"As Peabody Energy shareholders,
through their retirement savings, working families deserve a more accountable
company. Clearly, I have staked my
reputation on this commitment to BKF and its shareholders ."

Shareholders of BKF are advised to read the definitive proxy statement and
other documents related to the solicitation of proxies by Steel Partners II,
L.gov or by calling Morrow + Co.

It is part of more general issues of business.

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For three consecutive years the shareholders
have overwhelmingly supported prior proposals by GAMCO requesting the board to
redeem the poison pill.

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Schacht
and Ronald LaBow, to the board of directors of BKF Capital Group, Inc. We believe that the election of our nominees
will be the first step in restoring shareholder confidence in the board."
In its report, ISS also supports Steel Partners' non-binding proposal
recommending that the board of directors declassify the board as well as a
non-binding proposal submitted by GAMCO Investors, Inc . We
also urge you to vote the GOLD proxy card FOR the business proposals contained
in Steel Partners ' proxy statement. and the other participants in the solicitation for use at BKF's annual
meeting scheduled to be held on June 9, 2005.

Monitor corporate behavior as it affects human rights, environmental issues, fairness to workers, or other issues of human rather than economic concern.

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announced today
that Institutional Shareholder Services ("ISS"), the nation's leading proxy
voting advisory service , has recommended that its clients vote to elect Steel
Partners' three independent nominees, Warren G. Lichtenstein does not have the reputation as a 'flipper' of his
portfolio companies, as evidenced by his continued ownership of shares
(and tenure on the board) of several companies in which he has invested., toll free at (800)
607-0088.

accountability greed

The labor federation's resolution points out that by
limiting shareholders' ability to vote annually on each director, stockholders
are prevented from registering their views on the performance of the board
collectively and on each director individually . ISS Recommends BKF Capital Group Shareholders Vote FOR Steel Partners'
Nominees on the GOLD Proxy Card

ISS also Recommends Shareholders Vote FOR Critical Corporate Governance
Initiatives Supported by Steel Partners

NEW YORK, Steel Partners II, L. Lichtenstein. We have not and will not depart from this
approach with respect to our investment in BKF.

3.

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Lichtenstein, the managing member of Steel Partners, stated, "We
were delighted to learn of the endorsement by ISS of our slate of highly
qualified, independent nominees .

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Lichtenstein is highly regarded as a discoverer and 'unlocker' of
shareholder value as well as a promoter of good corporate governance. Our interests are aligned with those of the other
shareholders .

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Boyce is slated to become company CEO next year. The 100% bid and TIDE amendments are not a sufficient
response. At a minimum, the board should have put the pill to a binding
shareholder vote this year.

Call to action, inform, or 'blow the whistle' on corporate operations relative to #1 above.

accountable csr

"Peabody Energy's current framework for election of directors
needs to be changed.
"These proposals will heighten director responsiveness to shareholder
concerns, enhance our company 's corporate governance, increase management
accountability to shareholders and contribute to long -term shareholder
performance," said Trumka. ISS states,

"Mr. We need a board that is more accountable, not one that
only reacts when shareholders apply a little pressure.P.

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We urge you to follow ISS' recommendation to
vote the GOLD proxy card FOR Steel Partners' three independent nominees.

Its specific focus involves:
Sites of organizations, institutions, or individuals which are aimed at any of the following:
1.

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P. recommending that the
board redeem BKF's poison pill.

'"

Mr.

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"
The AFL-CIO is also supporting two additional reforms."

Mr. Lichtenstein responded, "I am pleased with ISS' recognition of my
prior corporate governance and value enhancing initiatives relating to Steel
Partners' portfolio companies."

"We find some credence to Steel Partners' argument that, if BKF was truly
serious about seeing these changes approved , the company would have both
publicly committed insiders to vote in favor of the proposals and in
addition would have allowed enough time to conduct a full scale campaign
to 'get out the vote.

Provide solutions, alternative ideas to problems above.

widened citicorp

If
elected, our nominees will endeavor to work with the other members of the
BKF board to promote good corporate governance practices and maximize
shareholder value.

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AFL-CIO to Urge Peabody Energy Shareholders to Enact Governance Reforms at Annual Meeting

WASHINGTON, The AFL-CIO will urge Peabody Energy
Corp. Shareholders will not have
an opportunity to approve Boyce's position on the Board until the 2006 Annual
General Meeting, a full 15 months after he assumes his responsibilities on the
Board. Another proposal sponsored by the Sheet Metal Workers' National
Pension Fund urges the Board to take the necessary steps to require that
directors be elected by the affirmative vote of a majority of votes cast at an
annual meeting of shareholders. Accusations by the
BKF board that we may have other self-serving objectives have no merit. In response, ISS states,

"As with the poison pill, we note that the company 's good governance
proposals were submitted only after Steel Partners declared its
intentions to run for board seats.

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Mr. In its report, ISS
comments,

"We note that BKF did not respond fully to the shareholders' wishes for
the past three years, and only made the partial step towards implementing
change after Steel Partners publicly announced its intent to engage in a
proxy fight."
Mr.

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"

BKF also included in its proxy statement a binding proposal to declassify
the board of directors after Steel Partners submitted its non-binding proposal
recommending that the board take such action. We believe that a change within the board of BKF is necessary
in order to achieve consistent profitability and implement much needed
corporate governance reforms.

havelaar bbb

A proposal
sponsored by the Amalgamated Bank LongView MidCap 400 Index Fund urges the
Board to adopt a policy that independent directors constitute two-thirds of
the Board.

After Steel Partners nominated its slate of
directors, BKF modified the poison pill so that it does not apply to tender
offers for the entire company and will be subject to independent director
evaluation every three years, known as a TIDE provision.sec.

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(NYSE: BTU) shareholders to adopt three corporate governance reforms at
the company's annual shareholders meeting on Friday, May 6 at the Ritz-Carlton
Hotel in Clayton, Missouri. Mr."

Warren G. The timing of the reforms call into
question whether the company has truly 'seen the light,' or if it is
merely taking defensive steps as part of its proxy strategy. Lichtenstein commented, "We are delighted that ISS shares our view
that the timing of these initiatives calls into question whether BKF is truly
committed to not only recommending but also implementing meaningful corporate
governance reform. The definitive proxy statement
is available at no charge at the Securities and Exchange Commission's Web site
at http: //www.

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The lack of accountability of the current three-year terms was highlighted
by the recent appointment of Peabody Energy executive Gregory Boyce to the
board of directors and as Chairman of the board's Executive Committee. In its report dated May 25,
2005, ISS noted the strength of Steel Partners' slate of nominees, stating
that:

-- "The company's less than stellar track record with respect to corporate
governance warrants the presence of Kurt Schacht on the board."
-- "The board could use an additional layer of discipline and oversight
provided by director nominees Warren Lichtenstein and Ronald LaBow in
light of the difficulties facing the company's long-only business
unit.

Corporate Accountability is an important issue in society .

widened csr

"
The AFL-CIO has proposed a shareholder resolution to "declassify" the
board of directors . Peabody Energy's current framework divides the board into
three classes, with approximately one -third of all directors elected annually
to three-year terms.
"Director elections are the primary avenue for shareholders to hold
management accountable and influence crucial corporate governance polices,"
said Trumka.

Steel Partners II L.P. Wins ISS Support

, Inc.

2.

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contends bsr

(NYSE: BKF) at BKF's June 9, 2005 annual meeting of shareholders.

disclose loka

Lichtenstein, Kurt N.
ISS provides proxy advisory services to hundreds of institutional
investors, mutual funds, and other fiduciaries. Lichtenstein concluded, "Steel Partners is the largest institutional
shareholder of BKF.

havelaar complying

"The retirement security of America's working families depends in part on
companies like Peabody Energy having good corporate governance," explained
AFL-CIO Secretary-Treasurer Richard Trumka."
ISS also took the opportunity in its report to acknowledge the character
of Mr.

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complying greed

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