X0202 4 2004-11-10 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 2004-11-10 4 M 0 391 26.01 A 39074 D Class B Common Stock 1438500 I Various Right to buy (option) 1.00 2004-11-10 4 X 0 391 26.01 D 2004-07-01 2014-04-02 Class B Common 391 395 D Right to buy (option) 1.00 2004-07-01 5 A 0 269 25.19 A 2005-07-01 2014-07-02 Class B Common 269 269 D Right to buy (option) 1.00 2004-10-01 5 A 0 266 25.43 A 2005-10-01 2014-10-02 Class B Common 266 266 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 previously reported on Forms 4 and 5 have expiration dates ranging from July 2, 2013 through April 2, 2014. The price paid for the options was equl to and in lieu of directors fees. The price paid for the options was equal to and in lieu of directors fees. G. Patrick Corydon on behalf of Robert Shapiro under power of attorney 2004-11-11