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Dividends

On January 20, 2015, the Board of Directors declared a cash dividend for the quarter ended December 31, 2014 of $0.18 per share on Greene County Bancorp, Inc.’s common stock. The dividend reflects an annual cash dividend rate of $0.72 per share, which was the same as the dividend declared during the previous quarter. The dividend was payable to stockholders of record as of February 13, 2015, and was paid on February 27, 2015. For purposes of liquidity and cash flow, the MHC did not waive its receipt of this dividend. Therefore, the dividend was paid on all outstanding shares as of the record date.

The MHC received the approval of its members (depositors of The Bank of Greene County) and the non-objection of the Federal Reserve Bank of Philadelphia, to waive the MHC’s receipt of quarterly cash dividends aggregating up to $0.80 per share to be declared by the Company for the four quarters ending December 31, 2015. The waiver of dividends beyond this period are subject to the MHC obtaining approval of its members at a special meeting of members and receive the non-objection of the Federal Reserve Bank of Philadelphia for such dividend waivers for the four quarters subsequent to the approval. Therefore, its ability to waive its right to receive dividends beyond this date cannot be reasonably determined at this time.