MGN Funding Corp, 11501 Lefferts Blvd, Rm C, South Ozone Park, NY 11420, US

Steel Partners Holdings operates in niche banking markets through its subsidiary, WebBank. WebBank is a state chartered industrial loan corporation that provides commercial and consumer specialty finance services. WebBank focuses primarily on the United States Department of Agriculture business and industry lending and fee for service lending. WebBank also offers a limited range of deposit products. All of its deposit products, with the exception of certificates of deposit, are with business customers. During the year ended Dec. 31, 2004, WebBank suspended its accounts receivable factoring activities. Accounts receivable factoring had constituted WebBank's principal line of business.