October , 2003Bank Mutual Corp • September 30th, 2003 • Savings institution, federally chartered
The parties to the Agreement acknowledge that on September 25, 2003, RP Financial, LC updated its appraisal of the estimated pro forma market value of the common stock of the Holding Company, which has increased the offering range. The amended offering range has increased to a range of $263,925,000 at the minimum to $357,075,000 at the maximum, and $410,632,000 at the adjusted maximum, as compared to the range of $229,500,000 to $310,500,000 and $357,075,000 at the adjusted maximum, established by the appraisal of RP Financial dated May 16, 2003. As a result of the increase 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 July 31, 2003 prospectus, which supplemental prospectus is dated as of the date of this letter agreement.
