NYSE Establishes September 27, 1999 as Ex Dividend Date for Distributions Payable on September 24, 1999.

CHICAGO--(BUSINESS WIRE)--Aug. 26, 1999--

Baker, Fentress & Company (NYSE:BKF), today announced that The New York Stock Exchange has established September 27, 1999 as the ex dividend date for the following three distributions payable on September 24, 1999:

     Ordinary Income Dividend           $1.00 per share
     Capital Gain Distribution           3.00 per share

     Distribution of all shares of
     Consolidated-Tomoka Land Co.
     owned by BKF

Because these distributions total more than 15% of the market value of Baker Fentress shares, The New York Stock Exchange requires the ex dividend date to be the first business day following the payment date. This results in an ex-date of September 27, 1999 for the above distributions.

Because the record date for these distributions is August 30, 1999, all trades occurring from August 26 through September 24, 1999 will carry Due-Bills representing the value of the three distributions payable September 24. The result is that anyone purchasing BKF shares during this period will be entitled to receive the September 24 distributions, even though they were not shareholders of record on August 30, 1999. Conversely, anyone selling BKF shares between August 26 and September 24, 1999 will not receive payment of these distributions.

If you plan to purchase or sell shares of Baker Fentress before the ex dividend date of September 27, 1999, you should consult your broker or financial advisor for further clarification of how these administrative trading procedures will impact your Baker Fentress holdings.

For additional information, you can also contact us at (800) BKF-1891.