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Dear Fellow Investors:

Carl C. Icahn
767 Fifth Avenue
New York, New York 10153
January 23, 2009
Dear Fellow Investors:
As you know, Steel Partners has announced the "WebFinancial
Solution" which we believe would be extremely detrimental to all of
our investments in Steel Partners. I am against that transaction and
a lawsuit has been filed to oppose it in Delaware.
I believe it will be beneficial for all investors in Steel Partners
to meet to discuss the "WebFinancial Solution." Because Steel Partners
has refused to make a list of investors available to us, we ask that you
call either Susan Gordon (212-702-4309) or Sue Zippo (212-702-4310) at
my office. Please provide them with your name and phone number. We
will then contact investors and arrange for a meeting.
Steel Partners' actions to date and plans for the future are
significant events for all of us and I strongly believe that we should
meet to share our thoughts and concerns.
I look forward to meeting all of you.
Very truly yours,
Carl C. Icahn

HT: 1-2