Steel Partners Holdings Declares Regular Quarterly Distribution on Its Series A Preferred Units

Steel Partners Holdings L.P. (NYSE: SPLP) (the "Company" or "SPLP"), a diversified global holding company, today announced that the board of directors of its general partner has declared a regular quarterly distribution equal to $0.375 per unit, payable June 15, 2020, to unitholders of record as of June 1, 2020, on its 6% Series A Preferred Units, no par value ("Series A Preferred").

In accordance with the Company's Eighth Amended and Restated Agreement of Limited Partnership, such distributions will be made in kind, such that holders of Series A Preferred will receive additional units equal to the product of units held and the $0.375 per unit quarterly dividend divided by the Series A Preferred liquidation preference of $25.00 per unit. No fraction of a Series A Preferred will be issued by virtue of the quarterly dividend, but in lieu thereof each preferred unitholder will be paid an amount of cash (rounded to the nearest whole cent), without interest, equal to the product of (i) such fraction, multiplied by (ii) the $25.00 Series A liquidation preference.

The board of directors elected to make the quarterly distribution in kind as part of its previously announced comprehensive precautionary approach to increase the Company's cash position and maximize its financial flexibility in light of the current volatility in the global markets resulting from the COVID-19 outbreak.

"The COVID-19 pandemic has elevated global levels of uncertainty. I have confidence that our business will successfully emerge from this situation, but out of an abundance of caution, we have decided to make this quarterly dividend in kind," said Executive Chairman Warren Lichtenstein.

Any future determination to declare distributions on its units of Series A Preferred, and any determination to pay such distributions in cash or in kind, or a combination thereof, will remain at the discretion of the board of directors of the Company's general partner and will be dependent upon a number of factors, including the Company's results of operations, cash flows, financial position, and capital requirements, among others.

About Steel Partners Holdings L.P.

Steel Partners Holdings L.P. (www.steelpartners.com) is a diversified global holding company that owns and operates businesses and has significant interests in leading companies in various industries, including diversified industrial products, energy, defense, supply chain management and logistics, direct marketing, banking and youth sports.