Baker Fentress Announces $13.75 Per Share Cost Basis of Consolidated-Tomoka Land Co. Distribution.

CHICAGO--(BUSINESS WIRE)--Sept. 29, 1999--

Baker, Fentress & Company (NYSE: BKF), today announced that it had completed on September 24, 1999 an initial distribution of cash and Consolidated-Tomoka Land Co. (AMEX:CTO) shares. These initial distributions are part of the plan approved by shareholders on August 19, 1999 to distribute most of the assets of Baker, Fentress & Company to shareholders.

Shareholders receiving this distribution were paid 0.128109 shares of Consolidated-Tomoka Land Co. stock for each Baker, Fentress & Company share held. The Company also paid on September 24, 1999 a $1.00 per share ordinary income dividend and a $3.00 per share long-term capital gain distribution.

Shareholders receiving Consolidated-Tomoka Land Co. shares have a cost basis of $13.75 (the closing CTO price on the AMEX on Friday, September 24, 1999) per CTO share received. The holding period for federal income tax purposes of the CTO shares distributed began on September 24, 1999. Any fraction of a CTO share to which a Baker Fentress shareholder was entitled will be sold and the proceeds of that sale will be paid to shareholders separately in cash. The basis of the fractional share sold is $13.75 multiplied by the fractional share interest.

The CTO distribution is taxable, the make-up of which will be determined and announced promptly after year-end. Most or all of the share distribution is likely to be designated as a long-term capital gain and is unlikely to affect the cost basis in Baker Fentress common stock.