X0202 4 2004-05-24 0000009346 BALDWIN & LYONS INC BWINA / B 0001017635 SHAPIRO ROBERT 71 RED OAK LANE HIGHLAND PARK IL 60035 1 0 1 0 Class A Common Stock 110250 D Class A Common Stock 397875 I Various Class B Common Stock 2004-05-24 4 M 0 4245 23.42 A 38683 D Class B Common Stock 1438500 I Various Right to buy (option) .80 2004-05-24 4 X 0 4006 23.42 D 1999-10-01 2013-01-03 Class B Common 4006 0 D Right to buy (option) 1.00 2004-05-24 4 X 0 239 23.42 D 2004-04-01 2013-10-02 Class B Common 239 391 D Right to buy (option) 1.00 2004-01-01 5 A 0 166 27.10 A 2005-01-03 2014-01-02 Class B Common 166 166 D Right to buy (option) 1.00 2004-04-01 5 A 0 229 28.39 A 2005-04-01 2014-04-02 Class B Common 229 229 D Owned by (a) Gelbart Fur Dressers (not Inc.), (178,500 shares of Class A and 714,000 shares of Class B) and Jay Ell Company (not Inc.), (41,250 shares of Class A and 165,000 shares of Class B) limited partnerships as to which beneficial ownership is shared by the undersigned and his two brothers, and (b) Diversified Enterprises (not Inc.), (178,125 shares of Class A and 559,500 shares of Class B) a general partnership as to which beneficial ownership is shared by the undersigned and his two brothers Options become exercisable one year from the date of issuance and expire ten years and one day from the date of issuance. Options previoulsy reported on Forms 4 and 5 have expiration dates ranging from October 2, 2009 through January 3, 2013. The price paid for the options was equl to and in lieu of directors fees of $4,500 per quarter. Options become exercisable one year from the date of issuance and expire ten years and one day from the date of issuance. Options previoulsy reported on Forms 4 and 5 have expiration dates ranging from April 2, 2013 through October 2, 2013. The price paid for the options was equl to and in lieu of directors fees of $4,500 per quarter. The price paid for the options was equal to and in lieu of directors fees in the amount of $4,500 per quarter. G. Patrick Corydon on behalf of Robert Shapiro under power of attorney 2004-05-24