0001019056-08-000514 Sample Contracts

April 8, 2008
Agency Agreement • April 10th, 2008 • Malvern Federal Bancorp Inc • Savings institutions, not federally chartered

The parties to the Agreement acknowledge that on March 19, 2008, RP Financial, LC. updated its appraisal of the estimated pro forma market value of the common stock of the Holding Company, which has decreased the offering range. The amended offering range has decreased to a range of $19,554,250 at the minimum to $26,455,750 at the maximum, and $30,424,110 at the adjusted maximum, as compared to the range of $23,026,500 to $31,153,500 and $35,826,530 at the adjusted maximum, established by the appraisal of RP Financial, LC. dated January 25, 2008. As a result of the decrease in the offering range, the Holding Company is resoliciting those persons who subscribed for shares of Common Stock in the original offering and providing to those original subscribers a supplement to the February 11, 2008 prospectus, which supplemental prospectus is dated as of the date of this letter agreement. Pursuant to the Plan, in the resolicitation the Holding Company is offering a minimum of 1,955,425 and a

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