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Use of Proceeds We will use the proceeds from the offering as follows: PERCENTAGE OF NET USE AMOUNT, AMOUNT, OFFERING PROCEEDS AT OF PROCEEDS AT THE MINIMUM AT THE MAXIMUM THE MAXIMUM ------------------------------------------- -------------- -------------- -------------------- Loan to our employee stock ownership plan $782,000 $1,058,000 8.3% Investment in Peoples Federal $4,657,500 $6,382,500 50.0% General corporate purposes; possible $3,875,500 $5,324,500 41.7% dividend payments or stock repurchases The proceeds to be invested in Peoples Federal will be available for general corporate purposes.