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					         Baldwin            TM




Confidence in a “Sensortized” World




              Lind  Jennings  Soberay  Grenn
Baldwin Today
 Success Highlights
Market Share Report

                                            Potential Market Share Less (Actual Market Share)
                                                           in Units by Segment

                                    8.0%


                                    6.0%
  Variance of Potential to Actual




                                    4.0%                                                        Traditional
          Market Share




                                                                                                Low
                                    2.0%                                                        High
                                                                                                Performance
                                    0.0%                                                        Size
                                             2008         2009          2010       2011
                                    -2.0%


                                    -4.0%
                                                                 Year
Market: Customer Satisfaction

                                      Comparison of 2008 to 2011 Customer Survey Results

                              40%
                              35%
 December Customer Survey %




                              30%
                              25%
                                                                                                      Customer Survey 2008
                              20%
                                                                                                      Customer Survey 2011
                              15%
                              10%
                              5%
                              0%
                                    Traditional   Low End        High End       Performance   Size

                                      Baker        Bead            Bid             Bold       Buddy

                                                            Segment - Product
Strong Leverage

             Baldwin Leverage

2.3
              2.2
2.2
2.2
                                2.1
2.1
2.1
2.0
2.0
      1.9                              1.9
1.9
1.9
1.8
1.8
      2008   2009               2010   2011
Baldwin Performance Measures

              Baldwin Contribution Margin

50%
                                            44.4%
45%
                                   38.6%
40%
35%
30%   28.0%          26.3%
25%
20%
15%
10%
 5%
 0%
      2008            2009         2010     2011
Performance Measures


                Contribution Margin Comparison

50%
                44.4%
45%                                                  40.2%
40%
                                             33.3%
35%
30%                                  26.0%
                           23.0%
25%
20%
15%
      8.6%
10%
 5%
 0%
      Andrews    Baldwin   Chester   Digby    Erie   Ferris
Baldwin’s Net Income

                                  Net Income
                                   Baldwin

             $6,000,000


             $4,000,000
                                                         $2,181,000
             $2,000,000
Net Income




                     $0
                           2008     2009          2010     2011
             -$2,000,000


             -$4,000,000


             -$6,000,000
                                           Year
Baldwin’s Cumulative Profit



    2008           2009          2010          2011


  $9,659,279     $6,454,772    $1,984,847    $4,166,307




               Continued Cumulative Profit
Poor Performance of Competitors
Competitor Poor Performance

                                                   Emergency Loan Amounts 2008 - 2011

                                           $160,000,000,000

                                           $140,000,000,000
 Emergency Loan Amount Total 2008 - 2011




                                           $120,000,000,000

                                           $100,000,000,000

                                            $80,000,000,000

                                            $60,000,000,000

                                            $40,000,000,000

                                            $20,000,000,000

                                                        $0
                                                              Andrews Baldwin   Chester   Digby   Erie   Ferris

                                                                                  Company
Profits
                                                Profits by Company

                 $40,000,000,000


                 $30,000,000,000


                 $20,000,000,000
 Profit (Loss)




                 $10,000,000,000


                               $0
                                     Andrews   Baldwin   Chester     Digby   Erie   Ferris
                 ($10,000,000,000)


                 ($20,000,000,000)


                 ($30,000,000,000)

                                                              Company
Baldwin Outlook
Baldwin Forecasts

              Projected Contribution Margin

70%

60%

50%

40%

30%

20%

10%

0%
      2008   2009   2010   2011   2012   2013   2014   2015
ROS Growth Projections


                    Projected Return on Sales

14%
12%
10%
8%
6%
4%
2%
0%
      2008   2009     2010   2011   2012   2013   2014   2015
Shareholder Value

                    Projected Stock Dividend

$3.00
                                                                $2.50
$2.50
                                                        $2.00
$2.00
                                                $1.50
$1.50
                        $1.00           $1.00
$1.00
                $0.50           $0.50
$0.50
        $0.00
$0.00
        2008    2009    2010    2011    2012    2013    2014    2015
Focus on Growth

               Projected Price/Earnings Ratio

50

40

30

20

10

 0
      2008   2009   2010   2011   2012   2013   2014   2015
-10

-20
Why Baldwin?

              •   Substantial cash flow from operations
              •   Strong contribution margins
 Financial
 Strength     •   Consistent, increasing annual dividends
              •   High bond ratings (A to BBB)
              •   Less risk for the company’s debt holders


              •   Broad product portfolio across segments
Diversified   •   Significant expansion opportunities
Predictable   •   Strong management with focus on functional
                  integration

              •   Focus on enhancing shareholder value
Shareholder   •   Focus on cash flow from operations & earnings
   Value      •   Focus on operating income
              •   Emphasis on efficient use of capital
         Baldwin            TM




Confidence in a “Sensortized” World




                     Thank You