Our principal executive offices are located at Building C, No. 156 Fuxingmennei Avenue, Xicheng Dis..

CPFL Energia S.A. .. and existing under the laws of Brazil with the legal name CPFL Energia S.A. Our principal executive offices are located at Rua Gomes de Carvalho, 1,5..

Chiquita Brands International Inc. .. subsidiaries (collectively, Chiquita) operate as a leading international marketer and distributor of bananas and other fresh produce sold under the C..

Cronos Group (The) ..ed in Luxembourg with its registered office at 16, Allée Marconi, Boîte Postale 260, L-2120 Luxembourg (telephone (352) 453145). The Company is regist..

Crescent Banking Company ..e parent holding company of Crescent Bank & Trust Company (Crescent Bank or the Bank), Crescent Mortgage Services, Inc. (CMS) and Crescent Capital Tru..

Connecticut Water Service Inc. ..eferred to as the Company, we or our) was organized in 1956. Connecticut Water Service, Inc. is a non-operating holding company, whose income is deriv..

CVS Corporation ..e industry in the United States with net sales of $30.6 billion in 2004. As of January 1, 2005, we operated 5,375 retail and specialty pharmacy stores..

Dress Barn Inc. (The) ..ries operates a chain of womens apparel specialty stores, operating principally under the names dressbarn and dressbarn woman and, since our January 2..

Dynamic Materials Corporation .. leader in the explosive metalworking business, which uses explosives to perform metal cladding and shock synthesis. The Company performs metal claddi..

Delta Galil Industries Ltd. ..rael in 1975 and operates as a public company with liability limited by shares under the Israeli Companies Law, 1999. Our registered offices are locat..

Deluxe Corporation .. of the State of Minnesota in 1920. From 1920 until 1988 our company was named Deluxe Check Printers, Incorporated. Our principal corporate offices ar..

Dreamworks Animation SKG Inc. ..ooking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21..

DeVry Inc. ..State of Delaware. The Companys executive offices are located at One Tower Lane, Oakbrook Terrace, Illinois, 60181. The Companys telephone number is (..

Consolidated Graphics Inc. ..hics, CGX, the Company, we, our and us refer to Consolidated Graphics, Inc, collectively with our consolidated subsidiaries, unless the context indica..

El Paso Electric Company ..ed in the generation, transmission and distribution of electricity in an area of approximately 10,000 square miles in west Texas and southern New Mexi..

EDO Corporation ..25 by Earl Dodge Osborn, from whose initials EDO is derived. EDO Corporation designs and manufactures a diverse range of products for the defense indu..

EMCORE Corporation ..oducts or the markets we serve, please visit our website at http:-www.emcore.com. The information on EMCOREs website is not incorporated by reference ..

Environmental Tectonics Corp. ..re principally engaged in the design, manufacture and sale of software driven products used to create and monitor the physiological effects of motion ..

Eaton Vance Corporation ..gement business for over eighty years, tracing its history to two Boston-based investment managers: Eaton & Howard, formed in 1924, and Vance, Sanders..

Family Dollar Stores Inc. ..most 6,000 retail discount stores in a 44-state area, providing primarily low to lower-middle income consumers with a wide range of general merchandis..

First Capital Inc. ..ny or First Capital) was incorporated under Indiana law in September 1998. The Company was organized for the purpose of becoming the holding company f..

Freescale Semiconductor Inc ..n the design and manufacture of embedded semiconductors for the automotive, consumer, industrial, networking and wireless markets. Freescale became a ..

Factory Card & Party Outlet Corporation ..ry, Factory Card Outlet of America Ltd., are a specialty retailer offering a wide selection of party supplies, greeting cards, giftwrap, balloons, gif..

1st Constitution Bancorp (NJ) ..y registered under the Bank Holding Company Act of 1956, as amended. The Company was organized under the laws of the State of New Jersey in February 1..

Fieldstone Investment Corporation .. that has a portfolio of mortgage loans we originated and that originates, securitizes, sells and services non-conforming and conforming single-family..

L.S. Starrett Company (The) ..n 1929 and is engaged in the business of manufacturing industrial, professional, and consumer products. The total number of different items made and s..

Merrill Lynch Depositor Inc. ..urities held by Public STEERS(R) Series 1998 TRV-C1 Trust, please refer to Citigroup Inc.s (Commission file number 001-09924) periodic reports (former..

Wilson Greatbatch Technologies Inc. ..teries, capacitors, feedthroughs, enclosures, and other components used in implantable medical devices (IMDs) through our Implantable Medical Componen..

GrafTech International Ltd ..r and faster than our competition, through the creation, innovation and manufacture of graphite and carbon material science-based solutions. We have o..

Gallery of History Inc. ..he State of Nevada on November 10, 1981. The Company is engaged in the business of marketing historical documents such as letters, documents and signa..

Group 1 Automotive Inc. ..the $1 trillion automotive retailing industry. We own and operate 142 dealership franchises and 32 collision centers primarily located in major metrop..

Goodrich Corporation (The) ..omponents, systems and services to the commercial, regional, business and general aviation markets. We are also a leading supplier of systems and prod..

W.W. Grainger Inc. ..Illinois in 1928, is in the service business. It distributes products used by businesses and institutions across North America to keep their facilitie..

Havas ..tions services company. With our headquarters located in Suresnes, France, two operating divisions headquartered in the United States and the third he..

HemoSense Inc. ..held blood coagulation monitoring systems for use by patients and healthcare professionals in the management of warfarin medication. Warfarin is an or..

Health Net Inc. ..t delivers managed health care services through health plans and government sponsored managed care plans. We operate and conduct our businesses throug..

Hornbeck Offshore Services ..ced, new generation OSVs serving the offshore oil and gas industry, primarily in the U.S. Gulf of Mexico and in select international markets. The focu..

Health Care Property Investors Inc. ..orporation organized in 1985, is a real estate investment trust (REIT) that, together with its consolidated subsidiaries and joint ventures (collectiv..

Intervideo Inc. ..nd DVD burning software, television viewing and recording software and InstantON software that allows personal computer (PC) users to quickly access m..

Iconix Brand Group Inc. .. in 1978, is in the business of licensing and marketing intellectual property. The Company currently owns three brands, CANDIES(R), BONGO(R) and BADGL..

IMERGENT INC .. technology, training and a variety of web-based technology and resources to over 150,000 small businesses and entrepreneurs annually. Our affordably ..

Interchange Corporation ..inesses on the Internet. Our services enable businesses to list their products and services in our distributed Internet search results. By providing l..

Ionatron Inc. ..rward-looking statements for purposes of the securities laws. Forward-looking statements include all statements that do not relate solely to the histo..

Isonics Corporation ..l and useful information, this Form 10-KSB contains certain forward-looking statements (as such term is defined in section 21E of the Securities Excha..

Ituran Location and Control Ltd. ..ocation-based services, consisting of stolen vehicle recovery and tracking services. We also provide wireless communication products used in connectio..

John B. Sanfilippo & Son Inc. ..nder the laws of the State of Delaware in 1979 as the successor by merger to an Illinois corporation that was incorporated in 1959. As used herein, un..

Jones Apparel Group Inc. ..arketer and wholesaler of branded apparel, footwear and accessories. We also market directly to consumers through our chain of specialty retail and va..

Keystone Automotive Industries Inc. .. the nation's leading distributor of aftermarket collision replacement parts produced by independent manufacturers for automobiles and light trucks. K..

Kensey Nash Corporation ..tements relating to future events and our future financial performance. These statements are only predictions and actual events or results may differ ..

Multi-Fineline Electronix Inc. ..ineering, design, and manufacture of flexible printed circuit boards and value-added component assembly solutions for electronics industry. Its produc..

Lee Enterprises Incorporated .. associated companies, publishes 58 daily newspapers in 23 states and more than 300 weekly, classified and specialty publications, along with associat..

LTC Properties Inc. ..vestment trust (or REIT), was incorporated on May 12, 1992 in the State of Maryland and commenced operations on August 25, 1992. We invest primarily i..

Medical Properties Trust Inc. .. that acquires, develops, leases and makes other investments in healthcare facilities providing state-of-the-art healthcare services. We lease our fac..

Midland Company (The) ..e cover and pages 20 through 31 and 46 and 47 (Note 19) of its 2004 Annual Report to Shareholders. Midland was incorporated in Ohio in 1968 with its o..

Maidenform Brands Inc. ..er to various trademarks, service marks and trade names that we use in our business. Maidenform, Flexees, Lilyette, Self Expressions, Sweet Nothings, ..

Neogen Corporation ..op, manufacture, and market a diverse line of products dedicated to food and animal safety. The Company's food safety segment consists primarily of di..

Inergy L.P. ..s Gas Products, Inc. (Atlas), headquartered in Costonia, OH. Atlas delivers propane to approximately 7,000 customers from three retail locations. On O..

Nymagic Inc. ..s a holding company which owns and operates insurance companies, risk bearing entities and insurance underwriters and managers; the Company also conso..

OSI Pharmaceuticals Inc. ..ocused on the discovery, development and commercialization of high quality oncology products that both extend life and improve the quality-of-life for..

Peoples Bancorp Inc. ..ing company organized in 1980, with origins in the Mid-Ohio Valley dating back to 1902. At December 31, 2004, Peoples wholly-owned subsidiaries includ..

China Automotive Systems Inc. ..-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These sta..

Pressure BioSciences Inc. ..h, development and commercialization of products utilizing our patented pressure cycling technology (PCT), a novel platform technology for 3 - the con..

QuadraMed Corporation .., is dedicated to improving healthcare delivery by providing innovative healthcare information technology and services. We provide healthcare informat..

Royal Gold Inc. .. forward-looking statements, including statements related to trends in the Company's business. The Company's actual results may differ materially from..

Raytheon Company ..ales of $20.2 billion, is an industry leader in defense and government electronics, space, technical services, and business and special mission aircra..

Storm Cat Energy Corporation .. Development of the Corporation Corporate and General Storm Cat is an independent oil and gas company focused on the pursuit, exploration and developm..

Skechers U.S.A. Inc. ..ncorporated in Delaware in 1999. Throughout this report, we refer to Skechers U.S.A., Inc., a Delaware corporation, and its consolidated subsidiaries ..