Exhibit 99.2

PRO FORMA VALUATION REPORT

CAPITOL FEDERAL FINANCIAL, INC.

Topeka, Kansas

PROPOSED HOLDING COMPANY FOR:

CAPITOL FEDERAL SAVINGS BANK

Topeka, Kansas

Dated As Of:

April 16, 2010

Prepared By:

RP® Financial, LC.

1100 North Glebe Road

Suite 1100

Arlington, Virginia  22201

RP® FINANCIAL, LC.

Serving the Financial Services Industry Since 1988

April 16, 2010

Boards of Directors

Capitol Federal Savings Bank MHC

Capitol Federal Financial

Capitol Federal Savings Bank

700 Kansas Avenue

Topeka, Kansas  66603

Members of the Boards of Directors:

At your request, we have completed and hereby provide an independent appraisal (“Appraisal”) of the estimated pro forma market value of the common stock which is to be issued in connection with the mutual-to-stock conversion transaction described below.

This Appraisal is furnished pursuant to the requirements of the Code of Federal Regulations 563b.7 and has been prepared in accordance with the “Guidelines for Appraisal Reports for the Valuation of Savings and Loan Associations Converting from Mutual to Stock Form of Organization” of the Office of Thrift Supervision (“OTS”), and applicable regulatory interpretations thereof.

Description of Plan of Conversion and Reorganization

On May 5, 2010, the respective Boards of Directors of Capitol Federal Savings Bank MHC (the “MHC”) and Capitol Federal Financial (“CFFN”) adopted a Plan of Conversion and Reorganization (the “Plan of Conversion”) whereby the MHC will convert to stock form.  As a result of the conversion, CFFN, which currently owns all of the issued and outstanding common stock of the Capitol Federal Savings Bank, Topeka, Kansas (the “Bank”) will be succeed by a Maryland corporation with the name of Capitol Federal Financial, Inc. (“Capitol Federal Financial” or the “Company”).  Following the conversion, the MHC will no longer exist.  For purposes of this document, the existing consolidated entity will hereinafter be referred to as Capitol Federal Financial or the Company.  As of December 31, 2009, the MHC had a majority ownership interest in, and its principal asset consisted of, approximately 70.51% of the common stock (the “MHC Shares”) of Capitol Federal Financial.  The remaining 29.49% of Capitol Federal Financial’s common stock is owned by public stockholders.

Washington Headquarters
Three Ballston Plaza	Telephone: (703) 528-1700
1100 North Glebe Road, Suite 1100	Fax No.: (703) 528-1788
Arlington, VA 22201	Toll-Free No.: (866) 723-0594
www.rpfinancial.com	E-Mail: mail@rpfinancial.com

Boards of Directors

April 16, 2010

Page 2

It is our understanding that Capitol Federal Financial will offer its stock, representing the majority ownership interest held by the MHC, in a subscription offering to Eligible Account Holders, Tax-Qualified Employee Stock Benefit Plans including the Bank’s employee stock ownership plan (the “ESOP”), Supplemental Eligible Account Holders and Other Members, as such terms are defined for purposes of applicable federal regulatory requirements governing mutual-to-stock conversions.  To the extent that shares remain available for purchase after satisfaction of all subscriptions received in the subscription offering, the shares may be offered for sale to the general public in a community offering and a syndicated community offering.  Upon completing the mutual-to-stock conversion and stock offering (the “second-step conversion”), the Company will be 100% owned by public shareholders, the publicly-held shares of CFFN will be exchanged for shares in the Company at a ratio that retains their ownership interest at the time the conversion is completed and the MHC assets will be consolidated with the Company.

RP® Financial, LC.

RP® Financial, LC. (“RP Financial”) is a financial consulting firm serving the financial services industry nationwide that, among other things, specializes in financial valuations and analyses of business enterprises and securities, including the pro forma valuation for savings institutions converting from mutual-to-stock form.  The background and experience of RP Financial is detailed in Exhibit V-1.  We believe that, except for the fee we will receive for our appraisal, we are independent of the Company, the Bank, the MHC and the other parties engaged by the Bank or the Company to assist in the stock conversion process.

Valuation Methodology

In preparing our Appraisal, we have reviewed the regulatory applications of the Company, the Bank and the MHC, including the prospectus as filed with the OTS and the Securities and Exchange Commission (“SEC”).  We have conducted a financial analysis of the Company, the Bank and the MHC that has included a review of audited financial information for the fiscal years ended September 30, 2005 through September 30, 2009 and a review of various unaudited information and internal financial reports through December 31, 2009, and due diligence related discussions with the Company’s management; Silver, Freedman, & Taff, L.L.P., the Company’s conversion counsel; and Sandler O’Neill & Partners, LLP, the Company’s marketing advisor in connection with the stock offering.  All assumptions and conclusions set forth in the Appraisal were reached independently from such discussions.  In addition, where appropriate, we have considered information based on other available published sources that we believe are reliable.  While we believe the information and data gathered from all these sources are reliable, we cannot guarantee the accuracy and completeness of such information.

Boards of Directors

April 16, 2010

Page 3

We have investigated the competitive environment within which Capitol Federal Financial operates and have assessed Capitol Federal Financial’s relative strengths and weaknesses.  We have kept abreast of the changing regulatory and legislative environment for financial institutions and analyzed the potential impact on Capitol Federal Financial and the industry as a whole.  We have analyzed the potential effects of the stock conversion on Capitol Federal Financial’s operating characteristics and financial performance as they relate to the pro forma market value of Capitol Federal Financial.  We have analyzed the assets held by the MHC, which will be consolidated with Capitol Federal Financial’s assets and equity pursuant to the completion of the second-step conversion.  We have reviewed the economic and demographic characteristics of the Company’s primary market area.  We have compared Capitol Federal Financial’s financial performance and condition with selected publicly-traded thrifts in accordance with the Valuation Guidelines, as well as all publicly-traded thrifts and thrift holding companies.  We have reviewed the current conditions in the securities markets in general and the market for thrift stocks in particular, including the market for existing thrift issues, initial public offerings by thrifts and thrift holding companies, and second-step conversion offerings.  We have excluded from such analyses thrifts subject to announced or rumored acquisition, and/or institutions that exhibit other unusual characteristics.

The Appraisal is based on Capitol Federal Financial’s representation that the information contained in the regulatory applications and additional information furnished to us by Capitol Federal Financial and its legal counsel and other authorized agents are truthful, accurate and complete.  We did not independently verify the financial statements and other information provided by Capitol Federal Financial, or its legal counsel and other authorized agents nor did we independently value the assets or liabilities of Capitol Federal Financial.  The valuation considers Capitol Federal Financial only as a going concern and should not be considered as an indication of Capitol Federal Financial’s liquidation value.

Our appraised value is predicated on a continuation of the current operating environment for Capitol Federal Financial and for all thrifts and their holding companies.  Changes in the local, state and national economy, the legislative and regulatory environment for financial institutions and mutual holding companies, the stock market, interest rates, and other external forces (such as natural disasters or significant world events) may occur from time to time, often with great unpredictability and may materially impact the value of thrift stocks as a whole or the value of Capitol Federal Financial’s’ stock alone.  It is our understanding that there are no current plans for selling control of Capitol Federal Financial following completion of the second-step conversion.  To the extent that such factors can be foreseen, they have been factored into our analysis.

The estimated pro forma market value is defined as the price at which Capitol Federal Financial’s common stock, immediately upon completion of the second-step stock offering, would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts.

Boards of Directors

April 16, 2010

Page 4

Valuation Conclusion

It is our opinion that, as of April 16, 2010, the estimated aggregate pro forma valuation of the shares of the Company to be issued and outstanding at the end of the conversion offering – including (1) newly-issued shares representing the MHC’s current ownership interest in the Company and (2) exchange shares issued to existing public shareholders of CFFN – was $2,623,802,000 at the midpoint, equal to 262,380,200 shares at $10.00 per share.  Based on regulation, the resulting range of value and pro forma shares, all based on $10.00 per share, are as follows:  $2,230,231,700 or 223,023,170 shares at the minimum and $3,017,372,300 or 301,737,230 shares at the maximum.

Based on this valuation and taking into account the ownership interest represented by the shares owned by the MHC, the midpoint of the offering range is $1,850,000,000, equal to 185,000,000 shares at $10.00 per share.  Based on regulation, the resulting offering range and offering shares, all based on $10.00 per share, are as follows:  $1,572,500,000, or 157,250,000 shares, at the minimum and $2,127,500,000 or 212,750,000 shares at the maximum.

Establishment of the Exchange Ratio

OTS regulations provide that in a conversion of a mutual holding company, the minority stockholders are entitled to exchange the public shares for newly issued shares in the fully converted company.  The Boards of Directors of the MHC, CFFN and the Bank have independently determined the exchange ratio, which has been designed to preserve the current aggregate percentage ownership in the Company held by the public shareholders.  The exchange ratio to be received by the existing minority shareholders of the Company will be determined at the end of the offering, based on the total number of shares sold in the subscription and syndicated offerings and the final appraisal.  Based on the valuation conclusion herein, the resulting offering value and the $10.00 per share offering price, the indicated exchange ratio at the midpoint is 3.5445 shares of the Company for every one public share held by public shareholders.  Furthermore, based on the offering range of value, the indicated exchange ratio is 3.0129 at the minimum and 4.0762 at the maximum.  RP Financial expresses no opinion on the proposed exchange of newly issued Company shares for the shares held by the public stockholders or on the proposed exchange ratio.

Boards of Directors

April 16, 2010

Page 5

Limiting Factors and Considerations

The valuation is not intended, and must not be construed, as a recommendation of any kind as to the advisability of purchasing shares of the common stock.  Moreover, because such valuation is determined in accordance with applicable OTS regulatory guidelines and is necessarily based upon estimates and projections of a number of matters, all of which are subject to change from time to time, no assurance can be given that persons who purchase shares of common stock in the conversion offering, or prior to that time, will thereafter be able to buy or sell such shares at prices related to the foregoing valuation of the estimated pro forma market value thereof.  The appraisal reflects only a valuation range as of this date for the pro forma market value of Capitol Federal Financial immediately upon issuance of the stock and does not take into account any trading activity with respect to the purchase and sale of common stock in the secondary market on the date of issuance of such securities or at anytime thereafter following the completion of the second-step conversion.

RP Financial’s valuation was based on the financial condition, operations and shares outstanding of Capitol Federal Financial as of December 31, 2009, the date of the financial data included in the prospectus.  The proposed exchange ratio to be received by the current public stockholders of CFFN and the exchange of the public shares for newly issued shares of Capitol Federal Financial’s common stock as a full public company was determined independently by the Boards of Directors of the MHC, CFFN and the Bank.  RP Financial expresses no opinion on the proposed exchange ratio to public stockholders or the exchange of public shares for newly issued shares.

RP Financial is not a seller of securities within the meaning of any federal and state securities laws and any report prepared by RP Financial shall not be used as an offer or solicitation with respect to the purchase or sale of any securities.  RP Financial maintains a policy which prohibits RP Financial, its principals or employees from purchasing stock of its client institutions.

Boards of Directors

April 16, 2010

Page 6

This valuation will be updated as provided for in the conversion regulations and guidelines.  These updates will consider, among other things, any developments or changes in the financial performance and condition of Capitol Federal Financial, management policies, and current conditions in the equity markets for thrift shares, both existing issues and new issues.  These updates may also consider changes in other external factors which impact value including, but not limited to:  various changes in the legislative and regulatory environment for financial institutions, the stock market and the market for thrift stocks, and interest rates.  Should any such new developments or changes be material, in our opinion, to the valuation of the shares, appropriate adjustments to the estimated pro forma market value will be made.  The reasons for any such adjustments will be explained in the update at the date of the release of the update.  The valuation will also be updated at the completion of Capitol Federal Financial’s stock offering.

Respectfully submitted,

RP® FINANCIAL, LC.

/s/ William E. Pommerening

William E. Pommerening

Chief Executive Officer and

Managing Director

/s/ Gregory E. Dunn

Gregory E. Dunn

Director

 RP® Financial, LC.   TABLE OF CONTENTS
i

TABLE OF CONTENTS

CAPITOL FEDERAL FINANCIAL, INC.

CAPITOL FEDERAL SVAINGS BANK

Topeka, Kansas

	PAGE
DESCRIPTION	NUMBER

CHAPTER ONE		OVERVIEW AND FINANCIAL ANALYSIS
	Introduction		I.1
	Plan of Conversion and Reorganization		I.1
	Strategic Overview		I.2
	Balance Sheet Trends		I.6
	Income and Expense Trends		I.10
	Interest Rate Risk Management		I.14
	Lending Activities and Strategy		I.15
	Asset Quality		I.19
	Funding Composition and Strategy		I.20
	Subsidiary and Other Activities		1.22
	Legal Proceedings		I.22
CHAPTER TWO		MARKET AREA
	Introduction		II.1
	National Economic Factors		II.3
	Market Area Demographics		II.7
	Local Economy		II.11
	Unemployment Trends		II.14
	Market Area Deposit Characteristics and Competition		II.15
CHAPTER THREE		PEER GROUP ANALYSIS
	Peer Group Selection		III.1
	Financial Condition		III.6
	Income and Expense Components		III.9
	Loan Composition		III.12
	Interest Rate Risk		III.14
	Credit Risk		III.16
	Summary		III.18

 RP® Financial, LC.   TABLE OF CONTENTS
ii

TABLE OF CONTENTS

CAPITOL FEDERAL FINANCIAL, INC.

CAPITOL FEDERAL SAVINGS BANK

Topeka, Kansas

(continued)

DESCRIPTION PAGE NUMBER

CHAPTER FOURVALUATION ANALYSIS
	Introduction					IV.1
	Appraisal Guidelines					IV.1
	RP Financial Approach to the Valuation					IV.1
	Valuation Analysis					IV.2
		1.	Financial Condition			IV.3
		2.	Profitability, Growth and Viability of Earnings			IV.4
		3.	Asset Growth			IV.6
		4.	Primary Market Area			IV.7
		5.	Dividends			IV.9
		6.	Liquidity of the Shares			IV.9
		7.	Marketing of the Issue			IV.10
				A.	The Public Market	IV.10
				B.	The New Issue Market	IV.15
				C.	The Acquisition Market	IV.18
				D.	Trading in Capitol Federal Financial’s Stock	IV.18
		8.	Management			IV.20
		9.	Effect of Government Regulation and Regulatory Reform			IV.21
	Summary of Adjustments					IV.21
	Valuation Approaches:					IV.21
		1.	Price-to-Earnings (“P/E”)			IV.24
		2.	Price-to-Book (“P/B”)			IV.26
		3.	Price-to-Assets (“P/A”)			IV.26
	Comparison to Recent Offerings					IV.27
	Valuation Conclusion					IV.28
	Establishment of the Exchange Ratio					IV.28

 RP® Financial, LC.  LIST OF TABLE iii

LIST OF TABLES

CAPITOL FEDERAL FINANCIAL, INC.

CAPITOL FEDERAL SAVINGS BANK

Topeka, Kansas

TABLE NUMBER		DESCRIPTION	PAGE
1.1	Historical Balance Sheet Data		I.7
1.2	Historical Income Statements		I.11
2.1	Summary Demographic Data		II.8
2.2	Kansas Employment Sectors		II.11
2.3	Major Corporate Headquarters in Greater Kansas City		II.12
2.4	Major Employers in Wichita Metropolitan Area		II.13
2.5	Unemployment Trends		II.14
2.6	Deposit Summary		II.16
2.7	Market Area Deposit Competitors		II.18
3.1	Peer Group of Publicly-Traded Thrifts		III.3
3.2	Balance Sheet Composition and Growth Rates		III.7
3.3	Income as a Pct. of Avg. Assets and Yields, Costs, Spreads		III.10
3.4	Loan Portfolio Composition and Related Information		III.13
3.5	Interest Rate Risk Measures and Net Interest Income Volatility		III.15
3.6	Credit Risk Measures and Related Information		III.17
4.1	Market Area Unemployment Rates		IV.8
4.2	Pricing Characteristics and After-Market Trends		IV.17
4.3	Market Pricing Comparatives		IV.19
4.4	Public Market Pricing		IV.25

 RP® Financial, LC.  OVERVIEW AND FINANCIAL ANALYSIS I-1

I.  OVERVIEW AND FINANCIAL ANALYSIS

Introduction

Capitol Federal Savings Bank (the “Bank”), founded in 1893, is a federally-chartered stock savings bank headquartered in Topeka, Kansas.  The Bank serves eastern and central Kansas, as well as western Missouri markets that are part of the metropolitan area of greater Kansas City.  Through a network of 45 full service branch offices, the Bank primarily serves the metropolitan areas of Topeka, Wichita, Lawrence, Manhattan, Emporia and Salina, Kansas and a portion of the metropolitan area of greater Kansas City.  The Bank is subject to regulation and oversight by the Office of Thrift Supervision (the “OTS”) and the Federal Deposit Insurance Corporation (the “FDIC”).  The Bank is a member of the Federal Home Loan Bank (“FHLB”) system, and its deposits are insured up to the regulatory maximums by the FDIC.

Capitol Federal Financial (“CFFN”) is the federally-chartered mid-tier holding company of the Bank.  CFFN owns 100% of the outstanding common stock of the Bank.  Since being formed in March 1999, CFFN has been engaged primarily in the business of holding the common stock of the Bank.  CFFN completed its initial public offering on March 31, 1999, pursuant to which it sold 37,807,183 shares or 41.3% of its outstanding common stock to the public and issued 52,192,817 share or 57.0% of its common stock outstanding to Capitol Federal Savings Bank MHC (the “MHC”), the mutual holding company parent of CFFN.  Additionally, the Bank contributed $15.1 million in cash and CFFN issued 1,512,287 shares of common stock or 1.7% of its common stock outstanding to the Capitol Federal Foundation (the “Foundation”).  The MHC and CFFN are savings and loan holding companies subject to regulation by the OTS.  At December 31, 2009, CFFN had total assets of $8.4 billion, deposits of $4.2 billion and equity of $942.0 million, or 11.25% of total assets.  CFFN’s audited financial statements for the most recent period are included by reference as Exhibit I-2.

 RP® Financial, LC.  OVERVIEW AND FINANCIAL ANALYSIS I-2

Plan of Conversion and Reorganization

On May 5, 2010, the respective Boards of Directors of the MHC and CFFN adopted a Plan of Conversion and Reorganization (the “Plan of Conversion”) whereby the MHC will convert to stock form.  As a result of the conversion, CFFN, which currently owns all of the issued and outstanding common stock of the Bank, will be succeed by a Maryland corporation with the name of Capitol Federal Financial, Inc. (“Capitol Federal Financial” or the “Company”).  Following the conversion, the MHC will no longer exist.  For purposes of this document, the existing consolidated entity will hereinafter be referred to as Capitol Federal Financial or the Company.  As of December 31, 2009, the MHC’s ownership interest in Capitol Federal Financial approximated 70.51% and the public stockholders’ ownership interest in Capitol Federal Financial approximated 29.49%.

It is our understanding that Capitol Federal Financial will offer its stock, representing the majority ownership interest held by the MHC, in a subscription offering to Eligible Account Holders, Tax-Qualified Employee Stock Benefit Plans including the Bank’s employee stock ownership plan (the “ESOP”), Supplemental Eligible Account Holders and Other Depositors, as such terms are defined for purposes of applicable federal regulatory requirements governing mutual-to-stock conversions.  To the extent that shares remain available for purchase after satisfaction of all subscriptions received in the subscription offering, the shares may be offered for sale to the general public in a community offering and a syndicated community offering.  Upon completing the mutual-to-stock conversion and stock offering (the “second-step conversion”), the Company will be 100% owned by public shareholders, the publicly-held shares of the Bank will be exchanged for shares in the Company at a ratio that retains their ownership interest at the time the conversion is completed and the MHC assets will be consolidated with the Company.

In connection with the second-step conversion, the Company will make a $40 million cash contribution to the Foundation.

 RP® Financial, LC.  OVERVIEW AND FINANCIAL ANALYSIS I-3

Strategic Overview

Historically, the Company has implemented a traditional thrift strategy, in which the Company has emphasized the origination and purchase of 1-4 family first mortgage loans for investment funded principally by retail deposits generated through the branch network.  Capitol Federal Financial is consistently among the top 1-4 family lenders in the state of Kansas, based on loan volume.  In addition to originations, the Company supplements 1-4 family loan production through purchases of 1-4 family loans from correspondent lenders located within or adjacent to the Company’s lending markets and nationwide lenders.  Diversification into other types of lending or other types of services and products has been fairly limited.  As of December 31, 2009, 94.4% of total loans consisted of 1-4 family first mortgage loans.  In addition to retail deposits, the Company utilizes borrowings as an alternative funding source for purposes of managing funding costs and interest rate risk.  From time-to-time, the Company also utilizes a limited amount of brokered deposits as an alternative funding source.  The Company’s streamlined operations have facilitated operating expense levels that are significantly below industry norms.  At the same time, the limited diversification has also substantially limited revenues derived from non-interest sources.

The Company’s 1-4 family lending emphasis and implementation of consistent underwriting standards for both originated and purchased loans has supported maintenance of favorable credit quality measures.  In general, the Company’s underwriting standards are in accordance with Freddie Mac and Fannie Mae underwriting guidelines.  While the Company has experienced some deterioration in credit quality in recent years, credit quality measures continue to reflect relatively low ratios for non-performing loans and non-performing assets.  The upward trend in non-performing loans experienced in recent years has been mostly related to the portfolio of purchased loans, particularly with respect to purchased loans that are secured by residences in markets that have been particularly hit hard by the recession and have experienced sharp declines in real estate values and high unemployment rates.  To mitigate the credit risk associated with the purchased loan portfolio, the Company seeks to attain geographic diversification of the purchased loan portfolio.  At December 31, 2009, loans purchased from nationwide lenders comprised 13% of the Company’s loan portfolio and were secured by properties in 47 of the continental United States and Washington, D.C.  In addition to seeking to mitigate the credit risk associated with the purchased loan portfolio, the purchased loans consist mostly of adjustable rate or 15-year fixed rate loans to facilitate management of the Company’s interest rate risk exposure.

 RP® Financial, LC.  OVERVIEW AND FINANCIAL ANALYSIS I-4

Investments serve as a supplement to the Company’s lending activities, with mortgage-backed securities accounting for the largest concentration of the Company’s investments.  Capitol Federal Financial’s other investment holdings include U.S. government sponsored enterprises, municipal bonds, trust preferred securities and FHLB stock.  In the prevailing interest rate environment, the Company has emphasized building up its liquidity position through investing in short-term U.S. government sponsored enterprises and increasing its level of cash and cash equivalents.

Deposits generated from residents within the Company’s primary market area have consistently served as the primary funding source for the Company’s lending and investment activities.  Certificate of deposits (“CDs”) comprise the largest portion of the Company’s deposit base, with the balance consisting of lower costing transaction and saving accounts.  Capitol Federal Financial utilizes borrowings as a supplemental funding source to facilitate management of funding costs and interest rate risk, with FHLB advances accounting for the largest portion of the Company’s borrowings.  Borrowings held by the Company also include repurchase agreements and a relatively modest balance of trust preferred debt.

Capitol Federal Financial’s earnings base is largely dependent upon net interest income and operating expense levels.  Net interest income has consistently been maintained at relatively low levels, as the result of narrow interest spreads reflective of a low risk interest-earning asset composition funded mostly with relatively high costing CDs and borrowings.

Operating expenses have been maintained at relatively low levels, reflecting efficiency in operations and relatively low personnel requirements for implementation of the Company’s operating strategy.  In particular, the Company maintains a high ratio of assets per employee, which is supported by the relatively lower staffing needs required for implementation of a traditional thrift operating strategy.  A funding composition concentrated in CDs and borrowings further support containment of operating expenses, given the lower servicing requirements of such funds relative to transaction and savings accounts.  While the Company’s implementation of a fairly streamlined operating strategy has supported containment of operating expenses, it has also limited development of revenues from non-interest income sources.  Accordingly, income generated from such sources as fees and service charges has been a relatively modest contributor to the Company’s earnings.

 RP® Financial, LC.  OVERVIEW AND FINANCIAL ANALYSIS I-5

A key component of the Company’s business plan is to complete a second-step conversion offering.  The Company’s strengthened capital position will support continued expansion of the branch network in desired growth markets.  Also, as a fully-converted institution, the Company’s greater capacity to offer stock as consideration may facilitate increased opportunities to grow through acquisition.  At this time, the Company has no specific plans for expansion through acquisition.

The post-offering business plan of the Company is expected to focus on operating and growing a profitable institution serving retail customers in local markets, as well as continuing to purchase loans from correspondent and nationwide lenders.  Specifically, Capitol Federal Financial will continue to be an independent community-oriented financial institution with a commitment to local real estate financing with operations funded by retail deposits, borrowings, equity capital and internal cash flows.  The additional capital realized from stock proceeds will increase liquidity to support funding of future loan growth and other interest-earning assets.  In the prevailing economic and credit environment, the Company’s higher post-conversion capital position represents a source of strength to absorb potential losses resulting from credit quality deterioration.  Capitol Federal Financial’s higher capital position resulting from the infusion of stock proceeds will also serve to reduce interest rate risk, particularly through enhancing the Company’s interest-earning assets/interest-bearing liabilities (“IEA/IBL”) ratio.  The additional funds realized from the stock offering will serve to raise the level of interest-earning assets funded with equity and, thereby, reduce the ratio of interest-earning assets funded with interest-bearing liabilities as the balance of interest-bearing liabilities will initially remain relatively unchanged following the conversion, which may facilitate a reduction in Capitol Federal Financial’s funding costs.  The projected uses of proceeds are highlighted below.

 RP® Financial, LC.  OVERVIEW AND FINANCIAL ANALYSIS I-6

    o   Capitol Federal Financial.  The Company is expected to retain up to 50% of the net offering proceeds.  At present, funds maintained by the Company, net of the loan to the ESOP and the $40 million cash contribution to the Foundation, are expected to be invested into short-term investment grade securities and liquid funds.  Over time, the funds may be utilized for various corporate purposes, possibly including acquisitions, infusing additional equity into the Bank, repurchases of common stock, and the payment of cash dividends.

    o   Capitol Federal Savings Bank.  Approximately 50% of the net stock proceeds will be infused into the Bank in exchange for all of the Bank’s stock.  Cash proceeds (i.e., net proceeds less deposits withdrawn to fund stock purchases) infused into the Bank are anticipated to become part of general operating funds, and are expected to be primarily utilized to fund loan growth over time.

Overall, it is the Company’s objective to pursue growth that will serve to increase returns, while, at the same time, growth will not be pursued that could potentially compromise the overall risk associated with Capitol Federal Financial’s operations.

Balance Sheet Trends

Table 1.1 shows the Company’s historical balance sheet data for the past five and one-quarter fiscal years.  From fiscal year end 2005 through December 31, 2009, Capitol Federal Financial’s assets showed little change during the period decreasing at a 0.1% annual rate.  Since fiscal year end 2005, the most notable change in the Company’s interest-earning asset composition was a shift towards a higher concentration of investment securities offset by a decrease in the concentration of mortgage-backed securities.  On the liability side of the balance sheet, the level of deposits funding assets increased since fiscal year end 2005 which was attributable to deposit growth and the pay down of borrowings.  A summary of Capital Federal Financial’s key operating ratios for the past five and one-quarter fiscal years is presented in Exhibit I-3.

 RP® Financial, LC.  OVERVIEW AND FINANCIAL ANALYSIS I-7

Table 1.1

Capitol Federal Financial

Historical Balance Sheet Data

																									9/30/05-
																									12/31/09
	At Fiscal Year Ended September 30,																				At December 31,				Annual.
	2005				2006				2007				2008				2009				2009				Growth Rate
	Amount		Pct(1)		Amount		Pct(1)		Amount		Pct(1)		Amount		Pct(1)		Amount		Pct(1)		Amount		Pct(1)		Pct
	($000)		(%)		($000)		(%)		($000)		(%)		($000)		(%)		($000)		(%)		($000)		(%)		(%)
Total Amount of:
Assets	$	8,409,687	100.00	%	$	8,199,073	100.00	%	$	7,675,886	100.00	%	$	8,055,249	100.00	%	$	8,403,680	100.00	%	$	8,374,762	100.00	%	-0.10	%
Cash and cash equivalents		58,566	0.70	%		183,242	2.23	%		167,291	2.18	%		87,138	1.08	%		41,154	0.49	%		105,128	1.26	%	14.76	%
Investment securities		430,499	5.12	%		429,480	5.24	%		524,168	6.83	%		142,359	1.77	%		480,074	5.71	%		651,943	7.78	%	10.26	%
Mortgage-backed securities		2,145,254	25.51	%		2,084,786	25.43	%		1,414,271	18.42	%		2,234,339	27.74	%		1,992,467	23.71	%		1,877,969	22.42	%	-3.08	%
Loans receivable, net		5,464,130	64.97	%		5,221,117	63.68	%		5,290,071	68.92	%		5,320,780	66.05	%		5,603,965	66.68	%		5,423,923	64.77	%	-0.17	%
FHLB stock		182,259	2.17	%		165,130	2.01	%		139,661	1.82	%		124,406	1.54	%		133,064	1.58	%		134,064	1.60	%	-6.97	%
Bank owned life insurance		—	0.00	%		—	0.00	%		50,027	0.65	%		52,734	0.65	%		53,509	0.64	%		53,777	0.64	%	NM
Deposits	$	3,960,297	47.09	%	$	3,900,431	47.57	%	$	3,922,782	51.11	%	$	3,923,883	48.71	%	$	4,228,609	50.32	%	$	4,227,252	50.48	%	1.55	%
Borrowings		3,479,875	41.38	%		3,322,172	40.52	%		2,732,183	35.59	%		3,160,710	39.24	%		3,106,179	36.96	%		3,107,823	37.11	%	-2.63	%
Equity	$	865,063	10.29	%	$	863,219	10.53	%	$	867,631	11.30	%	$	871,216	10.82	%	$	941,298	11.20	%	$	941,999	11.25	%	2.02	%
Loans/Deposits			137.97	%			133.86	%			134.86	%			135.60	%			132.53	%			128.31	%
Number of traditional offices		29				29				29				30				33				35
Number of in-store offices		8				9				9				9				9				9

(1) Ratios are as a percent of ending assets.

Sources:  Capital Federal Financial’s prospectus, audited and unaudited financial statements and RP Financial calculations.

 RP® Financial, LC.  OVERVIEW AND FINANCIAL ANALYSIS I-8

Loan growth trends generally paralleled assets growth trends, with loans decreasing at a 0.2% annual rate from fiscal year end 2005 through December 31, 2009.  Loans receivable equaled $5.4 billion or 64.8% of assets at December 31, 2009, versus comparable measures of $5.5 billion or 65.0% of assets at fiscal year end 2005. Capitol Federal Financial’s traditional thrift strategy is highlighted by a loan portfolio composition that has consistently reflected a very high concentration of 1-4 family first mortgage loans.  The ratio of 1-4 family first mortgage loans to total loans equaled 94.4% at December 31, 2009, which was consistent with the ratio of 1-4 family loans comprising total loans over the past five and one-quarter fiscal years.   The Company’s limited loan diversification has consisted largely of home equity loans.  At December 31, 2009, home equity loans equaled 3.6% of total loans, versus a peak ratio of 4.1% at fiscal year end 2006.  Other areas of lending diversification for the Company at December 31, 2009 consisted substantially of multi-family and commercial real estate loans (1.3% of total loans versus a peak ratio of 1.4% at fiscal year end 2009) and construction loans (0.6% of total loans versus a peak ratio of 1.6% at fiscal year end 2008).  The Company’s loan portfolio also includes a relatively modest balance of consumer loans other than home equity loans, which have been maintained at approximately 0.2% of total loans over the past five and one-quarter fiscal years.

The intent of the Company’s investment policy is to provide adequate liquidity and to generate a favorable return within the context of supporting overall credit and interest rate risk objectives.   Recent trends in the composition of the Company’s investments show a decrease in mortgage-backed securities and an increase in other investment securities, where the Company has emphasized investing in short-term U.S. government sponsored enterprises as a means to strengthen liquidity and to manage interest rate risk.  Mortgage-backed securities comprise the largest portion of the Company’s investment holdings.  After reaching a peak balance of $2.2 billion or 27.7% of assets at fiscal year end 2008, the mortgage-backed securities balance trended lower and equaled $1.9 billion or 22.4% of assets at December 31, 2009.  Except for a small balance of privately issued collateralized mortgage obligations, the mortgage-backed securities portfolio consists entirely of securities guaranteed or insured by government sponsored enterprises.  The mortgage-backed securities portfolio was fairly evenly distributed between adjustable and fixed rate securities at December 31, 2009.  As of December 31, 2009, $1.3 billion of the mortgage-backed securities portfolio was maintained as available for sale and $572.9 million was maintained as held to maturity.  As of December 31, 2009, the net unrealized gain on mortgage-backed securities maintained as available for sale equaled $50.1 million.

 RP® Financial, LC.  OVERVIEW AND FINANCIAL ANALYSIS I-9

Over the past five and one-quarter fiscal years, the Company’s level of cash and investment securities (inclusive of FHLB stock) ranged from a low of 4.6% of assets at fiscal year end 2008 to a high of 10.8% of assets at fiscal year end 2007.  Cash and investments totaled $891.1 million or 10.6% of assets at December 31, 2009.  As of December 31, 2009, the investment portfolio consisted of U.S. government sponsored enterprises ($577.5 million), municipal bonds ($72.1 million) and trust preferred securities ($2.4 million).  As of December 31, 2009, the Company maintained a net unrealized loss of $499,000 on investment securities maintained as available for sale.  Exhibit I-4 provides historical detail of the Company’s investment portfolio.  Other investments held by Company at December 31, 2009 consisted of $134.1 million of FHLB stock.  The Company also held cash and cash equivalents amounting to $105.1 million or 1.3% of assets at December 31, 2009.

The Company also maintains an investment in bank-owned life insurance (“BOLI”) policies, which cover the lives of most of the Company’s management employees starting at the vice president level.  The purpose of the investment is to provide funding for the benefit plans of the covered individuals.  The life insurance policies earn tax-exempt income through cash value accumulation and death proceeds.  As of December 31, 2009, the cash surrender value of the Company’s BOLI equaled $53.8 million.

Over the past five and one-quarter fiscal years, Capitol Federal Financial’s funding needs have been addressed through a combination of deposits, borrowings and internal cash flows.  From fiscal year end 2005 through December 31, 2009, the Company’s deposits increased at a 1.6% annual rate.  Most of the Company’s deposit growth occurred during fiscal 2009, as the balance of deposits was maintained at a relatively stable level from fiscal year end 2005 through fiscal year end 2008.  Overall, deposits increased from $4.0 billion or 47.1% of assets at fiscal year end 2005 to $4.2 billion or 50.5% of assets at December 31, 2009.  CDs have consistently accounted for the largest concentration of the Company’s deposit composition; although, deposit growth since fiscal year end 2007 has been largely sustained through growth of transaction account deposits.

 RP® Financial, LC.  OVERVIEW AND FINANCIAL ANALYSIS I-10

Borrowings serve as an alternative funding source for the Company to address funding needs for growth and to support management of deposit costs and interest rate risk.  From fiscal year end 2005 through December 31, 2009, borrowings decreased at an annual rate of 2.6%.  Overall, borrowings decreased from $3.5 billion or 41.4% of assets at fiscal year end 2005 to $3.1 billion or 37.1% of assets at December 31, 2009.  FHLB advances constitute the primary source of borrowings utilized by the Company and in recent years FHLB advances have been supplemented with repurchase agreements.  Borrowings held by the Company generally have laddered maturities out to seven years.  The Company also maintained a relatively modest balance of trust preferred debt at December 31, 2009.

The Company’s equity increased at a 2.0% annual rate from fiscal year end 2005 through December 31, 2009, as retention of earnings was largely offset by capital management strategies that included payment of cash dividends and stock repurchases during the period covered in Table 1.1.  Capital growth combined with a slight decrease in assets provided for an increase in the Company’s equity-to-assets ratio from 10.35% at fiscal year end 2005 to 11.25% at December 31, 2009.  All of the Company’s capital is tangible capital, and the Bank maintained capital surpluses relative to all of its regulatory capital requirements at December 31, 2009.  The addition of stock proceeds will serve to strengthen the Company’s capital position, as well as support growth opportunities.  At the same time, the significant increase in Capitol Federal Financial’s pro forma capital position will initially depress its ROE.

Income and Expense Trends

Table 1.2 shows the Company’s historical income statements for the past five fiscal years and for the twelve months ended December 31, 2009.  The Company’s reported earnings over the past five fiscal years, ranged from $32.3 million or 0.41% of average assets in fiscal 2007 to $66.3 million or 0.81% of average assets in fiscal 2009.  For the twelve months ended December 31, 2009, the Company reported net income of $71.4 million or 0.86% of average assets.  Net interest income and operating expenses represent the primary components of the Company’s earnings.  Non-interest operating income has been somewhat of a limited but stable source of earnings for the Company.  Loan loss provisions have become a more significant factor in the Company’s earnings over the past two and one-quarter fiscal years, while non-operating items typically have had a limited impact on the Company’s earnings over the past five and one-quarter fiscal years.

 RP® Financial, LC.  OVERVIEW AND FINANCIAL ANALYSIS I-11

Table 1.2

Capitol Federal Financial

Historical Income Statements

	For the Fiscal Year Ended September 30,																															For the 12 months Ended 12/31/09
	2005						2006						2007						2008							2009
	Amount			Pct(1)			Amount			Pct(1)			Amount			Pct(1)				Amount			Pct(1)			Amount			Pct(1)			Amount			Pct(1)
	($000)			(%)			($000)			(%)			($000)			(%)				($000)			(%)			($000)			(%)			($000)			(%)
Interest income	$	400,107			4.74	%	$	410,928			4.95	%	$	411,550			5.22	%		$	410,806			5.24	%	$	412,786			5.04	%	$	406,400			4.89	%
Interest expense		(244,201	)		-2.89	%		(283,905	)		-3.42	%		(305,110	)		-3.87	%			(276,638	)		-3.53	%		(236,144	)		-2.89	%		(226,122	)		-2.72	%
Net interest income	$	155,906			1.85	%	$	127,023			1.53	%	$	106,440			1.35	%		$	134,168			1.71	%	$	176,642			2.15	%	$	180,278			2.16	%
Provision for loan losses		(215	)		0.00	%		(247	)		0.00	%		225			0.00	%			(2,051	)		-0.03	%		(6,391	)		-0.08	%		(8,957	)		-0.11	%
Net interest income after provisions	$	155,691			1.84	%	$	126,776			1.53	%	$	106,665			1.35	%		$	132,117			1.69	%	$	170,251			2.08	%	$	171,321			2.06	%
Other operating income	$	23,315			0.28	%	$	24,191			0.29	%	$	23,979			0.30	%		$	29,198			0.37	%	$	26,423			0.32	%	$	26,464			0.32	%
Operating expense		(73,631	)		-0.87	%		(72,868	)		-0.88	%		(77,725	)		-0.99	%			(81,989	)		-1.05	%		(93,621	)		-1.14	%		(94,183	)		-1.13	%
Net operating income	$	105,375			1.25	%	$	78,099			0.94	%	$	52,919			0.67	%		$	79,326			1.01	%	$	103,053			1.26	%	$	103,602			1.25	%
Non-Operating Income
Gains(losses) on trading securities, net		—			0.00	%	$	1,076			0.01	%		34			0.00	%			—			0.00	%		—			0.00	%		—			0.00	%
Gain(losses) on securities and loans, net		—			0.00	%		(472	)		-0.01	%		(47	)		0.00	%			829			0.01	%		2,171			0.03	%		8,619			0.10	%
Net non-operating income	$	0			0.00	%	$	604			0.01	%		($13	)		0.00	%		$	829			0.01	%	$	2,171			0.03	%	$	8,619			0.10	%
Net income before tax	$	105,375			1.25	%	$	78,703			0.95	%	$	52,906			0.67	%		$	80,155			1.02	%	$	105,224			1.29	%	$	112,221			1.35	%
Income tax provision		(40,316	)		-0.48	%		(30,586	)		-0.37	%		(20,610	)		-0.26	%			(29,201	)		-0.37	%		(38,926	)		-0.48	%		(40,795	)		-0.49	%
Net income (loss)	$	65,059			0.77	%	$	48,117			0.58	%	$	32,296			0.41	%		$	50,954			0.65	%	$	66,298			0.81	%	$	71,426			0.86	%
Adjusted Earnings
Net income	$	65,059			0.77	%	$	48,117			0.58	%	$	32,296			0.41	%		$	50,954			0.65	%	$	66,298			0.81	%	$	71,426			0.86	%
Add(Deduct): Net gain/(loss) on sale		0			0.00	%		(604	)		-0.01	%		13			0.00	%			(829	)		-0.01	%		(2,171	)		-0.03	%		(8,619	)		-0.10	%
Tax effect (2)		—			0.00	%		231			0.00	%		(5	)		0.00	%			318			0.00	%		832			0.01	%		3,303			0.04	%
Adjusted earnings	$	65,059			0.77	%	$	47,744			0.58	%	$	32,304			0.41	%		$	50,443			0.64	%	$	64,959			0.79	%	$	66,110			0.80	%
Expense Coverage Ratio (3)		2.12						1.74						1.37							1.64						1.89						1.91
Efficiency Ratio (4)		40.8	%					48.2	%					59.6	%						50.2	%					46.2	%					45.6	%

(1)	Ratios are as a percent of average assets.
(2)	Assumes a 38.32% effective tax rate.
(3)	Expense coverage ratio calculated as net interest income before provisions for loan losses divided by operating expenses.
(4)	Efficiency ratio calculated as operating expenses divided by the sum of net interest income before provisions for loan losses plus other income (excluding net gains).
Sources: Capitol Federal Financial’s prospectus, audited & unaudited financial statements and RP Financial calculations.

 RP® Financial, LC.  OVERVIEW AND FINANCIAL ANALYSIS I-12

Over the past five and one-quarter fiscal years, the Company maintained a relatively low net interest income to average assets ratio ranging from a low of 1.35% during fiscal 2007 to a high of 2.16% during the twelve months ended December 31, 2009.  The positive trend in the Company’s net interest income ratio since fiscal 2007 period reflects the favorable impact that the decline in short-term interest rates and resulting steeper yield curve has had on the Company’s interest rate spread.  Growth of comparatively lower costing transaction account deposits contributed to the improvement in the Company’s net interest rate spread as well, which was partially negated by increased investments in relatively low yielding short-term investment securities.  The Company’s interest rate spread increased from 0.93% during fiscal 2007 to 1.91% during the three months ended December 31, 2009, which was the result of a more significant decline in funding costs relative to yields earned on interest-earning assets.  The Company’s net interest rate spreads and yields and costs for the past five and one-quarter fiscal years are set forth in Exhibits I-3 and I-5.

Non-interest operating income has been a fairly stable, but somewhat limited, contributor to the Company’s earnings over the past five and one-quarter fiscal years, reflecting the Company’s limited diversification into products and services that generate non-interest operating income.  Throughout the period shown in Table 1.2, sources of non-interest operating income have ranged from a low of 0.28% of average assets during fiscal 2005 to a high of 0.37% of average assets during fiscal 2008.  For the twelve months ended December 31, 2009, non-operating income was $26.5 million or 0.32% of average assets.  Retail fees and charges constitute the major portion of the Company’s non-operating revenues, with other non-operating sources of income consisting largely of insurance commissions, loan fees and income from BOLI.

 RP® Financial, LC.  OVERVIEW AND FINANCIAL ANALYSIS I-13

Operating expenses represent the other major component of the Company’s earnings, ranging from a low of 0.87% of average assets during fiscal 2005 to a high of 1.14% of average assets during fiscal 2009.  For the twelve months ended December 31, 2009, the Company reported operating expenses of $94.2 million or 1.13% of average assets.  Notwithstanding the upward trend in the Company’s operating expense ratio, the Company has effectively maintained a relatively low operating expense ratio throughout the period shown in Table 1.2.  As previously noted, the Company’s relative low operating expense ratio is supported by a current operating strategy that is not highly diversified and has limited staffing needs relative to total asset size.  As of December 31, 2009, the Company’s ratio of assets per full time equivalent employee equaled $12.2 million, versus $6.0 million for all publicly-traded thrifts.  The higher operating expenses recorded during fiscal 2009 and for the most recent twelve month period were mostly related to an increase in FDIC insurance premiums due to a special assessment and increases in regular quarterly deposit insurance premiums, an increase in advertising expense and an increase in net mortgage servicing activity.

Overall, the general trends in the Company’s net interest margin and operating expense ratio since fiscal 2005 reflect a slight decrease in core earnings, as indicated by the Company’s expense coverage ratio (net interest income divided by operating expenses).  Capitol Federal Financial’s expense coverage ratio equaled 2.12 times during fiscal 2005, versus a ratio of 1.91 times during the twelve months ended December 31, 2009.  The decrease in the expense coverage ratio resulted from a more significant increase in the operating expense ratio compared to the increase in the net interest income ratio.  Similarly, Capitol Federal Financial’s efficiency ratio (operating expenses, net of amortization of intangibles, as a percent of the sum of net interest income and other operating income) of 40.8% during fiscal 2005 was slightly more favorable than its efficiency ratio of 45.6% for the twelve months ended December 31, 2009.

 RP® Financial, LC.  OVERVIEW AND FINANCIAL ANALYSIS I-14

Over the past five and one-quarter fiscal years, loan loss provisions established by the Company ranged from a nominal amount during fiscal years 2005 through 2007 to a high of 0.11% of average assets during the twelve months ended December 31, 2009.  The higher loan provisions established during recent periods reflect an increase in non-performing loans, an increase in net loan charge-offs and the impact of the recession on the Company’s lending markets particularly with respect to some states where loans have been purchased.  As of December 31, 2009, the Company maintained valuation allowances of $12.2 million, equal to 0.23% of net loans receivable and 37.59% of non-accruing loans.  Exhibit I-6 sets forth the Company’s loan loss allowance activity during the past five and one-quarter fiscal years.

Non-operating income over the past five and one-quarter fiscal years has typically been somewhat of limited factor in the Company’s earnings, consisting substantially of gains and losses on the sale of investment securities and loans.  Net non-operating income over the past five and one-quarter fiscal years ranged from a nominal loss during fiscal 2007 to net gains of $8.6 million equal to 0.10% of average assets during the twelve months ended December 31, 2009.  The net gain recorded during the most recent twelve month period was mostly attributable to a $6.5 million gain realized on the sale of trading mortgage-backed securities, which were acquired in conjunction with a $194.8 million loan swap with Freddie Mac during the quarter ended December 31, 2009.  Overall, the various items that comprise the Company’s non-operating income are not viewed to be part of the Company’s core or recurring earnings base.

The Company’s effective tax rate ranged from 36.35% during the twelve months ended December 31, 2009 to 38.96% during fiscal 2007.  As set forth in the prospectus, the Company’s marginal effective statutory tax rate is 38.32%.

 RP® Financial, LC.  OVERVIEW AND FINANCIAL ANALYSIS I-15

Interest Rate Risk Management

The Company’s balance sheet is liability-sensitive in the short-term (less than one year) and, thus, the net interest margin will typically be adversely affected during periods of rising and higher interest rates, as well as in the interest rate environment that generally prevailed during 2006 and 2007, in which the yield curve was flat or inverted.  Comparatively, the Company’s net interest margin has benefited from recent interest rate trends, which has provided for a steeper yield curve as the result of a decline in short-term interest rates.  As of December 31, 2009, an analysis of the Company’s market value of portfolio equity (“MVPE”), defined as the net of the present value of the cash flows of an institution’s existing assets, liabilities and off-balance sheet instruments, indicatedthat a 2.0% instantaneous increase, permanent and parallel change in interest rates at all maturities would result in a 16.55% decline in Capitol Federal Financial’s MVPE (see Exhibit I-7).

The Company pursues a number of strategies to manage interest rate risk, particularly with respect to seeking to limit the repricing mismatch between interest rate sensitive assets and liabilities.  The Company manages interest rate risk from the asset side of the balance sheet through investing in securities with relatively short-terms to maturity, maintaining the majority of investments as available for sale, originating and purchasing adjustable rate loans, and underwriting loans so that they may be sold in the secondary market.  As of December 31, 2009, of the Company’s total loans due after December 31, 2010, ARM loans comprised 22.1% of those loans (see Exhibit I-8).  On the liability side of the balance sheet, management of interest rate risk has been pursued through utilizing FHLB advances and repurchase agreements with laddered terms out to seven years and emphasizing growth of lower costing and less interest rate sensitive transaction and savings account deposits.  Transaction and savings account deposits comprised 38.0% of the Company’s deposits at December 31, 2009.

The infusion of stock proceeds will serve to further limit the Company’s interest rate risk exposure, as most of the net proceeds will be redeployed into interest-earning assets and the increase in the Company’s capital position will lessen the proportion of interest rate sensitive liabilities funding assets.

 RP® Financial, LC.  OVERVIEW AND FINANCIAL ANALYSIS I-16

Lending Activities and Strategy

Capitol Federal Financial’s lending activities have traditionally emphasized 1-4 family permanent mortgage loans, and such loans comprise the substantial portion of the Company’s loan portfolio.  Beyond 1-4 family loans, lending diversification by the Company includes multi-family and commercial real estate loans, construction loans, home equity loans and other consumer loans.  Going forward, the Company’s lending strategy will continue to emphasize the origination and purchase of 1-4 family permanent mortgage loans.  Exhibit I-9 provides historical detail of Capitol Federal Financial’s loan portfolio composition over the past five years and one-quarter fiscal years and Exhibit I-10 provides the contractual maturity of the Company’s loan portfolio by loan type as of December 31, 2009.

The Company originates 1-4 family permanent mortgage loans throughout its markets served in the state of Kansas and in select markets in Missouri.  Originations of 1-4 family loans are supplemented with loan purchases from correspondent lenders located in the Company’s primary market area in Kansas and select markets in Missouri, and from nationwide lenders.  At December 31, 2009, loans purchased from nationwide lenders comprised 13% of total loans outstanding and were secured by properties located in 47 of the continental United States and Washington, D.C.  As of December 31, 2009, the largest concentrations of purchased loans from nationwide lenders were in the states of Illinois, Texas, Florida, New York and Colorado with each of those states comprising more than 5% of the nationwide purchased loans.  Loans originated and purchased by the Company are generally in accordance with Freddie Mac and Fannie Mae underwriting guidelines.  The Company purchases 1-4 family loans and the related servicing rights from correspondent lenders on a loan-by-loan basis, while the servicing rights are generally retained by the lender for loan pools purchased from nationwide lenders.  The Company also sells loans for purposes of interest rate risk management and/or to maintain a certain liquidity position, with the Company generally retaining the servicing on those loans.  The Company’s 1-4 family loans are primarily fully amortizing loans with terms of up to 30 years.  Adjustable rate mortgage (“ARM”) loans are offered with either an initial repricing term of three, five or seven years and then reprice annually for the remainder of the loan term.  Loans purchased by the Company are predominantly adjustable rate or 15-year fixed rate loans.  As of December 31, 2009, the Company’s outstanding balance of 1-4 family loans equaled $5.2 billion or 94.4% of total loans outstanding.

 RP® Financial, LC.  OVERVIEW AND FINANCIAL ANALYSIS I-17

Included in the 1-4 family loan portfolio at December 31, 2009 were $243.7 million of interest-only ARM loans, the majority of which were purchased from nationwide lenders during fiscal year 2005.  These loans do not typically require principal repayments during their initial term and have initial interest-only terms of either five or ten years.  The Company has not purchased any interest-only ARM loans since 2006 and discontinued offering the product in its local markets during 2008 to facilitate management of credit risk.  At December 31, 2009, $233.3 million, or 96%, of interest-only loans were still in their interest-only payment term.  Interest-only loans accounted for $15.7 million or approximately 48.3% of the Company’s non-performing loan balance at December 31, 2009.

The Company’s 1-4 family lending activities include home equity loans and home equity lines of credit.  Home equity lines of credit are floating rate loans indexed to the prime rate as published in The Wall Street Journal.  The Company will originate home equity loans and lines of credit up to a maximum LTV ratio of 95.0%, inclusive of other liens on the property, but requires private mortgage insurance for loans that are greater than 80.0% of the value of the property.  Home equity loans and lines of credit may be offered for terms of up 20 years.  Other home equity lines of credit have no stated term-to-maturity and require a payment of 1.5% of the outstanding loan balance per month.  Interest-only home equity lines of credit have a maximum term of twelve months, monthly payments of accrued interest, and a balloon payment at maturity. As of December 31, 2009, the Company’s outstanding balance of home equity loans and home equity lines of credit equaled $194.0 million or 3.6% of total loans outstanding.

 RP® Financial, LC.  OVERVIEW AND FINANCIAL ANALYSIS I-18

Commercial real estate and multi-family loans are generally originated up to a maximum loan-to-value (“LTV”) ratio of 80.0% and typically require a minimum debt-coverage ratio of 1.1 times.  Commercial real estate and multi-family loans are typically offered as 15 year balloon loans with either a fixed or adjustable interest rate and a maximum amortization period of 30 years.  Most of the commercial real estate and multi-family loans held  in the Company’s loan portfolio consist of loans originated by the Company, but also included a limited amount of purchased loan participations that are subject to the Company’s underwriting criteria.  Commercial real estate and multi-family loans are secured by properties within the Company’s regional market area, which includes properties secured by mixed-use properties, office buildings, retail shopping centers and apartment buildings.  The largest commercial real estate loan in the Company’s loan portfolio at December 31, 2009 was a purchased loan participation secured by a retail shopping center in Kansas, which was performing in accordance with its terms at December 31, 2009.   The outstanding principal balance of the Company’s commitment was $8.2 million at December 31, 2009.   The Company’s largest outstanding loan was also part of its largest lending relationship to a single borrower or a group of related borrowers.  The Company’s largest lending relationship to a single borrower or a group of related borrowers at December 31, 2009 consisted of 17 multi-family real estate projects, two single-family homes and four commercial real estate projects located in Kansas, Iowa and Texas.  Total commitments and loans outstanding to this group of related borrowers was $47.8 million as of December 31, 2009.  Most of the multi-family loans in the Company’s largest lending relationship qualify for the low income housing tax credit program.  All of the loans with the Company’s largest lending relationship were performing in accordance with their terms at December 31, 2009.  As of December 31, 2009, the Company’s commercial real estate and multi-family loan portfolio totaled $71.4 million or 1.3% of total loans outstanding.

Construction loans originated by the Company consist substantially of loans to finance the construction of 1-4 family residences, which are originated as construction/permanent loans.  The Company does not offer construction loans to builders for speculative purposes.  The construction and permanent loans are closed at the same time and require payment of interest only during the construction period.  All of the Company’s construction loans are secured by properties located in the Company’s primary market area.  As of December 31, 2009, Capitol Federal Financial’s outstanding balance of construction loans totaled $33.4 million or 0.6% of total loans outstanding.

 RP® Financial, LC.  OVERVIEW AND FINANCIAL ANALYSIS I-19

Capitol Federal Financial’s diversification into non-mortgage loans has been limited to a relatively modest balance of consumer loans.   The consumer loan portfolio, exclusive of home equity loans and home equity lines of credit, consists substantially of loans secured by deposits and auto loans.  The Company does not originate any consumer loans on an indirect basis.  As of December 31, 2009, the consumer loan portfolio totaled $33.4 million or 0.2% of total loans outstanding.

Exhibit I-11 provides a summary of the Company’s lending activities over the past three and one-quarter fiscal years.  Originations and purchases of 1-4 family first mortgage loans dominated the Company’s lending activities during the past three and one-quarter fiscal years, although growth of the loan portfolio was somewhat limited by a comparable amount of loan repayments and, to a lesser extent, loan sales.  Total loans originated ranged from $803.5 million during fiscal year 2007 to $1.1 billion during fiscal year 2009.  For the quarter ended December 31, 2009, total loans originated equaled $194.4 million.  The large majority of loans originated during the three and one-quarter year period were fixed rate loans.  Total loans purchased, which includes loans purchased from correspondent lenders and nationwide lenders, ranged from $119.6 million during fiscal year 2008 to $333.4 million during fiscal year 2009.  For the quarter ended December 31, 2009, total loans purchased equaled $65.1 million.  The majority of loans purchased consisted of adjustable rate loans.  Originations and purchases of 1-4 family loans accounted for 89% of total loans originated and purchased during the three and one-quarter year period ended December 31, 2009,  Overall, net loans receivable increased from $5.290 billion at fiscal year end 2007 to $5.424 billion at December 31, 2009.

 RP® Financial, LC.  OVERVIEW AND FINANCIAL ANALYSIS I-20

Asset Quality

The Company’s historical 1-4 family lending emphasis and application of consistent underwriting standards that are in accordance with Freddie Mac and Fannie Mae guidelines have generally supported the maintenance of relatively favorable credit quality measures; although, with the onset of the national recession, the Company has experienced some credit quality deterioration in its loan portfolio during the past two and one-quarter fiscal years.  Over the past five and one-quarter fiscal years, Capitol Federal Financial’s balance of non-performing assets ranged from a low of 0.08% of assets at fiscal year end 2005 to a high of 0.47% of assets at December 31, 2009.  As shown in Exhibit I-12, non-performing assets at December 31, 2009 consisted of $32.5 million of non-performing loans and $6.6 million of real estate owned.  Non-performing loans are non-accrual loans that are 90 days or more delinquent or are in the process of foreclosure.  Non-performing loans held by the Company at December 31, 2009 consisted almost entirely of 1-4 family loans, while 1-4 family properties accounted for the entire balance of real estate owned at December 31, 2009.  Purchased loans comprised 67.5% of the non-performing loan balance at December 31, 2009, with the states of Arizona (non-performing loans of $4.2 million), Florida (non-performing loans of $3.6 million) and Illinois (non-performing loans of $2.1 million) showing the largest concentrations of non-performing purchased loans at December 31, 2009.  Interest-only loans accounted for $15.7 million or 48.3% of the non-performing loan balance at December 31, 2009.

To track the Company’s asset quality and the adequacy of valuation allowances, Capitol Federal Financial has established detailed asset classification policies and procedures which are consistent with regulatory guidelines.  Classified assets are reviewed monthly by senior management and the Board.  Pursuant to these procedures, when needed, the Company establishes additional valuation allowances to cover anticipated losses in classified or non-classified assets.  As of December 31, 2009, the Company maintained loan loss allowances of $12.2 million, equal to 0.23% of net loans receivable and 37.59% of non-performing loans.

 RP® Financial, LC.  OVERVIEW AND FINANCIAL ANALYSIS I-21

Funding Composition and Strategy

Deposits have consistently served as the Company’s primary funding source and at December 31, 2009 deposits accounted for 57.6% of Capitol Federal Financial’s interest-bearing funding composition.  Exhibit I-13 sets forth the Company’s deposit composition for the past three and one-quarter fiscal years.  CDs constitute the largest component of the Company’s deposit composition, although the concentration of CDs comprising total deposits has declined slightly since fiscal year end 2007.  As of December 31, 2009, the CD portfolio totaled $2.6 billion or 62.0% of total deposits, versus comparable measures of $2.5 billion and 63.8% of total deposits at fiscal year end 2007.  Capitol Federal Financial’s current CD composition reflects a higher concentration of short-term CDs (maturities of one year or less), with $1.4 billion or 55.2% scheduled to mature in one year or less at December 31, 2009.  Exhibit I-14 sets forth the maturity schedule of the Company’s CDs as of December 31, 2009.  As of December 31, 2009, jumbo CDs (CD accounts with balances of $100,000 or more) amounted to $726.2 million or 27.7% of total CDs.  From time-to-time the Company has supplemented retail CDs with a limited amount of brokered CDs, although the Company did not maintain any brokered CDs at December 31, 2009.

The Company maintained $1.6 billion of savings and transaction account deposits at December 31, 2009, which equaled 38.0% of total deposits.  Comparatively, core deposits equaled $1.4 billion or 36.2% of total deposits at fiscal year end 2007.  Growth of core deposits since fiscal year end 2007 has been primarily sustained by growth of money market account and checking account deposits.  Money market deposits, which comprise the largest component of the Company’s core deposits, increased from $790.3 million or 55.6% of core deposits at fiscal year end 2007 to $888.1 million or 55.3% of core deposits at December 31, 2009.  Over the same time period, checking account deposits increased from $394.1 million or 27.7% of core deposits to $491.6 million or 30.6% of core deposits.

Borrowings serve as an alternative funding source for the Company to facilitate management of funding costs and interest rate risk.  Borrowings utilized by the Company have predominantly consisted of FHLB advances and repurchase agreements.  As of December 31, 2009, the Company maintained $2.4 billion of FHLB advances and $660.0 million of repurchase agreements.  FHLB advances and repurchase agreements held by the Company at December 31, 2009 had laddered maturities out to seven years, with a combined weighted average contractual rate of 3.83%.  The only other borrowing held by the Company at December 31, 2009 consisted of $53.6 million of trust preferred debt.  Interest on the trust preferred debt is payable quarterly, based on the three month LIBOR plus 275 basis points.  The trust preferred debt principal is due at the maturity date of April 7, 2034.  The Company was in compliance with all the covenants of its trust preferred debt at December 31, 2009.  Exhibit I-15 provides further detail of the Company’s borrowings activities during the past three and one-quarter fiscal years.

 RP® Financial, LC.  OVERVIEW AND FINANCIAL ANALYSIS I-22

Subsidiary and Other Activities

The Bank maintained one subsidiary at December 31, 2009, Capitol Funds, Inc.  Capitol Funds, Inc. has a wholly-owned subsidiary, Capitol Federal Mortgage Reinsurance Company (“CFMRC”).  CFMRC serves as a reinsurance company for the private mortgage insurance companies the Bank uses in its normal course of operations.  CFMRC provides mortgage reinsurance on certain 1-4 family loans in the Company’s loan portfolio.  During fiscal year 2009, three of the four mortgage insurance companies that CFMRC does business with stopped writing new business.  The one remaining mortgage insurance company stopped writing new business in the first quarter of calendar 2010.  During the quarter ended December 31, 2009 and the fiscal year 2009, Capitol Funds, Inc. reported consolidated net income of $102,000 and $460,000, respectively, which was primarily composed of income from CFMRC.

The Bank also maintains an insurance agency, which generates a modest amount of revenues primarily from commissions paid by insurance companies with respect to the placement of insurance products.

Legal Proceedings

The Company is not currently party to any pending legal proceedings that the Company’s management believes would have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

 RP® Financial, LC.  MARKET AREA II.1

II. MARKET AREA

Introduction

Headquartered in Topeka, Kansas, Capitol Federal Financial serves eastern and central Kansas, as well as western Missouri markets that are part of the metropolitan area of Greater Kansas City.  The Company has a network of 45 branches, ten of which are in-store branches, located in nine counties throughout the state of Kansas and two counties in Missouri.

The Company primarily serves the metropolitan areas of Topeka, Wichita, Lawrence, Manhattan, Emporia and Salina, Kansas and the Greater Kansas City area, which includes Clay and Platte Counties in Missouri (where the Company recently opened a branch in each county).  The Company is one of the largest originators of 1-4 family loans in the state of Kansas and ranks first in deposit market share in the state of Kansas, with over 85% of the Company’s deposit market share within the Greater Kansas City and Wichita metro areas.

The northeastern portion of the state, extending from the Eastern border to Junction City and from the Nebraska border to south of Johnson County, is home to more than 1.5 million people on the Kansas side of Kansas City, Lawrence, and Topeka (where the Company is headquartered) metropolitan areas.  In the Greater Kansas City area, the cities in Johnson County have some of the fastest growing populations and highest median incomes in the state and the entire country.  Overland Park, where the Company currently has seven branches, has the largest population and the largest land area in the county.  It is home to Johnson County Community College, the state’s largest community college, and the corporate campus of Sprint Nextel, the largest private employer in the metro area.  The cities of Olathe, Shawnee, and Gardner have some of the state’s fastest growing populations.

Several institutions of higher education are located in Northeast Kansas including Baker University (the oldest university in the state) in Baldwin City, Ottawa University in Ottawa and Overland Park, and KU Medical Center in Kansas City.  Less than an hour’s drive to the west, Lawrence is home to the University of Kansas, the largest public university in the state.  The Company has four branches in Lawrence, which is in Douglas County, Kansas.

 RP® Financial, LC.  MARKET AREA II.2

To the west, nearly a quarter million people reside in the Topeka metropolitan area.  Topeka is the state capital and home to Washburn University.  Further westward along Interstate 70 and the Kansas River is Fort Riley, well-known as the home to the US Army’s 1st Infantry Division, also known as the “Big Red One.”  A short distance away, the city of Manhattan is home to Kansas State University, the second largest public university in the state and the nation’s oldest land-grant university.  The Company has two branches in Manhattan, Riley County, Kansas.

The Company’s primary market area is a mix of suburban, urban and rural markets.  The Greater Kansas City area is one of the fastest growing major job markets in the Midwest, with relatively low business and lifestyle costs serving to attract businesses to the market area.  In addition, the Wichita metro area provides financial, medical, and business services to more than half a million people, distinguishing the area as the economic center of south-central Kansas.  With operations in the most densely populated markets in Kansas and the Greater Kansas City metropolitan area, the Company’s competitive environment includes thrifts, commercial banks and other financial services companies, some of which have a regional or national presence.  The regional economy is highly diversified.  Notably, manufacturing employment accounts for nearly double the national percentage in the Wichita metro area, in large part due to the high concentration of aircraft manufacturing firms in the area.  Nevertheless, the local economy has felt the impact of the national recession, as evidenced by rising unemployment and declining real estate values throughout the markets served by the Company.

Future growth opportunities for Capitol Federal Financial depend on the future growth and stability of the local and regional economy, demographic growth trends, and the nature and intensity of the competitive environment.  These factors have been briefly examined to help determine the growth potential that exists for the Company, the relative economic health of the Company’s market area, and the resultant impact on value.

 RP® Financial, LC.  MARKET AREA II.3

National Economic Factors

The future success of the Company’s operations is partially dependent upon national economic factors and trends.  In assessing economic trends over past few quarters, signs that the U.S. economy was pulling out of the recession became more evident at the start of the third quarter of 2009.  However, overall economic conditions remained weak.  The July 2009 employment report showed the fewest job losses in a year and the unemployment rate dipped to 9.4%, its first decline in nine months.  Retail sales were down slightly in July, raising concerns over the durability of the recovery.  However, sales of existing homes jumped 7.2% in July, the fastest pace in nearly two years.  July new home sales were up sharply as well, which supported a 4.9% increase in July durable-goods orders.  August economic data generally indicated that the recession was nearing an end, as manufacturing output grew for the first time since January 2008 and the “cash for clunkers” program fueled a rebound in August retail sales.  August employment data showed fewer than expected job losses, while the unemployment rate rose to a 26 year high of 9.7%.  The index of leading indicators rose for the fifth straight month in August, providing another sign of recovery.  Second quarter GDP declined at a 0.7% annualized rate, which was better than the 1% decline previously estimated.  Other economic data suggested an uneven recovery, as existing home sales slid in August and consumer confidence fell in September.  Manufacturing and service sector activity both grew in September, while the U.S. unemployment rate rose to 9.8% in September as employers cut more jobs than expected.  As job losses continued to mount, vacancy rates for commercial office space continued to increase during the third quarter.  Retail sales fell in September from August as the “cash for clunkers” program ended, however, excluding autos, retail sales increased slightly in September.  New home sales fell in September, while orders for durable goods increased in September.  Third quarter GDP increased at a 3.5% annual rate (subsequently revised to 2.2%), marking an apparent end to the recession.  Notably, a large portion of GDP growth in the third quarter was generated through federal stimulus programs, bringing into question the sustainability of the recovery without government support.

 RP® Financial, LC.  MARKET AREA II.4

October 2009 showed further signs of an economic recovery, even as the labor market continued to struggle.  U.S. manufacturing activity expanded for the third month in a row in October, while a net loss of 190,000 jobs in October pushed the October unemployment rate up to 10.2%.  Retail sales and the index of leading economic indicators both rose in October, while housing data was mixed raising doubts about the strength of the sector’s recovery.  New home starts tumbled in October, while sales of existing home showed a strong increase in October.  Signs of a slow and uneven economic recovery continued to be reflected in the November data.  Manufacturing activity continued to grow in November, while the service sector contracted in November after growing in October.  Employment data for November reflected the fewest number of job losses since December 2007, which reduced the unemployment rate to 10.0%.  The Federal Reserve’s “beige book” released in early-December showed the economy improving moderately, with consumer spending up but commercial real estate weakening.  Additional evidence that strength was returning to the economy included a healthy rise in November durable goods orders and manufacturing activity in December expanding at its fastest pace in more than three years.  Sales of existing homes were up solidly in November, although construction spending in November was down slightly.  Manufacturing activity expanded in December at its fastest pace in more than three years, while the service sector recorded only modest growth in December.  Job losses were significantly higher than expected in December, dashing hopes of a near term turnaround in employment.  Employers cut 85,000 jobs in December, while the December unemployment rate held steady at 10.0%.  The index of leading economic indicators rose 1.1% from November to December for its ninth straight month of gains, while housing data for December was less favorable with both new and existing home sales declining in December.  The decline in home sales in December was in part related to a surge in home sales during the fall, as first-time home buyers raced to take advantage of a tax credit before it expired.  Fourth quarter GDP increased at an annual rate of 5.7% (subsequently revised to 5.6%), although much of the growth was tied to companies replenishing low inventories that typically only provides a temporary bump in growth.

 RP® Financial, LC.  MARKET AREA II.5

Manufacturing activity rose for a sixth straight month in January 2010, with the rate of expansion at its highest point since August 2004.  Comparatively, service sector activity remained stable in January.  Payrolls unexpectedly fell in January with the loss of 20,000 jobs, but the January unemployment rate surprisingly dropped to a five month low of 9.7%.  Retail sales were up in January, although consumer confidence fell in February.  Sales of existing homes fell in January and orders for durable goods showed weakness in January, underscoring the uneven progress of the U.S. recovery.  The manufacturing and service sectors both showed expansion in February, while the February unemployment rate remained unchanged at 9.7%.  The February unemployment report showed a loss of 36,000 jobs, which was fewer than expected.  New and existing home sales were lower in February compared to January, but retail sales continued to show an increase for February.  U.S. manufacturing and nonmanufacturing activity continued to grow in March, while the March unemployment rate held steady at 9.7%.  Employers added 162,000 jobs in March, but almost one-third of the jobs came from the government’s hiring for the census.  A surge in March retail sales and home construction increasing for a third straight month in March provided evidence that the economic recovery was gaining traction.  However, a separate report showed that consumer confidence fell in April.

In terms of interest rate trends during the past few quarters, interest rates eased lower at the start of the third quarter of 2009 as investors shunned risk ahead of second quarter earnings reports.  Some economic data showing an improving economy and growing belief that the recession was nearing an end pushed long-term Treasury yields up slightly heading into late-July.  The upward trend in interest rates continued into the first week of August, as interest rates edged higher following the better-than-expected employment report for July.  Long-term Treasury yields eased lower going into the second half of August, as the Federal Reserve concluded its mid-August meeting leaving its key short-term rate near zero and indicated it would stay there for the foreseeable future.  Weaker than expected retail sales for July and a decline in July wholesale prices further contributed to the pull back in interest rates.  Long-term Treasury yields reversed course after mid-August on the stronger than expected report for July existing home sales.  Interest rates stabilized in late-August and remained relatively stable through most of September, as inflation worries remained low amid high unemployment and slack in the economy.  News that consumer confidence fell in September pushed Treasury yields lower at the end of the third quarter.

 RP® Financial, LC.  MARKET AREA II.6

Mixed economic data and no apparent threat of inflationary pressures supported a stable interest rate environment at the beginning of the fourth quarter of 2009, providing for the continuation of a relatively steep yield curve.  Interest rates remained stable through the balance of October, reflecting uncertainty over the sustainability of the economic recovery with consumer confidence declining for the second month in a row.  The Federal Reserve concluded its early-November meeting by keeping its target interest rate near zero, which along with the weaker than expected employment report for October sustained a stable interest rate environment into mid-November.  Long-term Treasury yields eased lower heading into the second half of November, following comments by the Federal Reserve Chairman that unemployment and troubles in commercial real estate would weigh on the recovery.  Long-term Treasury yields dipped in late-November following news of the credit crisis in Dubai.  A better than expected jobs report for November moved interest rates higher in early-December.  Following the Federal Reserve’s mid-December meeting and decision to hold its target interest rate steady, the spread between short-term and long-term Treasury yields widened further in the final weeks of 2009 as long-term Treasury yields edged higher amid signs that the U.S. economy was improving.

Interest rates stabilized at the start of 2010 and then edged lower heading into the second half of January, reflecting uncertainty on the strength of the recovery.  The Federal Reserve’s two day meeting in late-January concluded with no change in its key rate target, but offered a slightly rosier economic outlook in its statement.  A rise in January consumer confidence, along with the Federal Reserve’s more upbeat assessment of the economy, provided for a slight upward trend in long-term Treasury yields in late-January.  Worries that Greece’s debt woes were spreading across Europe and job losses reflected in the January employment report pushed Treasury yields lower in late-January and into early-February.  Some positive economic data regarding home prices and industrial output pushed interest rates higher heading in mid-February.  Treasury yields rose in mid-February on the Federal Reserve’s decision to raise the discount rate, spurring thoughts of tighter credit for borrowers in general.  Weak economic data and indications from the Federal Reserve that short-term interest rates would remain near zero for at least several months pushed long-term Treasury yields lower at the close of February.  Comparatively, long-term Treasury yields eased higher during the first half of March, based on better-than-expected reports for February employment data and retail sales.  Interest rates stabilized in mid-March following the Federal Reserve’s mid-March meeting, as the Federal Reserve held its target rate steady and signaled that it would be at least several months before they raise short-term interest rates.  Weak demand for an auction of five year Treasury notes and signs of the economic recovery gaining traction pushed Treasury yields higher in late-March and early-April, with the 10-year Treasury note yield increasing to 4.0% in early-April.  Treasury yields eased lower in mid-April, as the consumer price index for March indicated that inflation remained muted.   As of April 16, 2010, the bond equivalent yields for U.S. Treasury bonds with terms of one and ten years equaled 0.41% and 3.79%, respectively, versus comparable year ago yields of 0.54% and 2.86%.  Exhibit II-1 provides historical interest rate trends.

 RP® Financial, LC.  MARKET AREA II.7

Based on the consensus outlook of 55 economists surveyed by The Wall Street Journal in February 2010, the economy is expected to expand around 3% for 2010.  GDP growth is not expected to make a significant dent in the unemployment rate, as the surveyed economists on average expected the unemployment rate to only fall to 9.4% by the end of 2010.  Most of the respondents said the Federal Reserve would not raise rates until the third quarter of 2010 at the earliest.

Market Area Demographics

Demographic and economic growth trends, measured by changes in population, number of households, age distribution and median household income, provide key insight into the health of the market area served by Capitol Federal Financial (see Table 2.1).

The Greater Kansas City and Wichita metropolitan areas are relatively densely populated markets, ranking among the largest populations in Kansas.  Specifically, Johnson County has the largest population out of the 11 market area counties served by the Company and is the largest county in the state, reporting a population of approximately 544,000 residents in 2009.  Lyon County, where the Company has one branch in Emporia, reported the smallest population of counties served by the Company in Kansas with 36,000 residents.

 RP® Financial, LC.  Market  Area II.8

Table 2.1

Capitol Federal Financial

Summary Demographic Data

	Year						Growth Rate
	2000		2009		2014			2000-2009		2009-2014
Population (000)
United States		281,422		309,731		324,062		1.1	%	0.9	%
Kansas		2,688		2,829		2,900		0.6	%	0.5	%
Butler County		59		65		68		1.0	%	0.8	%
Douglas County		100		114		122		1.5	%	1.4	%
Johnson County		451		544		593		2.1	%	1.7	%
Lyon County		36		36		36		0.1	%	0.0	%
Riley County		63		67		69		0.7	%	0.6	%
Saline County		54		55		55		0.3	%	0.2	%
Sedgwick County		453		484		501		0.7	%	0.7	%
Shawnee County		170		176		179		0.4	%	0.3	%
Wyandotte County		158		155		155		-0.2	%	0.0	%
Missouri		5,595		5,985		6,179		0.8	%	0.6	%
Clay County		184		216		235		1.8	%	1.7	%
Platte County		74		86		94		1.8	%	1.6	%
Households (000)
United States		105,480		116,523		122,109		1.1	%	0.9	%
Kansas		1,038		1,101		1,131		0.7	%	0.5	%
Butler County		22		24		25		1.2	%	0.9	%
Douglas County		38		45		48		1.7	%	1.5	%
Johnson County		175		211		231		2.1	%	1.8	%
Lyon County		14		14		14		0.1	%	0.0	%
Riley County		22		24		26		1.1	%	0.9	%
Saline County		21		22		22		0.4	%	0.2	%
Sedgwick County		176		190		197		0.8	%	0.7	%
Shawnee County		69		73		74		0.6	%	0.4	%
Wyandotte County		60		58		58		-0.2	%	-0.1	%
Missouri		2,195		2,370		2,456		0.9	%	0.7	%
Clay County		73		85		93		1.8	%	1.7	%
Platte County		29		35		38		2.0	%	1.7	%
Median Household Income ($)
United States	$	42,164	$	54,719	$	56,938		2.9	%	0.8	%
Kansas		40,634		52,748		54,940		2.9	%	0.8	%
Butler County		45,480		56,989		60,080		2.5	%	1.1	%
Douglas County		37,702		48,186		51,529		2.8	%	1.4	%
Johnson County		61,484		81,139		86,041		3.1	%	1.2	%
Lyon County		32,955		43,000		46,328		3.0	%	1.5	%
Riley County		32,169		41,710		43,785		2.9	%	1.0	%
Saline County		37,358		48,742		51,814		3.0	%	1.2	%
Sedgwick County		42,711		55,184		58,487		2.9	%	1.2	%
Shawnee County		41,005		52,794		55,320		2.8	%	0.9	%
Wyandotte County		33,884		44,522		47,992		3.1	%	1.5	%
Missouri		38,005		49,522		52,035		3.0	%	1.0	%
Clay County		48,400		63,420		67,197		3.0	%	1.2	%
Platte County		55,814		71,791		75,283		2.8	%	1.0	%

 RP® Financial, LC.  Market  Area II.9

Table 2.1

Capitol Federal Financial

Summary Demographic Data

	Year									Growth Rate
		2000			2009			2014			2000-2009		2009-2014
Per Capita Income ($)
United States	$	21,587		$	27,277		$	28,494			2.6	%	0.9	%
Kansas		20,506			26,028			26,929			2.7	%	0.7	%
Butler County		20,150			24,243			24,672			2.1	%	0.4	%
Douglas County		19,952			25,354			26,026			2.7	%	0.5	%
Johnson County		30,919			39,862			41,168			2.9	%	0.6	%
Lyon County		15,724			20,309			20,760			2.9	%	0.4	%
Riley County		16,349			21,701			22,419			3.2	%	0.7	%
Saline County		19,073			23,751			24,188			2.5	%	0.4	%
Sedgwick County		20,907			25,764			26,180			2.3	%	0.3	%
Shawnee County		20,904			26,282			26,814			2.6	%	0.4	%
Wyandotte County		16,005			20,089			20,386			2.6	%	0.3	%
Missouri		19,936			25,286			26,373			2.7	%	0.8	%
Clay County		23,144			30,056			31,318			2.9	%	0.8	%
Platte County		26,356			34,313			35,817			3.0	%	0.9	%
	Less Than			$25,000 to			$50,000 to
2009 HH Income Dist. (%)	$	25,000			50,000			100,000		$	100,000	+
United States		20.9	%		24.5	%		35.3	%		19.3	%
Kansas		20.3	%		26.8	%		37.6	%		28.3	%
Butler County		18.0	%		25.7	%		42.9	%		13.5	%
Douglas County		24.4	%		27.4	%		35.5	%		12.8	%
Johnson County		7.9	%		17.0	%		37.8	%		37.4	%
Lyon County		26.9	%		30.5	%		34.5	%		8.1	%
Riley County		30.9	%		27.5	%		31.4	%		10.3	%
Saline County		20.6	%		30.8	%		39.4	%		9.3	%
Shawnee County		19.6	%		27.4	%		40.4	%		12.7	%
Wyandotte County		26.1	%		30.0	%		34.6	%		9.3	%
Sedgwick County		18.4	%		26.4	%		41.3	%		13.9	%
Missouri		22.8	%		27.7	%		35.3	%		14.3	%
Clay County		11.4	%		24.3	%		42.8	%		21.5	%
Platte County		10.7	%		20.4	%		41.1	%		27.3	%

Source:  SNL Financial.

 RP® Financial, LC.  MARKET AREA II.10

The primary market area counties served by Capitol Federal Financial showed varied demographic growth trends during the 2000 to 2009 period.  Population and household growth rates for the majority of the primary market area counties have been and are projected to remain below the comparable U.S. measures, while approximating or falling slightly below their comparable state growth rates.  Comparatively, Douglas and Johnson Counties in Kansas and Clay and Platte Counties in Missouri showed population and household growth rates exceeding the comparable U.S. measures.  Among the primary market area counties, population and household growth rates were the strongest in Johnson County (where the Company maintains 19 branches).  Population and household growth rates for Clay and Platte Counties in Missouri were slightly below the comparable growth rates for Johnson County, but reported much higher growth rates than the statewide growth rates for Missouri.  Annual population growth rates for the market area counties covering the 2000 to 2009 period, ranged from 2.1% in Johnson County to a decline in population of 0.2% in Wyandotte County.  Both Johnson and Wyandotte Counties are part of the Greater Kansas City area.  In comparison, the states of Kansas and Missouri reported 2000 to 2009 annual growth rates of 0.6% and 0.8%, respectively, which fell slightly below the nationwide growth rate of 1.1%.  Population and household growth rates for the primary market area counties are projected to slow slightly over the next five years, which is consistent with the statewide and national forecasts.

Income measures show Johnson, Sedgwick, and Butler Counties are relatively affluent markets, as those counties reported income measures above the national and statewide income measures.  Clay and Platte Counties in Missouri also reported income measures above the national and statewide measures.  The primary market area counties generally experienced income growth rates that were in line with the state and national growth rates for the 2000 through 2009 period.  Consistent with the projected income growth rates for Kansas, Missouri, and the U.S., income growth rates for the primary market area counties are projected to decrease over the next five years.  The affluence of the Johnson County market is further evidenced by a comparison of household income distribution measures, as Johnson Countymaintains the lowest percentage of households with incomes of less than $25,000 and the highest percentage of households with incomes over $100,000 relative to the other market area counties as well as the U.S., Kansas, and Missouri.

 RP® Financial, LC.  MARKET AREA II.11

Local Economy

The markets served by the Company have relatively diverse economies and because the Company’s market area is large and primarily in Kansas, we have looked at employment by sector for the state of Kansas.  Employment data, shown in Table 2.2, shows that employment in services constitutes the primary source of employment in the state of Kansas.  Government jobs were the second largest source of employment, followed by wholesale/retail trade and manufacturing, with those four sectors of employment making up for three-fourths of employment in the state of Kansas.

Table 2.2

Kansas Employment Sectors

(Percent of Labor Force)(1)

Source:  Regional Economic Information System Bureau of Economic Analysis.

In the Greater Kansas City area, transportation and distribution, manufacturing, animal health and financial services constitute major sources of employment.  As shown in Table 2.3, AMC Entertainment, Sprint, and H&R Block are major employers headquartered in the Greater Kansas City area.  Kansas City’s combination of big-city business amenities and small-market ease of living have made the metropolitan area a magnet for investment.  Recent announcements by companies to either locate significant new operations or expand existing operations in the Greater Kansas City area include Bayer Corporation, Federal Express and T-Mobile.  The Greater Kansas City area is also home to data center and contact center operations.

 RP® Financial, LC.  MARKET AREA II.12

Table 2.3

Capitol Federal Financial

Major Corporate Headquarters in Greater Kansas City

AMC Entertainment American Century Black & Veatch Burns & McDonnell Cerner Corporation Commerce Bancshares DeBruce Grain DST Systems Garmin Great Plains Energy H&R Block Hallmark Cards Hill’s Pet Nutrition JE Dunn Newport Television Collective Brands Perceptive Software Seaboard Corporation Sprint UMB Financial Westar Energy YRC Worldwide

Source:  The Kansas City Area Development Council

As previously noted, the Wichita metropolitan area has a high concentration of manufacturing employment with the aerospace industry providing the foundation for a large portion of manufacturing employment in Wichita.  While manufacturing jobs tied to the aerospace industry represent a major component of the Wichita economy, the overall economy has also come to reflect diversity as there are approximately 15,000 business establishments in the Wichita metro area, 97% of which are small-to medium-sized firms with less than 100 employees .  The major employers in the Wichita area are provided in Table 2.4.

 RP® Financial, LC.  MARKET AREA II.13

Table 2.4

Capitol Federal Financial

Major Employers in the Wichita Metropolitan Area

	Company		Product/Service	Employment
Spirit AeroSystems		Aircraft Parts			10,300
Cessna Aircraft		Aircraft			5,994
USD 259 – Wichita		Public Primary Education			5,543
Hawker Beechcraft		Aircraft			5,300
Via Christi Health		Health Care			5,134
State of Kansas		State Government			3,919
City of Wichita		Municipal Government			3,000
Sedgwick County		County Government			2,929
United States Government		Federal Government			2,881
Boeing Defense, Space & Security		Aircraft Modification			2,500
Bombardier Learjet		Aircraft			2,239
Koch Industries		Manufacturing, Energy			2,100
Wesley Medical Center		Health Care			1,792
Wichita State University		Public Higher Education			1,601
AGCO Corporation		Agricultural Equipment			1,400
Catholic Diocese of Wichita		Primary Education			1,399
USD 260 – Derby		Public Primary Education			1,058
Johnsons Controls – York Wichita		Residential HVAC Equipment			1,100
Robert J. Dole VA Med. Cr & Hospital		Health Care			1,000
Wichita Clinic PA		Health Care			992
Cox Communications		Broadband Communications			873
Cargill Meat Solutions		Meat Products			844
The Coleman Company		Recreational Products			814
USD 261 – Haysville		Public Primary Education			762

The Company’s lending markets have been adversely affected by the recession, although not as severely as some bubble markets in the southeast and west regions of the U.S. where rapidly escalating home prices fueled speculative overbuilding that ultimately led to significant inventories of unsold homes and a severe drop in home prices.  Home prices in the Greater Kansas City market reached a peak in the second quarter of 2007 and are projected to trough in the third quarter of 2011 before returning to the previous peak in 2013, which is much sooner than the rebounds forecasted for bubble states such as California, Florida, and Nevada.  Home prices in the Greater Kansas City area are projected to fall 6.6% from peak to trough, a much less precipitous fall than in the aforementioned bubble markets.  The Wichita housing market is also showing some improvement, as home sales are up 23% from last year and average home prices are expected to increase by 2.1% in 2010.

 RP® Financial, LC.  MARKET AREA II.14

Unemployment Trends

Comparative unemployment rates for the primary market area counties, as well as for the U.S. and the states of Kansas and Missouri, are shown in Table 2.5.  Unemployment rates for the primary market area counties provide further evidence of the relatively stable nature of the Company’s market area economy.  The January 2010 unemployment rates ranged from 5.1% in Riley County, Kansas to 10.5% in Wyandotte County, Kansas.  January 2010 unemployment rates for ten out of the eleven market area counties were below the comparable U.S. unemployment rate of 9.7%.  Besides Wyandotte and Sedgwick Counties, all of the January 2010 unemployment rates for the market area counties in Kansas were below the statewide unemployment rate of 7.1%.  Likewise, the January 2010 unemployment rates for Clay and Platte Counties were below the Missouri unemployment rate of 9.9%.  However, evidence of the recession impacting the regional economy is reflected in the higher unemployment rates shown for the majority of the market area counties as of January 2010 compared to a year ago, consistent with the state and national trends.  At the same time, three of the market area counties showed lower unemployment rates for January 2010 compared to January 2009, including Johnson County.

Table 2.5

Capitol Federal Financial

Unemployment Trends (1)

	January 2009			January 2010
Region	Unemployment			Unemployment
United States		7.6	%		9.7	%
Kansas		6.4			7.1
Missouri		8.7			9.9
Butler County, KS		6.0			8.4
Douglas County, KS		5.4			5.8
Johnson County, KS		6.5			6.4
Lyon County, KS		6.7			6.5

 RP® Financial, LC.  MARKET AREA II.15

Table 2.5 (continued)

Capitol Federal Financial

Unemployment Trends (1)

	January 2009		January 2010
Region	Unemployment		Unemployment
Riley County, KS		3.7		5.1
Saline County, KS		5.5		6.0
Sedgwick County, KS		6.0		8.5
Shawnee County, KS		6.4		6.9
Wyandotte County, KS		12.7		10.5
Clay County, MO		7.3		8.7
Platte County, MO		6.9		8.0

 (1)  Unemployment rates have not been seasonally adjusted.

 Source:  U.S. Bureau of Labor Statistics.

Market Area Deposit Characteristics and Competition

The Company’s retail deposit base is closely tied to the eastern and central Kansas and western Missouri markets, and, in particular, the markets that are nearby to the Company’s branch locations.  Table 2.6 displays deposit market trends from June 30, 2005 through June 30, 2009 for the primary market counties currently served by the Company’s branch network.  Additional data is also presented for the states of Kansas and Missouri.  The data indicates that total deposits maintained by commercial banks and savings institutions increased in all but one of the market area counties during the four year period, as the growth rates ranged from a decline of 1.2% in Sedgwick County to growth of 7.5% in Riley County.  In comparison to the 4.6% deposit growth rate exhibited for the state of Kansas, Johnson, Riley, and Saline Counties showed higher deposit growth rates than the state of Kansas.  Similar to the state of Kansas, commercial banks in Missouri maintained a larger market share of deposits than savings institutions in all of the Company’s market area counties as of June 30, 2009.  During the period covered in Table 2.6, savings institutions experienced a decrease in deposit market share in all of market counties except for Clay County in Missouri.

 RP® Financial, LC.  MARKET AREA Page II.16

Table 2.6

Capitol Federal Financial

Deposit Summary

	As of June 30,
	2005							2009							Deposit
			Market			Number of				Market			No. of		Growth Rate
	Deposits		Share			Branches		Deposits		Share			Branches		2005-2009
	(Dollars In Thousands)														(%)
Deposit Summary
State of Kansas	$	48,304,000		100.0	%		1,485	$	57,762,000		100.0	%		1,569		4.6	%
Commercial Banks		39,784,000		82.4	%		1,360		50,755,000		87.9	%		1,461		6.3	%
Savings Institutions		8,520,000		17.6	%		125		7,007,000		12.1	%		108		-4.8	%
Butler County, KS	$	691,076		100.0	%		35	$	863,223		100.0	%		34		7.7	%
Commercial Banks		657,038		95.1	%		33		863,223		100.0	%		34		9.5	%
Savings Institutions		34,038		4.9	%		2		0		0.0	%		0		-100.0	%
Capitol Federal		0		0.0	%		0		0		0.0	%		0	NA
Douglas County, KS	$	1,405,182		100.0	%		55	$	1,683,307		100.0	%		59		4.6	%
Commercial Banks		1,007,051		71.7	%		47		1,234,190		73.3	%		50		5.2	%
Savings Institutions		398,131		28.3	%		8		449,117		26.7	%		9		3.1	%
Capitol Federal		365,515		26.0	%		4		400,887		23.8	%		4		2.3	%
Johnson County, KS	$	11,998,658		100.0	%		218	$	14,977,513		100.0	%		252		5.7	%
Commercial Banks		9,162,416		76.4	%		179		12,830,836		85.7	%		220		8.8	%
Savings Institutions		2,836,242		23.6	%		39		2,146,677		14.3	%		32		-6.7	%
Capitol Federal		1,587,483		13.2	%		16		1,750,058		11.7	%		19		2.5	%
Lyon County, KS	$	501,326		100.0	%		19	$	554,237		100.0	%		19		2.5	%
Commercial Banks		354,528		70.7	%		18		403,731		72.8	%		18		3.3	%
Savings Institutions		146,798		29.3	%		1		150,506		27.2	%		1		0.6	%
Capitol Federal		146,798		29.3	%		1		150,506		27.2	%		1		0.6	%
Riley County, KS	$	1,042,767		100.0	%		28	$	1,391,328		100.0	%		30		7.5	%
Commercial Banks		758,790		72.8	%		24		1,199,706		86.2	%		28		12.1	%
Savings Institutions		283,977		27.2	%		4		191,622		13.8	%		2		-9.4	%
Capitol Federal		197,452		18.9	%		2		191,622		13.8	%		2		-0.7	%
Saline County, KS	$	1,086,052		100.0	%		25	$	1,329,744		100.0	%		26		5.2	%
Commercial Banks		755,444		69.6	%		24		1,030,814		77.5	%		22		8.1	%
Savings Institutions		330,608		30.4	%		1		298,930		22.5	%		4		-2.5	%
Capitol Federal		126,778		11.7	%		1		127,082		9.6	%		1		0.1	%
Sedgwick County, KS	$	8,927,172		100.0	%		199	$	8,509,222		100.0	%		81		-1.2	%
Commercial Banks		6,912,107		77.4	%		163		6,772,887		79.6	%		140		-0.5	%
Savings Institutions		2,015,065		22.6	%		36		1,736,335		20.4	%		32		-3.7	%
Capitol Federal		435,973		4.9	%		6		470,403		5.5	%		7		1.9	%

 RP® Financial, LC.  MARKET AREA Page II.17

Table 2.6

Capitol Federal Financial

Deposit Summary

	As of June 30,
	2005							2009							Deposit
			Market			Number of				Market			No. of		Growth Rate
	Deposits		Share			Branches		Deposits		Share			Branches		2005-2009
	(Dollars In Thousands)														(%)
Shawnee County, KS	$	3,546,395		100.0	%		89	$	4,085,120		100.0	%		93		3.6	%
Commercial Banks		2,240,540		63.2	%		83		2,823,580		69.1	%		86		6.0	%
Savings Institutions		1,305,855		36.8	%		6		1,261,540		30.9	%		7		-0.9	%
Capitol Federal		1,305,855		36.8	%		6		1,261,540		30.9	%		7		-0.9	%
Wyandotte County, KS	$	2,131,995		100.0	%		45	$	2,218,614		100.0	%		45		1.0	%
Commercial Banks		1,969,841		92.4	%		39		2,064,104		93.0	%		38		1.2	%
Savings Institutions		162,154		7.6	%		6		154,510		7.0	%		7		-1.2	%
Capitol Federal		7,443		0.3	%		1		10,936		0.5	%		1		10.1	%
State of Missouri	$	92,765,000		100.0	%		2,225	$	123,851,000		100.0	%		2,447		10.1	%
Commercial Banks		88,273,000		95.2	%		2,108		114,279,000		92.3	%		2,334		9.0	%
Savings Institutions		4,492,000		4.8	%		117		9,572,000		7.7	%		113		28.7	%
Clay County, MO	$	2,500,491		100.0	%		69	$	3,279,157		100.0	%		78		9.5	%
Commercial Banks		2,144,760		85.8	%		59		2,707,804		82.6	%		67		8.1	%
Savings Institutions		355,731		14.2	%		10		571,353		17.4	%		11		17.1	%
Capitol Federal		0		0.0	%		0		0		0.0	%		0	NA
Platte County, MO	$	805,171		100.0	%		39	$	1,122,466		100.0	%		44		11.7	%
Commercial Banks		643,211		79.9	%		33		925,590		82.5	%		36		12.9	%
Savings Institutions		161,960		20.1	%		6		196,876		17.5	%		8		6.7	%
Capitol Federal		0		0.0	%		0		0		0.0	%		0	NA

Source:  FDIC.

 RP® Financial, LC.  MARKET AREA II.18

Capitol Federal’s highest market share of deposits is in Shawnee County, where the Company maintains its main office and six branch office locations.  The Company’s $1.3 billion of deposits at the Shawnee County branches represented a 30.9% market share of bank and thrift deposits at June 30, 2009.  Johnson County, where the Company maintains its largest branch presence and highest balance of deposits, accounted for $1.8 billion of the Company’s deposits and an 11.7% market share of total Johnson County bank and thrift deposits at June 30, 2009.  From June 30, 2005 through June 30, 2009, the Company experienced a decrease in deposit market share in six out of the eight counties where branches were maintained during that period.  The Company’s branch locations in Butler, Clay and Platte Counties were opened subsequent to June 30, 2009.

Financial institution competitors in the Company’s primary market area include other locally based thrifts and banks, as well as regional, super regional and money center banks.  From a competitive standpoint, Capitol Federal Financial has sought to emphasize its community orientation in the markets served by its branches.  Table 2.7 lists the Company’s largest competitors in thecounties currently served by its branches, based on deposit market share as noted parenthetically.  The Company’s deposit market share and market rank have also been provided in Table 2.7.  Capitol Federal Financial maintained a leading market share of deposits among bank and thrift competitors in the counties of Johnson, Shawnee, Douglas and Lyon, based on deposit market share at June 30, 2009.

Table 2.7

Capitol Federal Financial

Market Area Deposit Competitors

Location		Name
Butler County, KS	Intrust Financial Corp. (18.35%)
	Emprise Financial Corp. (15.01%)
	Rose Hill Bancorp, Inc. (14.66%)
	Bank of America Corp. (10.07%)
	Capitol Federal Financial (0.0%)
Douglas County, KS	U.S. Bancorp (15.22%)
	Kansas Natural Gas (12.52%)
	Commerce Bancshares (8.68%)
	Lawrence Financial Corp. (5.52%)
	Capitol Federal Financial (23.82%)

 RP® Financial, LC.  MARKET AREA II.19

Table 2.7 (continued)

Capitol Federal Financial

Market Area Deposit Competitors

Location		Name
Johnson County, KS	Marshall & Isley Corp. (7.54%)
	Valley View Bancshares (6.82%)
	Hillcrest Bancshares (6.71%)
	Commerce Bancshares (5.75%)
	Capitol Federal Financial (11.70%)
Lyon County, KS	Namyaw Corp. Inc. (18.12%)
	Commerce Bank & Trust (13.90%)
	Ottawa Bancshares Inc. (11.64%)
	Bank of America Corp. (9.72
	Capitol Federal Financial (27.16%)
Riley County, KS	Manhattan Banking Corp. (38.44%)
	Commerce Bancshares (12.96%)
	Landmark Bancorp Inc. (9.93%)
	TTAC Corp. (7.97%)
	Capitol Federal Financial (14.15%)
Saline County, KS	UMB Financial Corp. (18.43%)
	Sunflower Financial Inc. (17.63%)
	Brittany Savings Corp. (12.92%)
	Berco Inc. (10.64%)
	Capitol Federal Financial (9.56%)
Sedgwick County,KS	Intrust Financial Corp. (25.29%)
	Bank of America Corp. (15.13%)
	Fidelity Financial Corp. (13.39%)
	Emprise Financial Corp.  (8.17%)
	Capitol Federal Financial (5.60%)
Shawnee County, KS	Commerce Bank & Trust (18.7%)
	Bank of America Corp. (9.71%)
	Kaw Valley Bancorp (9.10%)
	Capitol City Bancshares (6.17).
	Capitol Federal Financial (30.88%)

 RP® Financial, LC.  MARKET AREA II.20

Table 2.7 (continued)

Capitol Federal Financial

Market Area Deposit Competitors

Location		Name
Wyandotte County, KS	Intrust Financial Corp. (30.84%)
	Bank of America Corp.  (15.01%)
	Brotherhood Bancshares (10.53%)
	Dickinson Financial Corp. (9.79%)
	Capitol Federal Financial (0.49%)
Clay County, MO	Bank of America Corp. (15.10%)
	Dickinson Financial Corp. II (9.49%)
	Valley View Bancshares, Inc. (8.72%)
	Commerce Bancshares, Inc. (7.66%)
	Capitol Federal Financial (0.0%)
Platte County, MO	Platte County Bancshares (15.02%)
	U.S. Bancorp (9.31%)
	Dickinson Financial Corp. II (8.27%)
	Wilson Bancshares, Inc. (7.73%)
	Capitol Federal Financial (0.0%)

Source:  FDIC

RP® Financial, LC.	PEER GROUP ANALYSIS
	III.1

III.  PEER GROUP ANALYSIS

This chapter presents an analysis of Capitol Federal Financial’s operations versus a group of comparable savings institutions (the “Peer Group”) selected from the universe of all publicly-traded savings institutions in a manner consistent with the regulatory valuation guidelines.  The basis of the pro forma market valuation of Capitol Federal Financial is derived from the pricing ratios of the Peer Group institutions, incorporating valuation adjustments for key differences in relation to the Peer Group.  Since no Peer Group can be exactly comparable to Capitol Federal Financial, key areas examined for differences are:  financial condition; profitability, growth and viability of earnings; asset growth; primary market area; dividends; liquidity of the shares; marketing of the issue; management; and effect of government regulations and regulatory reform.

Peer Group Selection

The Peer Group selection process is governed by the general parameters set forth in the regulatory valuation guidelines.  Accordingly, the Peer Group is comprised of only those publicly-traded savings institutions whose common stock is either listed on a national exchange (NYSE or AMEX), or is NASDAQ listed, since their stock trading activity is regularly reported and generally more frequent than non-publicly traded and closely-held institutions.  Institutions that are not listed on a national exchange or NASDAQ are inappropriate, since the trading activity for thinly-traded or closely-held stocks is typically highly irregular in terms of frequency and price and thus may not be a reliable indicator of market value.  We have also excluded from the Peer Group those companies under acquisition or subject to rumored acquisition, mutual holding companies and recent conversions, since their pricing ratios are subject to unusual distortion and/or have limited trading history.  A recent listing of the universe of all publicly-traded savings institutions is included as Exhibit III-1.

RP® Financial, LC.	PEER GROUP ANALYSIS
	III.2

Ideally, the Peer Group, which must have at least 10 members to comply with the regulatory valuation guidelines, should be comprised of locally- or regionally-based institutions with comparable resources, strategies and financial characteristics.  There are approximately 145 publicly-traded institutions nationally and, thus, it is typically the case that the Peer Group will be comprised of institutions with relatively comparable characteristics.  To the extent that differences exist between the converting institution and the Peer Group, valuation adjustments will be applied to account for the differences.  Since Capitol Federal Financial will be a full public company upon completion of the offering, we considered only full public companies to be viable candidates for inclusion in the Peer Group.  From the universe of publicly-traded thrifts, we selected ten institutions with characteristics similar to those of Capitol Federal Financial.  It should be noted that other than Capitol Federal Financial, there are no publicly-traded thrifts based in Kansas.  In the selection process, we applied two “screens” to the universe of all public companies that were eligible for consideration:

    o  Screen #1  Midwest institutions with assets between $2.5 billion and $15 billion, tangible equity-to-assets ratios of greater than 6.0% and positive core earnings.  One company met the criteria for Screen #1 and it was included in the Peer Group:  Bank Mutual Corp. of Wisconsin.  Exhibit III-2 provides financial and public market pricing characteristics of all publicly-traded Midwest thrifts.

   o   Screen #2  All U.S. institutions, except for the Midwest region, with assets between $2.5 billion and $15 billion, tangible equity-to-assets ratios of greater than 6.0% and positive core earnings.  Nine companies met the criteria for Screen #2 and all nine were included in the Peer Group:  Brookline Bancorp of Massachusetts, Danvers Bancorp of Massachusetts, Dime Community Bancshares of New York, First Financial Holdings Inc. of South Carolina, Flushing Financial Corp. of New York, NewAlliance Bancshares of Connecticut, Provident NY Bancorp, Inc. of New York, TrustCo Bank Corp. NY of New York and Washington Federal, Inc. of Washington.  Exhibit III-3 provides financial and public market pricing characteristics of all publicly-traded thrifts.

Table 3.1 shows the general characteristics of each of the 10 Peer Group companies and Exhibit III-4 provides summary demographic and deposit market share data for the primary market areas served by each of the Peer Group companies.  While there are expectedly some differences between the Peer Group companies and Capitol Federal Financial, we believe that the Peer Group companies, on average, provide a good basis for valuation subject to valuation adjustments.  The following sections present a comparison of Capitol Federal Financial’s financial condition, income and expense trends, loan composition, interest rate risk and credit risk versus the Peer Group as of the most recent publicly available date.

RP® Financial, LC.	PEER GROUP ANALYSIS
	III.3

Table 3.1

Peer Group of Publicly-Traded Thrifts

April 16, 2010

				Operating	Total				Fiscal		Conv.		Stock		Market
Ticker	Financial Institution	Exchange	Primary Market	Strategy(1)	Assets(2)		Offices		Year		Date		Price		Value
													($)		($Mil)
WFSL	Washington Federal, Inc. of WA	NASDAQ	Seattle, WA	Thrift	$	12,662		172		09-30		11/82	$	20.43	$	2,297
NAL	NewAlliance Bancshares of CT	NYSE	New Haven, CT	Thrift	$	8,434		88		12-31		04/04	$	12.66	$	1,343
FFIC	Flushing Financial Corp. of NY	NASDAQ	Lake Success, NY	Thrift	$	4,143		19		12-31		11/95	$	13.58	$	423
DCOM	Dime Community Bancshares of NY	NASDAQ	Brooklyn, NY	Thrift	$	3,952		23		12-31		06/96	$	13.23	$	455
TRST	TrustCo Bank Corp NY of NY	NASDAQ	Glenville, NY	Thrift	$	3,680		129		12-31			$	6.39	$	490
BKMU	Bank Mutual Corp of WI	NASDAQ	Milwaukee, WI	Thrift	$	3,512		80		12-31		10/03	$	7.17	$	326
FFCH	First Financial Holdings Inc. of SC	NASDAQ	Charleston, SC	Thrift	$	3,476		65		09-30		11/83	$	14.04	$	232
PBNY	Provident NY Bancorp, Inc. of NY	NASDAQ	Montebello, NY	Thrift	$	2,918		35		09-30		01/04	$	9.85	$	385
BRKL	Brookline Bancorp, Inc. of MA	NASDAQ	Brookline, MA	Thrift	$	2,616		18		12-31		07/02	$	10.60	$	626
DNBK	Danvers Bancorp, Inc. of MA	NASDAQ	Danvers, MA	Thrift	$	2,500		26		12-31		01/08	$	14.89	$	323

NOTES:	(1)  Operating strategies are:  Thrift=Traditional Thrift, M.B.=Mortgage Banker, R.E.=Real Estate Developer, Div.=Diversified and Ret.=Retail Banking.
	(2)  Most recent quarter end available (E=Estimated and P=Pro Forma).
Source:  SNL Financial, LC.

RP® Financial, LC.	PEER GROUP ANALYSIS
	III.4

In addition to the selection criteria used to identify the Peer Group companies, a summary description of the key comparable characteristics of each of the Peer Group companies relative to Capitol Federal Financial’s characteristics is detailed below.

o Bank Mutual Corp. of Wisconsin.  Selected due to second-step conversion completed in 2003, similar net interest margin, fairly limited earnings contribution from non-interest operating income, relatively low level of operating expenses and similar concentration of mortgage-backed securities comprising assets,

o   Brookline Bancorp, Inc. of Massachusetts.  Selected due to second-step conversion completed in 2002, relatively high equity-to-assets ratio, comparable return on average assets, limited earnings contribution from non-interest operating income, relatively low level of operating expenses and favorable credit quality measures.

o   Danvers Bancorp, Inc. of Massachusetts.  Selected due to similar interest-earning asset composition, limited earnings contribution from non-interest operating income and favorable credit quality measures.

o   Dime Community Bancshares of New York.  Selected due to limited earnings contribution from non-interest operating income, relatively low level of operating expenses and favorable credit quality measures.

o   First Financial Holdings Inc. of South Carolina.  Selected due to comparable return on average assets and relatively high concentration of assets maintained in mortgage-backed securities and 1-4 family permanent mortgage loans.

o   Flushing Financial Corp. of New York.  Selected due to limited earnings contribution from non-interest operating income and relatively low level of operating expenses.

o   NewAlliance Bancshares of Connecticut.  Selected due to comparable asset size, similar concentration of assets maintained in cash and investments, relatively low level of operating expenses and relatively high concentration of assets maintained in mortgage-backed securities and 1-4 family permanent mortgage loans.

o   Provident New York Bancorp, Inc. of New York.  Selected due to second-step conversion completed in 2004, similar concentration of assets maintained in cash and investments, comparable return on average assets and favorable credit quality measures.

o   TrustCo Bank Corp. NY of New York.  Selected due to similar interest-earning asset composition, comparable net interest margin, comparable return on average assets and relatively high concentration of assets maintained in mortgage-backed securities and 1-4 family permanent mortgage loans.

RP® Financial, LC.	PEER GROUP ANALYSIS
	III.5

o   Washington Federal, Inc. of Washington.  Selected due to limited earnings contribution from non-interest operating income, relatively low level of operating expenses and relatively high concentration of assets maintained in mortgage-backed securities and 1-4 family permanent mortgage loans.

In aggregate, the Peer Group companies maintained a lower level of tangible equity than the industry average (9.8% of assets versus 10.7% for all public companies), generated higher core earnings as a percent of average assets (0.44% core ROAA versus a net loss of 0.24% for all public companies), and earned a higher core ROE (4.46% core ROE versus negative 1.58% for all public companies).  Overall, the Peer Group’s average P/TB ratio and average core P/E multiple were above the respective averages for all publicly-traded thrifts.

	All Publicly-Traded			Peer Group
Financial Characteristics (Averages)
Assets ($Mil)	$	2,971		$	4,789
Market capitalization ($Mil)	$	371		$	690
Tangible equity/assets (%)		10.70	%		9.80	%
Core return on average assets (%)		(0.24	)		0.44
Core return on average equity (%)		(1.58	)		4.46
Pricing Ratios (Averages)(1)
Core price/earnings (x)		18.86	x		23.86	x
Price/tangible book (%)		86.85	%		143.10	%
Price/assets (%)		8.75			13.51

(1)  Based on market prices as of April 16, 2010.

Ideally, the Peer Group companies would be comparable to Capitol Federal Financial in terms of all of the selection criteria, but the universe of publicly-traded thrifts does not provide for an appropriate number of such companies.  However, in general, the companies selected for the Peer Group were fairly comparable to Capitol Federal Financial, as will be highlighted in the following comparative analysis.

RP® Financial, LC.	PEER GROUP ANALYSIS
	III.6

Financial Condition

Table 3.2 shows comparative balance sheet measures for Capitol Federal Financial and the Peer Group, reflecting the expected similarities and some differences given the selection procedures outlined above.  The Company’s and the Peer Group’s ratios reflect balances as of December 31, 2009, unless indicated otherwise for the Peer Group companies.  Capitol Federal Financial’s equity-to-assets ratio of 11.2% was below the Peer Group’s average net worth ratio of 12.0%.  However, with the infusion of the net conversion proceeds, the Company’s pro forma equity-to-assets ratio will exceed the Peer Group’s equity-to-assets ratio.  Tangible equity-to-assets ratios for the Company and the Peer Group equaled 11.2% and 9.8%, respectively.  The increase in Capitol Federal Financial’s pro forma capital position will be favorable from a risk perspective and in terms of future earnings potential that could be realized through leverage and lower funding costs.  At the same time, the Company’s higher pro forma capitalization will initially depress return on equity.  Both Capitol Federal Financial’s and the Peer Group’s capital ratios reflected capital surpluses with respect to the regulatory capital requirements, with the Company’s ratios currently approximating or exceeding the Peer Group’s ratios.  On a pro forma basis, the Company’s regulatory surpluses will become more significant than maintained by the Peer Group companies on average.

The interest-earning asset compositions for the Company and the Peer Group were somewhat similar, with loans constituting the bulk of interest-earning assets for both Capitol Federal Financial and the Peer Group.  The Company’s loans-to-assets ratio of 64.8% was slightly below the comparable Peer Group ratio of 67.2%.  Comparatively, the Company’s cash and investments-to-assets ratio of 33.1% exceeded the comparable ratio for the Peer Group of 26.5%.  Overall, Capitol Federal Financial’s interest-earning assets amounted to 97.9% of assets, which was  above the comparable Peer Group ratio of 93.7%.  The Peer Group’s non-interest earning assets included bank-owned life insurance (“BOLI”) equal to 0.9% of assets and goodwill/intangibles equal to 2.2% of assets, while the Company maintained BOLI equal to 0.6% of assets and a zero balance of goodwill and intangibles.

RP® Financial, LC.	PEER GROUP ANALYSIS
	III.7

Table 3.2

Balance Sheet Composition and Growth Rates

Comparable Institution Analysis

As of December 31, 2009

		Balance Sheet as a Percent of Assets
		Cash & Equivalents		MBS & Invest		BOLI		Loans		Deposits		Borrowed Funds		Subd. Debt		Net Worth		Goodwill & Intang		Tng Net Worth
Capitol Federal Financial
December 31, 2009		1.3	%	31.8	%	0.6	%	64.8	%	50.5	%	37.1	%	0.0	%	11.2	%	0.0	%	11.2	%
All Public Companies
Averages		4.7	%	20.1	%	1.4	%	69.0	%	71.1	%	15.9	%	0.5	%	11.5	%	0.8	%	10.7	%
Medians		3.5	%	18.0	%	1.5	%	69.9	%	71.9	%	14.0	%	0.0	%	10.2	%	0.1	%	9.3	%
Comparable Group
Averages		3.0	%	23.5	%	0.9	%	67.2	%	65.7	%	20.5	%	0.6	%	12.0	%	2.2	%	9.8	%
Medians		2.2	%	21.0	%	1.3	%	68.0	%	63.5	%	21.8	%	0.2	%	11.5	%	1.5	%	9.5	%
Comparable Group
BKMU	Bank Mutual Corp. of WI	6.5	%	43.5	%	1.5	%	43.3	%	60.9	%	25.8	%	0.0	%	11.5	%	1.5	%	10.0	%
BRKL	Brookline Bancorp, Inc. of MA	2.5	%	12.6	%	0.0	%	81.5	%	62.5	%	17.9	%	0.0	%	18.7	%	1.8	%	16.9	%
DNBK	Danvers Bancorp, Inc. of MA	3.3	%	24.4	%	1.3	%	66.1	%	70.6	%	15.7	%	1.2	%	11.4	%	1.4	%	10.0	%
DCOM	Dime Community Bancshares of NY	1.1	%	8.3	%	1.2	%	85.4	%	56.1	%	31.4	%	2.4	%	7.5	%	1.4	%	6.1	%
FFCH	First Financial Holdings Inc. of SC	1.9	%	15.7	%	0.0	%	74.6	%	65.5	%	21.5	%	1.3	%	10.2	%	1.1	%	9.1	%
FFIC	Flushing Financial Corp. of NY	0.7	%	17.6	%	1.7	%	77.2	%	65.0	%	24.8	%	0.8	%	8.7	%	0.4	%	8.3	%
NAL	NewAlliance Bancshares of CT	1.7	%	31.9	%	1.7	%	56.0	%	59.6	%	22.2	%	0.3	%	17.0	%	6.7	%	10.3	%
PBNY	Provident NY Bancorp, Inc. of NY	1.4	%	31.7	%	1.7	%	56.5	%	64.1	%	20.0	%	0.0	%	14.4	%	5.7	%	8.7	%
TRST	TrustCo Bank Corp. NY of NY	4.0	%	32.2	%	0.0	%	61.0	%	89.8	%	2.9	%	0.0	%	6.7	%	0.0	%	6.7	%
WFSL	Washington Federal, Inc. of WA	7.4	%	17.1	%	0.0	%	69.9	%	63.0	%	22.7	%	0.1	%	13.7	%	2.0	%	11.7	%

		Balance Sheet Annual Growth Rates														Regulatory Capital
		Assets		MBS, Cash & Investments		Loans		Deposits		Borrows. & Subdebt		Net Worth		Tng Net Worth		Tangible		Core		Reg.Cap.
Capitol Federal Financial
December 31, 2009		2.67	%	8.31	%	-0.60	%	9.31	%	-6.12	%	2.79	%	2.79	%	10.13	%	10.13	%	24.02	%
All Public Companies
Averages		4.81	%	12.48	%	2.09	%	12.37	%	-17.19	%	1.73	%	1.99	%	10.41	%	10.25	%	16.99	%
Medians		2.77	%	8.36	%	0.05	%	9.61	%	-15.95	%	0.49	%	0.63	%	9.15	%	9.11	%	14.06	%
Comparable Group
Averages		6.98	%	5.83	%	4.51	%	13.05	%	-7.43	%	7.49	%	6.69	%	10.04	%	10.04	%	16.25	%
Medians		1.37	%	9.14	%	2.88	%	9.25	%	-4.31	%	4.09	%	7.68	%	9.55	%	9.55	%	14.84	%
Comparable Group
BKMU	Bank Mutual Corp. of WI	0.64	%	22.79	%	-17.77	%	0.34	%	-0.11	%	1.45	%	1.79	%	9.84	%	9.84	%	20.86	%
BRKL	Brookline Bancorp, Inc. of MA	0.11	%	-12.04	%	2.69	%	20.64	%	-36.43	%	-0.90	%	-0.66	%	15.64	%	15.64	%	19.35	%
DNBK	Danvers Bancorp, Inc. of MA	44.68	%	26.43	%	49.38	%	57.90	%	16.61	%	22.60	%	7.70	%	12.25	%	12.25	%	15.86	%
DCOM	Dime Community Bancshares of NY	-2.55	%	-37.23	%	3.06	%	-1.91	%	-0.85	%	6.43	%	8.05	%	7.60	%	7.60	%	11.28	%
FFCH	First Financial Holdings Inc. of SC	14.45	%	17.20	%	10.55	%	18.21	%	-8.88	%	NM		NM		7.67	%	7.67	%	11.05	%
FFIC	Flushing Financial Corp. of NY	4.91	%	-8.13	%	8.09	%	9.08	%	-6.91	%	19.45	%	20.89	%	8.84	%	8.84	%	13.49	%
NAL	NewAlliance Bancshares of CT	1.62	%	12.90	%	-3.94	%	12.96	%	-20.47	%	3.89	%	7.68	%	11.05	%	11.05	%	21.11	%
PBNY	Provident NY Bancorp, Inc. of NY	-0.13	%	5.37	%	-4.36	%	-1.50	%	3.21	%	0.80	%	2.18	%	9.25	%	9.25	%	13.81	%
TRST	TrustCo Bank Corp. NY of NY	4.94	%	1.88	%	5.49	%	5.39	%	-1.70	%	4.09	%	4.10	%	6.71	%	6.71	%	13.30	%
WFSL	Washington Federal, Inc. of WA	1.12	%	29.14	%	-8.09	%	9.42	%	-18.81	%	9.61	%	8.46	%	11.53	%	11.53	%	22.36	%

Source:   SNL Financial, LC. and RP® Financial, LC. calculations. The information provided in this table has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information.

Copyright (c) 2010 by RP® Financial, LC.

RP® Financial, LC.	PEER GROUP ANALYSIS
	III.8

Capitol Federal Financial’s funding liabilities reflected a funding strategy that was somewhat similar to that of the Peer Group’s funding composition.  The Company’s deposits equaled 50.5% of assets, which was below the Peer Group’s ratio of 65.7%.  Comparatively, the Company maintained a higher level of borrowings than the Peer Group, as indicated by borrowings-to-assets ratios of 37.1% and 21.1% for Capitol Federal Financial and the Peer Group, respectively.  Total interest-bearing liabilities maintained by the Company and the Peer Group, as a percent of assets, equaled 87.6% and 86.8%, respectively.

A key measure of balance sheet strength for a thrift institution is its IEA/IBL ratio.  Presently, the Company’s IEA/IBL ratio is slightly higher than the Peer Group’s ratio, based on IEA/IBL ratios of 111.8% and 108.0%, respectively.  Accordingly, the additional capital realized from stock proceeds should serve to provide Capitol Federal Financial with an IEA/IBL ratio that further exceeds the Peer Group’s ratio, as the increase in capital provided by the infusion of stock proceeds will serve to raise the level of interest-earning assets funded with equity and, thereby, reduce the ratio of interest-earning assets funded with interest-bearing liabilities as the balance of interest-bearing liabilities will initially remain relatively unchanged following the conversion.

The growth rate section of Table 3.2 shows annual growth rates for key balance sheet items.  Capitol Federal Financial’s and the Peer Group’s growth rates are based on annual growth for the twelve months ended December 31, 2009, or the most recent twelve month period available for the Peer Group companies.  Capitol Federal Financial recorded asset growth of 2.7%, which was less than the Peer Group’s asset growth rate of 7.0%.  The Peer Group’s stronger asset growth was supported by acquisition related growth, as Danvers Bancorp and First Financial Holdings completed acquisitions during the twelve month period.  Asset growth for Capitol Federal Financial was sustained through an 8.3% increase in cash and investments, which was partially offset by a 0.6% decrease in loans.  Asset growth for the Peer Group was sustained by a 5.8% increase in cash and investments and a 4.5% increase in loans.

RP® Financial, LC.	PEER GROUP ANALYSIS
	III.9

Asset growth for Capitol Federal Financial was funded largely through a 9.3% increase in deposits, which funded a 6.1% reduction in borrowings as well.  Asset growth for the Peer Group was  funded through deposit growth of 13.1%, which also funded a 7.4% reduction in the Peer Group’s borrowings.  The Company’s capital increased by 2.8% during the twelve month period, versus a 7.5% increase in capital recorded by the Peer Group.  The Company’s post-conversion capital growth rate will initially be constrained by maintenance of a higher pro forma capital position.  Dividend payments and stock repurchases, pursuant to regulatory limitations and guidelines, could also potentially continue to slow the Company’s capital growth rate in the longer term following the stock offering.

Income and Expense Components

Table 3.3 displays statements of operations for the Company and the Peer Group.  The Company’s and the Peer Group’s ratios are based on earnings for the twelve months ended December 31, 2009, unless otherwise indicated for the Peer Group companies.  Capitol Federal Financial and the Peer Group reported net income to average assets ratios of 0.86% and 0.61%, respectively.  Lower ratios for operating expenses and loan loss provisions supported the Company’s higher return, which was partially offset by the Peer Group’s higher ratios for net interest income and non-interest operating income.  Non-operating gains and extraordinary items also had a slightly larger positive impact on the Peer Group’s earnings.

The Peer Group’s stronger net interest margin was primarily realized through maintenance of a lower interest expense ratio and, to a lesser extent, a higher interest income ratio.  The Peer Group’s higher interest income ratio was supported by maintaining a higher overall yield earned on interest-earning assets (5.28% versus 5.00% for the Company), which was somewhat offset by the Company’s higher concentration of assets maintained in interest-earning assets.  Likewise, the Peer Group’s lower interest expense ratio was supported by a lower cost of funds (2.35% versus 3.11% for the Company), as the Company and the Peer Group maintained comparable levels of interest-bearing liabilities funding assets.  Overall, Capitol Federal Financial and the Peer Group reported net interest income to average assets ratios of 2.16% and 2.94%, respectively.

RP® Financial, LC.	PEER GROUP ANALYSIS
	III.10

Table 3.3

Income as Percent of Average Assets and Yields, Costs, Spreads

Comparable Institution Analysis

For the 12 Months Ended December 31, 2009

				Net Interest Income										Other Income								G&A/Other Exp.
		Net Income		Income		Expense		NII		Loss Provis. on IEA		NII After Provis.		Loan Fees		R.E. Oper.		Other Income		Total Other Income		G&A Expense		Goodwill Amort.
Capitol Federal Financial
December 31, 2009		0.86	%	4.89	%	2.72	%	2.16	%	0.11	%	2.06	%	0.00	%	0.00	%	0.32	%	0.32	%	1.13	%	0.00	%
All Public Companies
Averages		-0.07	%	4.94	%	2.04	%	2.90	%	0.88	%	2.01	%	0.03	%	-0.06	%	0.77	%	0.73	%	2.68	%	0.09	%
Medians		0.20	%	4.93	%	2.00	%	2.91	%	0.47	%	2.34	%	0.00	%	0.00	%	0.56	%	0.56	%	2.64	%	0.00	%
Comparable Group
Averages		0.61	%	4.98	%	2.04	%	2.94	%	0.69	%	2.25	%	0.03	%	-0.04	%	0.61	%	0.60	%	2.07	%	0.03	%
Medians		0.64	%	5.06	%	2.02	%	3.06	%	0.36	%	2.40	%	0.01	%	-0.01	%	0.54	%	0.47	%	1.89	%	0.02	%
Comparable Group
BKMU	Bank Mutual Corp. of WI	0.39	%	4.33	%	2.39	%	1.94	%	0.35	%	1.59	%	0.00	%	-0.01	%	0.51	%	0.50	%	1.90	%	0.01	%
BRKL	Brookline Bancorp, Inc. of MA	0.75	%	5.29	%	2.05	%	3.25	%	0.37	%	2.88	%	0.00	%	0.00	%	0.10	%	0.10	%	1.62	%	0.06	%
DNBK	Danvers Bancorp, Inc. of MA	0.27	%	4.88	%	1.84	%	3.05	%	0.26	%	2.78	%	0.01	%	-0.04	%	0.47	%	0.43	%	2.87	%	0.02	%
DCOM	Dime Community Bancshares of NY	0.66	%	5.25	%	2.45	%	2.80	%	0.33	%	2.47	%	0.00	%	-0.01	%	0.22	%	0.21	%	1.40	%	0.00	%
FFCH	First Financial Holdings Inc. of SC	0.93	%	5.73	%	1.88	%	3.84	%	2.13	%	1.71	%	0.13	%	-0.07	%	1.88	%	1.94	%	3.40	%	0.02	%
FFIC	Flushing Financial Corp. of NY	0.63	%	5.64	%	2.83	%	2.81	%	0.48	%	2.34	%	0.09	%	0.00	%	0.34	%	0.42	%	1.53	%	0.01	%
NAL	NewAlliance Bancshares of CT	0.55	%	4.39	%	1.99	%	2.40	%	0.21	%	2.19	%	0.01	%	0.00	%	0.61	%	0.62	%	1.89	%	0.10	%
PBNY	Provident NY Bancorp, Inc. of NY	0.88	%	4.31	%	1.18	%	3.13	%	0.60	%	2.53	%	0.00	%	0.00	%	0.76	%	0.76	%	2.64	%	0.07	%
TRST	TrustCo Bank Corp. NY of NY	0.79	%	4.51	%	1.38	%	3.13	%	0.32	%	2.81	%	0.00	%	-0.07	%	0.67	%	0.60	%	2.16	%	0.00	%
WFSL	Washington Federal, Inc. of WA	0.28	%	5.47	%	2.40	%	3.07	%	1.83	%	1.23	%	0.07	%	-0.22	%	0.56	%	0.41	%	1.26	%	0.02	%

		Non-Op. Items				Yields, Costs, and Spreads						MEMO: Assets/ FTE Emp.		MEMO: Effective Tax Rate
		Net Gains		Extrao. Items		Yield On Assets		Cost Of Funds		Yld-Cost Spread
Capitol Federal Financial
December 31, 2009		0.10	%	0.00	%	5.00	%	3.11	%	1.89	%	$	12,173	36.35	%
All Public Companies
Averages		0.01	%	0.04	%	5.25	%	2.34	%	2.91	%	$	6,037	32.05	%
Medians		0.01	%	0.00	%	5.24	%	2.34	%	2.95	%	$	4,856	32.10	%
Comparable Group
Averages		0.08	%	0.09	%	5.28	%	2.35	%	2.93	%	$	7,820	26.91	%
Medians		0.01	%	0.00	%	5.30	%	2.48	%	2.94	%	$	7,369	33.59	%
Comparable Group
BKMU	Bank Mutual Corp. of WI	0.41	%	0.00	%	4.66	%	2.77	%	1.89	%	$	4,585	26.18	%
BRKL	Brookline Bancorp, Inc. of MA	0.01	%	0.00	%	5.47	%	2.55	%	2.92	%	$	11,131	39.16	%
DNBK	Danvers Bancorp, Inc. of MA	0.00	%	0.00	%	5.12	%	2.12	%	3.01	%	$	6,720	2.38	%
DCOM	Dime Community Bancshares of NY	-0.22	%	0.00	%	5.51	%	2.74	%	2.78	%	$	9,980	33.48	%
FFCH	First Financial Holdings Inc. of SC	-0.09	%	0.86	%	6.13	%	2.10	%	4.03	%	$	3,398	3.15	%
FFIC	Flushing Financial Corp. of NY	-0.15	%	0.00	%	5.88	%	3.11	%	2.77	%	$	12,442	36.40	%
NAL	NewAlliance Bancshares of CT	0.09	%	0.00	%	4.89	%	2.42	%	2.47	%	$	8,017	33.80	%
PBNY	Provident NY Bancorp, Inc. of NY	0.66	%	0.00	%	4.78	%	1.39	%	3.39	%	$	5,444	27.04	%
TRST	TrustCo Bank Corp. NY of NY	0.01	%	0.00	%	4.62	%	1.49	%	3.12	%	$	5,027	33.76	%
WFSL	Washington Federal, Inc. of WA	0.13	%	0.00	%	5.74	%	2.78	%	2.96	%	$	11,459	33.71	%

Source:   SNL Financial, LC. and RP® Financial, LC. calculations.  The information provided in this table has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information.

Copyright (c) 2010 by RP® Financial, LC.

RP® Financial, LC.	PEER GROUP ANALYSIS
	III.11

The Company’s primary profitability advantage relative to the Peer Group is in its significantly lower level of operating expenses than the Peer Group.  For the period covered in Table 3.3, the Company and the Peer Group reported operating expense to average assets ratios of 1.13% and 2.10%, respectively (inclusive of amortization of intangible assets).  While the Peer Group’s operating expense ratio was well above the Company’s ratio, it was well below the average of all publicly-traded thrifts.  In general, the Company’s lower operating expense ratio is supported by the more limited staffing needs that result from implementation of a traditional thrift operating strategy, which emphasizes originating and purchasing 1-4 family permanent mortgage loans and mortgage-backed securities for investment.  The Company’s lower operating expense ratio also reflects fairly limited diversification of operations with respect to generating sources of non-interest operating income and a relatively low level of deposits funding assets which cost more to service than borrowings.  Consistent with the Company’s lower operating expense ratio and less diversified operations, Capitol Federal Financial maintained a comparatively lower number of employees relative to its asset size.  Assets per full time equivalent employee equaled $12.2 million for the Company, versus comparable measures of $7.8 million for the Peer Group and $6.0 million for all publicly-traded thrifts.

When viewed together, net interest income and operating expenses provide considerable insight into a thrift’s earnings strength, since those sources of income and expenses are typically the most prominent components of earnings and are generally more predictable than losses and gains realized from the sale of assets or other non-recurring activities.  In this regard, as measured by their expense coverage ratios (net interest income divided by operating expenses), the Company’s earnings were more favorable than the Peer Group’s.  Expense coverage ratios posted by Capitol Federal Financial and the Peer Group equaled 1.91x and 1.40x, respectively.

RP® Financial, LC.	PEER GROUP ANALYSIS
	III.12

Sources of non-interest operating income provided a larger contribution to the Peer Group’s earnings, with such income amounting to 0.32% and 0.60% of Capitol Federal Financial’s and the Peer Group’s average assets, respectively.  The Company’s relatively low earnings contribution realized from non-interest operating income is indicative of its limited diversification into areas that generate revenues from non-interest sources.  Taking non-interest operating income into account in comparing the Company’s and the Peer Group’s earnings, Capitol Federal Financial’s efficiency ratio (operating expenses, net of amortization of intangibles, as a percent of the sum of non-interest operating income and net interest income) of 45.6% was more favorable than the Peer Group’s efficiency ratio of 58.5%.

Loan loss provisions had a larger impact on the Peer Group’s earnings, with loan loss provisions established by the Company and the Peer Group equaling 0.11% and 0.69% of average assets, respectively.  The lower level of loan provisions established by the Company was consistent with its more favorable credit quality measures for non-performing loans and non-performing assets.

Non-operating items, consisting of net gains and extraordinary items, equaled 0.10% and 0.17% of average assets for the Company and the Peer Group, respectively.  Net gains recorded by the Company consisted of gains on the sale of securities and loans.  To the extent that gains have been derived through selling fixed rate loans into the secondary market, such gains may be considered to be an ongoing activity for an institution and, therefore, warrant some consideration as a core earnings factor for an institution.  However, loan sale gains are still viewed as a more volatile source of income than income generated through the net interest margin and non-interest operating income.  The Peer Group’s non-operating items included extraordinary items equal to 0.09% of average assets, which are not considered part of an institution’s core earnings.

Taxes had a more significant impact on the Company’s earnings, as Capitol Federal Financial and the Peer Group posted effective tax rates of 36.35% and 26.91%, respectively.  As indicated in the prospectus, the Company’s effective marginal tax rate is equal to 38.32%.

RP® Financial, LC.	PEER GROUP ANALYSIS
	III.13

Loan Composition

Table 3.4 presents data related to the Company’s and the Peer Group’s loan portfolio compositions (including the investment in mortgage-backed securities).  The Company’s loan portfolio composition reflected a significantly higher concentration of 1-4 family permanent mortgage loans and mortgage-backed securities compared to the Peer Group (84.0% of assets versus 43.3% for the Peer Group).  The Company maintained higher concentrations of 1-4 family permanent mortgage loans and mortgage-backed securities relative to the Peer Group’s ratios.  Loans serviced for others equaled 8.87% and 7.70% of the Company’s and the Peer Group’s assets, respectively, thereby indicating a fairly similar influence of loan servicing income on the Company’s and the Peer Group’s respective earnings.  Likewise, loan servicing intangibles were a comparable factor on the Company’s and the Peer Group’s balance sheets, equaling 0.05% of assets for both the Company and the Peer Group.

Table 3.4

Loan Portfolio Composition and Related Information

Comparable Institution Analysis

As of December 31, 2009

		Portfolio Composition as a Percent of Assets
Institution		MBS		1-4 Family			Constr. & Land			5+Unit Comm RE			Commerc. Business			Consumer			RWA/ Assets			Serviced For Others			Servicing Assets
		(%)		(%)			(%)			(%)			(%)			(%)			(%)			($000)			($000)
Capitol Federal Financial		22.42	%		61.56	%		0.40	%		0.85	%		0.00	%		2.43	%		42.32	%		$	742,670	$	4,559
All Public Companies
Averages		12.33	%		35.47	%		5.34	%		22.02	%		4.62	%		2.41	%		66.01	%		$	666,052	$	6,635
Medians		10.44	%		35.07	%		3.99	%		21.39	%		3.44	%		0.66	%		66.26	%		$	43,470	$	137
Comparable Group
Averages		14.10	%		29.18	%		3.93	%		25.94	%		4.80	%		3.58	%		64.24	%		$	368,720	$	2,529
Medians		13.33	%		24.92	%		2.43	%		15.81	%		3.14	%		0.39	%		66.07	%		$	150,735	$	677
Comparable Group
BKMU	Bank Mutual Corp. of WI	24.68	%		25.47	%		2.51	%		13.11	%		1.48	%		0.96	%		47.63	%		$	1,006,280	$	6,899
BRKL	Brookline Bancorp, Inc. of MA	5.74	%		14.81	%		0.69	%		34.44	%		11.39	%		21.42	%		83.30	%		$	37,470	$	148
DNBK	Danvers Bancorp, Inc. of MA	12.38	%		16.08	%		4.95	%		25.87	%		14.63	%		0.26	%		72.71	%		$	104,290	$	427
DCOM	Dime Community Bancshares of NY	5.66	%		3.34	%		1.12	%		81.36	%		0.00	%		0.04	%		67.09	%		$	670,110	$	2,794
FFCH	First Financial Holdings Inc. of SC	13.40	%		39.80	%		10.00	%		12.43	%		2.62	%		11.35	%		76.66	%		$	1,259,720	$	12,411
FFIC	Flushing Financial Corp. of NY	15.64	%		24.37	%		2.35	%		47.24	%		3.66	%		0.02	%		68.25	%		$	33,580	$	14
NAL	NewAlliance Bancshares of CT	26.91	%		36.96	%		1.75	%		12.98	%		4.39	%		0.17	%		52.29	%		$	274,280	$	1,666
PBNY	Provident NY Bancorp, Inc. of NY	13.25	%		23.14	%		7.20	%		18.52	%		8.14	%		0.52	%		65.06	%		$	174,030	$	927
TRST	TrustCo Bank Corp. NY of NY	8.19	%		54.13	%		1.28	%		5.61	%		0.85	%		0.13	%		55.61	%		$	0	$	0
WFSL	Washington Federal, Inc. of WA	15.14	%		53.69	%		7.43	%		7.80	%		0.85	%		0.92	%		53.81	%		$	127,440	$	0

Source:   SNL Financial LC. and RP® Financial, LC. calculations.  The information provided in this table has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information.

Copyright (c) 2010 by RP® Financial, LC.

RP® Financial, LC.	PEER GROUP ANALYSIS
	III.14

Diversification into higher yielding and higher risk types of loans was much more significant for the Peer Group, as the Peer Group’s lending diversification was greater for all loan types.  Consumer loans constituted the most significant area of lending diversification for the Company (2.4% of assets), followed by commercial real estate loans (0.9% of assets) and construction/land loans (0.4% of assets).  Comparatively, commercial real estate loans comprised the most significant area of lending diversification for the Peer Group (25.9% of assets), followed by commercial business loans (4.8% of assets), construction/land loans (3.9% of assets) and consumer loans (3.6% of assets).  Overall, the Peer Group’s slightly higher level of loans comprising assets, as well as significantly greater diversification into higher risk types of lending, translated into a higher risk weighted assets-to-assets ratio than maintained by the Company.  The Peer Group’s risk weighted assets-to-assets ratio equaled 64.2%, versus a comparable ratio of 42.3% for Capitol Federal Financial.

RP® Financial, LC.	PEER GROUP ANALYSIS
	III.15

Interest Rate Risk

Table 3.5 reflects various key ratios highlighting the relative interest rate risk exposure of the Company versus the Peer Group.  In terms of balance sheet composition, Capitol Federal Financial’s interest rate risk characteristics were considered to be more favorable relative to the comparable measures for the Peer Group.  Most notably, the Company’s tangible equity-to-assets ratio and IEA/IBL ratio were above the Peer Group ratios.  Additionally, the Company maintained a lower level of non-interest earning assets compared to the Peer Group.  On a pro forma basis, the infusion of stock proceeds should serve to provide the Company with more significant comparative advantages over the Peer Group’s balance sheet interest rate risk characteristics, with respect to the increases that will be realized in Company’s equity-to-assets and IEA/IBL ratios.

Table 3.5

Interest Rate Risk Measures and Net Interest Income Volatility

Comparable Institution Analysis

As of December 31, 2009 or Most Recent Date Available

		Balance Sheet Measures
								Non-Earn.			Quarterly Change in Net Interest Income
		Equity/			IEA/			Assets/
Institution		Assets			IBL			Assets			12/31/2009		9/30/2009		6/30/2009		3/31/2009		12/31/2008		9/30/2008
		(%)			(%)			(%)			(change in net interest income is annualized in basis points)
Capitol Federal Financial			11.2	%		111.8	%		2.1	%		5		-13		-2		20		3		14
All Public Companies			10.5	%		105.8	%		6.2	%		7		8		1		-3		-4		10
Comparable Group
Averages			9.8	%		108.1	%		6.3	%		12		-1		19		-3		-1		6
Medians			9.6	%		106.9	%		5.9	%		9		-1		16		-3		-2		8
Comparable Group
BKMU	Bank Mutual Corp. of WI		10.0	%		107.5	%		6.8	%		2		-30		-14		-4		14		5
BRKL	Brookline Bancorp, Inc. of MA		16.9	%		120.3	%		3.3	%		14		-2		40		-18		5		16
DNBK	Danvers Bancorp, Inc. of MA		10.0	%		107.3	%		6.1	%		44		12		6		-17		-1		-15
DCOM	Dime Community Bancshares of NY		6.1	%		105.5	%		5.2	%		33		32		24		-3		-24		19
FFCH	First Financial Holdings Inc. of SC		9.1	%		104.4	%		7.7	%		-6		-35		72		11		7		-1
FFIC	Flushing Financial Corp. of NY		8.3	%		105.5	%		4.5	%		13		-2		25		19		-5		-1
NAL	NewAlliance Bancshares of CT		10.3	%		109.3	%		10.4	%		10		8		5		-2		-2		-1
PBNY	Provident NY Bancorp, Inc. of NY		8.7	%		106.5	%		10.4	%		1		-7		-7		-17		-11		11
TRST	TrustCo Bank Corp. NY of NY		6.7	%		104.8	%		2.8	%		8		18		28		0		-5		17
WFSL	Washington Federal, Inc. of WA		11.7	%		110.1	%		5.6	%		0		0		8		6		10		12

NA=Change is greater than 100 basis points during the quarter.

Source:   SNL Financial LC. and RP® Financial, LC. calculations.  The information provided in this table has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information.

Copyright (c) 2010 by RP® Financial, LC.

RP® Financial, LC.	PEER GROUP ANALYSIS
	III.16

To analyze interest rate risk associated with the net interest margin, we reviewed quarterly changes in net interest income as a percent of average assets for Capitol Federal Financial and the Peer Group.  In general, the relative fluctuations in the Company’s and the Peer Group’s net interest income to average assets ratios were considered to be fairly comparable and, thus, based on the interest rate environment that prevailed during the period analyzed in Table 3.5, Capitol Federal Financial and the Peer Group were viewed as maintaining a similar degree of interest rate risk exposure in their respective net interest margins.  The stability of the Company’s net interest margin should be enhanced by the infusion of stock proceeds, as the increase in capital will reduce the relative level of interest rate sensitive liabilities funding assets.

Credit Risk

Overall, based on a comparison of credit quality measures, the Company’s credit risk exposure was considered to be less significant than Peer Group’s.  As shown in Table 3.6, the Company’s non-performing assets/assets and non-performing loans/loans ratios equaled 0.47% and 0.60%, respectively, versus comparable measures of 1.86% and 2.16% for the Peer Group.  The Company’s and Peer Group’s loss reserves as a percent of non-performing loans equaled 37.59% and 105.92%, respectively.  Loss reserves maintained as percent of net loans receivable equaled 0.23% for the Company, versus 1.41% for the Peer Group.  Net loan charge-offs were less significant for the Company, as net loan charge-offs for the Company and Peer Group equaled 0.05% of loans and 0.84% of loans, respectively.

RP® Financial, LC.	PEER GROUP ANALYSIS
	III.17

Table 3.6

Credit Risk Measures and Related Information

Comparable Institution Analysis

As of December 31 , 2009 or Most Recent Date Available

					NPAs &												Rsrves/
		REO/			90+Del/			NPLs/			Rsrves/			Rsrves/			NPAs &			Net Loan		NLCs/
Institution		Assets			Assets			Loans			Loans			NPLs			90+Del			Chargoffs		Loans
		(%)			(%)			(%)			(%)			(%)			(%)			($000)		(%)
Capitol Federal Financial			0.08	%		0.47	%		0.60	%		0.23	%		37.59	%		31.21	%	$	2,752		0.05	%
All Public Companies
Averages			0.49	%		3.35	%		3.84	%		1.53	%		69.97	%		54.86	%	$	1,454		0.82	%
Medians			0.20	%		2.38	%		2.89	%		1.30	%		48.64	%		40.87	%	$	473		0.24	%
Comparable Group
Averages			0.33	%		1.86	%		2.16	%		1.41	%		105.92	%		78.27	%	$	9,674		0.84	%
Medians			0.16	%		1.26	%		1.66	%		1.28	%		85.85	%		72.33	%	$	2,675		0.39	%
Comparable Group
BKMU	Bank Mutual Corp. of WI		0.50	%		1.72	%		2.72	%		1.11	%		40.79	%		28.25	%	$	297		0.08	%
BRKL	Brookline Bancorp, Inc. of MA		0.06	%		0.77	%		0.47	%		1.44	%		306.81	%		153.62	%	$	1,673		0.31	%
DNBK	Danvers Bancorp, Inc. of MA		0.06	%		0.77	%		0.98	%		0.88	%		90.05	%		76.37	%	$	929		0.25	%
DCOM	Dime Community Bancshares of NY		0.04	%		0.35	%		0.36	%		0.63	%		174.36	%		156.09	%	$	2,970		0.36	%
FFCH	First Financial Holdings Inc. of SC		0.60	%		3.73	%		4.08	%		2.76	%		67.62	%		56.68	%	$	20,266		3.02	%
FFIC	Flushing Financial Corp. of NY		0.25	%		2.32	%		2.57	%		0.63	%		24.60	%		21.10	%	$	3,254		0.41	%
NAL	NewAlliance Bancshares of CT		0.04	%		0.66	%		1.09	%		1.10	%		101.01	%		94.29	%	$	2,724		0.23	%
PBNY	Provident NY Bancorp, Inc. of NY		0.08	%		1.01	%		1.30	%		1.79	%		137.14	%		101.77	%	$	2,583		0.61	%
TRST	TrustCo Bank Corp. NY of NY		0.25	%		1.50	%		2.02	%		1.65	%		81.66	%		68.28	%	$	2,626		0.47	%
WFSL	Washington Federal, Inc. of WA		1.45	%		5.73	%		6.00	%		2.11	%		35.13	%		26.25	%	$	59,419		2.68	%

Source:   Audited and unaudited financial statements, corporate reports and offering circulars, and RP® Financial, LC. calculations.  The  information provided in this table has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information.

Copyright (c) 2010 by RP® Financial, LC.

RP® Financial, LC.	PEER GROUP ANALYSIS
	III.18

Summary

Based on the above analysis, RP Financial concluded that the Peer Group forms a reasonable basis for determining the pro forma market value of the Company.  Such general characteristics as asset size, capital position, interest-earning asset composition, funding composition, core earnings measures, loan composition, credit quality and exposure to interest rate risk all tend to support the reasonability of the Peer Group from a financial standpoint.  Those areas where differences exist will be addressed in the form of valuation adjustments to the extent necessary.

RP® Financial, LC.	VALUATION ANALYSIS
	IV.1

IV.  VALUATION ANALYSIS

Introduction

This chapter presents the valuation analysis and methodology, prepared pursuant to the regulatory valuation guidelines, and valuation adjustments and assumptions used to determine the estimated pro forma market value of the common stock to be issued in conjunction with the Company’s conversion transaction.

Appraisal Guidelines

The OTS written appraisal guidelines specify the market value methodology for estimating the pro forma market value of an institution pursuant to a mutual-to-stock conversion.  Pursuant to this methodology:  (1) a peer group of comparable publicly-traded institutions is selected; (2) a financial and operational comparison of the subject company to the peer group is conducted to discern key differences; and (3) a valuation analysis in which the pro forma market value of the subject company is determined based on the market pricing of the peer group as of the date of valuation, incorporating valuation adjustments for key differences.  In addition, the pricing characteristics of recent conversions, both at conversion and in the aftermarket, must be considered.

RP Financial Approach to the Valuation

The valuation analysis herein complies with such regulatory approval guidelines.  Accordingly, the valuation incorporates a detailed analysis based on the Peer Group, discussed in Chapter III, which constitutes “fundamental analysis” techniques.  Additionally, the valuation incorporates a “technical analysis” of recently completed stock conversions, particularly second-step conversions, including closing pricing and aftermarket trading of such offerings.  It should be noted that these valuation analyses cannot possibly fully account for all the market forces which impact trading activity and pricing characteristics of a particular stock on a given day.

RP® Financial, LC.	VALUATION ANALYSIS
	IV.2

The pro forma market value determined herein is a preliminary value for the Company’s to-be-issued stock.  Throughout the conversion process, RP Financial will:  (1) review changes in Capitol Federal Financial’s operations and financial condition; (2) monitor Capitol Federal Financial’s operations and financial condition relative to the Peer Group to identify any fundamental changes; (3) monitor the external factors affecting value including, but not limited to, local and national economic conditions, interest rates, and the stock market environment, including the market for thrift stocks and Capitol Federal Financial’s stock specifically; and (4) monitor pending conversion offerings, particularly second-step conversions, (including those in the offering phase), both regionally and nationally.  If material changes should occur during the conversion process, RP Financial will evaluate if updated valuation reports should be prepared reflecting such changes and their related impact on value, if any.  RP Financial will also prepare a final valuation update at the closing of the offering to determine if the prepared valuation analysis and resulting range of value continues to be appropriate.

The appraised value determined herein is based on the current market and operating environment for the Company and for all thrifts.  Subsequent changes in the local and national economy, the legislative and regulatory environment, the stock market, interest rates, and other external forces (such as natural disasters or major world events), which may occur from time to time (often with great unpredictability) may materially impact the market value of all thrift stocks, including Capitol Federal Financial’s value, or Capitol Federal Financial’s value alone.  To the extent a change in factors impacting the Company’s value can be reasonably anticipated and/or quantified, RP Financial has incorporated the estimated impact into the analysis.

Valuation Analysis

A fundamental analysis discussing similarities and differences relative to the Peer Group was presented in Chapter III.  The following sections summarize the key differences between the Company and the Peer Group and how those differences affect the pro forma valuation.  Emphasis is placed on the specific strengths and weaknesses of the Company relative to the Peer Group in such key areas as financial condition, profitability, growth and viability of earnings, asset growth, primary market area, dividends, liquidity of the shares, marketing of the issue, management, and the effect of government regulations and/or regulatory reform.  We have also considered the market for thrift stocks, in particular new issues, to assess the impact on value of the Company coming to market at this time.

RP® Financial, LC.	VALUATION ANALYSIS
	IV.3

1.           Financial Condition

            The financial condition of an institution is an important determinant in pro forma market value because investors typically look to such factors as liquidity, capital, asset composition and quality, and funding sources in assessing investment attractiveness.  The similarities and differences in the Company’s and the Peer Group’s financial strengths are noted as follows:

 ■ Overall A/L Composition.  In comparison to the Peer Group, the Company’s interest-earning asset composition showed a lower concentration of loans and a higher concentration of investments.  The Company’s lending emphasis on 1-4 family permanent mortgage loans translated into less significant diversification into higher risk and higher yielding types of loans.  Overall, in comparison to the Peer Group, the Company’s interest-earning asset composition provided for a lower yield earned on interest-earning assets and a lower risk weighted assets-to-assets ratio.  Capitol Federal Financial’s  funding composition reflected a lower level of deposits and a higher level of borrowings than the comparable Peer Group ratios, which translated into a higher cost of funds for the Company.  Overall, as a percent of assets, the Company maintained a higher level of interest-earning assets and a similar level of interest-bearing liabilities compared to the Peer Group’s ratios, which resulted in a slightly higher IEA/IBL ratio for the Company.  After factoring in the impact of the net stock proceeds, the Company’s IEA/IBL ratio should further exceed the Peer Group’s ratio.  On balance, RP Financial concluded that asset/liability composition was a neutral factor in our adjustment for financial condition.

 ■ Credit Quality.  The Company’s ratios for non-performing assets and non-performing loans were more favorable than the comparable Peer Group ratios.  However, loss reserves as a percent of non-performing loans and loans were significantly lower for the Company.  Net loan charge-offs were a more significant factor for the Peer Group.  As noted above, the Company’s risk weighted assets-to-assets ratio was lower than the Peer Group’s ratio.  Overall, RP Financial concluded that credit quality was a moderately positive factor in our adjustment for financial condition.

RP® Financial, LC.	VALUATION ANALYSIS
	IV.4

 ■ Balance Sheet Liquidity.  The Company operated with a higher level of cash and investment securities relative to the Peer Group (33.1% of assets versus 26.5% for the Peer Group).  Taking into account the infusion of net stock proceeds, the Company’s cash and investments ratio is expected to increase as the proceeds retained at the holding company level will be initially deployed into investments.  The Company’s future borrowing capacity was considered to be less than the Peer Group’s, given the higher level of borrowings currently funding the Company’s assets.  Overall, RP Financial concluded that balance sheet liquidity was a neutral factor in our adjustment for financial condition.

 ■ Funding Liabilities.  The Company’s interest-bearing funding composition reflected a lower concentration of deposits and a higher concentration of borrowings relative to the comparable Peer Group ratios, which translated into a higher cost of funds for the Company.  Total interest-bearing liabilities as a percent of assets were similar for the Company and the Peer Group.  Following the stock offering, the increase in the Company’s capital position will reduce the relative level of interest-bearing liabilities funding the Company’s assets.  Overall, RP Financial concluded that funding liabilities were a slightly negative factor in our adjustment for financial condition.

 ■ Capital.  The Company currently operates with a slightly lower equity-to-assets ratio than the Peer Group, while the Company’s tangible equity-to-assets ratio currently exceeds the Peer Group’s ratio.  Accordingly, following the stock offering, Capitol Federal Financial’s pro forma capital position will exceed the Peer Group’s ratios for both equity-to-assets and tangible equity-to-assets.  The Company’s higher pro forma capital position implies greater leverage capacity, lower dependence on interest-bearing liabilities to fund assets and a greater capacity to absorb unanticipated losses.  At the same time, the Company’s more significant capital surplus will make it more difficult to achieve a competitive ROE.  On balance, RP Financial concluded that capital strength was a slightly positive factor in our adjustment for financial condition.

             On balance, Capitol Federal Financial’s balance sheet strength was considered to be more favorable than the Peer Group’s and, thus, a slight upward adjustment was applied for the Company’s financial condition.

2.           Profitability, Growth and Viability of Earnings

             Earnings are a key factor in determining pro forma market value, as the level and risk characteristics of an institution’s earnings stream and the prospects and ability to generate future earnings heavily influence the multiple that the investment community will pay for earnings.  The major factors considered in the valuation are described below.

RP® Financial, LC.	VALUATION ANALYSIS
	IV.5

 ■ Reported Earnings.    The Company’s reported earnings were higher than the Peer Group’s on a ROAA basis (0.86% of average assets versus 0.61% for the Peer Group).  The Company’s higher return was attributable to lower levels of operating expenses and loan loss provisions, which were somewhat offset by the Peer Group’s higher net interest margin and higher non-interest operating income.  Reinvestment of stock proceeds into interest-earning assets will serve to increase the Company’s earnings, with the benefit of reinvesting proceeds expected to be somewhat offset by implementation of additional stock benefit plans in connection with the second-step offering.  Overall, the Company’s pro forma reported earnings were considered to be stronger than the Peer Group’s and, thus, RP Financial concluded that this was a slightly positive factor in our adjustment for profitability, growth and viability of earnings.

 ■ Core Earnings.  Net interest income, operating expenses, non-interest operating income and loan loss provisions were reviewed in assessing the relative strengths and weaknesses of the Company’s and the Peer Group’s core earnings.  The Company operated with a lower net interest margin, a lower operating expense ratio and a lower level of non-interest operating income.  The Company’s lower ratios for net interest income and operating expenses translated into a higher expense coverage ratio in comparison to the Peer Group’s ratio (equal to 1.91x versus 1.40X for the Peer Group).  Similarly, the Company’s efficiency ratio of 45.6% was more favorable than the Peer Group’s efficiency ratio of 58.5%.  Loan loss provisions had a more significant impact on the Peer Group’s earnings.  Overall, these measures, as well as the expected earnings benefits the Company should realize from the redeployment of stock proceeds into interest-earning assets and leveraging of post-conversion capital, which will be somewhat negated by expenses associated with the stock benefit plans, indicate that the Company’s pro forma core earnings will be more favorable than the Peer Group’s.  Therefore, RP Financial concluded that this was a moderately positive factor in our adjustment for profitability, growth and viability of earnings.

 ■ Interest Rate Risk.  Quarterly changes in the Company’s and the Peer Group’s net interest income to average assets ratios indicated a similar degree of volatility was associated with the Company’s and the Peer Group’s net interest margins.  Other measures of interest rate risk, such as tangible capital and IEA/IBL ratios as well as the level of non-interest earning assets were more favorable for the Company.  On a pro forma basis, the infusion of stock proceeds can be expected to provide the Company with equity-to-assets and IEA/ILB ratios that will further exceed the Peer Group ratios, as well as enhance the stability of the Company’s net interest margin through the reinvestment of stock proceeds into interest-earning assets.  On balance, RP Financial concluded that interest rate risk was a slightly positive factor in our adjustment for profitability, growth and viability of earnings.

RP® Financial, LC.	VALUATION ANALYSIS
	IV.6

 ■ Credit Risk.  Loan loss provisions were a larger factor in the Peer Group’s earnings (0.69% of average assets versus 0.11% of average assets for the Company).  In terms of future exposure to credit quality related losses, the Company maintained a slightly lower concentration of assets in loans and lending diversification into higher risk types of loans was less significant for the Company.  Credit quality measures for non-performing assets were more favorable for the Company, while the Peer Group maintained higher loss reserves as a percent of non-performing loans and loans.  Overall, RP Financial concluded that credit risk was a moderately positive factor in our adjustment for profitability, growth and viability of earnings.

 ■ Earnings Growth Potential.  Several factors were considered in assessing earnings growth potential.  First, the Company maintained a less favorable interest rate spread than the Peer Group, which would tend to support a stronger net interest margin going forward for the Peer Group.  Second, the infusion of stock proceeds will provide the Company with more significant growth potential through leverage than currently maintained by the Peer Group.  Third, the Peer Group’s higher ratio of non-interest operating income and the Company’s lower operating expense ratio were viewed as respective advantages to sustain earnings growth during periods when net interest margins come under pressure as the result of adverse changes in interest rates.  Overall, earnings growth potential was considered to be a slightly positive factor in our adjustment for profitability, growth and viability of earnings.

 ■ Return on Equity.  Currently, the Company’s core ROE is above the Peer Group’s core ROE.  As the result of the significant increase in capital that will be realized from the infusion of net stock proceeds into the Company’s equity, the Company’s pro forma return on equity on a core earnings basis will initially be lower than the Peer Group’s core ROE.  Accordingly, this was a neutral factor in the adjustment for profitability, growth and viability of earnings.

             On balance, Capitol Federal Financial’s pro forma earnings strength was considered to be more favorable than the Peer Group’s and, thus, a moderate upward adjustment was applied for profitability, growth and viability of earnings.

RP® Financial, LC.	VALUATION ANALYSIS
	IV.7

3.           Asset Growth

             The Company’s asset growth rate was below the Peer Group’s growth rate during the period covered in our comparative analysis, based on growth rates of 2.7% and 7.0%, respectively.  Asset growth for the Company consisted of cash and investments offset by a slight decrease in loans, while the Peer Group’s asset growth consisted of a combination of loans and cash and investments.  Overall, the Peer Group’s current asset growth measures were viewed as more favorable than the Company’s asset growth measures.  On a pro forma basis, the Company’s tangible equity-to-assets ratio will further exceed the Peer Group’s tangible equity-to-assets ratio, indicating greater leverage capacity for the Company.  On balance, no adjustment was applied for asset growth.

4.           Primary Market Area

             The general condition of an institution’s market area has an impact on value, as future success is in part dependent upon opportunities for profitable activities in the local market served.  Capitol Federal Financial primarily serves east and central markets in Kansas and western Missouri markets in and nearby Kansas City.  The Company’s markets include a mix of urban, suburban and rural markets with varied demographic characteristics.  While growth opportunities in the rural markets served by the Company are somewhat limited, the Company generally maintains a strong competitive position in many of those markets as implied by its market share of deposits.

             The Peer Group companies generally operate in more densely populated markets compared to the most of the markets served by Capitol Federal Financial, including Shawnee County where the Company maintains its headquarters.  Population growth for the primary market area counties served by the Peer Group companies reflect a wide range of growth rates, but on average was comparable to Shawnee County’s population growth rate.  Shawnee County, where the Company maintains its main office, has a relatively low per capita income compared to the Peer Group’s average and median per capita income measures, while the cost of living in Shawnee County is also generally lower compared to the primary market area counties of the Peer Group companies.  The average and median deposit market shares maintained by the Peer Group companies were well below the Company’s market share of deposits in Shawnee County.  Overall, the degree of competition faced by the Peer Group companies was viewed as greater than faced by the Company, while the growth potential in the markets served by the Peer Group companies was for the most part viewed to be comparable to the Company’s primary market area.  Summary demographic and deposit market share data for the Company and the Peer Group companies is provided in Exhibit III-4.  As shown in Table 4.1, January 2010 unemployment rates for the markets served by the Peer Group companies were all higher than Shawnee County’s unemployment rate as of January 2010.  On balance, we concluded that a slight upward adjustment was appropriate for the Company’s market area.

RP® Financial, LC.	VALUATION ANALYSIS
	IV.8

Table 4.1

Market Area Unemployment Rates

Capitol Federal Financial and the Peer Group Companies(1)

		January 2010
	County	Unemployment
Capitol Federal Financial - KS	Shawnee		6.9	%
Peer Group Average			9.4	%
Bank Mutual Corp. – WI	Milwaukee		10.2	%
Brookline Bancorp – MA	Norfolk		8.9
Danvers Bancorp – MA	Essex		10.9
Dime Community Bancshares – NY	Kings		11.2
First Financial Holdings – SC	Charleston		10.6
Flushing Financial Corp. - NY	Nassau		7.4
NewAlliance Bancshares – CT	New Haven		10.6
Provident NY Bancorp, Inc. – NY	Rockland		7.5
TrustCo Bank Corp - NY	Schenectady		8.2
Washington Federal, Inc. – WA	King		8.8
(1)  Unemployment rates are not seasonally adjusted.
Source:  U.S. Bureau of Labor Statistics.

RP® Financial, LC.	VALUATION ANALYSIS
	IV.9

5.           Dividends

            Capitol Federal Financial has indicated its intention to continue to pay cash dividends on a quarterly basis following the second-step conversion, although at a reduced level from the $0.50 quarterly dividend paid by CFFN as of December 31, 2009.  The amount and future declarations of dividends by the Board of Directors will depend upon a number of factors, including investment opportunities, growth objectives, financial condition, profitability, tax considerations, minimum capital requirements, regulatory limitations, stock market characteristics and general economic conditions.

            All 10 of the Peer Group companies pay regular cash dividends, with implied dividend yields ranging from 0.54% to 4.23%.  The average dividend yield on the stocks of the Peer Group institutions was 2.67% as of April 16, 2010, representing an average payout ratio of 47.76% of core earnings.  As of April 16, 2010, approximately 64% of all fully-converted publicly-traded thrifts had adopted cash dividend policies (see Exhibit IV-1), exhibiting an average yield of 1.96%.  The dividend paying thrifts generally maintain higher than average profitability ratios, facilitating their ability to pay cash dividends.

            While the Company has not established a definitive dividend policy for after the second-step conversion, the Company will have the capacity to pay a dividend comparable to the Peer Group’s average dividend yield based on pro forma earnings and capitalization.  On balance, we concluded that no adjustment was warranted for this factor.

6.           Liquidity of the Shares

             The Peer Group is by definition composed of companies that are traded in the public markets.  Nine of the Peer Group members trade on the NASDAQ Global Select Market and one trades on the New York Stock Exchange.  Typically, the number of shares outstanding and market capitalization provides an indication of how much liquidity there will be in a particular stock.  The market capitalization of the Peer Group companies ranged from $232.0 million to $2.3 billion as of April 16, 2010, with average and median market values of $689.9 million and $438.9 million, respectively.  The shares issued and outstanding to the public shareholders of the Peer Group members ranged from 16.5 million to 112.5 million, with average and median shares outstanding of 54.2 million and 42.3 million, respectively.  The Company’s second-step stock offering is expected to provide for a pro forma market value that will be in the upper end or exceeds the range of market values indicated for the Peer Group companies and will exceed shares outstanding indicated for all of the Peer Group companies.  Like the large majority of the Peer Group companies, the Company’s stock will continue to be quoted on the NASDAQ Global Market following the stock offering.  Overall,  given that the Peer Group companies have active and liquid trading markets for their stocks, we anticipate that the Company’s stock will have a comparable trading market as the Peer Group companies in general and, therefore, concluded no adjustment was necessary for this factor.

RP® Financial, LC.	VALUATION ANALYSIS
	IV.10

7.           Marketing of the Issue

            We believe that four separate markets exist for thrift stocks, including those coming to market such as Capitol Federal Financial’s:  (A) the after-market for public companies, in which trading activity is regular and investment decisions are made based upon financial condition, earnings, capital, ROE, dividends and future prospects; (B) the new issue market in which converting thrifts are evaluated on the basis of the same factors, but on a pro forma basis without the benefit of prior operations as a fully-converted publicly-held company and stock trading history; (C) the acquisition market for thrift franchises in Kansas; and (D) the market for the public stock of Capitol Federal Financial.  All of these markets were considered in the valuation of the Company’s to-be-issued stock.

              A.           The Public Market

                           The value of publicly-traded thrift stocks is easily measurable, and is tracked by most investment houses and related organizations.  Exhibit IV-1 provides pricing and financial data on all publicly-traded thrifts.  In general, thrift stock values react to market stimuli such as interest rates, inflation, perceived industry health, projected rates of economic growth, regulatory issues and stock market conditions in general.  Exhibit IV-2 displays historical stock market trends for various indices and includes historical stock price index values for thrifts and commercial banks.  Exhibit IV-3 displays historical stock price indices for thrifts only.

RP® Financial, LC.	VALUATION ANALYSIS
	IV.11

                           In terms of assessing general stock market conditions, the performance of the overall stock market has been mixed in recent quarters.  Stocks started the fourth quarter of 2009 with a sell-off, as investors reacted negatively to economic data showing a slow down in manufacturing activity from August to September and more job losses than expected for September.  Energy and material stocks led a stock market rally heading into mid-October, as stock markets rallied around the world.  Good earnings reports from J.P. Morgan Chase and Intel pushed the Dow Jones Industrial Average (“DJIA”) above a 10000 close in mid-October.  Mixed economic data and concerns of the sustainability of the recovery following the removal of the federal stimulus programs provided for volatile trading at the close of October.  Stocks moved higher in early-November, with the DJIA topping 10000 again on renewed optimism about the economy aided by a report that manufacturing activity rose around the world in October.  Expectations that interest rates and inflation would remain low, following a weaker than expected employment report for October, sustained the rally heading into mid-November.  The DJIA hit new highs for the year in mid-November, as investors focused on upbeat earnings from major retailers, signs of economic growth in Asia and the Federal Reserve’s commitment to low interest rates.  Stocks traded unevenly through the second half of November, reflecting investor uncertainty over the strength of the economic recovery and Dubai debt worries.  Easing fears about the Dubai debt crisis, along with a favorable employment report for November, served to bolster stocks at the end of November and into early-December.  Mixed economic data, including a better-than-expected increase in November retail sales and November wholesale inflation rising more than expected, sustained a narrow trading range for the broader stock market heading into mid-December.  Worries about the state of European economies and the dollar’s surge upended stocks in mid-December.  Helped by some positive economic data and acquisition deals in mining and health care, the DJIA posted gains for six consecutive sessions in late-December.  Overall, the DJIA closed up 18.8% for 2009, which was 26.4% below its all time high.

RP® Financial, LC.	VALUATION ANALYSIS
	IV.12

                          Stocks started 2010 in positive territory on mounting evidence of a global manufacturing rebound, while mixed earnings reports provided for an up and down market in mid-January.  The DJIA moved into negative territory for the year heading in into late-January, with financial stocks leading the market lower as the White House proposed new limits on the size and activities of big banks.  Technology stocks led the broader market lower at the close of January, as disappointing economic reports dampened growth prospects for 2010.  Concerns about the global economy and European default worries pressured stocks lower in early-February, as the DJIA closed below 10000 for the first time in three months.  Upbeat corporate earnings and some favorable economic news out of Europe and China help stocks to rebound in mid-February.  The positive trend in the broader stock market continued into the second half of February, as investors seized on mild inflation data and more signs that the U.S. economy was recovering.  Weak economic data pulled stocks lower at the end of February, although the 2.6% increase in the DJIA for the month of February was its strongest showing since November.

                           The DJIA moved back into positive territory for 2010 in early-March, as the broader market rallied on a better-than-expected employment report for February.  Stocks trended higher through mid-March, with the DJIA closing up for eight consecutive trading sessions.  Factors contributing to the eight day wining streak in the DJIA included bullish comments by Citigroup, expectations of continued low borrowing costs following the Federal Reserve’s mid-March meeting that concluded with keeping its target rate near zero and a brightening manufacturing outlook.  Following a one day pull back, the positive trend in the broader market continued heading into late-March.  Gains in the health-care sector following the passage of health-care legislation, better-than-expected existing home sales in February, first time jobless claims falling more than expected and solid earnings posted by Best Buy all contributed to the positive trend in stocks.  The DJIA moved to a 19-month high approaching the end of the first quarter, as oil stocks led the market higher in response to new evidence of global economic strength.  Overall, the DJIA completed its best first quarter since 1999, with a 4.1% increase for the quarter.

RP® Financial, LC.	VALUATION ANALYSIS
	IV.13

                           More signs of the economy gaining strength sustained the positive trend in the broader stock market at the start of the second quarter of 2010.  The DJIA closed above 11000 heading into mid-April, based on growing optimism about corporate earnings and a recovering economy.  Fraud charges against Goldman Sachs halted a six day rally in the market in mid-April, as financial stocks led a one day sell-off in the broader market.  On April 16, 2010, the DJIA closed at 11018.66, an increase of 35.5% from one year ago and an increase of 5.7% year-to-date, and the NASDAQ closed at 2481.26, an increase of 48.3% from one year ago and an increase of 9.3% year-to-date.  The Standard & Poor’s 500 Index closed at 1192.13 on April 16, 2010, an increase of 37.1% from one year ago and an increase of 6.9% year-to-date.

                           The market for thrift stocks has been somewhat uneven in recent quarters, but in general has underperformed the broader stock market.  Some disappointing economic data pushed thrift stocks along with the broader market lower at the beginning of the fourth quarter of 2009.  Thrift stocks rebounded modestly through mid-October, aided by a rally in the broader stock market and a strong earnings report from J.P. Morgan Chase.  Concerns of more loan losses and a disappointing report on September new home sales provided for a modest retreat in thrift prices in late-October.  After bouncing higher on a better-than-expected report for third quarter GDP growth, financial stocks led the broader market lower at the end of October in the face of a negative report on consumer spending.  In contrast to the broader market, thrift stocks edged lower following the Federal Reserve’s early-November statement that it would leave the federal funds rate unchanged.  Thrift stocks rebounded along with the broader market going into mid-November, following some positive reports on the economy and comments from the Federal Reserve that interest rates would remain low amid concerns that unemployment and troubles in commercial real estate would weigh on the economic recovery.  Fresh economic data that underscored expectations for a slow economic recovery and Dubai debt worries pushed thrift stocks lower during the second half of November.  Financial stocks led a broader market rebound at the close of November and into early-December, which was supported by a favorable report for home sales in October and expectations that the Dubai debt crisis would have a limited impact on U.S. banks.  The favorable employment report for November added to gains in the thrift sector in early-December.  Financial stocks edged higher in mid-December on news that Citigroup was repaying TARP funds, which was followed by a pullback following a report that wholesale inflation rose more than expected in November and mid-December unemployment claims were higher than expected.  More attractive valuations supported a snap-back rally in thrift stocks heading into late-December, which was followed by a narrow trading range for the thrift sector through year end.  Overall, the SNL Index for all publicly-traded thrifts was down 10.2% in 2009, which reflects significant declines in the trading prices of several large publicly-traded thrifts during 2009 pursuant to reporting significant losses due to credit quality related deterioration.

RP® Financial, LC.	VALUATION ANALYSIS
	IV.14

                           Thrift stocks traded in a narrow range during the first few weeks of 2010, as investors awaited fourth quarter earnings reports that would provide further insight on credit quality trends.  An unexpected jump in jobless claims and proposed restrictions by the White House on large banks depressed financial stocks in general heading into late-January.  Amid mixed earnings reports, thrift stocks traded in a narrow range for the balance of January.  Financial stocks led the broader market lower in early-February and then rebounded along with the broader market in mid-February on some positive economic data including signs that home prices were rising in some large metropolitan areas.  Mild inflation readings for wholesale and consumer prices in January sustained the upward trend in thrift stocks heading into the second half of February.  Comments by the Federal Reserve Chairman that short-term interest rates were likely to remain low for at least several months helped thrift stocks to ease higher in late-February.

                           The thrift sector moved higher along with the broader stock market in-early March 2010, aided by the better-than-expected employment report for February.  Financial stocks lead the market higher heading into mid-March on optimism that Citigroup would be able to repay the U.S. Government after a successful offering of trust preferred securities.  The Federal Reserve’s recommitment to leaving its target rate unchanged “for an extended period” sustained the positive trend in thrift stocks through mid-March.  Thrift stocks bounced higher along with the broader stock market heading into late-March, which was followed by a slight pullback as debt worries sent the yields on Treasury notes higher.

RP® Financial, LC.	VALUATION ANALYSIS
	IV.15

                          An improving outlook for financial stocks in general, along with positive reports for housing, employment and retail sales, boosted thrift stocks at the start of the second quarter of 2010.  A nominal increase in March consumer prices and a strong first quarter earnings report from JP Morgan Chase & Co. supported a broad rally in bank and thrift stocks heading into mid-April, which was followed by a pullback on news that the SEC charged Goldman Sachs with fraud.  On April 16, 2010, the SNL Index for all publicly-traded thrifts closed at 650.4, an increase of 13.6% from one year ago and an increase of 10.8% year-to-date.

              B.           The New Issue Market

                          In addition to thrift stock market conditions in general, the new issue market for converting thrifts is also an important consideration in determining the Company’s pro forma market value.  The new issue market is separate and distinct from the market for seasoned thrift stocks in that the pricing ratios for converting issues are computed on a pro forma basis, specifically:  (1) the numerator and denominator are both impacted by the conversion offering amount, unlike existing stock issues in which price change affects only the numerator; and (2) the pro forma pricing ratio incorporates assumptions regarding source and use of proceeds, effective tax rates, stock plan purchases, etc. which impact pro forma financials, whereas pricing for existing issues are based on reported financials.  The distinction between pricing of converting and existing issues is perhaps no clearer than in the case of the price/book (“P/B”) ratio in that the P/B ratio of a converting thrift will typically result in a discount to book value whereas in the current market for existing thrifts the P/B ratio may reflect a premium to book value.  Therefore, it is appropriate to also consider the market for new issues, both at the time of the conversion and in the aftermarket.

                          The marketing for converting thrift issues turned more positive in the fourth quarter of 2009 and the first quarter of 2010, as indicated by an increase in conversion activity and the relative success of those offerings.  For the most part, the recent conversion offerings experienced healthy subscription takedowns and have traded above their IPO prices in initial trading activity.  Consistent with the broader thrift market, conversion pricing reflects continued investor uncertainty over credit quality trends and the prospects that a strengthening economy will translate into improved real estate market conditions for residential and commercial properties.

RP® Financial, LC.	VALUATION ANALYSIS
	IV.16

                          As shown in Table 4.2, three standard conversions and one second-step conversion was completed during the past three months.  The second-step conversion offering is considered to be more relevant for our analysis, which was completed in April 2010.  In general, second-step conversions tend to be priced (and trade in the aftermarket) at higher P/B ratios than standard conversions.  We believe investors take into consideration the generally more leveraged pro forma balance sheets of second-step companies, their track records as public companies prior to conversion, and their generally higher pro forma ROE measures relative to standard conversions in pricing their common stocks.  Eagle Bancorp Montana’s second-step offering was completed between the midpoint and maximum of the offering range, with a 60% offering raising gross proceeds of $24.6 million.  Eagle Bancorp Montana’s pro forma price/tangible book ratio at the closing value equaled 81.4% and pro forma core price/earnings ratio at the closing value equaled 12.7 times.  Eagle Bancorp Montana’s stock price closed up 5.0% after one week of trading and closed up 5.0% through April 16, 2010.

                          The most recent large second-step offering was completed by Northwest Bancshares in December 2009.  Northwest Bancshares’ second-step offering was completed between the midpoint and maximum of the offering range, with a 62% offering raising gross proceeds of $688.8 million.  Northwest Bancshares’ pro forma price/tangible book ratio at the closing value equaled 101.5% and pro forma core price/earnings ratio at the closing value equaled 20.3 times.  Northwest Bancshares’ higher price/tangible book ratio is believed to be in part attributable to the significantly larger size of its offering, which provides for a more liquid trading market and attracts the interest of institutional investors.  Northwest Bancshares’ stock price closed up 12.3% after one week of trading and closed up 18.0% through April 16, 2010.

RP® Financial, LC.	VALUATION ANALYSIS
	IV.17

Table 4.2

Pricing Characteristics and After-Market Trends

Recent Conversions Completed (Last Three Months)

Institutional Information				Pre-Conversion Data								Offering Information								Contribution to			Insider Purchases
				Financial Info.				Asset Quality												Charitable Found.			% Off Incl. Fdn.
																							Benefit Plans								Initial
Institution	Conver. Date		Ticker	Assets		Equity/ Assets		NPAs/ Assets		Res. Cov.		Gross Proc.		% Offered		%  of Mid.		Exp./ Proc.			Form	%  of Offering	ESOP		Recog Plans		Stk Option		Mgmt. & Dirs.		Dividend Yield
				($Mil)		(%)		(%)		(%)		($Mil.)		(%)		(%)		(%)				(%)	(%)		(%)		(%)		(%)(2)		(%)
Standard Conversions
Harvard Illinois Bancorp, Inc. - IL*	4/9/10	HARI-OTCBB		$	156	7.85	%	1.78	%	62	%	$	7.9	100	%	88	%	11.0	%		N.A.	N.A.	8.0	%	4.0	%	10.0	%	6.9	%	0.00	%
OBA Financial Services, Inc., MD*	1/22/10	OBAF-NASDAQ		$	358	10.90	%	0.62	%	67	%	$	46.3	100	%	132	%	3.1	%		N.A.	N.A.	8.0	%	4.0	%	10.0	%	3.8	%	0.00	%
OmniAmerican Bancorp, Inc., TX*	1/21/10	OABC-NASDAQ		$	1,006	9.08	%	1.47	%	158	%	$	119.0	100	%	132	%	2.5	%		N.A.	N.A.	8.0	%	4.0	%	10.0	%	0.3	%	0.00	%
Averages - Standard Conversions:				$	507	9.28	%	1.29	%	96	%	$	57.7	100	%	118	%	5.5	%		N.A.	N.A.	8.0	%	4.0	%	10.0	%	3.6	%	0.00	%
Medians - Standard Conversions:				$	358	9.08	%	1.47	%	67	%	$	46.3	100	%	132	%	3.1	%		N.A.	N.A.	8.0	%	4.0	%	10.0	%	3.8	%	0.00	%
Second Step Conversions
Eagle Bancorp Montana, MT	4/5/10	EBMT-NASDAQ		$	306	9.89	%	0.75	%	33	%	$	24.6	60	%	103	%	7.4	%		N.A.	N.A.	8.0	%	4.0	%	10.0	%	1.0	%	0.00	%
Averages - Second Step Conversions:				$	306	9.89	%	0.75	%	33	%	$	24.6	60	%	103	%	7.4	%		N.A.	N.A.	8.0	%	4.0	%	10.0	%	1.0	%	0.00	%
Medians - Second Step Conversions:				$	306	9.89	%	0.75	%	33	%	$	24.6	60	%	103	%	7.4	%		N.A.	N.A.	8.0	%	4.0	%	10.0	%	1.0	%	0.00	%
Mutual Holding Company Conversions
Averages - Mutual Holding Company Conversions:
Medians - Mutual Holding Company Conversions:
Averages - All Conversions:				$	457	9.43	%	1.16	%	80	%	$	49.5	90	%	114	%	6.0	%		NA	NA	8.0	%	4.0	%	10.0	%	3.0	%	0.00	%
Medians - All Conversions:				$	332	9.49	%	1.11	%	64	%	$	35.5	100	%	117	%	5.3	%		NA	NA	8.0	%	4.0	%	10.0	%	2.4	%	0.00	%

Institutional Information				Pro Forma Data														Post-IPO Pricing Trends
				Pricing Ratios(3)						Financial Charac.								Closing Price:
																		First				After				After
	Conver.					Core				Core				Core		IPO		Trading		%		First		%		First		%			Thru		%
Institution	Date		Ticker	P/TB		P/E		P/A		ROA		TE/A		ROE		Price		Day		Change		Week(4)		Change		Month(5)		Change			4/16/10		Change
				(%)		(x)		(%)		(%)		(%)		(%)		($)		($)		(%)		($)		(%)		($)		(%)			($)		(%)
Standard Conversions
Harvard Illinois Bancorp, Inc. - IL*	4/9/10	HARI-OTCBB		43.1	%	NM		4.9	%	-0.4	%	11.3	%	-3.4	%	$	10.00	$	10.00	0.0	%	$	10.00	0.0	%	$	10.00	0.0	%		$	10.00	0.0	%
OBA Financial Services, Inc., MD*	1/22/10	OBAF-NASDAQ		59.1	%	NM		11.7	%	-0.1	%	19.7	%	-0.5	%	$	10.00	$	10.39	3.9	%	$	10.11	1.1	%	$	10.31	3.1	%		$	10.77	7.7	%
OmniAmerican Bancorp, Inc., TX*	1/21/10	OABC-NASDAQ		61.7	%	NM		10.7	%	-0.3	%	17.4	%	-1.7	%	$	10.00	$	11.85	18.5	%	$	11.32	13.2	%	$	10.99	9.9	%		$	11.71	17.1	%
Averages - Standard Conversions:				54.6	%	NM		9.1	%	-0.3	%	16.1	%	-1.9	%	$	10.00	$	10.75	7.5	%	$	10.48	4.77	%	$	10.43	4.33	%		$	10.83	8.27	%
Medians - Standard Conversions:				59.1	%	NM		10.7	%	-0.3	%	17.4	%	-1.7	%	$	10.00	$	10.39	3.9	%	$	10.11	1.10	%	$	10.31	3.10	%		$	10.77	7.70	%
Second Step Conversions
Eagle Bancorp Montana, MT	4/5/10	EBMT-NASDAQ		81.4	%	12.69		12.5	%	1.0	%	15.4	%	6.4	%	$	10.00	$	10.55	5.5	%	$	10.50	5.0	%	$	10.50	5.0	%		$	10.50	5.0	%
Averages - Second Step Conversions:				81.4	%	12.7	x	12.5	%	1.0	%	15.4	%	6.4	%	$	10.00	$	10.55	5.5	%	$	10.50	5.0	%	$	10.50	5.0	%		$	10.50	5.0	%
Medians - Second Step Conversions:				81.4	%	12.7	x	12.5	%	1.0	%	15.4	%	6.4	%	$	10.00	$	10.55	5.5	%	$	10.50	5.0	%	$	10.50	5.0	%		$	10.50	5.0	%
Mutual Holding Company Conversions
Averages - Mutual Holding Company Conversions:
Medians - Mutual Holding Company Conversions:
Averages - All Conversions:				61.3	%	$ 12.69		10.0	%	0.0	%	16.0	%	0.2	%	$	10.00	$	10.70	7.0	%	$	10.48	4.8	%	$	10.45	4.5	%		$	10.75	7.5	%
Medians - All Conversions:				60.4	%	$ 12.69		11.2	%	-0.2	%	16.4	%	-1.1	%	$	10.00	$	10.47	4.7	%	$	10.31	3.1	%	$	10.41	4.1	%		$	10.64	6.4	%
Note:  * - Appraisal performed by RP Financial; BOLD=RP Financial did the Conversion Business Plan.  “NT” - Not Traded; “NA” - Not Applicable, Not Available; C/S-Cash/Stock.
(1)  Non-OTS regulated thrift.
(2)  As a percent of MHC offering for MHC transactions.
(3)  Does not take into account the adoption of SOP 93-6.
(4)  Latest price if offering is less than one week old.
(5)  Latest price if offering is more than one week but less than one month old.
(6)  Mutual holding company pro forma data on full conversion basis.
(7)  Simultaneously completed acquisition of another financial institution.
(8)  Simultaneously converted to a commercial bank charter.
(9)  Former credit union.																														April 16, 2010

RP® Financial, LC.	VALUATION ANALYSIS
	IV.18

                          Shown in Table 4.3 are the current pricing ratios for the three companies that have completed fully-converted offerings during the past three months, all of which are traded on NASDAQ.  The current average P/TB ratio of the publicly-traded recent conversions equaled 74.07%.

              C.           The Acquisition Market

                          Also considered in the valuation was the potential impact on Capitol Federal Financial’s stock price of recently completed and pending acquisitions of other thrift institutions operating in Kansas.  As shown in Exhibit IV-4, there was only one Kansas thrift acquisition completed from the beginning of 2006 through April 16, 2010, and there are currently no acquisitions pending of a Kansas savings institution.  The recent acquisition activity involving Kansas savings institutions may imply a certain degree of acquisition speculation for the Company’s stock.  To the extent that acquisition speculation may impact the Company’s offering, we have largely taken this into account in selecting companies for the Peer Group which operate in markets that have experienced a comparable or higher level of acquisition activity as the Company’s market and, thus, are subject to the same type of acquisition speculation that may influence Capitol Federal Financial’s stock.  However, since converting thrifts are subject to a three-year regulatory moratorium from being acquired, acquisition speculation in Capitol Federal Financial’s stock would tend to be less compared to the stocks of the Peer Group companies.

              D.           Trading in Capitol Federal Financial’s Stock

                           Since Capitol Federal Financial’s minority stock currently trades under the symbol “CFFN” on the NASDAQ, RP Financial also considered the recent trading activity in the valuation analysis.  Capitol Federal Financial had a total of 74,023,577 shares issued and outstanding at December 31, 2009, of which 21,830,760 shares were held by public shareholders and traded as public securities.  The Company’s stock has had a 52 week trading range of $28.19 to $44.93 per share and its closing price on April 16, 2010 was $37.53.

RP® Financial, LC.	VALUATION ANALYSIS
	IV.19

Table 4.3

Market Pricing Comparatives

Prices As of April 16, 2010

		Market				Per Share Data
		Capitalization				Core			Book
		Price/		Market		12 Month			Value/		Pricing Ratios(3)
Financial Institution		Share(1)		Value		EPS(2)			Share		P/E		P/B		P/A		P/TB		P/Core
		($)		($Mil)		($)			($)		(x)		(%)		(%)		(%)		(x)
All Public Companies		$	10.65	$	320.58	$	(0.10	)	$	12.48	19.19	x	89.20	%	10.73	%	97.65	%	19.58	x
Converted Last 3 Months (no MHC)		$	11.05	$	77.47	$	0.14		$	15.14	13.29	x	74.07	%	12.82	%	74.07	%	13.29	x
Converted Last 3 Months (no MHC)
EBMTD	Eagle Bancorp Montanta of MT	$	10.50	$	42.87	$	0.79		$	12.29	13.29	x	85.44	%	13.14	%	85.44	%	13.29	x
OBAF	OBA Financial Serv. Inc. of MD	$	10.99	$	50.87	$	(0.09	)	$	16.92	NM		64.95	%	12.81	%	64.95	%	NM
OABC	OmniAmerican Bancorp Inc. of TX	$	11.65	$	138.67	$	(0.28	)	$	16.22	NM		71.82	%	12.51	%	71.82	%	NM

		Dividends(4)						Financial Characteristics(6)
		Amount/				Payout		Total		Equity/		Tang Eq/			NPAs/		Reported				Core
Financial Institution		Share		Yield		Ratio(5)		Assets		Assets		Assets			Assets		ROA		ROE		ROA		ROE
		($)		(%)		(%)		($Mil)		(%)		(%)			(%)		(%)		(%)		(%)		(%)
All Public Companies		$	0.26	2.00	%	31.67	%	$	2,701	11.23	%		10.50	%	3.35	%	-0.10	%	-0.70	%	-0.14	%	-0.98	%
Converted Last 3 Months (no MHC)		$	0.09	0.86	%	34.18	%	$	611	2.74	%		2.74	%	2.82	%	0.21	%	-0.65	%	0.19	%	-3.66	%
Converted Last 3 Months (no MHC)
EBMTD	Eagle Bancorp Montanta of MT	$	0.27	2.57	%	34.18	%	$	326	0.00	%		0.00	%	NA		0.99	%	NM		0.99	%	NM
OBAF	OBA Financial Serv. Inc. of MD	$	0.00	0.00	%	NM		$	397	0.00	%		0.00	%	NA		-0.30	%	NM		-0.10	%	NM
OABC	OmniAmerican Bancorp Inc. of TX	$	0.00	0.00	%	NM		$	1,108	8.23	%		8.23	%	2.82	%	-0.05	%	-0.65	%	-0.30	%	-3.66	%

(1)  Average of High/Low or Bid/Ask price per share.

(2)  EPS (estimate core basis) is based on actual trailing 12 month data, adjusted to omit non-operating items on a tax-effected basis.

(3)  P/E = Price to earnings; P/B = Price to book; P/A = Price to assets; P/TB = Price to tangible book value; and P/Core = Price to core earnings.

(4)  Indicated 12 month dividend, based on last quarterly dividend declared.

(5)  Indicated 12 month dividend as a percent of trailing 12 month estimated core earnings.

(6)  ROA (return on assets) and ROE (return on equity) are indicated ratios based on trailing 12 month common earnings and average common equity and total assets balances.

(7)  Excludes from averages and medians those companies the subject of actual or rumored acquisition activities or unusual operating characteristics.

Source: SNL Financial, LC. and RP® Financial, LC. calculations.  The information provided in this report has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information. 

Copyright (c) 2010 by RP® Financial, LC.

RP® Financial, LC.	VALUATION ANALYSIS
	IV.20

                           There are significant differences between the Company’s minority stock (currently being traded) and the conversion stock that will be issued by the Company.  Such differences include different liquidity characteristics, a different return on equity for the conversion stock, the stock is currently traded based on speculation of a range of exchange ratios  and dividend payments will be made on all shares outstanding; thereby, requiring a higher payout ratio to sustain the current level of dividends paid to non-MHC shareholders.  Since the pro forma impact has not been publicly disseminated to date, it is appropriate to discount the current trading level.  As the pro forma impact is made known publicly, the trading level will become more informative.

*  *  *  *  *  *  *  *  *  *  *

             In determining our valuation adjustment for marketing of the issue, we considered trends in both the overall thrift market, the new issue market including the new issue market for second-step conversions, the acquisition market and recent trading activity in the Company’s minority stock.  Taking these factors and trends into account, RP Financial concluded that a slight downward adjustment was appropriate in the valuation analysis for purposes of marketing of the issue.

8.           Management

             The Company’s management team appears to have experience and expertise in all of the key areas of the Company’s operations.  Exhibit IV-5 provides summary resumes of the Company’s Board of Directors and senior management.  The financial characteristics of the Company suggest that the Board and senior management have been effective in implementing an operating strategy that can be well managed by the Company’s present organizational structure.  The Company currently does not have any senior management positions that are vacant.

             Similarly, the returns, equity positions and other operating measures of the Peer Group companies are indicative of well-managed financial institutions, which have Boards and management teams that have been effective in implementing competitive operating strategies.  Therefore, on balance, we concluded no valuation adjustment relative to the Peer Group was appropriate for this factor.

RP® Financial, LC.	VALUATION ANALYSIS
	IV.21

9.           Effect of Government Regulation and Regulatory Reform

             In summary, as a fully-converted regulated institution, Capitol Federal Financial will operate in substantially the same regulatory environment as the Peer Group members — all of whom are adequately capitalized institutions and are operating with no apparent restrictions.  Exhibit IV-6 reflects Capitol Federal Savings Bank’s pro forma regulatory capital ratios.  On balance, no adjustment has been applied for the effect of government regulation and regulatory reform.

Summary of Adjustments

             Overall, based on the factors discussed above, we concluded that the Company’s pro forma market value should reflect the following valuation adjustments relative to the Peer Group:

Key Valuation Parameters:	Valuation Adjustment
Financial Condition	Slight Upward
Profitability, Growth and Viability of Earnings	Moderate Upward
Asset Growth	No Adjustment
Primary Market Area	Slight Upward
Dividends	No Adjustment
Liquidity of the Shares	No Adjustment
Marketing of the Issue	Slight Downward
Management	No Adjustment
Effect of Govt. Regulations and Regulatory Reform	No Adjustment

Valuation Approaches

             In applying the accepted valuation methodology promulgated by the OTS and adopted by the FDIC, i.e., the pro forma market value approach, we considered the three key pricing ratios in valuing the Company’s to-be-issued stock -- price/earnings (“P/E”), price/book (“P/B”), and price/assets (“P/A”) approaches -- all performed on a pro forma basis including the effects of the stock proceeds.  In computing the pro forma impact of the conversion and the related pricing ratios, we have incorporated the valuation parameters disclosed in the Company’s prospectus for reinvestment rate, effective tax rate, stock benefit plan assumptions, expenses and cash contribution to the Foundation (summarized in Exhibits IV-7 and IV-8).

RP® Financial, LC.	VALUATION ANALYSIS
	IV.22

            In our estimate of value, we assessed the relationship of the pro forma pricing ratios relative to the Peer Group and recent conversion offerings.

             RP Financial’s valuation placed an emphasis on the following:

 ■ P/E Approach.  The P/E approach is generally the best indicator of long-term value for a stock and we have given it the most significant weight among the valuation approaches.  Given certain similarities between the Company’s and the Peer Group’s earnings composition and overall financial condition, the P/E approach was carefully considered in this valuation.  At the same time, recognizing that (1) the earnings multiples will be evaluated on a pro forma basis for the Company; and (2) the Peer Group companies have had the opportunity to realize the benefit of reinvesting and leveraging their offering proceeds, we also gave weight to the other valuation approaches.

 ■ P/B Approach.  P/B ratios have generally served as a useful benchmark in the valuation of thrift stocks, particularly in the context of an initial public offering, as the earnings approach involves assumptions regarding the use of proceeds.  RP Financial considered the P/B approach to be a valuable indicator of pro forma value taking into account the pricing ratios under the P/E and P/A approaches.  We have also modified the P/B approach to exclude the impact of intangible assets (i.e., price/tangible book value or “P/TB”), in that the investment community frequently makes this adjustment in its evaluation of this pricing approach.

 ■ P/A Approach.  P/A ratios are generally a less reliable indicator of market value, as investors typically assign less weight to assets and attribute greater weight to book value and earnings.  Furthermore, this approach as set forth in the regulatory valuation guidelines does not take into account the amount of stock purchases funded by deposit withdrawals, thus understating the pro forma P/A ratio.  At the same time, the P/A ratio is an indicator of franchise value, and, in the case of highly capitalized institutions, high P/A ratios may limit the investment community’s willingness to pay market multiples for earnings or book value when ROE is expected to be low.

RP® Financial, LC.	VALUATION ANALYSIS
	IV.23

 ■ Trading of CFFN stock.  Converting institutions generally do not have stock outstanding.  Capitol Federal Financial, however, has public shares outstanding due to the mutual holding company form of ownership.  Since Capitol Federal Financial is currently traded on the NASDAQ, it is an indicator of investor interest in the Company’s conversion stock and therefore received some weight in our valuation.  Based on the April 16, 2010, stock price of $37.53 per share and the 74,023,577 shares of Capitol Federal Financial stock outstanding, the Company’s implied market value of $2.778 billion was considered in the valuation process.  However, since the conversion stock will have different characteristics than the minority shares, and since pro forma information has not been publicly disseminated to date, the current trading price of Capitol Federal Financial’s stock was somewhat discounted herein but will become more important towards the closing of the offering.

             The Company has adopted Statement of Position (“SOP”) 93-6, which causes earnings per share computations to be based on shares issued and outstanding excluding unreleased ESOP shares.  For purposes of preparing the pro forma pricing analyses, we have reflected all shares issued in the offering, including all ESOP shares, to capture the full dilutive impact, particularly since the ESOP shares are economically dilutive, receive dividends and can be voted.  However, we did consider the impact of SOP 93-6 in the valuation.

             In preparing the pro forma pricing analysis we have taken into account the pro forma impact of the MHC net assets that will be consolidated with the Company and thus will increase equity and earnings.  At December 31, 2009, the MHC had unconsolidated net assets of $133,000.  These entries have been added to the Company’s December 31, 2009 reported financial information to reflect the consolidation of the MHC into the Company’s operations.

             Based on the application of the three valuation approaches, taking into consideration the valuation adjustments discussed above, RP Financial concluded that as of April 16, 2010, the aggregate pro forma market value of Capitol Federal Financial’s conversion stock equaled $2,623,802,000 at the midpoint, equal to 262,380,200 shares at $10.00 per share.  The $10.00 per share price was determined by the Capitol Federal Financial Board.  The midpoint and resulting valuation range is based on the sale of a 70.51% ownership interest to the public, which provides for a $1,850,000,000 public offering at the midpoint value.

RP® Financial, LC.	VALUATION ANALYSIS
	IV.24

             1.           Price-to-Earnings (“P/E”).  The application of the P/E valuation method requires calculating the Company’s pro forma market value by applying a valuation P/E multiple (fully-converted basis) to the pro forma earnings base.  In applying this technique, we considered both reported earnings and a recurring earnings base, that is, earnings adjusted to exclude any one-time non-operating items, plus the estimated after-tax earnings benefit of the reinvestment of the net proceeds.  The Company’s reported earnings equaled $71.426 million for the twelve months ended December 31, 2009.  In deriving Capitol Federal Financial’s core earnings, the only adjustments made to reported earnings were to eliminate the net gain on the sale of securities and loans.  The net gain on the sale of securities and loans  equaled $8.619 million for the twelve months ended December 31, 2009.  As shown below, on a tax effected basis, assuming an effective marginal tax rate of 38.32% for the earnings adjustments, the Company’s core earnings were determined to equal $66.110 million for the twelve months ended December 31, 2009.  (Note:  see Exhibit IV-9 for the adjustments applied to the Peer Group’s earnings in the calculation of core earnings).

	Amount
		($000	)
Net income (loss)	$	71,426
Deduct: Gain on sale of loans and securities(1)		(5,316	)
Core earnings estimate	$	66,110
(1)  Tax effected at 38.32%.

Based on the Company’s reported and estimated core earnings, and incorporating the impact of the pro forma assumptions discussed previously, the Company’s pro forma reported and core P/E multiples at the $2.624 billion midpoint value equaled 30.27 times and 32.25 times, respectively, indicating premiums of 48.7% and 35.2% relative to the Peer Group’s average reported and core earnings multiples of 20.35 times and 23.86 times, respectively (see Table 4.4).  In comparison to the Peer Group’s median reported and core earnings multiples of 18.69 times and 23.80 times, respectively, the Company’s pro forma reported and core P/E multiples at the midpoint value indicated premiums of 62.0% and 35.5%, respectively.  The Company’s pro forma P/E ratios based on reported earnings at the minimum and the maximum equaled 26.46 times and 33.87 times, respectively, and based on core earnings at the minimum and the maximum equaled 28.24 times and 36.02 times, respectively.

RP® Financial, LC.	VALUATION ANALYSIS
	IV.25

Table 4.4

Public Market Pricing

Capitol Federal Financial and the Comparables

As of April 16, 2010

		Market				Per Share Data
		Capitalization				Core				Book													Dividends(4)
		Price/			Market	12 Month				Value/	Pricing Ratios(3)												Amount/					Payout
		Share(1)			Value	EPS(2)				Share	P/E			P/B		P/A		P/TB			P/Core		Share		Yield			Ratio(5)
			($)		($Mil)	($)				($)	(x)			(%)		(%)		(%)			(x)			($)	(%)			(%)
Capitol Federal Financial
Maximum			10.00		3,017.37	$	0.28			9.42		33.87		106.16	%	29.37	%	106.16	%		36.02		$	0.00	0.00	%		108.07	%
Midpoint			10.00		2,623.80	$	0.31			9.87		30.27		101.32	%	26.18	%	101.32	%		32.25		$	0.00	0.00	%		96.74	%
Minimum			10.00		2,230.23	$	0.35			10.48		26.46		95.42	%	22.83	%	95.42	%		28.24		$	0.00	0.00	%		84.73	%
All Non-MHC Public Companies (7)
Averages		$	10.84	$	371.31	($	0.16	)	$	13.87		19.06	x	77.77	%	8.75	%	86.85	%		18.86	x	$	0.26	1.96	%		32.58	%
Medians		$	10.00	$	51.59	$	0.09		$	13.20		17.53	x	76.35	%	6.91	%	82.19	%		17.26	x	$	0.20	1.86	%		0.00	%
Comparable Group Averages
Averages		$	12.28	$	689.94	$	0.37		$	11.09		20.35	x	119.10	%	13.51	%	143.10	%		23.86	x	$	0.30	2.67	%		47.76	%
Medians		$	12.95	$	438.89	$	0.33		$	11.17		18.69	x	115.26	%	13.06	%	146.60	%		23.80	x	$	0.27	2.82	%		50.00	%
Comparable Group
BKMU	Bank Mutual Corp. of WI	$	7.17	$	326.06	$	0.09		$	8.85		23.90	x	81.02	%	9.28	%	93.60	%	NM			$	0.28	3.91	%	NM
BRKL	Brookline Bancorp, Inc. of MA	$	10.60	$	625.73	$	0.33		$	8.26		32.12	x	128.33	%	23.92	%	141.90	%		32.12	x	$	0.34	3.21	%	NM
DNBK	Danvers Bancorp, Inc. of MA	$	14.89	$	323.20	$	0.24		$	13.16	NM			113.15	%	12.93	%	129.03	%	NM			$	0.08	0.54	%		33.33	%
DCOM	Dime Community Bancshares of NY	$	13.23	$	455.06	$	0.93		$	8.57		17.41	x	154.38	%	11.51	%	190.36	%		14.23	x	$	0.56	4.23	%		73.68	%
FFCH	First Financial Holdings Inc. of SC	$	14.04	$	232.03	$	0.04		$	17.52		8.41	x	80.14	%	6.67	%	92.43	%	NM			$	0.20	1.42	%		11.98	%
FFIC	Flushing Financial Corp. of NY	$	13.58	$	422.72	$	0.81		$	11.57		19.97	x	117.37	%	10.20	%	123.57	%		16.77	x	$	0.52	3.83	%	NM
NAL	NewAlliance Bancshares of CT	$	12.66	$	1,342.59	$	0.39		$	13.53		28.77	x	93.57	%	15.92	%	153.83	%		32.46	x	$	0.28	2.21	%		63.64	%
PBNY	Provident NY Bancorp, Inc. of NY	$	9.85	$	384.75	$	0.33		$	10.76		14.92	x	91.54	%	13.19	%	151.31	%		29.85	x	$	0.24	2.44	%		36.36	%
TRST	TrustCo Bank Corp. NY of NY	$	6.39	$	489.80	$	0.36		$	3.21		17.27	x	199.07	%	13.31	%	199.69	%		17.75	x	$	0.25	3.91	%		67.57	%
WFSL	Washington Federal, Inc. of WA	$	20.43	$	2,297.46	$	0.16		$	15.42	NM			132.49	%	18.14	%	155.24	%	NM			$	0.20	0.98	%	NM

		Financial Characteristics(6)																									2nd Step
		Total		Equity/			Tang Eq/			NPAs/			Reported						Core						Exchange		Offering
		Assets		Assets			Assets			Assets			ROA			ROE			ROA			ROE			Ratio		Amount
		($Mil)		(%)			(%)			(%)			(%)			(%)			(%)			(%)					($Mil)
Capitol Federal Financial
Maximum			10,274		27.65	%		27.65	%		0.38	%		0.87	%		3.14	%		0.82	%		2.95	%		4.0762		2,127.500
Midpoint			10,022		25.84	%		25.84	%		0.39	%		0.86	%		3.35	%		0.81	%		3.14	%		3.5445		1,850.000
Minimum			9,770		23.93	%		23.93	%		0.40	%		0.86	%		3.61	%		0.81	%		3.38	%		3.0129		1,572.500
All Non-MHC Public Companies (7)
Averages		$	2,971		10.66	%		9.89	%		3.42	%		-0.16	%		-1.01	%		-0.24	%		-1.58	%
Medians		$	916		9.13	%		8.63	%		2.51	%		0.13	%		1.60	%		0.08	%		1.01	%
Comparable Group Averages
Averages		$	4,789		11.98	%		10.01	%		1.86	%		0.58	%		5.73	%		0.44	%		4.46	%
Medians		$	3,596		11.49	%		9.70	%		1.26	%		0.60	%		5.05	%		0.46	%		3.00	%
Comparable Group
BKMU	Bank Mutual Corp. of WI	$	3,512		11.54	%		10.17	%		1.72	%		0.39	%		3.38	%		0.12	%		1.01	%
BRKL	Brookline Bancorp, Inc. of MA	$	2,616		18.71	%		17.25	%		0.77	%		0.74	%		3.98	%		0.74	%		3.98	%
DNBK	Danvers Bancorp, Inc. of MA	$	2,500		11.43	%		10.16	%		0.77	%		0.27	%		2.17	%		0.27	%		2.17	%
DCOM	Dime Community Bancshares of NY	$	3,952		7.46	%		6.13	%		0.35	%		0.66	%		9.18	%		0.80	%		11.23	%
FFCH	First Financial Holdings Inc. of SC	$	3,476		10.20	%		9.19	%		3.73	%		0.82	%		9.37	%		0.02	%		0.22	%
FFIC	Flushing Financial Corp. of NY	$	4,143		8.69	%		8.29	%		2.32	%		0.52	%		6.23	%		0.62	%		7.42	%
NAL	NewAlliance Bancshares of CT	$	8,434		17.01	%		11.09	%		0.66	%		0.55	%		3.31	%		0.49	%		2.93	%
PBNY	Provident NY Bancorp, Inc. of NY	$	2,918		14.40	%		9.24	%		1.01	%		0.88	%		6.12	%		0.44	%		3.06	%
TRST	TrustCo Bank Corp. NY of NY	$	3,680		6.69	%		6.67	%		1.50	%		0.79	%		11.78	%		0.77	%		11.46	%
WFSL	Washington Federal, Inc. of WA	$	12,662		13.69	%		11.93	%		5.73	%		0.23	%		1.74	%		0.14	%		1.12	%

(1)	Average of High/Low or Bid/Ask price per share.
(2)	EPS (estimate core basis) is based on actual trailing 12 month data, adjusted to omit non-operating items on a tax-effected basis, and is shown on a pro forma basis where appropriate.
(3)	P/E = Price to earnings; P/B = Price to book; P/A = Price to assets; P/TB = Price to tangible book value; and P/Core = Price to core earnings.
(4)	Indicated 12 month dividend, based on last quarterly dividend declared.
(5)	Indicated 12 month dividend as a percent of trailing 12 month estimated core earnings.
(6)	ROA (return on assets) and ROE (return on equity) are indicated ratios based on trailing 12 month common earnings and average common equity and total assets balances.
(7)	Excludes from averages and medians those companies the subject of actual or rumored acquisition activities or unusual operating characteristics.

Source:  SNL Financial, LC. and RP® Financial, LC. calculations.  The information provided in this table has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information.

RP® Financial, LC.	VALUATION ANALYSIS
	IV.26

 2.Price-to-Book (“P/B”). The application of the P/B valuation method requires calculating the Company’s pro forma market value by applying a valuation P/B ratio, as derived from the Peer Group’s P/B ratio, to the Company’s pro forma book value.  Based on the $2.624 billion midpoint valuation, the Company’s pro forma P/B and P/TB ratios both equaled 101.32%.  In comparison to the average P/B and P/TB ratios for the Peer Group of 119.10% and 143.10%, the Company’s P/B and P/TB ratios reflected discounts of 14.9% and 29.2%, respectively.  In comparison to the Peer Group’s median P/B and P/TB ratios of 115.26% and 146.60%, respectively, the Company’s pro forma P/B and P/TB ratios at the midpoint value reflected discounts of 12.1% and 30.9%, respectively.  At the maximum of the range, the Company’s P/B and P/TB ratios both equaled 106.16%.  In comparison to the Peer Group’s average P/B and P/TB ratios, the Company’s P/B and P/TB ratios at the top of the range reflected discounts of 10.9% and 25.8%, respectively.  In comparison to the Peer Group’s median P/B and P/TB ratios, the Company’s P/B and P/TB ratios at the maximum of the range reflected discounts of 7.9% and 27.6%, respectively.  RP Financial considered the discounts under the P/B approach to be reasonable, given the Company’s pro forma P/E multiples were at a premium to the Peer Group’s P/E multiples and the Company’s pro forma tangible equity-to-assets ratio was more than double the Peer Group’s tangible equity-to-assets ratio.

 3.Price-to-Assets (“P/A”).  The P/A valuation methodology determines market value by applying a valuation P/A ratio to the Company’s pro forma asset base, conservatively assuming no deposit withdrawals are made to fund stock purchases.  In all likelihood there will be deposit withdrawals, which results in understating the pro forma P/A ratio which is computed herein.  At the $2.624 billion midpoint of the valuation range, the Company’s value equaled 26.18% of pro forma assets.  Comparatively, the Peer Group companies exhibited an average P/A ratio of 13.51%, which implies a premium of 93.8% has been applied to the Company’s pro forma P/A ratio.  In comparison to the Peer Group’s median P/A ratio of 13.06%, the Company’s pro forma P/A ratio at the midpoint value reflects a premium of 101.2%.

RP® Financial, LC.	VALUATION ANALYSIS
	IV.27

Comparison to Recent Offerings

As indicated at the beginning of this chapter, RP Financial’s analysis of recent conversion offering pricing characteristics at closing and in the aftermarket has been limited to a “technical” analysis and, thus, the pricing characteristics of recent conversion offerings can not be a primary determinate of value.  Particular focus was placed on the P/TB approach in this analysis, since the P/E multiples do not reflect the actual impact of reinvestment and the source of the stock proceeds (i.e., external funds vs. deposit withdrawals).  As discussed previously,  Eagle Bancorp Montana’s second-step offering closing value reflected a forma price/tangible book ratio of 81.4% (see Table 4.2).  In comparison, the Company’s pro forma price/tangible book ratio at the appraised midpoint value reflects a premium of 24.5%.  Eagle Bancorp Montana’s current P/TB ratio, based on closing stock prices as of April 16, 2010, equaled 85.4%.  In comparison to Eagle Bancorp Montana’s current P/TB ratio, the Company’s P/TB ratio at the midpoint value reflects an implied premium of 18.6%.

Also previously noted was Northwest Bancshares’ second-step offering completed in 2009, which was a larger offering more comparable to the size of Company’s second-step offering.  Northwest Bancshares’ pro forma price/tangible book ratio at the closing value equaled 101.5%.  In comparison, the Company’s pro forma price/tangible book ratio at the appraised midpoint value reflects a discount of 0.2%.  Northwest Bancshares’ P/TB ratio equaled 114.45%, based on closing stock prices as of April 16, 2010.  In comparison to Northwest Bancshares’ current P/TB ratio, the Company’s P/TB ratio at the midpoint value reflects an implied discount of 11.5% and at the maximum of the range the Company’s P/TB ratio reflects an implied discount of 7.2%.

RP® Financial, LC.	VALUATION ANALYSIS
	IV.28

Valuation Conclusion

Based on the foregoing, it is our opinion that, as of April 16, 2010, the estimated aggregate pro forma valuation of the shares of the Company to be issued and outstanding at the end of the conversion offering – including (1) newly-issued shares representing the MHC’s current ownership interest in the Company and (2) exchange shares issued to existing public shareholders of the Company - was $2,623,802,000 at the midpoint, equal to 262,380,200 shares at a per share value of $10.00.  Based on regulation, the resulting range of value and pro forma shares, all based on $10.00 per share, are as follows:  $2,230,231,700 or 223,023,170 shares at the minimum and $3,017,372,300 or 301,737,230 shares at the maximum.

Based on this valuation and taking into account the ownership interest represented by the shares owned by the MHC, the midpoint of the offering range is $1,850,000,000 equal to 185,000,000 shares at $10.00 per share.  Based on regulation, the resulting offering range and offering shares, all based on $10.00 per share, are as follows:  $1,572,500,000 or 157,250,000 shares at the minimum and $2,127,500,000 or 212,750,000 shares at the maximum.  The pro forma valuation calculations relative to the Peer Group are shown in Table 4.4 and are detailed in Exhibit IV-7 and Exhibit IV-8.

RP® Financial, LC.	VALUATION ANALYSIS
	IV.29

Establishment of the Exchange Ratio

OTS regulations provide that in a conversion of a mutual holding company, the minority stockholders are entitled to exchange the public shares for newly issued shares in the fully converted company.  The Board of Directors of Capitol Federal Financial has independently determined the exchange ratio, which has been designed to preserve the current aggregate percentage ownership in the Company held by the public shareholders.  The exchange ratio to be received by the existing minority shareholders of the Company will be determined at the end of the offering, based on the total number of shares sold in the subscription and syndicated offerings and the final appraisal.  Based on the valuation conclusion herein, the resulting offering value and the $10.00 per share offering price, the indicated exchange ratio at the midpoint is 3.5445 shares of the Company for every one public share held by public shareholders.  Furthermore, based on the offering range of value, the indicated exchange ratio is 3.0129 at the minimum and 4.0762 at the maximum.  RP Financial expresses no opinion on the proposed exchange of newly issued Company shares for the shares held by the public stockholders or on the proposed exchange ratio.

EXHIBITS

RP® Financial, LC. LIST OF EXHIBITS

LIST OF EXHIBITS

Exhibit Number		Description
	I-1	Map of Office Locations
	I-2	Audited Financial Statements
	I-3	Key Operating Ratios
	I-4	Investment Portfolio Composition
	I-5	Yields and Costs
	I-6	Loan Loss Allowance Activity
	I-7	Interest Rate Risk Analysis
	I-8	Fixed and Adjustable Rate Loans
	I-9	Loan Portfolio Composition
	I-10	Contractual Maturity by Loan Type
	I-11	Loan Originations, Purchases and Repayments
	I-12	Non-Performing Assets
	I-13	Deposit Composition
	I-14	Maturity of Time Deposits
	I-15	Borrowing Activity
	II-1	Historical Interest Rates

RP® Financial, LC. LIST OF EXHIBITS

LIST OF EXHIBITS (continued)

Exhibit Number		Description
	III-1	General Characteristics of Publicly-Traded Institutions
	III-2	Public Market Pricing of Mid-West Thrift Institutions
	III-3	Public Market Pricing of All Publicly-Traded Thrift Institutions
	III-4	Peer Group Market Area Comparative Analysis
	IV-1	Stock Prices:  As of April 16, 2010
	IV-2	Historical Stock Price Indices
	IV-3	Historical Thrift Stock Indices
	IV-4	Market Area Acquisition Activity
	IV-5	Director and Senior Management Summary Resumes
	IV-6	Pro Forma Regulatory Capital Ratios
	IV-7	Pro Forma Analysis Sheet
	IV-8	Pro Forma Effect of Conversion Proceeds
	IV-9	Peer Group Core Earnings Analysis
	V-1	Firm Qualifications Statement

EXHIBIT I-1

Capitol Federal Financial

Map of Office Locations

Exhibit I-1

Capitol Federal Financial

Map of Office Locations

EXHIBIT I-2

Capitol Federal Financial

Audited Financial Statements

[Incorporated by Reference]

EXHIBIT I-3

Capitol Federal Financial

Key Operating Ratios

Exhibit I-3

Capitol Federal Financial

Key Operating Ratios

	At or For the Three Months Ended December 31, 2009
				At and for Year Ended September 30,
				2009			2008			2007			2006			2005
Selected Performance and Financial Ratios and Other Data:
Performance Ratios:
Return on average assets		1.00	%		0.81	%		0.65	%		0.41	%		0.58	%		0.77	%
Return on average equity		8.82			7.27			5.86			3.72			5.58			7.62
Dividends paid per public share (1)	$	0.79		$	2.11		$	2.00		$	2.09		$	2.30		$	2.00
Dividend payout ratio		79.46			66.47	%		81.30	%		133.14	%		97.41	%		62.59	%
Ratio of operating expense to average total assets		1.08			1.14			1.04			0.98			0.88			0.87
Efficiency ratio		39.23			45.62			49.93			59.60			48.03			41.19
Ratio of average interest-earning assets to average interest-bearing liabilities		1.12	x		1.12	x		1.12	x		1.12	x		1.11	x		1.10	x
Interest rate spread information:
Average during period		1.91	%		1.86	%		1.35	%		0.93	%		1.19	%		1.59	%
End of period		1.91			1.89			1.70			0.89			1.07			1.46
Net interest margin		2.19			2.20			1.75			1.36			1.57			1.87
Asset Quality Ratios:
Non-performing assets to total assets		0.47			0.46			0.23			0.12			0.10			0.08
Non-performing loans to total loans		0.60			0.55			0.26			0.14			0.11			0.09
Allowance for loan losses to non-performing loans		37.59			32.83			42.37			56.87			79.03			89.14
Allowance for loan losses to loans receivable, net		0.23			0.18			0.11			0.08			0.08			0.08
Ratio of net charge-offs during the period to average loans outstanding		0.02	%		0.04	%		*			*			*			*
Capital Ratios:
Equity to total assets at end of period (2)		11.25			11.20			10.82			11.30			10.53			10.29
Average equity to average assets		11.33			11.08			11.05			10.91			10.47			10.05
Regulatory Capital Ratios of Bank:
Tangible equity		10.1			10.0			10.0			10.3			9.5			9.1
Tier 1 (core) capital		10.1			10.0			10.0			10.3			9.5			9.1
Tier 1 (core) risk-based capital		23.8			23.2			23.1			22.9			22.6			21.3
Total risk-based capital		24.0			23.3			23.0			22.8			22.5			21.3
Other Data:
Number of traditional offices		34			33			30			29			29			29
Number of in-store offices		10			9			9			9			9			8

(1) For all periods shown, Capitol Federal Savings Bank MHC, which owns a majority of the outstanding shares of Capitol Federal Financial common stock, waived its right to receive dividends paid on the common stock with the exception of the $0.50 per share dividend paid on 500,000 shares in February 2005.  Public shares exclude shares held by Capitol Federal Savings Bank MHC, as well as unallocated shares held in the employee stock ownership plan

(2)	CFF has no intangible equity items.
*	Less than 0.01%

Source:  Capitol Federal Financial’s prospectus.

EXHIBIT I-4

Capitol Federal Financial

Investment Portfolio Composition

Exhibit I-4

Capitol Federal Financial

Investment Portfolio Composition

	December 31, 2009									2009					September 30, 2008									2007
	Carrying Value		% of Total			Fair Value		Carrying Value		% of Total			Fair Value		Carrying Value		% of Total			Fair Value		Carrying Value		% of Total			Fair Value
															(Dollars in thousands)
AFS securities:
MBS	$	1,305,096		84.7	%	$	1,305,096	$	1,389,211		85.5	%	$	1,389,211	$	1,484,055		96.7	%	$	1,484,055	$	402,686		79.7	%	$	402,686
U.S. government-sponsored enterprises		228,840		14.9			228,840		229,875		14.2			229,875		44,188		2.9			44,188		99,705		19.8			99,705
Trust preferred securities		2,408		0.2			2,408		2,110		0.1			2,110		2,655		0.2			2,655		—		—			—
Municipal bonds		2,753		0.2			2,753		2,799		0.2			2,799		2,743		0.2			2,743		2,719		0.5			2,719
Total AFS securities		1,539,097		100			1,539,097		1,623,995		100.0			1,623,995		1,533,641		100.0			1,533,641		505,110		100.0			505,110
HTM securities:
MBS		572,873		57.8			594,365		603,256		71.0			627,829		750,284		89.0			743,764		1,011,585		70.6			995,415
U.S. government-sponsored enterprises		348,623		35.2			348,240		175,394		20.7			175,929		37,397		4.4			36,769		401,431		28.0			398,598
Municipal bonds		69,319		7.0			71,112		70,526		8.3			73,000		55,376		6.6			55,442		20,313		1.4			20,342
Total HTM securities		990,815		100.0	%		1,013,717		849,176		100.0	%		876,758		843,057		100.0	%		835,975		1,433,329		100.0	%		1,414,355
	$	2,529,912				$	2,552,814	$	2,473,171				$	2,500,753	$	2,376,698				$	2,369,616	$	1,938,439				$	1,919,465

Source:  Capitol Federal Financial’s prospectus.

EXHIBIT I-5

Capitol Federal Financial

Yields and Costs

Exhibit I-5

Capitol Federal Financial

Yields and Costs

	Three Months Ended														Year Ended September 30,
	December 31, 2009							December 31, 2008							2009							2008							2007
	Average Outstanding Balance		Interest Earned/ Paid		Yield/ Rate			Average Outstanding Balance		Interest Earned/ Paid		Yield/ Rate			Average Outstanding Balance		Interest Earned/ Paid		Yield/ Rate			Average Outstanding Balance		Interest Earned/ Paid		Yield/ Rate			Average Outstanding Balance		Interest Earned/ Paid		Yield/ Rate
															(Dollars in thousands)
Assets
Interest-earning assets:
Mortgage loans (1)	$	5,347,359	$	71,637		5.36	%	$	5,206,218	$	73,409		5.64	%	$	5,296,297	$	293,685		5.55	%	$	5,099,147	$	286,383		5.62	%	$	5,022,178	$	276,317		5.50	%
Other loans		203,524		2,889		5.63			212,961		3,307		6.16			208,252		12,097		5.81			216,404		15,637		7.21			222,000		18,427		8.30
Total loans receivable		5,550,883		74,526		5.37			5,419,179		76,716		5.66			5,504,549		305,782		5.56			5,315,551		302,020		5.68			5,244,178		294,744		5.62
MBS (2)		1,888,230		20,754		4.40			2,201,531		26,402		4.80			2,110,701		97,926		4.64			1,888,186		88,395		4.68			1,605,901		68,752		4.28
Investment securities (2)(3)		524,854		2,559		1.95			136,295		1,326		3.89			229,766		5,533		2.41			242,426		9,917		4.09			656,857		30,849		4.70
Capital stock of FHLB		133,075		1,001		2.98			124,958		780		2.48			129,716		3,344		2.58			129,216		6,921		5.36			153,478		10,017		6.53
Cash and cash equivalents		80,391		47		0.23			33,025		49		0.58			72,184		201		0.28			112,522		3,553		3.11			138,756		7,188		5.11
Total interest-earning assets		8,177,433		98,887		4.84			7,914,988		105,273		5.32			8,046,916		412,786		5.13			7,687,901		410,806		5.34			7,799,170		411,550		5.28
Other noninterest-earning assets		225,321							161,092							181,829							186,312							153,949
Total assets	$	8,402,754						$	8,076,080						$	8,228,745						$	7,874,213						$	7,953,119
Liabilities and stockholders’ equity
Interest-bearing liabilities:
Savings	$	225,837	$	361		0.63	%	$	229,540	$	618		1.07	%	$	228,879	$	1,873		0.82	%	$	230,818	$	4,105		1.77		$	195,660	$	4,952		2.53	%
Checking		447,055		176		0.16			405,787		211		0.21			426,976		879		0.21			398,430		819		0.20			396,454		850		0.21
Money market		867,233		1,740		0.80			775,386		2,553		1.31			814,898		8,512		1.04			804,612		16,771		2.08			807,459		26,566		3.29
Certificates		2,667,141		19,828		2.95			2,473,763		23,403		3.75			2,585,560		89,207		3.45			2,507,036		111,740		4.44			2,504,069		114,911		4.59
Total deposits		4,207,266		22,105		2.09			3,884,476		26,785		2.73			4,056,313		100,471		2.48			3,940,896		133,435		3.37			3,903,642		147,279		3.77
FHLB advances (4)		2,393,134		24,819		4.11			2,477,961		29,545		4.72			2,437,978		106,551		4.36			2,552,883		125,748		4.89			3,009,538		153,363		5.03
Other borrowings		713,609		7,109		3.90			713,585		7,725		4.24			713,601		29,122		4.03			391,009		17,455		4.39			53,493		4,468		8.24
Total interest-bearing liabilities		7,314,009		54,033		2.93			7,076,022		64,055		3.58			7,207,892		236,144		3.27			6,884,788		276,638		3.99			6,966,673		305,110		4.35
Other noninterest-bearing liabilities		137,057							121,970							108,940							119,353							118,445
Stockholders’ equity		951,688							878,088							911,913							870,072							868,001
Total liabilities and stockholders’ equity	$	8,402,754						$	8,076,080						$	8,228,745						$	7,874,213						$	7,953,119
Net interest income																	$	176,642						$	134,168						$	106,440
Net interest rate spread						1.91	%						1.74	%						1.86	%						1.35							0.93	%
Net interest-earning assets	$	863,424						$	838,966						$	839,024						$	803,113						$	832,497
Net interest margin						2.19	%						2.08	%						2.20	%						1.75	%						1.36	%
Ratio of interest-earning assets to interest-bearing liabilities						1.12	x						1.12	x						1.12	x						1.12	x						1.12	x

*	Annualized
(1)	Calculated net of deferred loan fees, loan discounts, and loans in process.  Non-accrual loans are included in the loans receivable average balance with a yield of zero percent.
(2)	MBS and investment securities classified as AFS are stated at amortized cost, adjusted for unamortized purchase premiums or discounts.
(3)	The average balance of investment securities includes an average balance of nontaxable securities of $71.6 million and $57.5 million for the periods ended December 31, 2009 and 2008 and $61.0 million, $45.9 million, and $12.0 million for the years ended September 30, 2009, 2008 and 2007, respectively.
(4)	FHLB advances are stated net of deferred gains and deferred prepayment penalties.  The rate at December 31, 2009 is the effective rate.
(5)	The average balance for other non-interest-earning assets, other non-interest-bearing liabilities, and stockholders’ equity was calculated based upon month-end balances.

Source:  Capitol Federal Financial’s prospectus.

EXHIBIT I-6

Capitol Federal Financial

Loan Loss Allowance Activity

Exhibit I-6

Capitol Federal Financial

Loan Loss Allowance Activity

	Three
	Months
	Ended
	December
	31,			Year Ended September 30,
	2009			2009			2008			2007			2006			2005
Balance at beginning of period Charge-offs:	$	10,150		$	5,791		$	4,181		$	4,433		$	4,598		$	4,495
One- to four-family loans-originated		39			226			86			8			95			91
One- to four-family loans-purchased		856			1,781			321			—			—			—
Multi-family & commercial		—			—			—			—			—			—
Construction		—			—			—			—			—			—
Home equity		23			1			2			3			—			—
Other		5			24			32			16			37			56
Total charge-offs		923			2,032			441			27			132			147
Recoveries:
One- to four-family		—			—			—			—			1			35
Multi-family & commercial		—			—			—			—			—			—
Construction		—			—			—			—			—			—
Home equity		—			—			—			—			—			—
Other		—			—			—			—			—			—
Total recoveries		—			—			—			—			1			35
Net charge-offs		923			2,032			441			27			131			112
Allowance on loans in the loan swap transaction		(135	)		—			—			—			(281	)		—
Provision (recovery)		3,115			6,391			2,051			(225	)		247			215
Balance at end of period	$	12,207		$	10,150		$	5,791		$	4,181		$	4,433		$	4,598
Ratio of net charge-offs during the period to average loans outstanding(1)		0.02	%		0.04	%		—	%		—	%		—	%		—	%
Ratio of net charge-offs during the period to average non-performing assets		2.39	%		7.11	%		3.12	%		0.31	%		1.77	%		1.31	%
ALLL as a percentage of non-performing loans		37.59	%		32.83	%		42.37	%		56.87	%		79.03	%		89.14	%
ALLL as a percentage of total loans (end of period)		0.23	%		0.18	%		0.11	%		0.08	%		0.08	%		0.08	%

(1) Ratios for the years ended September 30, 2008, 2007, 2006 and 2005 calculate to be less than 0.01%.

Source:  Capitol Federal Financial’s prospectus.

EXHIBIT I-7

Capitol Federal Financial

Interest Rate Risk Analysis

Exhibit I-7

Capitol Federal Financial

Interest Rate Risk Analysis

Percentage Change in MVPE
Change (in Basis Points) in Interest Rates(1)	At December 31, 2009		At September 30, 2009
-100 bp	N/A		N/A
000 bp	—		—
+100 bp	-5.66	%	-4.92	%
+200 bp	-16.55	%	-18.11	%
+300 bp	-30.26	%	-34.32	%

(1)        Assumes an instantaneous, permanent and parallel change in interest rates at all maturities.

Source:  Capitol Federal Financial’s prospectus.

EXHIBIT I-8

Capitol Federal Financial

Fixed and Adjustable Rate Loans

Exhibit I-8

Capitol Federal Financial

Fixed and Adjustable Rate Loans

	Fixed		Adjustable		Total
	(Dollars in thousands)
Real Estate Loans:
One- to four-family	$	4,096,494	$	1,057,148	$	5,153,642
Multi-family and commercial		68,902		2,471		71,373
Construction		15,185		545		15,730
Consumer Loans:
Home equity		53,203		136,760		189,963
Other		3,780		3,928		7,708
Total	$	4,237,564	$	1,200,852	$	5,438,416

Source:  Capitol Federal Financial’s prospectus.

EXHIBIT I-9

Capitol Federal Financial

Loan Portfolio Composition

Exhibit I-9

Capitol Federal Financial

Loan Portfolio Composition

	December 31, 2009					September 30,
						2009					2008					2007					2006					2005
	Amount		Percent			Amount		Percent			Amount		Percent			Amount		Percent			Amount		Percent			Amount		Percent
	(Dollars in thousands)
Real Estate Loans:
One- to four-family	$	5,155,773		94.4	%	$	5,321,935		94.2	%	$	5,026,358		93.4	%	$	4,992,398		93.4	%	$	4,931,505		93.8	%	$	5,189,006		94.5	%
Multi-family and commercial		71,395		1.3			80,493		1.4			56,081		1.0			60,625		1.1			56,774		1.1			49,563		0.9
Construction		33,403		0.6			39,535		0.7			85,178		1.6			74,521		1.4			45,452		0.8			45,312		0.8
Total real estate loans		5,260,571		96.3			5,441,963		96.3			5,167,617		96.0			5,127,544		95.9			5,033,731		95.7			5,283,881		96.2
Consumer Loans:
Home equity		193,987		3.5			195,557		3.5			202,956		3.8			208,642		3.9			212,938		4.1			198,135		3.6
Other		9,186		0.2			9,430		0.2			9,272		0.2			10,440		0.2			10,804		0.2			12,371		0.2
Total consumer loans		203,173		3.7			204,987		3.7			212,228		4.0			219,082		4.1			223,742		4.3			210,506		3.8
Total loans receivable		5,463,744		100.0	%		5,646,950		100.0	%		5,379,845		100.0	%		5,346,626		100.0	%		5,257,473		100.0	%		5,494,387		100.0	%
Less:
Undisbursed loan funds		17,089					20,649					43,186					42,481					22,605					14,803
Unearned loan fees and deferred costs		10,525					12,186					10,088					9,893					9,318					10,856
Allowance for losses		12,207					10,150					5,791					4,181					4,433					4,598
Total loans receivable, net	$	5,423,923				$	5,603,965				$	5,320,780				$	5,290,071				$	5,221,117				$	5,464,130

Source:  Capitol Federal Financial’s prospectus.

EXHIBIT I-10

Capitol Federal Financial

Contractual Maturity by Loan Type

Exhibit I-10

Capitol Federal Financial

Contractual Maturity by Loan Type

	Real Estate															Consumer
						Multi-family and					Construction
	One- to Four-Family					Commercial					and Development (2)					Home Equity (3)					Other					Total
			Weighted					Weighted					Weighted					Weighted					Weighted					Weighted
			Average					Average					Average					Average					Average					Average
	Amount		Rate			Amount		Rate			Amount		Rate			Amount		Rate			Amount		Rate			Amount		Rate
	(Dollars in thousands)
Amounts due:
Within one year (1)	$	2,131		6.00	%	$	22		7.00	%	$	17,673		5.18	%	$	4,024		4.14	%	$	1,478		5.59	%	$	25,328	5.11	%
After one year:
Over one to two		5,117		5.57			—		—			15,730		5.11			1,456		4.64			1,083		8.10			23,386	5.32
Over two to three		8,508		5.53			996		5.72			—		—			2,004		5.23			1,092		6.56			12,600	5.59
Over three to five		45,562		5.30			34		8.50			—		—			3,580		5.42			5,136		5.36			54,312	5.32
Over five to ten		479,433		5.18			6,867		5.87			—		—			32,187		5.11			368		8.62			518,855	5.19
Over 10 to 15		856,233		5.00			13,098		6.40			—		—			60,379		4.87			29		6.50			929,739	5.01
After 15 years		3,758,789		5.25			50,378		6.17			—		—			90,357		6.37			—		—			3,899,524	5.29
Total due after one year		5,153,642		5.21			71,373		6.18			15,730		5.11			189,963		5.64			7,708		6.07			5,438,416	5.23
Total loans	$	5,155,773		5.21	%	$	71,395		6.18	%	$	33,403		5.15	%	$	193,987		5.60	%	$	9,186		6.00	%		5,463,744	5.23	%
Less:
Undisbursed loan funds																											17,089
Unearned loan fees and deferred costs																											10,525
Allowance for loan losses																											12,207
Total loans receivable, net																										$	5,423,923

(1) Includes demand loans, loans having no stated maturity, and overdraft loans.

(2) Construction loans are presented based upon the term to complete construction.

(3) For home equity loans, the maturity date calculated assumes the customer always makes the required minimum payment.  The majority of interest-only home equity lines of credit assume a balloon payment of unpaid principal at 120 months.  All other home equity lines of credit assume a term of 240 months.

Source:  Capitol Federal Financial’s prospectus.

EXHIBIT I-11

Capitol Federal Financial

Loan Originations, Purchases and Repayments

Exhibit I-11

Capitol Federal Financial

Loan Originations, Purchases and Repayments

	Three Months Ended December 31,			Year Ended September 30,
	2009			2009			2008			2007
				(Dollars in thousands)
Originations by type:
Adjustable-rate:
Real estate - one- to four-family	$	14,885		$	35,601		$	65,740		$	91,570
- multi-family and commercial		—			—			1,800			—
- construction		—			2,261			11,939			12,792
Home equity		21,810			91,053			87,614			87,022
Other consumer		1,190			4,391			1,731			—
Total adjustable-rate loans originated		37,885			131,306			168,824			191,384
Fixed-rate:
Real estate - one- to four-family		146,194			936,930			584,181			541,521
- multi-family and commercial		—			14,891			975			4,873
- construction		8,395			24,563			47,584			32,368
Home equity		1,500			10,069			14,475			25,285
Other consumer		418			1,922			4,796			8,019
Total fixed-rate loans originated		156,507			988,375			652,011			612,066
Total loans originated		194,392			1,119,681			820,835			803,450
Purchases and Participations:
Real estate - one- to four-family		65,079			333,432			119,631			129,335
- multi-family and commercial		—			—			—			—
- construction		—			—			—			15,000
Total loans purchased/participations		65,079			333,432			119,631			144,335
Transfer of modified loans to loans held for sale, net		(194,759	)		(94,672	)		—			—
Principal repayments		(245,838	)		(1,083,731	)		(899,178	)		(855,980	)
Decrease in other items, net		(2,080	)		(7,605	)		(8,069	)		(2,652	)
Net loan activity	$	(183,206	)	$	267,105		$	33,219		$	89,153

Source:  Capitol Federal Financial’s prospectus.

EXHIBIT I-12

Capitol Federal Financial

Non-Performing Assets

Exhibit I-12

Capitol Federal Financial

Non-Performing Assets

																September 30,
	December 31, 2009					2009					2008						2007					2006					2005
	Number		Amount			Number		Amount			Number		Amount				Number		Amount			Number		Amount			Number		Amount
Non-performing loans:
One- to four-family:
Originated		104	$	10,040			99	$	9,248			70	$	6,488				68	$	4,941			56	$	3,534			74	$	4,471
Purchased		70		21,912			70		21,259			25		6,708				9		2,163			13		1,857			5		563
Multi-family & commercial		—		—			—		—			—		—				—		—			—		—			—		—
Construction		—		—			—		—			—		—				—		—			—		—			—		—
Consumer and Other Loans:
Home equity		32		516			22		367			19		379				13		207			12		177			11		113
Other		6		9			8		45			11		91				7		41			3		41			4		11
		212		32,477			199		30,919			125		13,666				97		7,352			84		5,609			94		5,158
Real estate owned:
One- to four-family:
Originated (1)		55		4,726			51		5,702			36		2,228				30		2,036			34		2,401			30		1,368
Purchased		9		1,911			8		1,702			12		2,918				1		61			—		—			1		245
Multi-family & commercial		—		—			—		—			—		—				—		—			—		—			—		—
Construction		—		—			—		—			—		—				—		—			—		—			—		—
Consumer and Other Loans:
Home equity		—		—			—		—			—		—				—		—			—		—			—		—
Other		—		—			—		—			—		—				—		—			1		8			1		40
		64		6,637			59		7,404			48		5,146				31		2,097			35		2,409			32		1,653
Total non-performing assets		276	$	39,114			258	$	38,323			173	$	18,812				128	$	9,449			119	$	8,018			126	$	6,811
Non-performing loans as a percentage of total loans				0.60	%				0.55	%				0.26	%					0.14	%				0.11	%				0.09	%
Non-performing assets as a percentage of total assets				0.47	%				0. 46	%				0.23	%					0.12	%				0.10	%				0.08	%

(1)  Real estate related consumer loans are included in the one- to four-family category as the underlying collateral is a one- to four-family property.

Source:  Capitol Federal Financial’s prospectus.

EXHIBIT I-13

Capitol Federal Financial

Deposit Composition

Exhibit I-13

Capitol Federal Financial

Deposit Composition

	At December 31,					At September 30,
	2009					2009					2008					2007
	Amount		Percent of Total			Amount		Percent of Total			Amount		Percent of Total			Amount		Percent of Total
Non-Certificates:
Checking	$	491,619		11.7	%	$	439,975		10.4	%	$	400,461		10.2	%	$	394,109		10.1	%
Savings		225,383		5.3			226,396		5.4			232,103		5.9			237,148		6.0
Money market		888,131		21.0			848,157		20.1			772,323		19.7			790,277		20.2
Total non-certificates		1,605,133		38.0			1,514,528		35.9			1,404,887		35.8			1,421,534		36.3

Source:  Capitol Federal Financial’s prospectus.

EXHIBIT I-14

Capitol Federal Financial

Maturity of Time Deposits

Exhibit I-14

Capitol Federal Financial

Maturity of Time Deposits

	At December 31, 2009
	Amount Due										Percent of
			More than		More than						Total
	One year		1 year to		2 to 3		More than				Certificates
	or less		2 years		years		3 years		Total		of Deposit
	(Dollars in thousands)
0.00 – 0.99%	$	97,266	$	9	$	40	$	—	$	97,315		3.7	%
1.00 – 1.99%		343,623		149,140		764		—		493,527		18.8
2.00 – 2.99%		575,138		212,376		51,884		65,804		905,202		34.5
3.00 – 3.99%		136,555		285,942		169,137		93,093		684,727		26.1
4.00 – 4.99%		135,573		122,784		20,654		3,340		282,351		10.8
5.00 – 5.99%		157,429		612		—		—		158,041		6.0
6.00 – 6.99%		956		—		—		--		956		0.1
	$	1,446,540	$	770,863	$	242,479	$	162,237	$	2,622,119		100.0	%

	Maturity
			Over		Over
	3 months		3 to 6		6 to 12		Over
	or less		months		months		12 months		Total
	(Dollars in thousands)
Certificates of deposit less than $100,000	$	288,552	$	297,159	$	430,530	$	879,674	$	1,895,915
Certificates of deposit of $100,000 or more		166,802		116,532		146,965		295,905		726,204
Total certificates of deposit	$	455,354	$	413,691	$	577,495	$	1,175,579	$	2,622,119

Source:  Capitol Federal Financial’s prospectus.

EXHIBIT I-15

Capitol Federal Financial

Borrowing Activity

Exhibit I-15

Capitol Federal Financial

Borrowing Activity

	At or for the Three Months Ended December 31,						At or for the Year Ended September 30,
	2009			2008			2009			2008			2007
	(Dollars in thousands)
FHLB Advances:
Balance	$	550,000		$	795,000		$	350,000		$	620,000		$	1,125,000
Maximum balance outstanding at any month-end during the period		550,000			795,000			795,000			925,000			1,275,000
Average balance		450,000			678,333			396,250			742,500			1,118,907
Weighted average interest rate during the period		4.49	%		4.44	%		4.54	%		4.31	%		3.95	%
Weighted average interest rate at end of period		4.57	%		4.70	%		4.49	%		4.27	%		4.23	%

Source:  Capitol Federal Financial’s prospectus.

EXHIBIT II-1

Historical Interest Rates

Exhibit II-1

Historical Interest Rates(1)

		Prime			90 Day			One Year			10 Year
Year/Qtr. Ended		Rate			T-Bill			T-Bill			T-Bond
2000:	Quarter 1		9.00	%		5.88	%		6.28	%		6.03	%
	Quarter 2		9.50	%		5.88	%		6.08	%		6.03	%
	Quarter 3		9.50	%		6.23	%		6.07	%		5.80	%
	Quarter 4		9.50	%		5.89	%		5.32	%		5.12	%
2001:	Quarter 1		8.00	%		4.30	%		4.09	%		4.93	%
	Quarter 2		6.75	%		3.65	%		3.72	%		5.42	%
	Quarter 3		6.00	%		2.40	%		2.49	%		4.60	%
	Quarter 4		4.75	%		1.74	%		2.17	%		5.07	%
2002:	Quarter 1		4.75	%		1.79	%		2.70	%		5.42	%
	Quarter 2		4.75	%		1.70	%		2.06	%		4.86	%
	Quarter 3		4.75	%		1.57	%		1.53	%		3.63	%
	Quarter 4		4.25	%		1.22	%		1.32	%		3.83	%
2003:	Quarter 1		4.25	%		1.14	%		1.19	%		3.83	%
	Quarter 2		4.00	%		0.90	%		1.09	%		3.54	%
	Quarter 3		4.00	%		0.95	%		1.15	%		3.96	%
	Quarter 4		4.00	%		0.95	%		1.26	%		4.27	%
2004:	Quarter 1		4.00	%		0.95	%		1.20	%		3.86	%
	Quarter 2		4.00	%		1.33	%		2.09	%		4.62	%
	Quarter 3		4.75	%		1.70	%		2.16	%		4.12	%
	Quarter 4		5.25	%		2.22	%		2.75	%		4.24	%
2005:	Quarter 1		5.75	%		2.80	%		3.43	%		4.51	%
	Quarter 2		6.00	%		3.12	%		3.51	%		3.98	%
	Quarter 3		6.75	%		3.55	%		4.01	%		4.34	%
	Quarter 4		7.25	%		4.08	%		4.38	%		4.39	%
2006:	Quarter 1		7.75	%		4.63	%		4.82	%		4.86	%
	Quarter 2		8.25	%		5.01	%		5.21	%		5.15	%
	Quarter 3		8.25	%		4.88	%		4.91	%		4.64	%
	Quarter 4		8.25	%		5.02	%		5.00	%		4.71	%
2007:	Quarter 1		8.25	%		5.04	%		4.90	%		4.65	%
	Quarter 2		8.25	%		4.82	%		4.91	%		5.03	%
	Quarter 3		7.75	%		3.82	%		4.05	%		4.59	%
	Quarter 4		7.25	%		3.36	%		3.34	%		3.91	%
2008:	Quarter 1		5.25	%		1.38	%		1.55	%		3.45	%
	Quarter 2		5.00	%		1.90	%		2.36	%		3.99	%
	Quarter 3		5.00	%		0.92	%		1.78	%		3.85	%
	Quarter 4		3.25	%		0.11	%		0.37	%		2.25	%
2009:	Quarter 1		3.25	%		0.21	%		0.57	%		2.71	%
	Quarter 2		3.25	%		0.19	%		0.56	%		3.53	%
	Quarter 3		3.25	%		0.14	%		0.40	%		3.31	%
	Quarter 4		3.25	%		0.06	%		0.47	%		3.85	%
2010:	Quarter 1		3.25	%		0.16	%		0.41	%		3.84	%
As of April 16, 2010			3.25	%		0.16	%		0.41	%		3.79	%
(1)      End of period data.
Sources: Federal Reserve and The Wall Street Journal.

EXHIBIT III-1

General Characteristics of Publicly-Traded Institutions

RP FINANCIAL, LC.

Financial Services Industry Consultants

1100 North Glebe Road, Suite 1100

Arlington, Virginia 22201

(703) 528-1700

Exhibit III-l

Characteristics of Publicly-Traded Thrifts

April 16, 2010

Ticker	Financial Institution	Exchg .	Primary Market	Operating Strat(l)	Total Assets (2)		Offices	Fiscal Year	Conv.  Date	Stock Price	Market Value
					($Mil)					($)	($Mil)
California Companies
PROV	Provident Fin. Holdings of CA (3)	NASDAQ	Riverside, CA	M.B.	1,415		14	06-30	06/96	4 .42	50
BOFI	Bofi Holding, Inc. Of CA (3)	NASDAQ	San Diego, CA	Thrift	1,345		1	06-30	03/05	15.77	129
FPTB	First PacTrust Bancorp of CA (3)	NASDAQ	Chula Vista, CA	Thrift	894		9	12-31	08/02	9.94	42
KFED	K-Fed Bancorp MHC of CA (33.4)	NASDAQ	Covina, CA	Thrift	878		9	06-30	03/04	10.14	135
BYFC	Broadway Financial Corp. of CA (3)	NASDAQ	Los Angeles, CA	Thrift	520	S	5	12-31	01/96	5.02	9
Florida Companies
BBX	BankAtlantic Bancorp Inc of FL (3)	NYSE	FortLauderdaleFL	M.B.	4, 816		101	12-31	11/83	2.14	105
FCFL	First Community Bk Corp of FL (3)	NASDAQ	Pinellas Park FL	Thrift	548		11	12-31	05/03	2.09	10
Mid-Atlantic Companies
HCBK	Hudson city Bancorp, Inc of NJ (3)	NASDAQ	Paramus, NJ	Thrift	60,268		131	12-31	06/05	14.40	7,582
NYB	New York Community Bcrp of NY (3)	NYSE	Westbury, NY	Thrift	42,154		282	12-31	11/93	17.56	7,607
AF	Astoria Financial Corp. of NY (3)	NYSE	Lake Success , NY	Thrift	20,252		85	12-31	11/93	15.54	1,509
ISBC	Investors Bcrp MHC of NJ (43.5)	NASDAQ	Short Hills, NJ	Thrift	8,358		68	06-30	10/05	13.80	1,579
NWBI	Northwest Bancshares Inc of PA (3)	NASDAQ	Warren, PA	Thrift	8,025		173	06-30	12/09	11.80	1,306
PFS	Provident Fin. Serv. Inc of NJ (3)	NYSE	Jersey City, NJ	Thrift	6,836		82	12-31	01/03	12.45	745
BNCL	Beneficial Mut MHC of PA (44.1)	NASDAQ	Philadelphia, PA	Thrift	4,674		68	12-31	07/07	9.96	815
FFIC	Flushing Fin. Corp. of NY (3)	NASDAQ	Lake Success, NY	Thrift	4,143		19	12-31	11/95	13.58	423
DCOM	Dime Community Bancshars of NY (3)	NASDAQ	Brooklyn, NY	Thrift	3,952		23	12-31	06/96	13.23	455
WSFS	WSFS Financial Corp. of DE (3)	NASDAQ	Wilmington, DE	Div.	3,749		37	12-31	11/86	41.45	293
TRST	TrustCo Bank Corp NY of NY (3)	NASDAQ	Glenville, NY	Thrift	3,680		129	12-31	/	6.39	490
PBNY	Provident NY Bncrp, Inc. of NY (3)	NASDAQ	Montebello, NY	Thrift	2,918		35	09-30	01/04	9.85	385
KRNY	Kearny Fin Cp MHC of NJ (26.5)	NASDAQ	Fairfield, NJ	Thrift	2,203		27	06-30	02/05	10.55	728
OCFC	OceanFirst Fin. Corp of NJ (3)	NASDAQ	Toms River, NJ	Thrift	2,030		23	12-31	07/96	12.67	238
ORIT	Oritani Fin Cp MHC of NJ(25.7)	NASDAQ	Twnship of WA NJ	Thrift	2,007		23	06-30	01/07	16.65	617
NFBK	Northfield Bcp MHC of NY(45.1)	NASDAQ	Avenel, NY	Thrift	2,002		18	12-31	11/07	14.83	651
ESBF	ESB Financial Corp. of PA (3)	NASDAQ	Ellwood City, PA	Thrift	1,961		24	12-31	06/90	12.93	156
PVSA	Parkvale Financial Corp of PA (3)	NASDAQ	Monroeville, PA	Thrift	1,916		48	06-30	07/87	8.75	48
ROMA	Roma Fin Corp MHC of NJ (27.0)	NASDAQ	Robbinsville, NJ	Thrift	1,312		15	12-31	07/06	12.31	381
ABBC	Abington Bancorp, Inc. of PA (3)	NASDAQ	Jenkintown, PA	Thrift	1,238		20	12-31	06/07	8.45	178
FXCB	Fox Chase Bncp MHC of PA(41.0)	NASDAQ	Hatboro, PA	Thrift	1,174		11	12-31	10/06	10.80	147
CBHJ	Cape Bancorp, Inc. of NJ (3)	NASDAQ	Cape My Ct Hs,NJ	Thrift	1,073		20	12-31	02/08	7.35	98
BFED	Beacon Federal Bancorp of NY (3)	NASDAQ	East Syracuse NY	Thrift	1,067		8	12-31	10/07	8.90	58
CSBK	Clifton Svg Bp MHC of NJ(37.l)	NASDAQ	Clifton, NJ	Thrift	1,060		11	03-31	03/04	9.60	255
ESSA	ESSA Bancorp, Inc. of PA (3)	NASDAQ	Stroudsburg, PA	Thrift	1,034		14	09-30	04/07	12.73	180
SVBI	Severn Bancorp, Inc. of MD (3)	NASDAQ	Annapolis , MD	Thrift	968		4	12-31	/	4.36	44
HARL	Harleysville Svgs Fin Cp of PA (3)	NASDAQ	Harleysville, PA	Thrift	840		7	09-30	08/87	13.94	51
CARV	Carver Bancorp, Inc. of NY (3)	NASDAQ	New York, NY	Thrift	812		10	03-31	10/94	8.57	21
OSHC	Ocean Shore Holding Co. of NJ (3)	NASDAQ	Ocean City, NJ	Thrift	770	P	10	12-31	12/09	11.59	85
FSBI	Fidelity Bancorp, Inc. of PA (3)	NASDAQ	Pittsburgh, PA	Thrift	736		14	09-30	06/88	5.89	18
THRD	TF Fin. Corp. of Newtown PA (3)	NASDAQ	Newtown, PA	Thrift	714		14	12-31	07/94	19.15	51
MLVF	Malvern Fed Bncp MHC PA (45.0)	NASDAQ	Paoli, PA	Thrift	682		8	09-30	05/08	9.65	59
ONFC	Oneida Financl MHC of NY (44.9)	NASDAQ	Oneida, NY	Thrift	591		16	12-31	12/98	9.75	76
BCSB	BCSB Bancorp, Inc. of MD (3)	NASDAQ	Baltimore, MD	Thrift	586		18	09-30	04/08	10.00	31
COBK	Colonial Bank MHC of NJ (44. 8)	NASDAQ	Bridgeton, NJ	Thrift	569		9	12-31	06/05	9.94	44
MGYR	Magyar Bancorp MHC of NJ (44.5)	NASDAQ	Nw Brunswick, NJ	Thrift	558		5	09-30	01/06	3.81	22
PBCI	Pamrapo Bancorp, Inc. of NJ (3)	NASDAQ	Bayonne, NJ	Thrift	558		10	12-31	11/89	7.96	39
BFSB	Brooklyn Fed MHC of NY (24.7)	NASDAQ	Brooklyn, NY	Thrift	532		5	09-30	04/05	8.05	104
NECB	NE Comm Bncrp MHC of NY (45.0)	NASDAQ	White Plains, NY	Thrift	527		8	12-31	07/06	6.04	80
PBIP	Prudential Bncp MHC PA (29.3)	NASDAQ	Philadelphia, PA	Thrift	506		7	09-30	03/05	7.84	81
FKFS	First Keystone Fin., Inc of PA (3)	NASDAQ	Media, PA	Thrift	506		8	09-30	01/95	13.40	33
ESBK	Elmira Svge Bank, FSB of NY (3)	NASDAQ	Elmira, NY	Thrift	499		10	12-31	03/85	16. 99	33
GCBC	Green Co Bcrp MHC of NY (43.9)	NASDAQ	Catskill, NY	Thrift	473		13	06-30	12/98	15. 25	63
ALLB	Alliance Bank MHC of PA (42.0)	NASDAQ	Broomall, PA	Thrift	464		9	12-31	01/07	8.30	56
WSB	WSB Holdings, Inc. of Bowie MD (3)	NASDAQ	Bowie, MD	Thrift	438		5	12-31	08/86	3.25	26
LSBK	Lake Shore Bnp MHC of NY(41.3)	NASDAQ	Dunkirk, NY	Thrift	426		9	12-31	04/06	8.09	50

RP FINANCIAL, LC.

Financial Services Industry Consultants

1100 North Glebe Road, Suite 1100

Arlington, Virginia 22201

(703) 528-1700

Exhibit III-1

Characteristics of Publicly-Traded Thrifts

April 16, 2010

Ticker	Financial Institution	Exchg .	Primary Market	Operating Strat(l)	Total Assets (2)		Offices	Fiscal Year	Conv.  Date	Stock Price	Market  Value
					($Mil)					($)	($Mil)
Mid-Atlantic Companies (continued)
OBAF	OBA Financial Serv. Inc of MD (3)	NASDAQ	Germantown, MD	Thrift	397	P	5	06-30	01/10	10.99	51
WVFC	WVS Financial Corp. of PA (3)	NASDAQ	Pittsburgh, PA	Thrift	392		6	06-30	11/93	13.97	29
PBHC	Pathfinder BC MHC of NY (36.3)	NASDAQ	Oswego, NY	Thrift	372		14	12-31	11/95	6.96	17
MSBP	MSB Fin Corp MHC of NJ (41.8)	NASDAQ	Millington, NJ	Thrift	364		5	06-30	01/07	8.00	42
FFCO	FedFirst Fin MHC of PA (42.5)	NASDAQ	Monessen, PA	Thrift	353		9	12-31	04/05	6.00	38
ROME	Rome Bancorp, Inc. of Rome NY (3)	NASDAQ	Rome, NY	Thrift	330		5	12-31	03/05	8.35	57
CMSB	CMS Bancorp Inc of W Plains NY (3)	NASDAQ	White Plains, NY	Thrift	227		6	09-30	04/07	8.40	16
IFSB	Independence FSB of DC (3)	NASDAQ	Washington, DC	Thrift	167	S	4	12-31	06/85	1.40	2
Mid-West Companies
FBC	Flagstar Bancorp, Inc. of MI (3)	NYSE	Troy, MI	Thrift	14,012		176	12-31	04/97	0.69	323
TFSL	TFS Fin Corp MHC of OH (26.5)	NASDAQ	Cleveland, OH	Thrift	10,726		38	09-30	04/07	14.02	4,323
CFFN	Capitol Fd Fn MHC of KS (29.6)	NASDAQ	Topeka, KS	Thrift	8, 375		44	09-30	04/99	37.53	2,778
ABCW	Anchor BanCorp Wisconsin of WI (3)	NASDAQ	Madison, WI	M.S.	4,459		72	03-31	07/92	1.02	22
BKMU	Bank Mutual Corp of WI (3)	NASDAQ	Milwaukee, WI	Thrift	3,512		80	12-31	10/03	7.17	326
FPFC	First Place Fin. Corp. of OH (3)	NASDAQ	Warren, OH	Thrift	3,259		47	06-30	01/99	4.95	84
TONE	TierOne Corp. of Lincoln NE (3)	NASDAQ	Lincoln, NE	Thrift	3,161	J	69	12-31	10/02	0.55	10
UCFC	United Community Fin. of OH (3)	NASDAQ	Youngstown, OH	Thrift	2,338		39	12-31	07/98	1.67	52
FDEF	First Defiance Fin. Corp of OH (3)	NASDAQ	Defiance, OH	Thrift	2,058		35	12-31	10/95	11.90	97
WSBF	Waterstone Fin MHC of WI (26.2)	NASDAQ	Wauwatosa, WI	Thrift	1,868		10	12-31	10/05	3.66	114
BFIN	BankFinancial Corp. of IL (3)	NASDAQ	Burr Ridge, IL	Thrift	1,567		18	12-31	06/05	9.59	205
NASB	NASB Fin, Inc. of Grandview MO (3)	NASDAQ	Grandview, MO	Thrift	1,560	S	9	09-30	09/85	23.23	183
PULB	Pulaski Fin Cp of St. Louis MO (3)	NASDAQ	St. Louis, MO	Thrift	1,434		12	09-30	12/98	7.75	79
MFSF	MutualFirst Fin. Inc. of IN (3)	NASDAQ	Muncie, IN	Thrift	1,399		33	12-31	12/99	6.81	48
HFFC	HF Financial Corp. of SD (3)	NASDAQ	Sioux Falls, SD	Thrift	1,175		33	06-30	04/92	10.58	73
CITZ	CFS Bancorp, Inc of Munster IN (3)	NASDAQ	Munster, IN	Thrift	1,082		22	12-31	07/98	4.79	52
HMNF	HMN Financial, Inc. of MN (3)	NASDAQ	Rochester, MN	Thrift	1,036		17	12-31	06/94	6.18	26
HFBC	HopFed Bancorp, Inc. of KY (3)	NASDAQ	Hopkinsville, KY	Thrift	1,030		18	12-31	02/98	12.05	43
CASH	Meta Financial Group of IA (3)	NASDAQ	Storm Lake, IA	Thrift	916		12	09-30	09/93	26.90	71
PVFC	PVF Capital Corp. of Solon OH (3)	NASDAQ	Solon, OH	R.E.	869		17	06-30	12/92	2.03	16
FCLF	First Clover Leaf Fin Cp of IL (3)	NASDAQ	Edwardsville, IL	Thrift	586		4	12-31	07/06	6.99	56
CZWI	Citizens Comm Bncorp Inc of WI (3)	NASDAQ	Eau Claire, WI	Thrift	567		27	09-30	11/06	4.08	21
FSFG	First Savings Fin. Grp. of IN (3)	NASDAQ	Clarksville, in	Thrift	491		7	09-30	12/08	12.85	31
FCAP	First Capital, Inc. of IN (3)	NASDAQ	Corydon, IN	Thrift	456		13	12-31	01/99	15.50	43
FFFD	North Central Bancshares of IA (3)	NASDAQ	Fort Dodge, IA	Thrift	455		11	12-31	03/96	16.86	23
LPSB	LaPorte Bancrp MHC of IN (45.6)	NASDAQ	La Porte, IN	Thrift	406		8	12-31	10/07	6.23	29
WAYN	Wayne Savings Bancshares of OH (3)	NASDAQ	Wooster, OH	Thrift	403		11	03-31	01/03	8.55	26
UCBA	United Comm Bncp MHC IN (40.8)	NASDAQ	Lawrenceburg, IN	Thrift	398		6	06-30	03/06	6.20	49
RIVR	River Valley Bancorp of IN (3)	NASDAQ	Madison, IN	Thrift	396		9	12-31	12/96	13.90	21
LSBI	LSB Fin. Corp. of Lafayette IN (3)	NASDAQ	Lafayette, IN	Thrift	371		5	12-31	02/95	11.00	17
CHEV	Cheviot Fin Cp MHC of OH (38.5)	NASDAQ	Cincinnati, OH	Thrift	342		6	12-31	01/04	9.15	81
FFHS	First Franklin Corp. of OH (3)	NASDAQ	Cincinnati, OH	Thrift	302		8	12-31	01/88	10.00	17
JXSB	Jcksnville Bcp MHC of IL (45.9)	NASDAQ	Jacksonville, IL	Thrift	289		7	12-31	04/95	11.50	22
CFBK	Central Federal Corp. of OH (3)	NASDAQ	Fairlawn, OH	Thrift	274		4	12-31	12/98	1.49	6
KFFB	KY Fst Fed Bp MHC of KY (39.9)	NASDAQ	Hazard, KY	Thrift	239		4	06-30	03/05	10.04	79
FFNM	First Fed of N. Michigan of MI (3)	NASDAQ	Alpena, MI	Thrift	234		8	12-31	04/05	1.51	4
PFED	Park Bancorp of Chicago IL (3)	NASDAQ	Chicago, IL	Thrift	219		5	12-31	08/96	5.24	6
FBSI	First Bancshares, Inc. of HO (3)	NASDAQ	Mntn Grove, MO	Thrift	210		11	06-30	12/93	9.09	14
FFDF	FFD Financial Corp of Dover OH (3)	NASDAQ	Dover, OH	Thrift	198		5	06-30	04/96	13.50	14
New England Companies
PBCT	Peoples United Financial of CT (3)	NASDAQ	Bridgeport, CT	Div.	21,256		293	12-31	04/07	16.40	6,094
NAL	NewAlliance Bancshares of CT (3)	NYSE	New Haven, CT	Thrift	8,434		88	12-31	04/04	12.66	1,343
BHLB	Berkshire Hills Bancorp of MA (3)	NASDAQ	Pittsfield, MA	Thrift	2,700		43	12-31	06/00	20.64	287
BRXL	BrooKline Bancorp, Inc. of MA (3)	NASDAQ	Brookline, MA	Thrift	2,616		18	12-33	07/02	10.60	626
DNBK	Danvers Bancorp, Inc. of MA (3)	NASDAQ	Danvers, MA	Thrift	2,500		26	12-31	01/08	14.89	323
RCKB	Rockville Fin MHC of CT (42.9)	NASDAQ	Vrn Rockville CT	Thrift	1,571		21	12-31	05/05	12.07	226
UBNK	United Financial Bncrp of MA (3)	NASDAQ	W Springfield MA	Thrift	1,541		24	12-31	12/07	13.81	231
EBSB	Meridian Fn Serv MHC MA (43.4)	NASDAQ	East Boston, MA	Thrift	1,211		25	12-31	01/08	11.01	243

RP FINANCIAL, LC.

Financial Services Industry Consultants

1100 North Glebe Road, Suite 1100

Arlington, Virginia 22201

(703) 528-1700

Exhibit III-1

Characteristics of Publicly-Traded Thrifts

April 16, 2010

			Primary	Operating	Total			Fiscal	Conv.	Stock	Market
Ticker	Financial Institution	Exchg.	Market	Strat(l)	Assets(2)		Offices	Year	Date	Price	Value
					($Mil)					($)	($Mil)
New England Companies (continued)
WFD	Westfield Fin. Inc. of NA (3)	NASDAQ	Westfield, MA	Thrift	1,191		11	12-31	01/07	9.68	289
NHTB	NH Thrift Bancshares of NH (3)	NASDAQ	Newport, NH	Thrift	963		27	12-31	05/86	11.65	67
LEGC	Legacy Bancorp, Inc. of MA (3)	NASDAQ	Pittsfield, MA	Thrift	946		20	12-31	10/05	9.43	82
HIFS	Hingham Inst. for Sav. of MA (3)	NASDAQ	Hingham, MA	Thrift	926		10	12-31	12/88	35.50	75
SIFI	SI Fin Gp Inc MHC of CT (38.2)	NASDAQ	Willimantic, CT	Thrift	872		21	12-31	10/04	6.75	80
LSBX	LSB Corp of No. Andover MA (3)	NASDAQ	North Andover, MA	Thrift	817		8	12-31	05/86	12.56	57
HBNK	Hampden Bancorp, Inc. of MA (3)	NASDAQ	Springfield, MA	Thrift	575		9	06-30	01/07	9.87	72
CEBK	Central Bncrp of Somerville MA (3)	NASDAQ	Somerville, MA	Thrift	558		11	03-31	10/86	9.85	16
NVSL	Naug Vlly Fin MHC of CT (40.5)	NASDAQ	Naugatuck, CT	Thrift	557		10	12-31	10/04	6.77	48
CBNK	Chicopee Bancorp, Inc. of MA (3)	NASDAQ	Chicopee, MA	Thrift	544		8	12-31	07/06	12.96	83
PSBH	PSB Hldgs Inc MHC of CT (42.9)	NASDAQ	Putnam, CT	Thrift	480		8	06-30	10/04	5.10	33
NFSB	Newport Bancorp, Inc. of RI (3)	NASDAQ	Newport, RI	Thrift	459		6	12-31	07/06	12.00	46
MFLR	Mayflower Bancorp, Inc. of MA (3)	NASDAQ	Middleboro, MA	Thrift	246		7	04-30	12/87	7.55	16
North-West Companies
WFSL	Washington Federal, Inc. of WA (3)	NASDAQ	Seattle, WA	Thrift	12,662		172	09-30	11/82	20.43	2,297
FFNW	First Fin NW, Inc of Renton WA (3)	NASDAQ	Renton, WA	Thrift	1,315		1	12-31	10/07	7.30	137
RVSB	Riverview Bancorp, Inc. of WA (3)	NASDAQ	Vancouver, WA	Thrift	858		18	03-31	10/97	2.31	25
TSBK	Timberland Bancorp, Inc. of WA (3)	NASDAQ	Hoquiam, WA	Thrift	716		22	09-30	01/98	4.57	32
South-East Companies
FFCH	First Fin. Holdings Inc. of SC (3)	NASDAQ	Charleston, SC	Thrift	3,476		65	09-30	11/83	14.04	232
SUPR	Superior Bancorp of AL (3)	NASDAQ	Birmingham, AL	Thrift	3,222		73	12-31	12/98	3.56	42
ACFC	Atl Cst Fed Cp of GA MHC(35.l)	NASDAQ	Waycross, GA	Thrift	906		11	12-31	10/04	3.14	42
CSBC	Citizens South Bnkg Corp of NC (3)	NASDAQ	Gastonia, NC	Thrift	792		15	12-31	10/02	6.55	49
TSH	Teche Hlding Cp of N Iberia LA (3)	AMEX	New Iberia, LA	Thrift	757		20	09-30	04/95	33.00	69
FFBH	First Fed. Bancshares of AR (3)	NASDAQ	Harrison, AR	Thrift	750		20	12-31	05/96	3.16	15
JFBI	Jefferson Bancshares Inc of TN (3)	NASDAQ	Morristown, TN	Thrift	671		12	06-30	07/03	4.84	32
CFFC	Community Fin. Corp. of VA (3)	NASDAQ	Staunton, VA	Thrift	541		11	03-31	03/88	4.62	20
HBCP	Home Bancorp Inc. Lafayette LA (3)	NASDAQ	Lafayette, LA	Thrift	525		11	12-31	10/08	13.91	122
HBOS	Heritage Fn Gp MHC of GA(24.4)	NASDAQ	Albany, GA	Thrift	470	S	10	12-31	06/05	12.64	131
FABK	First Advantage Bancorp of TN (3)	NASDAQ	Clarksville, TN	Thrift	344		5	12-31	11/07	10.75	48
LABC	Louisiana Bancorp, Inc. of LA (3)	NASDAQ	Metairie, LA	Thrift	330		3	12-31	07/07	15.15	72
GSLA	GS Financial Corp. of LA (3)	NASDAQ	Metairie, LA	Thrift	272		6	12-31	04/97	13.30	17
AFCB	Athens Bancshares, Inc. of TN (C3)	NASDAQ	Athens, TN	Thrift	269	P	7	12-31	01/10	10.84	30
South-West Companies
VPFG	Viewpoint Finl MHC of TX(43.1)	NASDAQ	Plano, TX	Thrift	2,379		24	12-31	10/06	17.07	426
OABC	OmniAmerican Bancorp Inc of TX (3)	NASDAQ	Fort Worth, TX	Thrift	1,108	P	16	12-31	01/10	11.65	139
Western Companies (Excl CA)
UWBK	United Western Bncp, Inc of CO (3)	NASDAQ	Denver, CO	Thrift	2,526		8	12-31	10/96	1.74	51
TBNK	Territorial Bancorp, Inc of HI (3)	NASDAQ	Honolulu, HI	Thrift	1,390		25	12-31	07/09	19.93	245
HOME	Home Federal Bancorp Inc of ID (3)	NASDAQ	Nampa, ID	Thrift	822		24	09-30	12/07	15.93	266
EBMTD	Eagle Bancorp Montanta of MT (3)	NASDAQ	Helena, MT	Thrift	326	P	6	06-30	04/10	10.50	43

Other Areas

NOTES:	(1)	Operating strategies are: Thrift=Traditional Thrift, M.B. =Mortgage Banker, R.E. =Real Estate Developer, Div. =Diversified, and Ret. =Retail Banking.
	(2)	Most recent quarter end available (E=Estimated, and P=Pro Forma)
Source:	SNL Financial, LC.

EXHIBIT III-2

Public Market Pricing of Mid-West Thrift Institutions

RP FINANCIAL, LC.

Financial Services Industry Consultants

1100 North Glebe Road, Suite 1100

Arlington, Virginia 22201

(703) 528-1700

Exhibit III-2

Market Pricing Comparatives

Prices Asof April 16, 2010

		Market Capitalization		Per Share Data
				Core 12-Mth EPS (2)	Book Value/ Share	Pricing Ratios(3)
		Price/ Share(1)	Market Value
Financial Institution						P/E	P/B	P/A	P/TB	P/CORE
		($)	($Mil)	($)	($)	(X)	(%)	(%)	(%)	(x)
All Public Companies		10.65	320.58	-0.10	12.48	19.19	89.20	10.73	97.65	19.58
Special Selection Grouping (8)		9.57	110.31	-0.50	12.93	19.99	77.43	8.50	82.35	21.04
Comparable Group
Special Comparative Group (8)
ABCW	Anchor BanCorp Wisconsin of WI (7)	1.02	22.12	-7.68	0.15	NM	NM	0.50	NM	NM
BKMU	Bank Mutual Corp of WI	7.17	326.06	0.09	8.85	23.90	81.02	9.28	93.60	NM
BFIN	BankFinanclal Corp. of IL	9.59	205.38	0.01	12.31	NM	77.90	13.11	86.79	NM
CITZ	CFS Bancorp, Inc of Munster IN	4.79	51.59	0.00	10.25	NM	46.73	4.77	46.73	NM
CFFN	Capitol Fd Fn MHC of KS (29.6)	37.53	822.09	0.98	12.73	39.09	294.82	33.17	294.82	38.30
CFBX	Central Federal Corp. of OH	1.49	6.11	-2.56	3.95	NM	37.72	2.23	38.11	NM
CHEV	Cheviot Fin Cp MHC of OH (38.5)	9.15	31.23	0.11	7.75	NM	118.06	23.74	118.06	NM
CZWI	Citizens Comm Bncorp Inc of WI	4.08	20.86	0.40	10.80	NM	37.78	3.68	42. 95	10.20
FFDF	FFD Financial Corp of Dover OH	13.50	13.65	0.45	17.71	17.53	76.23	6.91	76.23	30.00
FBSI	First Bancshares, Inc. of MO	9.09	14.10	-0.86	15.49	NM	58.68	6.71	59.10	NM
FCAP	First Capital, Inc. of IN	15.50	42.81	0.20	16.63	NM	93.21	9.40	106.02	NM
FCLF	First clover Leaf Fin Cp of IL	6.99	55.65	-1.09	9.66	NM	72.36	9.50	86.83	NM
FDEF	First Defiance Fin. Corp of OH	11.90	96.60	0.33	24.36	18.59	48.85	4.70	71.90	36.06
FFNM	First Fed of N. Michigan of MI	1.51	4.35	-2.30	7.99	NM	18.90	1.86	19.69	NM
FFHS	First Franklin Corp. of OH	10.00	16.81	-1.74	13.21	NM	75.70	5.57	75.70	NM
FPFC	First Place Fin. Corp. of OH	4.95	84.02	-1.75	12.26	NM	40.38	2.58	42.42	NM
FSFG	First Savings Fin. Grp. of IN	12.85	31.03	0.61	21.80	19.77	58.94	6.32	70.37	21.07
FBC	Flagstar Bancorp, Inc. of MI	0.69	323.45	-1.77	0.70	NM	98.57	2.31	98.57	NM
HFFC	HF Financial Corp. of SD	10.58	73.41	0.69	13.30	13.23	79.55	6.25	84.03	15.33
HMNF	HMN Financial, Inc. of MN	6.18	26.23	-3.32	17.94	NM	34.45	2.53	34.45	NM
HFBC	HopFed Bancorp, Inc. of KY	12.05	43.32	-0.16	17.24	NM	69.90	4.21	71.22	NM
JXSB	Jcksnville Bcp MHC of IL (45.9) (7)	11.50	10.14	0.32	13.15	15.75	87.45	7.65	98.04	35.94
KFFB	KY Fst Fed Bp MHC of KY (39.9)	10.04	31.52	0.00	7.38	NM	136.04	32.96	182.88	NM
LSBI	LSB Fin. Corp. of Lafayette IN	11.00	17.09	-0.22	21.80	36.67	50.46	4.61	50.46	NM
LPSB	LaPorte Bancrp MHC of IN (45.6)	6.23	13.17	0.38	10.82	11.33	57.58	7.07	70.88	16.39
CASH	Meta Financial Group of IA	26.90	71.12	-0.86	17.61	NM	152.75	7.76	161.46	NM
MFSF	MutualFirst Fin. Inc. of IN	6.81	47.57	0.17	14.04	35.84	48.50	3.40	51.59	NM
NASB	NASB Fin, Inc. of Grandview MO	23.23	182.77	-0.38	21.15	9.76	109.83	11.72	111.63	NM
FFFD	North Central Bancshares of IA	16.86	22.73	1.92	28.31	8.52	59.55	4.99	59.55	8.78
PVFC	PVF Capital Corp. of Solon OH	2.03	16.20	-2.50	6.71	NM	30.25	1.86	30.25	NM
PFED	Park Bancorp of Chicago IL	5.24	6.25	-3.38	19.25	NM	27.22	2.86	27.22	NM
PULB	Pulaski Fin Cp of St. Louis MO	7.75	78.90	-0.30	8.49	19.87	91.28	5.50	95.92	NM
RIVR	River Valley Bancorp of IN	13.90	20.91	0.67	17.10	12.64	81.29	5.28	81.38	20.75
TFSL	TFS Fin Corp MHC of OH (26.5)	14.02	1147.38	-0.03	5.68	NM	246.83	40.30	248.14	NM
TONE	TierOne Corp. of Lincoln NE	0.55	9.92	-1.79	13.55	NM	4.06	0.31	4.13	NM
UCBA	United Comm Bncp MHC IN (40.8)	6.20	19.86	0.06	7.05	NM	87.94	12.21	87.94	NM
UCFC	United community Fin. of OH	1.67	51.60	-0.83	7.11	NM	23.49	2.21	23.55	NM
WSBF	Waterstone Fin MHC of WI (26.2)	3.66	30.01	-0.48	5.39	NM	67.90	6.12	67.90	NM
WAYN	Wayne Savings Bancshares of OH	8.55	25.68	0.63	12.19	13.15	70.14	6.37	74.41	13.57

		Dividends(4)			Financial Characteristics (6)
		Amout/		Payout	Total	Equity/	Tng Eq/	NPAs/	Reported		Core
Financial Institution		Share	Yield	Ratio(5)	Assets	Assets	Assets	Assets	ROA	ROE	ROA	ROE
		($)	(%)	(%)	($Mil)	(%)	(%)	(%)	(%)	(%)	(%)	(%)
All Public Companies		0.26	2.00	31.67	2,701	11.23	10.50	3.35	-0.10	-0.70	-0.14	-0.98
Special Selection Grouping (8)		0.28	2.15	19.00	1,836	10.50	9.92	4.23	-0.34	-2.72	-0.54	-4.44
Comparable Group
Special Comparative Group (8)
ABCW	Anchor BanCorp Wisconsin of WI (7)	0.00	0.00	NM	4,459	1.82	1.28	10.63	-3.02	NM	-3.40	NM
BKMU	Bank Mutual Corp of WI	0.28	3.91	NM	3,512	11.54	10.17	1.72	0.39	3.38	0.12	1.01
BFIN	BankFinanclal Corp. of IL	0.28	2.92	NM	1,567	16.83	15.37	4.04	-0.04	-0.24	0.01	0.08
CITZ	CFS Bancorp, Inc of Munster IN	0.04	0.84	NM	1,082	10.21	10.21	7.31	-0.05	-0.48	0.00	0.00
CFFN	Capitol Fd Fn MHC of KS (29.6)	2.00	5.33	NM	8,375	11.25	11.25	0.64	0.86	7.69	0.87	7.85
CFBX	Central Federal Corp. of OH	0.00	0.00	NM	274	8.49	8.44	5.31	-3.65	-35.06	-3.72	-35.75
CHEV	Cheviot Fin Cp MHC of OH (38.5)	0.44	4.81	NM	342	20.10	20.10	NA	0.31	1.55	0.29	1.42
CZWI	Citizens Comm Bncorp Inc of WI	0.00	0.00	KM	567	9.75	8.67	NA	-0.61	-5.57	0.38	3.48
FFDF	FFD Financial Corp of Dover OH	0.68	5.04	NM	198	9.06	9.06	NA	0.41	4.35	0.24	2.54
FBSI	First Bancshares, Inc. of MO	0.00	0.00	NM	210	11.43	11.36	2.57	-0.45	-4.20	-0.58	-5.47
FCAP	First Capital, Inc. of IN	0.72	4.65	NM	456	10.11	9.00	2.35	0.17	1.65	0.12	1.18
FCLF	First clover Leaf Fin Cp of IL	0.24	3.43	NM	586	13.13	11.19	NA	-1.43	-10.45	-1.41	-10.26
FDEF	First Defiance Fin. Corp of OH	0.00	0.00	0.00	2,058	11.38	8.56	2.99	0.26	2.24	0.13	1.15
FFNM	First Fed of N. Michigan of MI	0.00	0.00	NM	234	9.87	9.51	NA	-2.80	-24.63	-2.74	-24.11
FFHS	First Franklin Corp. of OH	0.00	0.00	NM	302	7.36	7.36	NA	-0.50	-6.59	-0.94	-12.47
FPFC	First Place Fin. Corp. of OH	0.00	0.00	NM	3,259	8.51	8.23	5.32	-0.57	-7.04	-0.90	-11.01
FSFG	First Savings Fin. Grp. of IN	0.00	0.00	0.00	491	10.71	9.13	NA	0.47	3.00	0.44	2.82
FBC	Flagstar Bancorp, Inc. of MI	0.00	0.00	NM	14,012	4.25	4.25	NA	-3.38	NM	-5.44	NM
HFFC	HF Financial Corp. of SD	0.45	4.25	56.25	1,175	7.85	7.46	NA	0.47	6.66	0.41	5.74
HMNF	HMN Financial, Inc. of MN	0.00	0.00	NM	1,036	9.64	9.64	7.98	-1.16	-12.00	-1.31	-13.51
HFBC	HopFed Bancorp, Inc. of KY	0.48	3.98	NM	1,030	7.76	7.66	NA	0.09	1.17	-0. 06	-0.72
JXSB	Jcksnville Bcp MHC of IL (45.9) (7)	0.30	2.61	41.10	289	8.75	7.88	1.18	0.48	5.69	0.21	2.50
KFFB	KY Fst Fed Bp MHC of KY (39.9)	0.40	3.98	NM	239	24.23	19.21	1.42	0.00	0.00	0.00	0.00
LSBI	LSB Fin. Corp. of Lafayette IN	0.50	4.55	NM	371	9.13	9.13	3.91	0.12	1.36	-0.09	-1.00
LPSB	LaPorte Bancrp MHC of IN (45.6)	0.00	0.00	0.00	406	12.29	10.22	2.04	0.66	5.29	0.45	3.65
CASH	Meta Financial Group of IA	0.52	1.93	NM	916	5.08	4.82	1.65	-0.11	-2.04	-0.26	-4.88
MFSF	MutualFirst Fin. Inc. of IN	0.24	3.52	NM	1,399	9.27	8.89	2.86	0.09	1.02	0.08	0.91
NASB	NASB Fin, Inc. of Grandview MO	0.90	3.87	37.82	1,560	10.67	10.52	4.75	1.21	11.81	-0.19	-1.89
FFFD	North Central Bancshares of IA	0.04	0.24	2.02	455	10.61	10.61	3.54	0.57	5.93	0.56	5.75
PVFC	PVF Capital Corp. of Solon OH	0.00	0.00	NM	869	6.16	6.16	NA	-1.52	-24.08	-2.23	-35.41
PFED	Park Bancorp of Chicago IL	0.00	0.00	NM	219	10.50	10.50	7.29	-1.92	-16.77	-1.81	-15.79
PULB	Pulaski Fin Cp of St. Louis MO	0.38	4.90	NM	1,434	8.17	7.90	5.51	0.28	3.61	-0.21	-2.78
RIVR	River Valley Bancorp of IN	0.84	6.04	NM	396	7.75	7.75	2.30	0.43	6.37	0.26	3.88
TFSL	TFS Fin Corp MHC of OH (26.5)	0.28	2.00	NM	10,726	16.33	16.25	3.25	0.11	0.70	-0.09	-0.52
TONE	TierOne Corp. of Lincoln NE	0.00	0.00	NM	3,161	7.73	7.62	10.69	-0.85	-10.44	-0.99	-12.22
UCBA	United Comm Bncp MHC IN (40.8)	0.40	6.45	NM	398	13.89	13.89	3.08	0.20	1.42	0.12	0.85
UCFC	United community Fin. of OH	0.00	0.00	NM	2,338	9.39	9.37	7.03	-0.67	-7.16	-1.03	-11.01
WSBF	Waterstone Fin MHC of WI (26.2)	0.00	0.00	NM	1,868	9.02	9.02	9.04	-0.53	-5.84	-0.79	-8.76
WAYN	Wayne Savings Bancshares of OH	0.24	2.81	36.92	403	9.08	8.60	1.41	0.48	5.53	0.47	5.36

(1)	Average of High/Low or Bid/Ask price per share.
(2)	EPS (estimate core basis) is based on actual trailing twelve month data, adjusted to omit non-operating items on a tax effected basis.
(3)	P/E = Price to earnings) P/E = Price to book; P/A = Price to assets; P/TB = Price to tangible book value; and P/CORE = Price to estimated core earnings.
(4)	Indicated twelve month dividend, based on last quarterly dividend declared.
(5)	Indicated dividend as a percent of trailing twelve month, estimated core earnings.
(6)	ROA(return on assets) and ROE (return on equity) are indicated ratios based on trailing twelve month earnings and average equity and assets balances.
(7)	Excludes from Averages those companies the subject of actual or rumored acquisition, activities or unusual operating characteristics.
(8)	Includes Mid-West Companies;

Source: SNL Financial, LC. and RP Financial, LC. calculations. The information provided in this report has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information.

Copyright (c) 2010 by RP Financial, LC.

EXHIBIT III-3

Public Market Pricing of All Publicly-Traded Thrift Institutions

RP FINANCIAL, LC.

Financial Services Industry Consultants

1100 North Glebe Road, Suite 1100

Arlington, Virginia 22201

(703)528-1700

Exhibit III-3

Market Pricing Comparatives

Prices As of April 16, 2010

		Market Capitalization		Per Share Data
				Core 12-Mth EPS (2)	Book Value/ Share	Pricing Ratios (3)					Dividends (4)			Financial Characteristics (6)
		Price/ Share (1)	Market Value								Amount/ Share	Yield	Payout Ratio ($)	Total Assets	Equity/ Assets	Tng Eq/ Assets	NPAs/ Assets	Reported		Core
Financial Institution						P/E	P/B	P/A	P/TB	P/CORE								ROA	ROE	ROA	ROE
		($)	($Mil)	($)	($)	(X)	(%)	(%)	(%)	(x)	($)	(%)	(%)	($Mil)	(%)	(%)	(%)	(%)	(%)	(%)	(%)
All Public Companies		10.65	320.58	-0.10	12.48	19.19	89.20	10.73	97.65	19.53	0.26	2.00	31.67	2,701	11.23	10.50	3.35	-0.10	-0.70	-0.14	-0.98
Comparable Group
ABBC	Abington Bancorp, Inc. of PA	8.45	177.86	-0.33	10.18	NM	83.01	14.37	83.01	NM	0.20	2.37	NM	1,238	17.31	17.31	4.64	-0.59	-3.16	-0.58	-3.07
ALLS	Alliance Bank MHC of PA (42.0)	8.30	23.85	0.22	7.20	NM	115.28	12.03	115.28	37.73	0.12	1.45	60.00	464	10.44	10.44	NA	0.31	2.77	0.34	3.04
ABCW	Anchor BanCorp Wisconsin of WI (7)	1.02	22.12	-7.68	0.15	NM	NM	0.50	NM	NM	0.00	0.00	NM	4,459	1.82	1.28	10.63	-3.02	NM	-3.40	NM
AF	Astoria Financial Corp. of NY	15.54	1508.69	0.30	12.45	NM	124.82	7.45	147.44	NM	0.52	3.35	NM	20,252	5.97	5.10	2.37	0.13	2.35	0.14	2.43
AFCB	Athens Bancshares, Inc. of TN	10.84	30.11	0.54	17.42	20.07	62.33	11.21	62.23	20.07	0.00	0.00	0.00	269	0.00	0.00	2.12	0.56	NM	0.56	NM
ACFC	Atl Cat Fed Cp of GA MHC (35.1)	3.14	14.81	-1.90	4.21	NM	74.58	4.66	74.76	NM	0.00	0.00	NM	906	6.25	6.23	6.64	-3.03	-40.15	-2.64	-34.99
BCSB	BCSB Bancorp, Inc. of MD	10.00	31.21	-0.59	15.93	NM	62.77	5.33	62.89	NM	0.00	0.00	NM	586	10.26	10.25	1.20	-0.37	-3.61	-0.32	-3.09
BKMU	Bank Mutual Corp of WI	7.17	326.06	0.09	8.85	23.90	81.02	9.28	93.60	NM	0.28	3.91	NM	3,512	11.54	10.17	1.72	0.39	3.38	0.12	1.01
BBX	BankAtlantic Bancorp Inc of FL	2.14	105.33	-3.97	2.88	NM	74.31	2.19	83.92	NM	0.00	0.00	NM	4,816	2.94	2.61	10.33	-3.52	NM	-3.70	NM
BFIN	BankFinancial Corp. of IL	9.59	205.38	0.01	12.31	NM	77.90	13.11	86.79	NM	0.28	2.92	NM	1,567	16.83	15.37	4.04	-0.04	-0.24	0.01	0.08
BFED	Beacon Federal Bancorp of NY	8.90	58. 14	0.72	15.50	16.48	57.42	5.45	57.42	12.36	0.20	2.25	37.04	1,067	9.49	9.49	NA	0.34	3.52	0.45	4.70
BNCL	Beneficial Mut MHC of PA (44.1)	9.96	360.43	0.18	7.78	NM	128.02	17.44	161.17	NM	0.00	0.00	0.00	4,674	13.63	11.14	3.49	0.40	2.75	0.34	2.36
BHLB	Berkshire Hills Bancorp of MA	20.64	287.23	-1.08	27.64	NM	74.67	10.64	137.78	NM	0.64	3.10	NM	2,700	14.24	8.26	2.10	-0.64	-4.23	-0.56	-3.71
BOFI	Bofi Holding, Inc. of CA	15.77	129.16	1.48	11.33	8.76	139.19	9.60	139.19	10.66	0.00	0.00	0.00	1,345	7.63	7.63	1.24	1.14	16.33	0.94	13.43
BYFC	Broadway Financial Corp. of CA	5.02	8.75	0.68	12.84	6.27	39.10	1.68	39.10	7.38	0.04	0.80	5.00	520	6.40	6.40	2.84	0.31	4.47	0.26	3.80
BRKL	Brookline Bancorp, Inc. of MA	10.60	625.73	0.33	8.26	32.12	128.33	23.92	141.90	32.12	0.34	3.21	NM	2,616	18.71	17.25	0.77	0 .74	3.98	0.74	3.98
BFSB	Brooklyn Fed MHC of NY (24.7)	8.05	24.49	0.24	6.40	NM	125.78	19.49	125.78	33.54	0.44	5.47	NM	532	15.50	15.50	11.76	0.27	1.67	0.59	3.64
CITZ	CFS Bancorp, Inc of Munster IN	4.79	51.59	0.00	10.25	NM	46.73	4.77	46.73	NM	0.04	0.84	NM	1,062	10.21	10.21	7.31	-0.05	-0.48	0.00	0.00
CMSB	CMS Bancorp Inc of w Plains NY	8. 40	15.65	-0.33	11.22	NM	74.87	6.89	74.87	NM	0.00	0.00	NM	227	9.20	9.20	NA	-0.15	-1.58	-0.27	-2.89
CBNJ	Cape Bancorp, Inc. of NJ	7.35	97.86	-1.13	9.50	NM	77.37	9.12	94.59	MM	0.00	0.00	NM	1,073	11.79	9.86	NA	-1.64	-13.19	-1.38	-11.12
CFFN	Capitol FdFn MHC of KS (29.6)	37.53	832.09	0.98	12.73	39.09	294.82	33.17	294.82	38.30	2.00	5.33	NM	8,375	11.25	11.25	0.64	0.86	7.69	0.87	7.85
CARV	Carver Bancorp, Inc. of NY	8.57	21.21	0.62	18.60	NM	46.08	2.61	46.35	13.82	0.40	4.67	NM	812	8.01	7.98	4.12	0.05	0.64	0.19	2.50
CESK	Central Bocrp of Somerville MA	9.85	16.12	-0.12	20.78	NM	47.40	2.89	50.75	NM	0.20	2.03	NM	558	7.80	7.43	0.93	-0.07	-0.93	-0.04	-0.47
CFBK	Central Federal Corp. of OH	1.49	6.11	-2.56	3.95	NM	37.72	2.23	38.11	NM	0.00	0.00	NM	274	8.49	8.44	5.31	-3.65	-35.06	-3.72	-35.75
CHEV	Cheviot Fin Cp MHC of OH (38.5)	9.15	31.23	0.11	7.75	NM	116.06	23.74	118.06	NM	0.44	4.81	NM	342	20.10	20.10	NA	0.31	1.55	0.29	1.42
CBNK	Chicopes Bancorp, Inc. of MA	12.96	82.67	-0.10	14.76	NM	87.80	15.19	87.80	NM	0.00	0.00	NM	544	17.30	17.30	0.90	-0.30	-1.70	-0.12	-0.68
CZWI	Citizens Comm Bncorp Inc of WI	4.08	20.86	0.40	10.80	NM	37.78	3.63	42.95	10.20	0.00	0.00	NM	567	9.75	8.67	NA	-0.61	-5.57	0.38	3.48
CSBC	Citizens South Bnkg Corp of NC	6.55	49.30	-4.22	6.88	NM	95.20	6.23	96.18	NM	0.16	2.44	NM	792	9.14	9.07	2.85	-3.77	-31.64	-3.86	-32.41
CSBK	Clifton Svg Bp MHC of NJ (37.1)	9.60	95.21	0.21	6.61	NM	145.23	24.02	145.23	NM	0.24	2.50	NM	1,060	16.54	16.54	NA	0.53	3.05	0.56	3.22
COBK	Colonial Bank MHC of NJ (44.8) (7)	9.94	19.69	0.52	10.25	31.06	96.98	7.76	96.98	19.12	0.00	0.00	0.00	569	8.00	8.00	1.77	0.26	3.30	0.42	5.36
CFFC	Community Fin. Corp. of VA	4.62	20.15	0.35	8.34	14.90	55.40	3.73	55.40	13.20	0.00	0.00	0.00	541	8.98	8.98	2.89	0.26	2.86	0.29	3.23
DNBK	Danvers Bancorp, Inc. of MA	14.89	323.20	0.24	13.16	NM	113.15	12.93	129.03	NM	0.08	0.54	33.33	2,500	11.43	10.16	0.77	0.27	2.17	0.27	2.17
DCOM	Dime Community Bancshara of NY	13.23	455.06	0.93	8.57	17.41	154.38	11.51	190.36	14.23	0.56	4.23	73.68	3,952	7.46	6.13	0.35	0.66	9.18	0.80	11-23
ESBF	ESB Financial Corp. of PA	12.93	155.64	1.03	13.70	13.33	94.38	7.94	127.51	12.55	0.40	3.09	41.24	1,961	8.40	6.35	0.25	0.59	7.51	0.63	7.98
ESSA	ESSA Bancorp, Inc. of PA	12.73	179.80	0.38	12.90	32.64	98.68	17.39	98.68	33.50	0.20	1.57	51.28	1,034	17.62	17.62	NA	0.53	2.94	0.51	2.87
EBMTD	Eagle Bancorp Montanta of MT	10.50	42.87	0.79	12.29	13.29	85.44	13.14	85.44	13.29	0.27	2.57	34.18	326	0.00	0.00	NA	0.99	NM	0.99	NM
ESBK	Elmira Svgs Bank, FSB of NY	16.99	32.59	1.19	18.82	10.49	90.28	6.53	141.58	14.28	0.80	4.71	49.38	499	10.92	8.52	NA	0.63	5.85	0.46	4.30
FFDF	FFD Financial Corp of Dover OH	13.50	13.65	0.45	17.71	17.53	76.23	6.91	76.23	30.00	0.68	5.04	NM	198	9.06	9.06	NA	0.41	4.35	0.24	2.54
FFCO	FedFirst Fin MHC of PA (42.5) (7)	6.00	16.13	0.10	6.70	NM	89.55	10.74	92.88	NM	0.00	0.00	0.00	353	12.01	11.65	0.47	0.18	1.55	0.18	1.55
FSBI	Fidelity Bancorp, Inc. of PA	5.89	17.95	0.07	13.20	NM	44.62	2.44	47.81	NM	0.08	1.36	NM	736	6.38	6.04	2.51	-0.49	-7.50	0.03	0.44
fabk	First Advantage Bancorp of TN	10.75	48.06	0.06	15.77	NM	68.17	13.96	68.17	NM	0.20	1.86	NM	344	20.48	20.48	0.50	0.10	0.51	0.08	0.38
FBSI	First Bancshares Inc. of MO	9.09	14.10	-0.86	15.49	NM	58.68	6.71	59.10	NM	0.00	0.00	NM	210	11.43	11.36	2.57	-0.45	-4.20	-0.58	-5.47
FCAP	First Capital, Inc. of IN	15. 50	42.01	0.20	16.63	NM	93.21	9.40	106.02	NM	0.72	4.65	NM	456	10.11	9.00	2.35	0.17	1.65	0.12	1.18
FCLP	First Clover Leaf Fin Cp of IL	6.99	55.65	-1.09	9.66	NM	72.36	9.50	86.33	NM	0.24	3.43	NM	586	13.13	11.19	NA	-1.43	-10.45	-1.41	-10.26
FCFL	First Community Bk Corp of FL	2.09	10.32	-1.14	6.10	NM	34.26	1.88	34.26	NM	0.00	0.00	NM	548	8.30	8.30	9.12	-1.03	-12.54	-1.04	-12.77
FBEF	First Defiance Fin. Corp of OH	11.90	96.60	0.33	24.36	18.59	48.85	4.70	71.90	36.06	0.00	0.00	0.00	2,058	11.38	8.56	2.99	0.26	2.24	0.13	1.15
FFNM	First Fed of N. Michigan of MI	1.51	4.35	-2.30	7.99	NM	18.90	1.86	19.69	NM	0.00	0.00	NM	234	9.87	9.51	NA	-2.80	-24.63	-2.74	-24.11
FFBH	First Fed. Bancshares of AR	3.16	15.32	-5.58	9.57	NM	33.02	2.04	33.02	NM	0.00	0.00	NM	750	8.35	8.35	NA	-3.48	-36.03	-3.49	-36.16
FFNW	First Fin NW, Inc of Renton MA	7.30	137.41	-2.21	12.14	NM	60.13	10.45	60.13	NM	0.34	4.66	NM	1,315	17.37	17.37	12.77	-3.16	-15.56	-3.23	-15.92
FFCH	First Fin. Holdings Inc. of SC	14.04	232.03	0.04	17.52	8.41	80.14	6.67	92.43	NM	0.20	1.42	11.98	3,476	10.20	9.19	3.73	0.82	9.37	0.02	0.22
FFHS	First Franklin Corp. of OH	10.00	16.61	-1.74	13.21	NM	75.70	5.57	75.70	NM	0.00	0.00	NM	302	7.36	7.36	NA	-0.50	-6.59	-0.94	-12.47
FKFS	First Keystone Fin., Inc of PA(7)	13.40	32.60	-0.71	13.22	NM	101.36	6.44	101.36	NM	0.00	0.00	NM	506	6.38	6.38	NA	-0.54	-8.48	-0.33	-5.24
FPTB	First PacTrust Bancorp of CA	9.94	42.20	-0.35	18.47	NM	53.82	4.72	53.82	NM	0.20	2.01	NM	894	10.90	10.90	6.32	-0.22	-2.06	-0.17	-1.53
FPFC	First Place Fin. Corp. of OH	4.95	84.02	-1.75	12.26	NM	40.38	2.58	42.42	NM	0.00	0.00	NM	3,259	8.51	8.23	5.32	-0.57	-7.04	-0.90	-11.01
FSFG	First Savings Fin. Grp. of IK	12.85	31.03	0.61	21.80	19.77	58.94	6.32	70.37	21.07	0.00	0.00	0.00	491	10.71	9.13	NA	0.47	3.00	0.44	2.82
FBC	Flagstar Bancorp, Inc. of HI	0.69	323.45	-1.77	0.70	NM	98.57	2.31	98.57	NM	0.00	0.00	NM	14,012	4.25	4.25	NA	-3.38	NM	-5.44	NM
FFIC	Flushing Fin. Corp. of NY	13.56	422.72	0.81	11.57	19.97	111.37	10.20	123.57	16.77	0.52	3.83	NM	4,143	6.69	8.29	2.32	0.52	6.23	0.62	7.42

RP FINANCIAL, LC.

Financial Services Industry Consultants

1100 North Glebe Road, Suite 1100

Arlington, Virginia 22201

(703) 528-1700

Exhibit III-3

Market Pricing Comparatives

Prices As of April 16, 2010

		Market Capitalization		Per Shaare Data
				Core 12-Mth EPS (2)	Book Value/ Share	Pricing Ratios (3)					Dividends (4)			Financial Characteristics (6)
		Price/ Share (1)	Market Value								Amount/ Share	Yield	Payout Ratio (5)	Total Assets	Equity/ Assets	Tag Eq/ Assets	NPAs/ Assets	Reported		Core
Financial Institution						P/E	P/B	P/A	P/TB	P/CORE								ROA	ROE	ROA	ROE
		($)	($Mil)	($)	($)	(X)	(%)	(%)	(%)	(x)	($)	(%)	(%)	($Mil)	(%)	(%)	(%)	(%)	(%)	(%)	(%)
FXCB	Fox Chase Bncp MHC of PA (41.0)(7)	10.80	61.03	-0.16	9.08	NM	118.94	12.52	118.94	NM	0.00	0.00	NM	1,174	10.53	10.53	2.98	-0.10	-0.88	-0.19	-1.76
GSLA	GS Financial Corp. of LA	13.30	16.73	0.23	22.27	19.00	59.72	6.16	59.72	NM	0.40	3.01	57.14	272	10.31	10.31	2.45	0.34	3.14	0.11	1.03
GCBC	Green Co Bcrp MHC of NY (43.9)	15.25	27.47	1.39	10.36	13.50	147.20	13.27	147.20	10.97	0.68	4.46	60.18	473	9.01	9.01	0.78	1.01	11.53	1.24	14.18
HFFC	HF financial Corp. of SD	10.58	73.41	0.69	13.30	13.23	79.55	6.25	84.03	15.33	0,45	4.25	56.25	1,175	7.85	7.46	NA	0.47	6.66	0.41	5.74
HMNF	HMN Financial, Inc, of MN	6.18	26.23	-3.32	17.94	NM	34.45	2.53	34.45	NM	0.00	0.00	NM	1,036	9.64	9.64	7.98	-1.16	-12.00	-1.31	-13.51
HBNK	Hampden Bancorp, Inc. of MN	9.87	71.54	-0.10	13.06	NM	75.57	12.44	75.57	NM	0.12	1.22	NM	575	16.46	16.46	1.90	-0.14	-0.83	-0.13	-0.75
HARL	Harleysville Svgs Fin Cp of PA	13.94	50.81	1.40	13.97	11.15	99.79	6.05	99.79	9.96	0.76	5.45	60.80	840	6.06	6.06	NA	0.55	9.20	0.62	10.31
HBOS	Heritage Fn Gp MHC of GA (24.4)	12.64	32.12	-0,02	6.04	NM	209.27	27.94	212.44	NM	0.36	2.85	NM	470	13.35	13.18	NA	0.06	0.50	-0.04	-0.33
HIPS	Hingham Inst. for Sav. of MA	35.50	75.40	3.77	30.74	9.37	115.48	8.15	115.48	9.42	0.92	2.59	24.27	926	7.05	7.05	1.36	0.93	12.87	0.92	12.80
HBCP	Home Bancorp Inc . Lafayette LA	13.91	122.06	0.64	15.13	26.25	91.94	23.26	91.94	21.73	0.00	0.00	0.00	525	25.31	25.31	0.43	0.88	3.57	1.06	4.31
HOME	Home Federal Bancorp Inc of ID	15.93	266.00	-0.44	12.48	30.63	127.64	32.36	127.64	NM	0.22	1.38	42.31	822	25.35	25.35	3.29	1.16	4.24	-0.98	-3.59
HFBC	HopFed Bancorp, Inc. of KY	12.05	43.32	-0.16	17.24	NM	69.90	4.21	71.22	NM	0.48	3.98	NM	1,030	7.76	7.66	NA	0.09	1.17	-0.06	-0.72
HCBK	Hudson City Bancorp , Inc of NJ	14.40	7581.51	1.00	10.14	14.40	142.01	12.58	146.34	14.40	0.60	4.17	60.00	60,268	8.86	8.62	NA	0.92	10.22	0.92	10.22
IFSB	Independence FSB of DC	1.40	2.17	-0.21	6.43	NM	21.77	1.30	21.77	NM	0.00	0.00	NM	167	5.96	5.96	6.39	-0.06	-1.23	-0.18	-3.70
ISBC	Investors Bcrp MHC of NJ (43.5)	13.80	687.90	0.29	7.43	NM	185.73	18.90	191.67	NM	0.00	0.00	0.00	8,358	10.17	9.89	1.44	0.45	4.41	0.42	4.13
JXSB	Jckanville Bcp MHC of IL (45.9) (7)	11.50	10.14	0.32	13.15	15.75	87.45	7.65	98.04	35.94	0.30	2.61	41.10	289	8.75	7.88	1.18	0.48	5.69	0.21	2.50
JFBI	Jefferson Bancshares Inc of TN	4.84	32.45	0.20	11.98	25.47	40.40	4.84	58.17	24.20	0.00	0.00	0.00	671	11.98	8.63	3.55	0.19	1.60	0.20	1.68
KFED	K-Fed Bancorp MHC of CA (33.4)	10.14	45.05	0.22	6.94	NM	146.11	15.36	152.94	NM	0.44	4.34	NM	878	10.51	10.09	2.61	0.31	2.87	0.34	3.16
KFFB	KY Fst Fed Bp MHC of XY (39.9)	10.04	31.52	0.00	7.38	NM	136.04	32.96	182.88	NM	0.40	3.98	NM	239	24.23	19.21	1.42	0.00	0.00	0.00	0.00
KRNY	Kearny Fin Cp MHC of NJ (26.5)	10.55	193.33	0.09	6.97	NM	151.36	33.03	182.84	NM	0.20	1.90	NM	2,203	21.82	18.76	NA	0.26	1.15	0.29	1.30
LSBX	LSB Corp of No. Andover MA	12.56	56.61	0.63	13.43	14.95	93.52	6.93	93.52	19.94	0.28	2.23	33.33	817	7.41	7.41	NA	0.48	5.32	0.36	3.99
LSBI	LSB Fin, Corp. of Lafayette IN	11.00	17.09	-0.22	21.80	36.67	50.46	4.61	50.46	NM	0.50	4.55	NM	371	9.13	9.13	3.91	0.12	1.36	-0.09	-1.00
LPSB	LaPorte Bancrp MHC of IN (45.6)	6.23	13.17	0.38	10.82	11.33	57.58	7.07	70.88	16.39	0.00	0.00	0.00	406	12.29	10.22	2.04	0.66	5.29	0.45	3.65
LSBK	Lake Shore Bap MHC of NY (41.3)	8.09	20,69	0.37	9.01	23.11	89.79	11.70	89.79	21.86	0.24	2.97	68.57	426	13.03	13.03	1.10	0.52	3.93	0.55	4.16
LEGC	Legacy Bancorp, Inc. of MA	9.43	82.37	-0.15	13.89	NM	67.89	8.70	75.20	NM	0.20	2.12	NM	946	12.82	11.72	2.71	-0.82	-6.30	-0.14	-1.06
LABC	Louisiana Bancorp, Inc. of LA	15.15	72.17	0.49	15.40	28.58	98.38	21.89	98.38	30.92	0.00	0.00	0.00	330	22.25	22.25	0.78	0.78	3.17	0.72	2.93
MSBF	MSB Fin Corp MHC of NJ (41.8)	8.00	17.76	0.08	7.62	NM	104.99	11.57	104.99	NM	0.12	1.50	NM	364	11.02	11.02	NA	0.09	0.77	0.12	1.03
MGYR	Magyar Bancorp MHC of NJ (44.5)	3.81	9.78	-0.59	6.91	NM	55.14	3.94	55.14	NM	0.00	0.00	NM	558	7.14	7.14	NA	-0.39	-5.32	-0.61	-8.26
MLVF	Malvern Fed Bncp MHC PA (45.0)	9.65	26.72	0.08	11.36	NM	84.95	8.63	84.95	NM	0.12	1.24	NM	682	10.16	10.16	3.42	0.07	0.70	0.07	0.70
MFLR	Mayflower Bancorp, Inc. of MA	7.55	15.71	0.28	9.79	13.48	77.12	6.39	77.20	26.96	0.24	3.18	42.86	246	8.28	8.27	NA	0.47	5.90	0.24	2.95
EBSB	Meridian Fn Serv MHC MA (43.4)	11.01	106.89	0.17	9.07	NM	121.39	20.08	121.39	NM	0.00	0.00	0.00	1,211	16.55	16.55	2.19	0.32	1.94	0.32	1.94
CASH	Meta Financial Group of IA	26.90	71.12	-0.86	17.61	NM	152.75	7.76	161.46	NM	0.52	1.93	NM	916	5.08	4.82	1.65	-0.11	-2.04	-0.26	-4.68
MFSF	MutualFirst Fin. INC. of IN	6.81	47.57	0.17	14.04	35.84	48.50	3 .40	51.59	NM	0.24	3.52	NM	1,399	9.27	8.89	2.86	0.09	1.02	0.08	0.91
NASB	NASB Fin, Inc. of Grandview MO	23.23	182.77	-0.38	21.15	9.76	109.83	11.72	111.69	NM	0.90	3.87	37.82	1,560	10.67	10.52	4.75	1.21	11.81	-0.19	-1.89
NECB	NE Comm Bncrp MHC of NY (45.0)	6.04	35.94	-0.19	8.12	NM	74.38	15.15	75.69	NM	0.12	1.99	NM	527	20.37	20.09	6.44	-0.54	-2.41	-0.52	-2.29
NHTB	NH Thrift Bancshares of NH	11.65	67.24	0.54	13.49	10.79	86.36	6.99	138.53	21.57	0.52	4.46	48.15	963	9.12	6.27	0.66	0.69	7.39	0.35	3.70
NVSL	Naug vlly Fin MHC of CT (40.5) (7)	6.77	19.25	0.27	7.16	24.18	94.55	8.54	94.69	25.07	0.12	1.77	42.86	557	9.03	9.02	NA	0.36	4.08	0.35	3.94
NYB	New York Community Bcrp of NY	17.56	7606.94	1.30	12.39	19. 09	141.73	18.05	269.33	13.51	1.00	5.69	NM	42,154	12.73	7.13	NA	1.15	8.91	1.63	12.58
NAL	NewAlliance Bancshares of CT	12.66	1342.59	0.39	13.53	28.77	93.57	15.92	153.83	32.46	0.28	2.21	63.64	8,434	17.01	11.09	0.66	0.55	3.31	0.49	2.93
NFSB	Newport Bancocp, Inc. of RI	12,00	45.96	0.23	13.42	NM	89.42	10.02	89.42	NM	0.00	0.00	0.00	459	11.20	11.20	0.19	0.15	1.31	0.20	1.68
FFFD	North Central Bancshares or IA	16.86	22.73	1.92	28.31	8.52	59.55	4.99	59.55	8.78	0.04	0.24	2.02	455	10.61	10.61	3.54	0.57	5.93	0.56	5.75
NFBK	Northfield Bcp MHC of NY (45.1)	14.83	299.95	0.27	8.92	NM	166.26	32.52	173.65	NM	0.16	1.08	59.26	2,002	19.56	18.89	2.55	0.63	3.03	0.63	3.03
NWBI	Northwest Bancshares Inc of PA	11.80	1305.58	0.45	11.90	39.33	99.16	16.27	114.45	26.22	0.40	3.39	NM	8,025	16.41	14.53	1.81	0.46	4.32	0 .69	6.48
OBAF	OBA Financial Serv. Inc of MD	10.99	50.87	-0.09	16.92	NM	64.95	12.81	64.95	NM	0.00	0.00	NM	397	0.00	0.00	NA	-0.30	NM	-0.10	NM
OSHC	Ocean Shore Holding Co. of NJ	11.59	84.70	0.72	13.01	19.98	89.09	11.00	89.09	16.10	0.24	2.07	41.38	770	7.69	7.69	0.25	0.55	7.15	0.68	8.88
OCFC	OceanFirst Fin, Corp of NJ	12.67	238.47	0.60	9.75	19.20	129.95	11.75	129.95	21.12	0.48	3.79	72.73	2,030	9,04	9.04	NA	0.65	7.87	0.59	7.15
OABC	OmniAmerican Bancorp Inc of TX	11.65	138.67	-0.28	16.22	NM	71.82	12.51	71.82	NM	0.00	0.00	NM	1,108	8.23	8.23	2.82	-0.05	-0.65	-0.30	-3.66
ONFC	Oneida financl MHC of NY (44. 9) (7)	9.75	34.28	0.67	7.22	16.40	135.04	12.93	240.74	14,55	0.48	4.92	NM	591	10.01	6.06	0.41	0.74	7.49	0.93	9.46
ORIT	Oritani Fin Cp MHC of NJ (25.7) (7)	16.65	159.14	0.32	8.69	NM	248.88	30.73	246.88	NM	0.30	1.80	NM	2,007	12.35	12.35	NA	0.55	4.24	0.63	4.85
PSBK	PSB Hldgs Inc MHC of CT (42.9)	5.10	14.27	0.39	6.75	NM	75.56	6.93	90.91	13.08	0.00	0.00	NM	480	9.18	7.75	2.38	-0.87	-10.53	0.53	6.41
PVFC	PVF Capital Corp. of Solon OH	2.03	16.20	-2.50	6.71	NM	30.25	1.86	30.25	NM	0.00	0.00	NM	869	6.16	6.16	NA	-1.52	-24.08	-2.23	-35.41
PBCI	Pamrapo Bancorp, Inc. of NJ (7)	7.96	39.29	-0.45	9,77	NM	81.47	7.04	81.47	NM	0.00	0.00	NM	558	8.65	8.65	NA	-1.14	-12.81	-0.38	-4.30
PFED	Park Bancorp of Chicago IL	5.24	6.25	3.38	19.25	NM	27.22	2.86	27.22	NM	0.00	0.00	NM	219	10.50	10.50	7.29	-1.92	-16.77	-1.81	-15.79
PVSA	Parkvale Financial Corp of PA	8.75	48.22	1.02	21.73	NM	40.27	2.52	53.13	8.58	0.20	2.29	NM	1,916	7.91	6.50	NA	-0.58	-7.19	0.30	3.67
PBHC	Pathfinder BC MHC of NY (36.3)	6.96	6,28	0.59	9.31	11.41	74.76	4.65	89.58	11.80	0.12	1.72	19.67	372	7.87	6.90	NA	0.42	6.48	0.41	6.26
PBCT	Peoples United financial of CT	16.40	6094.24	0.26	13.73	NM	119.45	28.67	169.95	NM	0.62	3.78	NM	21,256	24.00	18.16	NA	0.50	2.02	0.47	1.88
PROV	Provident Fin. Holdings of CA	4.42	50.37	-1.73	10.85	NM	40.74	3. 56	40.74	NM	0.04	0.90	NM	1,415	8.74	8.74	8.84	-0.25	-3.23	-1.30	-16.94
PFS	Provident Fin. Serv. Inc of NJ	12.45	744.78	-2.02	14.79	NM	84.18	10.89	141.00	NM	0.44	3.53	NM	6,836	12.94	8.15	1.33	-1.83	-13.47	-1.81	-13.33
PBNY	Provident NY Bncrp, Inc. of NY	9.85	384.75	0.33	10.76	14.92	91.54	13.19	151.31	23.85	0.24	2.44	36.36	2,918	14.40	9.24	1.01	0.88	6.12	0.44	3.06
PBIP	Prudential Bncp MHC PA (29.3)	7.84	23.76	0.17	5.41	NM	144.92	16.00	144.92	NM	0.20	2.55	NM	506	11.04	11.04	1.34	0.16	1.39	0.35	2.96
PULB	Pulaski Fin Cp of st. Louis md	7.75	78.90	-0.30	8.49	19.87	91.28	5.50	95.92	NM	0.38	4.90	NM	1,434	8.17	7.90	5.51	0.28	3.61	-0.21	-2.78
RIVR	River Valley Bancorp of IN	13.90	20.91	0.67	17.10	12.64	81.29	5.28	81.38	20.75	0.84	6.04	NM	396	7.75	7.75	2.30	0.43	6.37	0.26	3.88
RVSB	Riverviev Bancorp, Inc. of WA	2.31	25.23	-0.13	8.11	NM	28,48	2.94	40.24	NM	0.00	0.00	NM	858	10.38	7.59	6.93	-0.16	-1.59	-0.16	-1.59
RCKB	Rockville Fin MHC of CT (42.9)	12.07	96.86	0.50	8.41	23.21	143.52	14.39	144.55	24.14	0.24	1.99	46.15	1,571	10.02	9.96	0.96	0.63	6.46	0.60	6.21
ROMA	Roma Fin Corp MHC of NJ (27.0)	12.31	102.76	0.14	6.94	NM	177.38	29.03	177.89	NM	0.32	2.60	NM	1,312	16.48	16.44	1.27	0,20	1.16	0.36	2.02
ROME	Rome Bancorp, Inc. of Rome NY	8.35	56.78	0.45	8.88	18.56	94.03	17.21	94.03	18.56	0.36	4.31	NM	330	18.30	18.30	0.58	0.91	5.10	0.91	5.10

RP FINANCIAL, LC.

Financial Services Industry Consultants

1100 North Glebe Road, Suite 1100

Arlington, Virginia 22201

(703) 528-1700

Exhibit III-3

Market Pricing Comparatives

Prices Asof April 16, 2010

		Market Capitalization				Per Share Data
						Core 12-Mth EPS (2)		Book Value/ Share		Pricing Ratios (3)
		Price/ Share (1)		Market Value
Financial Institution										P/E		P/B		P/A		P/TB		P/CORE
		($)		($Mil)		($)		($)		(x)		(%)		(%)		(%)		(x)
SIFI	SI Fin Gp Inc MHC of CT (38.2)		6.75		30.39		0.05		6.57	NM			102.74		9.12		108.70	NM
SVBI	Severn Bancorp, Inc. of MD		4.36		43.89		-1.68		7.91	NM			55.12		4.54		55.40	NM
SUPR	Superior Bancorp of AL (7)		3.56		41.54		-1.80		16.43	NM			21.67		1.29		23.73	NM
THRD	TF Fin. Corp. ofNewtown PA		19.15		51.19		1.42		26.89		11.33		71.22		7.17		76.02		13.49
TFSL	TFS Fin Corp MHC of OH (26.5)		14.02		1147.36		-0.03		5.68	NM			246.83		40.30		248.14	NM
TSH	Teche Hiding Cpof N Iberia LA		33.00		69.27		3.52		34.46		9.76		95.76		9.15		100.95		9.38
TBNK	Territorial Bancorp, Inc of HI		19.99		244.54		0.83		17.96		28.15		111.30		17.60		111.30		24.08
TONE	TierOne Corp. of Lincoln NE		0.55		9.92		-1.79		13.55	NM			4.06		0.31		4.13	NM
TSBK	Timberland Bancorp, Inc. of WA		4.57		32.20		-0.08		10.16	NM			44.98		4.49		49.35	NM
TRST	TrustCo Bank Corp NY of NY		6.39		489.80		0.36		3.21		17.27		199.07		13.31		199.69		17.75
UCBA	United Comm Bncp MHC IN (40.8)		6.20		19.86		0.06		7.05	NM			87.94		12.21		87.94	NM
UCFC	United Community Fin. Of OH		1.67		51.60		-0.83		7.11	NM			23.49		2.21		23.55	NM
UBNK	United Financial Bncrp of MA		13.81		231.23		0.45		13.45		39.46		102.68		15.00		106.64		30.69
UWBK	United Western Bncp, Inc of CO		1.74		51.06		-0.89		5.44	NM			31.99		2.02		31.99	NM
VPFG	Viewpoint Finl MHC of TX (43.1) (7)		17.07		183.42		-0.07		8.25	NM			206.91		17. 88		207.92	NM
WSB	WSB Holdings, Inc. of Bowie MD		3.25		25.53		-0.72		6.73	NM			48.29		5.83		48.29	NM
WSFS	WSFS Financial Corp. of DE		41.45		293.47		-0.47		35.28	NM			117.49		7. 83		124.29	NM
WVFC	WVS Financial Corp. ofPA		13.97		28.86		0.73		14.86		20.54		94.01		7.37		94.01		19.14
WFSL	Washington Federal, Inc. of WA		20.43		2297.46		0.16		15.42	NM			132.49		18.14		155.24	NM
WSBF	Waterstone Fin MHC of WI (26.2)		3.66		30.01		-0.48		5.39	NM			67.90		6.12		67.90	NM
WAYN	Wayne Savings Bancshares of OH		8.55		25.68		0.63		12.19		13.15		70.14		6.37		74.41		13.57
WFD	Westfield Fin. Inc. of MA		9.68		288.65		0.21		8.29	NM			116.17		24.23		116.77	NM

		Dividends (4)			Financial Characteristics (6)
		Amount/		Payout	Total	Equity/	Tng Eq/	NPAs/	Reported		Core
Financial Institution		Share	Yield	Ratio (5)	Assets	Assets	Assets	Assets	ROA	ROE	ROA	ROE
		($)	(%)	(%)	($Mil)	(%)	(%)	(%)	(%)	(%)	(%)	(%)
SIFI	SI Fin Gp Inc MHC of CT (38.2)	0.00	0.00	0.00	872	8.88	8.43	0.77	0.05	0.63	0.07	0.78
SVBI	Severn Bancorp, Inc. of MD	0.00	0.00	NM	968	10.97	10.95	13.13	-1.72	-14.71	-1.72	-14.71
SUPR	Superior Bancorp of AL (7)	0.00	0.00	NM	3,222	5.95	5.46	9.76	-0.61	-8.12	-0.66	-8.86
THRD	TF Fin. Corp. ofNewtown PA	0.80	4.18	47.34	714	10.07	9.49	NA	0.63	6.44	0.53	5.41
TFSL	TFS Fin C0rp MHC of OH (26.5)	0.28	2.00	NM	10,726	16.33	16.25	3.25	0.11	0.70	-0.09	-0.52
TSH	Teche Hiding Cpof N Iberia LA	1.42	4.30	42.01	757	9.55	9.11	1.58	0.92	10.04	0.95	10.46
TBNK	Territorial Bancorp, Inc of HI	0.20	1.00	28.17	1,390	15.81	15.81	0.24	0.63	5.42	0.74	6.33
TONE	TierOne Corp. of Lincoln NE	0.00	0.00	NM	3,161	7.73	7.62	10.69	-0.85	-10.44	-0.99	-12.22
TSBK	Timberland Bancorp, Inc. of WA	0.04	0.88	NM	716	12.17	11.39	7.25	-0.15	-1.19	-0.08	-0.64
TRST	TrustCo Bank Corp NY of NY	0.25	3.91	67.57	3,680	6.69	6.67	1.50	0.79	11.78	0.77	11.46
UCBA	United Comm Bncp MHC IN (40.8)	0.40	6.45	NM	398	13.89	13.89	3.08	0.20	1.42	0.12	0.85
UCFC	United Community Fin. Of OH	0.00	0.00	NM	2,338	9.39	9.37	7.03	-0.67	-7.16	-1.03	-11.01
UBNK	United Financial Bncrp of MA	0.28	2.03	NM	1,541	14.61	14.15	1.16	0.45	2.66	0.58	3.42
UWBK	United Western Bncp, Inc of CO	0.00	0.00	NM	2,526	6.32	6.32	NA	-1.73	-30.23	-1.08	-18.82
VPFG	Viewpoint Finl MHC of TX (43.1) (7)	0.20	1.17	NM	2,379	8.64	8.60	0.70	0.12	1.38	-0.08	-0.88
WSB	wsb Holdings, Inc. of Bowie MD	0.00	0.00	NM	438	12.07	12.07	NA	-1.28	-10.74	-1.26	-10.59
WSFS	WSFS Financial Corp. of DE	0.48	1.16	NM	3,749	8.05	7.72	2.23	-0.05	-0.70	-0.09	-1.22
WVFC	WVS Financial Corp. ofPA	0.64	4.58	NM	392	7.84	7.84	0.42	0.34	4.52	0.36	4.85
WFSL	Washington Federal, Inc. of WA	0.20	0.98	NM	12,662	13.69	11.93	5.73	0.23	1.74	0.14	1.12
WSBF	Waterstone Fin MHC of WI (26.2)	0.00	0.00	NM	1,868	9.02	9.02	9.04	-0.53	-5.84	-0.79	-8.76
WAYN	Wayne Savings Bancshares of OH	0.24	2.81	36.92	403	9.08	8.60	1.41	0.48	5.53	0.47	5.36
WFD	Westfield Fin. Inc. of MA	0.20	2.07	NM	1,191	20.75	20.75	NA	0.46	2.09	0.54	2.44

(1)	Average of High/Low or Bid/Ask price per share.
(2)	EPS (estimate core basis) is based on actual trailing twelve month data, adjusted to omit non-operating items on a tax effected basis.
(3)	P/E = Price to earnings; P/B = Price to book; P/A = Price to assets; P/TB= Price to tangible book value; and P/CORE = Price to estimated core earnings.
(4)	Indicated twelve month dividend, based on last quarterly dividend declared.
(5)	Indicated dividend as a percent of trailing twelve month estimated core earnings.
(6)	ROA (return on assets) and ROE (return on equity) are indicated ratios based on trailing twelve month earnings and average equity and assets balances.
(7)	Excludes from averages those companies the subject of actual or rumored acquisition activities or unusual operating characteristics.

Source: SNL Financial, LC. and RP Financial, LC. calculations. The information provided in this report has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information.

Copyright (c) 2010 by RP Financial, LC.

EXHIBIT III-4

Peer Group Market Area Comparative Analysis

Exhibit III-4

Peer Group Market Area Comparative Analysis

					Proj.							Per Capita Income					Deposit
		Population			Pop.	2000-2009			2009-2014			2009		% State			Market
Institution	County		2000	2009	2014	% Change			% Change			Amount		Average			Share(1)
			(000)	(000)	(000)
Bank Mutual Corp. - WI	Milwaukee		940	938	948		-0.2	%		1.0	%		25,374		92.7	%		1.6	%
Brookline Bancorp - MA	Norfolk		650	662	665		1.7	%		0.5	%		45,473		130.3	%		4.5	%
Danvers Bancorp - MA	Essex		723	744	749		2.9	%		0.6	%		34,164		97.9	%		8.2	%
Dime Community Bancshares - NY	Kings		2,465	2,552	2,595		3.5	%		1.7	%		21,170		70.8	%		2.8	%
First Financial Holdings Inc. - SC	Charleston		310	349	367		12.6	%		5.2	%		28,009		115.0	%		15.7	%
Flushing Financial Corp. - NY	Nassau		1,335	1,321	1,300		-1.0	%		-1.6	%		41,631		139.3	%		2.7	%
NewAlliance Bancshares - CT	New Haven		824	849	858		3.0	%		1.0	%		30,751		85.3	%		11.7	%
Provident NY Bancorp, Inc. - NY	Rockland		287	296	299		3.2	%		1.0	%		37,574		125.7	%		17.4	%
TrustCo Bank Corp. NY - NY	Schenectady		147	151	154		3.1	%		1.6	%		27,674		92.6	%		37.4	%
Washington Federal, Inc. - WA	King		1,737	1,913	2,007		10.1	%		4.9	%		39,623		134.7	%		4.7	%
	Averages:		942	978	994		3.9	%		1.6	%		33,144		108.4	%		10.7	%
	Medians:		774	797	803		3.1	%		1.0	%		32,458		106.4	%		6.5	%
Capitol Federal Financial - KS	Shawnee		170	176	179		3.5	%		1.6	%		26,282		101.0	%		30.9	%

(1) Total institution deposits in headquarters county as percent of total county deposits as of June 30, 2009.

Sources:  SNL Financial LC, FDIC.

EXHIBIT IV-1

Stock Prices:

As of April 16, 2010

RP FINANCIAL, LC.

Financial Services Industry Consultants

1100 North Glebe Road, Suite 1100

Arlington, Virginia 222011

(703) 528-1700

Exhibit IV-1

Weekly Thrift Market Line - Part One

Prices As Of April 16, 2010

																			Current Per Share Financials
	Market Capitalization						Price Change Data																		Tangible Book Value/ Share(4)
			Shares Outst- anding		Market Capital- ization(9)		52 Week (1)						%  Change From						Trailing 12 No. EPS(3)		12 No. Core EPS(3)		Book Value/ Share
	Price/ Share(1)										Last Week		Last Week		52 Wks Ago(2)		MostRent YrEnd(2)										Assets/ Share
Financial Institution							High		Low
	($)		(000)		($Mil)		($)		($)		($)		(%)		(%)		(%)		($)		($)		($)		($)		($)
Market Averages, All Public Companies (no MHC)
All Public Companies (107)		10.84		32,072		371.3		12.71		7.77		10.64		2.78		12.89		14.89		-0.08		-0.16		13.87		12.75		150.39
NYSE Traded Companies(6)		10.17		202,357		1,938.6		11.63		6.24		9.94		3.52		8.56		24.66		-0.88		-0.96		9.46		6.23		104.58
AMEX Traded Companies(1)		33.00		2,099		69.3		35.75		29.01		33.00		0.00		13.21		4.07		3.38		3.52		34.46		32.69		360.77
NASDAQ Listed OTC Companies(100)		10.65		21,742		276.5		12.54		7.65		10.45		2.76		13.16		14.39		-0.07		-0.15		13.93		12.95		151.06
California Companies(4)		8.79		6,393		57.6		11.53		4.12		8.75		2.69		39.22		46.90		0.45		0.02		13.37		13.37		199.33
Florida Companies(2)		2.12		27,080		57.8		5.84		1.45		2.11		1.04		-38.06		25.67		-2.45		-2,56		4.49		4.32		104.39
Mid-Atlantic Companies(33)		11.77		50,515		718.2		12.97		8.22		11.57		1.98		15.96		14.72		0.10		0.27		13.47		12.05		155.73
Mid-West Companies(31)		8.91		23,632		66.2		11.38		6.09		8.73		4.48		10.08		17.67		-0.35		-0.65		14.06		13.25		168.01
New England Companies(16)		13.75		41,324		606.7		15.31		10.99		13.46		1.58		12.47		8.40		0.35		0.36		15.09		13.04		141.13
North-West Companies (4)		8.65		37,312		623.1		10.12		5.56		8.59		2.53		-5.33		5.78		-0.55		-0.56		11.46		10.08		90.67
South-East Companies(12)		11.83		5,828		64.3		13.70		9.61		11.76		1.67		8.57		10.79		-0.16		-0.34		15.89		15.17		143.05
South-West Companies(1)		11.65		11,903		138.7		12.35		10.12		11.64		0.09		16.50		16.50		-0.05		-0.28		16.22		16.22		93.09
Western Companies (Excl CA)(4)		12.04		15.590		151.1		14.94		7.45		11.23		6.00		40.29		3.93		0.15		0.07		12.04		12.04		82.20
Thrift strategy(101)		10.71		29,145		323.3		12.54		7.72		10.51		2.70		13.62		13.72		-0.02		-0.08		13.87		12.76		148.70
Mortgage Banker Strategy(3)		3.28		30,308		77.8		8.59		1.79		2.98		9.84		-27.23		62.38		-2.06		-2.85		6.87		6,70		111.00
Real Estate Strategy(1)		2.03		7,979		16.2		4.39		1.46		2.00		1.50		16.67		4.64		-2.70		-2.50		6.71		6.71		108.95
Diversified Strategy(2)		28.93		189,340		3,193.9		29.64		19.44		28.81		-0.01		15.38		29.96		0.01		-0.11		24.51		21.50		293.33
Companies Issuing Dividends(68)		13.02		37,208		535.1		14.82		9.33		12.76		2.49		18.34		13.13		0.34	0.26			15.04		13.67		165.80
Companies Without Dividends(39)		6.60		22,095		53.0		8.62		4.74		6.52		3.33		2.31		18.31		-0.90		-0.98		11.60		10.96		120.45
Equity/Assets <6%(12)		6.97		63,557		207.5		9.54		3.32		7.05		1.69		3.82		10.89		-0.89		-0.88		9.48		9.05		183.63
Equity/Assets 6-12%(64)		10.81		18,025		206.2		12.90		7.72		10.59		3.46		13.08		18.03		0.02		-0.13		14.78		13.76		179.35
Equity/Assets >12%(31)		12.13		50,012		754.3		13.36		9.30		11.89		1.77		15.44		9.90		-0.01		0.01		13.46		11.93		81.74
Converted Last 3 Mths (no MHC)(3)		11.05		6,872		77.5		11.64		8.84		10.99		0.55		33.32		16.21		0.16		0.14		15.14		15.14		86.27
Actively Traded Companies(6)		18.48		27,450		535.5		20.29		11.99		18.31		0.18		45.57		15.47		1.26		0.90		19.58		18.39		256.20
Market Value Below $20 Million(18)		6.17		3,497		12.4		8.67		4.38		6.17		2.62		-3.68		10.18		-1.03		-1.17		12.88		12.72		170.85
Holding Company Structure(101)		10.63		33,688		389.7		12.52		7.67		10.42		2.98		11.48		14.61		-0.15		-0.23		13.83		12.71		148.38
Assets Over $1 Billion(49)		11.32		65,025		764.4		13.43		7.89		11.03		4.12		10.76		16.27		-0.08		-0.20		13.06		11.39		136.43
Assets $500 Million-$1 Billion(32)		10.71		5,745		53.7		12.38		7.50		10.54		2.27		15.84		14.75		-0.18		-0.14		14.30		13.53		174.92
Assets $250-$500 Million(19)		11.38		3,306		33.4		12.84		8.96		11.26		1.18		19.97		10.69		0.32		0.18		15.67		14.98		151.94
Assets less than $250 Million(7)		6.67		1,733		10.3		8.99		4.91		6,70		0.32		-4.58		17.65		-0.79		-0.91		12.55		12.49		134.78
Goodwill Companies(61)		11.42		42,418		588.9		13.37		8.00		11.23		3.41		10.74		14.39		-0.07		-0.12		14.17		12.22		160.71
Non-Goodwill Companies(44)		10.03		18,859		81.1		11.86		7.44		9.80		1.99		14.55		15.54		-0.11		-0.25		13.41		13.41		139.12
Acquirors of FSLIC Cases(2)		10.92		57,004		1,149.8		12.83		6.07		10.99		-1.34		-1.22		-0.52		0.09		-0.02		10.93		9.80		110.26

(1)	Average of high/low or bid/ask price per share.
(2)	Or since offering price if converted or first listed in the past 52 weeks. Parcent change figures are actual year-to-date and are not annualized
(3)	EPS (earnings per share) is based on actual trailing twelve month data and is not shown on apro forma basis.
(4)	Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5)	ROA (return on assets) and ROE (return on equity) are indicated ratios based on trailing twelve month common earnings and average common equity and assets balances.
(6)	Annualized, based on last regular quarterly cash dividend announcement.
(7)	Indicated dividend as a percent of trailing twelve month earnings.
(8)	Excluded from averages due to actual or rumored acquisition activities or unusual operating characteristics.
(9)	For MHC institutions, market value reflects share price multiplied by public (non-MHC) shares.
*	Parentheses following market averages indicate the number of institutions included in the respective averages. All figures have been adjusted For stock splits, stock dividends, and secondary offerings.

Source: SNLFinancial, LC. and RPFinancial, LC. calculations. The information provided in this table has been obtained from sources we beliave are reliable, but we cannot guarantee the accuracy or completeness of such information.

Copyright (c) 2010 by RP Financial, LC.

RP FINANCIAL, LC.

Financial Services Industry Consultants

1100 North Glebe Road, Suite 1100

Arlington, Virginia 222011

(703) 528-1700

Exhibit IV-1 (continued)

Weekly Thrift Market Line - Part One

Prices As Of April 16, 2010

																			Current Per Share Financials
	Market Capitalization						Price Change Data																		Tangible Book Value/ Share(4)
			Shares Outst- anding		Market Capital- ization(9)		52 Week (1)						% Change From						Trailing 12 Mo. EPS(3)		12 Mo. Core EPS(3)		Book Value/ Share
	Price/ Share(1)										Last Week		Last Week		52 Wks Ago(2)		MostRent YrEnd(2)										Assets/ Share
Financial Institution							High		Low
	($)		(000)		($Mil)		($)		($)		($)		(%)		(%)		(%)		($)		($)		($)		($)		($)
Market Averages. MHC Institutions
All public Companies (38)		10.02		32,625		146.4		11.76		7.57		10.12		-1.90		14.18		16.96		0.09		0,13		7,70		7.34		66.03
NASDAQ Listed OTC Companies(38)		10.02		32,625		146.4		11.76		7.57		10.12		-1.90		14.18		16.96		0.09		0.13		7.70		7.34		66.03
California Companies (1)		10.14		13,292		45.1		10.33		7.00		10.00		1.40		29.01		15.36		0.20		0.22		6.94		6.63		66.02
Mid-Atlantic Companies (21)		9.57		27,482		122.3		11.43		7.81		9.63		-1.17		0.64		1.26		0.20		0.22		7,90		7.58		68.78
Mid-West Companies (8)		12.40		63,253		299.3		14.81		9.39		12.61		-2.80		19.32		24.40		0.21		0.15		8.11		7.55		59.37
New England Companies (5)		8.73		14,786		62.1		9.66		5.46		8.68		0.72		40.37		30.02		0.02		0.28		7.70		7.31		71.57
South-East Companies (2)		7.89		11,919		23.5		3.63		3.85		8.28		-11.49		44.65		91.15		-1.08		-0.96		5.13		5.08		56.32
Thrift Strategy(38)		10.02		32,625		146.4		11.76		7.57		10.12		-1.90		14.18		16.96		0.09		0.13		7.70		7.34		66.03
Companies Issuing Dividends (26)		11.30		32,713		148.8		13.33		8.92		11.38		-1.20		6.81		7.28		0.24		0.26		7.91		7.65		63.65
Companies without Dividends (12)		7.05		32,420		140.9		8.09		4.44		7.17		-3.53		31.36		39.53		-0.25		-0.17		7.21		6.62		71.61
Equity/Assets 6-12%(22)		10.13		21,619		125.1		11.95		7.35		10.22		-2,27		19.37		22.80		0.04		0.13		7.77		7.53		84.73
Equity/Assets >12%(16)		9.91		43,632		167.7		11,57		7.80		10.02		-1.53		8.98		11.11		0.14		0.13		7.64		7.14		47.33
Market Value Below $20 Million(1)		6.96		2,485		6.3		8.00		4.95		7.85		-11.34		22.11		24.29		0.61		0.59		9.31		7.77		149.57
Holding Company Structure (35)		10.12		34,393		156.6		11.79		7.57		10.23		-2,22		16.52		18.83		0.09		0,12		7.86		7.46		67.63
Assets Over $1 Billion(14)		13.58		74,642		358.4		15.37		10.15		13.60		-0.75		17.12		18.06		0.23		0.21		7.81		7.49		57.86
Assets $500 Million-$1 Billion(11)		6.93		10,855		26.4		9.46		5.47		7.24		-5.31		6.00		12.78		-0.28		-0.24		6.99		6.89		68.26
Assets $250-$500 Million(12)		8.59		6,300		20.7		9.30		6.20		8.58		-0.35		19.23		21.65		0.25		0.36		8.19		7.71		76. 80
Assets less than $250 Million(1)		10.04		7,861		31.5		15.00		9.75		10.32		-2.71		-3.28		-8.73		0.00		0.00		7.38		5.49		30.46
Goodwill Companies (21)		9.66		46,925		194.5		10,91		6.98		9.77		-2.52		21.26		24.82		0.00		0.06		7.39		6.70		62.68
Non-Goodwill Companies (17)		10.44		16,284		91.4		12.74		8.25		10.51		-1.19		6.08		7.97		0.20		0.22		8.06		3.06		69. 86
MHC Institutions (38)		10.02		32,625		146.4		11.76		7.57		10.12		-1.90		14.18		16.96		0.09		0.13		7.70		7.34		66.03

(1)	Average of high/low or bid/ask price per share.
(2)	Or since offering price if converted or first listed in the past 52 weeks. Percent change figures are actual year-to-date and are not annualized
(3)	EPS (earnings per share) is based on actual trailing twelve month data and is not shown on a pro forma basis.
(4)	Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5)	ROA(return on assets) and ROE (return on equity) are indicated ratios based on trailing twelve month common earnings and average common equity and assets balances.
(6)	Annualized, based on last regular quarterly cash dividend announcement.
(7)	Indicated dividend as a percent of trailing twelve month earnings.
(8)	Excluded from averages due to actual or rumored acquisition activities or unusual operating characteristics.
(9)	For MHC institutions, market value reflects share price multiplied by public (non-MHC) shares.
*	Parentheses following market averages indicate the number of institutions included in the respective averages. All figures have been adjusted for stock splits, stock dividends, and secondary offerings.

Source: SNL Financial, LC. and RP Financial, LC. calculations. The information provided in this table has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information.

Copyright (c) 2010 by RP Financial, LC.

RP FINANCIAL, LC.

Financial Services Industry Consultants

1100 North Glebe Road, Suite 1100

Arlington, Virginia 222011

(703) 528-1700

Exhibit Iv-1 (continued)

Weekly Thrift Market Line - Part One

Prices As Of April 16, 2010

																				Current per share Financials
		Market Capitalization						Price Change Data																		Tangible Book Value/ Share(4)
				Shares Outst- anding		Market Capital- ization(9)		52 Week (1)						% Change From						Trailing 12 Ho. EPS(3)		12 Ho. Core EPS(3)		Book Value/ Share
		Price/ Share(1)										Last Week		Last Week		52 Wks Ago(2)		MostRent YrEnd(2)										Assets/ Share
Financial Institution								High		Low
		($)		(000)		($Mil)		($)		($)		($)		(%)		(%)		(%)		($)		($)		($)		($)		($)
NYSE  Traded Companies
AF	Astoria Financial Corp. at NY*		15.54		97,004		1,508.7		15.92		6.62		15.01		3.53		59.71		25.02		0.29		0.30		12.45		10.54		208.60
BBX	BankAtlantic Bancorp Inc of FL*		2.14		49,220		105.3		6.68		1.14		1.96		9.18		-22.46		64.62		-3.78		-3.97		2.88		2,55		97.84
FBC	Flagstar Bancorp, Inc. of MI*		0,69		468,771		323.5		2.22		0.53		0.67		2.99		-43.90		15.00		-1.10		-1.77		0.70		0.70		29.39
NYB	New York Community Bcrp of NY*		17.56		433,197		7,606.9		18.20		9.90		17.43		0.75		49.07		21.02		0.92		1.30		12.39		6.52		97.31
NAL	NewAlliance Bancshares of CT*		12.66		106,050		1,342.6		13.77		10.50		12.40		2.10		-0.86		5.41		0.44		0.39		13.53		8.23		79.53
PFS	Provident Fin. Serv. Inc of NJ*		12.45		59,822		744.8		12.99		8.72		12.14		2.55		9.79		16.90		-2.04		-2.02		14.79		8.83		114.28
AMEX  Traded Companies
TSH	Teche Hiding Cp of N Iberia LA*		33.00		2,099		69.3		35,75		19.01		33.00		0.00		13.21		4.07		3.38		3.52		34.46		32.69		360.77
NASDAQ Listed OTC Companies
ABBC	Abington Bancorp, Inc. of PA*		8.45		21,049		177.9		9.40		6.28		8.18		3.30		-6.42		22.64		-0.34		-0.33		10.18		10.13		53.82
ALLB	Alliance Bank MHC of PA (42.0)		8.30		6,730		23.8		8.89		3.00		8.30		0.00		0.61		-1.19		0.20		0.22		7.20		7.20		68.98
ABCW	Anchor BanCorp Wisconsin of WI(8)*		1.02		21,689		22.1		2.42		0.37		0.89		14.61		-32.00		61.90		-6.81		-7.68		0.15		-0.20		205.57
AFCB	Athens Bancshares, Inc. of TN*		10.84		2,778		30.1		11.85		10.58		10.84		0.00		8.40		8.40		0.54		0.54		17.42		17.42		96.68
ACFC	Atl Cst Fed Cp of GA MHC (35.1)		3.14		13,438		14.8		4.25		1.18		4.20		-25.24		20.77		107.95		-2.18		-1.90		4.21		4.20		67.39
BCSB	BCSB Bancorp, Icc. of MD*		10.00		3,121		31.2		10.50		7.29		9.90		1.01		14.29		11.73		-0.69		-0.59		15.93		15.90		187.68
BKMU	Bank Mutual Corp of WI*		7.17		45,475		326.1		11.16		5.95		6.99		2.58		-29.43		3.46		0.30		0.09		8.85		7.66		77.23
BFIN	BankFinancial Corp. of IL*		9.59		21,416		205.4		11.10		8.07		9.08		5.62		-11.69		-3.13		-0.03		0,01		12.31		11.05		73.16
bfed	Beacon Federal Bancorp of NY*		6.90		6,533		58.1		9.89		8.05		6.80		1.14		9.47		-5.32		0.54		0.72		15.50		15.50		163.31
BNCL	Beneficial Mut MHC of PA(44.1)		9.96		81,654		360.4		11.02		8.60		9.82		1.43		-0.99		1.22		0.21		0.18		7.78		6.16		57.10
BHLB	Berkshire Hills Bancorp of MA*		20. 64		13,916		287.2		26.91		16.20		18.90		9.21		-22.87		-0.19		-1.23		-1.08		27.64		14.98		194.05
bofi	Bofi Holding, Inc. of CA*		15.77		8,190		129.2		16.85		5.51		16.37		-3.67		161.53		57.70		1.80		1.48		11.33		11.33		164.26
BYFC	Broadway Financial Corp. of CA*		5.02		1,743		8.7		8.00		4.08		4.99		0.60		0.40		-16.05		0.80		0.68		12.94		12.84		298.32
BRKL	Brookline Bancorp, Inc. of MA*		10.60		59,031		625.7	12. SO			9.03		10.82		-2.03		2.32		6.96		0.33		0.33		3.26		7.47		44.31
BFSB	Brooklyn Fed MHC of NY(24.7)		8.05		12,891		24.5		14.19		7.36		9.00		-10.56		-32.30		-19.62		0.11		0.24		6.40		6.40		41.30
CITZ	CFS Bancorp, Inc of Munster IN*		4.79		10,771		51.6		5.10		2.93		4.70		1.91		33.06		46.30		-0.05		0.00		10.25		10.25		100.41
CMSB	CMS Bancorp Inc of W Plains NY*		8.40		1,863		15.6		8.40		6.76		8.40		0.00		19.15		23,35		-0.18		-0.33		11.22		11.22		122.00
CBNJ	Cape Bancorp, Inc. of NJ*		7.35		13,314		97.9		9.00		5.35		7.55		-2.65		8.09		9.38		-1.34		-1.13	9. SO			7.77		30.58
CFFN	Capitol Fd Fn MHC of KS (29.6)		37.53		74,024		822.1		44.93		28.19		38.00		-1.24		-2.04		19.29		0.96		0.98		12.73		12.73		113.14
CARV	Carver Bancorp, Inc. of NY*		8.57		2,475		21.2		9.65		3.98		8.05		6.46		55.82		-5.30		0.16		0.62		18.60		18.49		327.98
CEBK	Central Bncrp of Somerville MA*		9.85		1,637		16.1		10.80		5.29		9.89		-0.40		60.16		18.67		-0.24		-0.12		20.78		19.41		341.12
CFBK	central Federal Corp. of OH*		1.49		4,099		6.1		3.40		0.83		1.42		4.93		-54.15		-0.67		-2.51		-2.56		3.95		3.91		66.78
CHEV	Cheviot Fin Cp HHC of OH(38.5)		9.15		8,869		31.2		9.80		6.65		9.38		-2.45		35.56		23.82		0.12		0.11		7.75		7.75		38.55
CBNK	Chicopee Bancorp, Inc. of MA*		12.96		6,379		82.7		13.95		11.75		12.66		2.37	5. BO			3.85		-0.25		-0.10		14.76		14.76		85.30
CZWI	Citizens Comm Bncorp Inc of WI*		4.08		5,113		20.9		6.50		3.01		4.19		-2.63		-33.11		20.00		-0.64		0.40		10.80		9.50		110.82
CSBC	citizens South Bnkg Corp of NC*		6.55		7,527		49.3		6.55		4.35		6.15		6.50		9.17		43.01		-4.12		-4.22		6.88		6.81		105.16
CSBK	Clifton Svg Bp MHC of NJ(37.1)		9.60		26,525		95.2		11.65		3.30		9.55		0.52		-16,52		2.45		0.20		0.21		6.61		6.61		39.97
COBK	Colonial Bank MHC of NJ(44.8)(8)		9.94		4,440		19.7		10.20		5.51		10.20		-2.55		65.39		36.91		0.32		0.52		10.25		10.25		128.05
CFFC	Community Fin. Corp. of VA*		4.62		4,362		20.2		6.00		3.32		4.05		14.07		8.71		6.45		0.31		0.35		8.34		8.34		124.01
DNBK	Danvers Bancorp, Inc. Of MA*		14.89		21.706		323.2		15.27		12.32		14.19		4.93		6.74		14.63		0.24		0.24		13.16		11.54		115.16
DCOM	Dine Community Bancshars of NY*		13.23		34,396		455.1		14.06		6.98		13.08		1.15		37.53		12,79		0.76		0.93		8.57		6.95		114.91
ESBF	ESB Financial Corp. of PA*		12. S3		12,037		155.6		15.44		10.25		12.57		2.86		21.07		-2.19		0.97		1.03		13.70		10.14		162.89
ESSA	ESSA Bancorp, Inc. of PA*		12.73		14,124		179.8		14.17		11.32		12.80		-0.55		-8.75	B. BO			0.39		0.38		12.90		12.90		73.21
ebmtd	Eagle Bancorp Montanta of MT*		10.50		4,083		42.9		11.58		6.46		10.50		0.00		73.55		22.24		0.79		0.79		12.29		12.29		79.90
ESBK	Elmira Svgs Bank, FSB of NY*		16.99		1,918		32.6		17.20		10.30		16.95		0.24		55.73		1.43		1.62		1.19		18.82		12.00		260.16
FFDF	FFD Financial Corp of Dover OH*		13.50		1,011		13.6		15.90		10.01		13.40		0.75		21.08		-0.59		0.77		0.45		17.71		17.71		195.50
FFCO	FedFirst Fin MHC of PA (42.5X8)		6.00		6,326		16.1		6.95		3.05		6.00		0.00		73.41		76.47		0.10		0.10		6.70		6.45		55.85
FSBI	Fidelity Bancorp, Inc. of PA*		5.99		3,047		17.9		10.10		4.00		5.55		6.13		-42.25		17.56		-1.18		0.07		13.20		12.32		241.56
FABK	First Advantage Bancorp of TN*		10.75		4,471		48.1		10.75		8.36		10.64		1.03		18.92		1.32		0.08		0.06		15.77		15.77		76.99
FBSI	First Bancshares, Inc. of MO”		9.09		1,551		14.1		12.50		6.60		9.05		0.44		-9.01		9.78		-0.66		-0.86		15.49		15.38		135.49
FCAP	First Capital, Inc, of IN*		15. 50		2,762		42.8		18.49		13.17		15.50		0.00		8.39		2.04		0,28		0.20		16.63		14.62		164.93
FCLF	First clover Leaf Fin Cp of IL*		6.99		7,961		55.6		3.93		6.00		6.36		1.90		-18.15		-4.90		-1.11		-1.09		9.66		8.05		73.55
FCFL	First Community Bk Corp of FL*		2.09		4,939		10.3		4.99		1.75		2,25		-7.11		-53.66		-13.28		-1.12		-1.14		6.10		6.10		110.94
FDEF	First Defiance Fin. Corp of OH*		11.90		8,118		96.6		18.93		7.93		10.62		12.05		46.01		5.40		0.64		0.33		24.36		16.55		253.45
FFNM	First Fed of N. Michigan of MT*		1.51		2,884		4.4		2.20		1.02		1.40		7.86		-24.50		23.77		-2.35		-2.30		7.99		7.67		80.97
FFBK	First Fed, Bancshares of AR*		3.16		4,847		15.3		4.99		2.02		3.55		-10.99		-27.52		37.99		-5. S6		-5,58		9.57		9.57		154.69
ffnw	First Fin NW. Inc of Renton WA*		7.30		18,823		137.4		9.03		5.44		7.41		-1.48		-16.76		11.45		-2.16		-2.21		12.14		12.14		69.88
FFCH	First Fin. Holdings Inc. of SC*		14.04		16,526		232.0		18.64		8.30		14.36		-2.23		51.78		8.00		1.67		0.04		17.52		15.19		210.34
FFHS	First Franklin Corp. of OH*		10.00		1,681		16.8		10.50		4.00		9.97		0.30		151.89		25.16		-0.92		-1.74		13.21		13.21		179.49
FKFS	First Keystone Fin., Inc of PA(8)*		13.40		2,433		35,6		13.71		7.20		13.34		0.45		91.43		13.56		-1.15		-0.71		13.22		13.22		207.95

RP FINANCIAL, LC.

Financial Services Industry Consultants

1100 North Glebe Road, Suite 1100

Arlington, Virginia 222011

(703) 528-1700

Exhibit IV-1 (continued)

Weekly Thrift Market Line - Part One

Priced As ofApril 16, 2010

																					Current per share Financials
		Market Capitalization						Price Change Data																			Tangible Book Value/ Share(4)
				Shares Outst- anding		Market Capital- ization(9)		52 Week (1)						% Change From							Trailing 12 Ho. EPS(3)		12 Ho. Core EPS(3)		Book Value/ Share
		Price/ Share(1)										Last Week		Last Week			52 Wks Ago(2)		MostRent YrEnd(2)										Assets/ Share
Financial Institution								High		Low
		($)		(000)		($Mil)		($)		($)		($)		(%)			(%)		(%)		($)		($)		($)		($)		($)
NASDAQ Listed OTC Companies (continued)
FPTB	First PacTrust Bancorp of CA*		9.94		4,245		42.2		10.76		4.44		9.62		3.33			26.95		85.79		-0.47		-0.35		16.47		18.47		210.58
FPFC	First Place Fin, Corp. of OH*		4.95		16,973		84.0		6.25		2.29		4.62		2.70			-13.91		78.70		-1.12		-1.75		12.26		11.67		192.02
FSFG	First Savings Fin. Grp, of IN*		12.85.		2,415		31.0		12.85		9.60		12.60		1.98			29.93		22.97		0.65		0.61		21.80		18.26		203.46
FFIC	Flushing Fin, Corp. of NY*		13.58		31.128		422.7		14.18		7.08		13.80		-1.59			71.90		20.60		0.68		0.61		11.57		10,99		133.10
FXCB	Fox chase Bncp MHC of PA(41.0)(8)		10.80		13,609		61.0		12.00		8.55		10,70		0.93			8.98		13.45		-0.00		-0.16		9.08		9.08		86.25
GSLA	GS Financial Corp. of LA*		13.30		1,258		16.7		17.44		12,52		13.13		1.29			2.31		-11.27		0.70		0.23		22.27		22.27		215.90
GCBC	Green Co Bcrp MHC of NY (43.9)		15.25		4,115		27.5		16.00		11.01		14.50		5.17			32.96		-0.85		1.13		1.39		10.36		10.36		114.96
HFFC	HF Financial Corp, of SD*		10		6,939		73.4		13.25		8.05		10.35		2.22			-10.03		8.85		0.80		0.69		13.30		12.59		169.40
HMNF	HMN Financial, Inc. of MN*		6.18		4,245		26.2		6.85		3.05		5.70		8.42			62.63		47.14		-2.95		-3.33		17.94		17.94		244.11
HBNK	Hampden Bancorp, Inc of MA*		9.87		7,248		71.5		11.30		9.01		9.85		0.20			4.22		-7.32		-0.11		-0.10		13.06		13.06		79.32
HARL	Harleysville Svgs Fin Cp of PA*		13.94		3,645		50.9		16.22		11.60		13.70		1.75			11.43		0.58		1.25		1.40		13.97		13.97		230.42
HEOS	Heritage Fn Gp MHC of GA(24.4)		12.64		10,399		32.1		13.00		6.51		12.36		2.27			68.53		74.34		0.03		-0.02		6.04		5.95		45.24
HIPS	Hingham Inst. for Sav. of MA*	35. SI			2,124		75.4		37.99		27.00		34.26		3.62			30.28		15.67		3.79		3.77		30.74		30.74		435.76
HBCP	Home Bancorp Inc. Lafayette LA*		13.91		8,775		122.1		14.49		10.25		14.01		-0.71			31.60		14.11		0.53		0.64		15.13		15.13		59.79
HOME	Rome Federal Bancorp Inc of ID*		15.93		16,698		266.0		16.11		7.84		14.55		9.48			65.94		19.68		0.52		-0.44		12.48		12.46		49.23
HFBC	HopFed Bancorp, Inc. of KY*		12.05		3,595		43.3		12.55		8.15		12.25		-1.63			13.28		29.01		0.26		-0.16		17.24		16.92		286.47
HCBK	Hudson City Bancorp, Inc of NJ*		14.40		526,494		7,581.5		14.77		11.26		14.43		-0.21			13,03		4.86		1.00		1.00		10.14		9.84		114.47
IFSB	Independence FSB of DC*		1.40		1,552		2.2		4.61		0.97		1.43		-2.10			-53.33		-6.67		-0.07		-0.21		6.43		6.43		107.91
1SBC	Investors Bcrp MHC ofNJ(43.5)		13.80		114,449		687.9		13.97		9.00		13.56		1.77			46,97		26.14		0.31		0.29		7.43		7.20		73.03
JXSB	Jcksnville Bcp MHC of IL(45. 9) (8)		11.50		1,921		10.1		16.00		7.84		12.10		-4.96			16.16		22.34		0.73		0.32		13.15		11.73		150.36
JFBI	Jefferson Bancshares Inc of TN*		4.84		6,704		32.4		7.70		3.42		4.40		10.00			-30.96		2.11		0.19		0.20		11.98		8.32		100.03
KFED	K-Fed Bancorp MHC of CA (33.4)		10.14		13,292		45.1		10.33		7.00		10.00		1.40			29.01		15. J6		0.20		0.22		6.94		6.63		66.02
KFFB	KY Fst Fed Bp MHC of KY (39.9)		10.04		7,661		31.5		15.00		9,75		10.32		-2.71			-3.28		-8.73		0.00		0.00		7.38		5.49		30.46
KRHY	Kearny Fin Cp MHC of NJ (26.5)		10.55		68,978		193.3		12.40		9.40		10.59		-0.38			-10,97		4.77		0.00		0.09		6.97		5.77		31.94
LSBX	LSB Corp of No. Andover MA*		12.56		4,507		56.6		12.98		8.28		12.50		0.4	B		34.76		29.35		0.84		0.63		13.43		13.43		181.18
LSBI	LSB Fin. Corp. of Lafayette IN*		11.00		1,554		17.1		14.40		8.27		11.00		0.00			-13.39		12.24		0.30		-0.22		21.60		21.80		238.77
LPSB	LaPorte Bancrp MHC of IN(45.6)		6.23		4,608		13.2		6.50		4.14		6.23		0.00			22.16		41.59		0.55		0.38		10.82		8.79		88.07
LSBK	Lake shore Bnp MHC of NY(41.3)		8.09		6,197		20.7		8.30		6.80		8.09		0.00			18.97		2.93		0.35		0,37		9.01		9.01		69.13
LEBC	Legacy Bancorp, Inc. of MA*		9.43		8,735		62.4		13.46		8.94		9.62		-1.98			-3.38		-4.36		-0.89		-0.15		13.89		12.54		108.33
LABC	Louisiana Bancorp, Inc. of LA*		15.15		4,764		72.2		16.59		13.05		15.25		-0.66			8.60		4.48		0.53		0.49		15.40		15.40		69,22
MSBF	MSB Fin Corp MHC of NJ (41.8)		8.00		5,260		17.8		9.50		6.37		7.72		3.63			-11.50		0.76		0.06		0.08		7.62		7.62		69.17
MGYR	Magyar Bancorp MHC of NJ(44.5)		3.61		5,767		9.8		7.50		2.91		3.75		1.60			-17.35		-4.75		-9.38		-0.59		6.91		6.91		96.73
MLVF	Malvern Fed Bncp MHC PA (45.0)		9.65		6,103		26.7		10.40		8.57		9.65		0.00			4.89		0.63		0.08		0.08		11.36		11.36		111.78
HFLR	Mayflower Badcorp. Inc. of MA*		7.55		2,081		15.7		8.36		5.68		7.99		-5.51			20.80		12.69		0.56		0.28		9.79		9.78		116.21
EBSB	Meridian Fn Serv MHC MA (43.4)		11.01		22,099		106.9		11.36		7.10		11.00		0.09			37.80		26.55		0.17		0.17		9.07		9,07		54.82
CASH	Meta Financial Group of IA*		25.90		2,644		71.1		29.86		9.30		29.14		-7.69			192.07		28.71		-0.36		-0.86		17.61		16.66		346.50
MFSF	MutualFirst Fin. Inc. of IN*		6.81		6,985		47.6		10.50		5.25		6.69		1.79			10.19		13.88		0.19		0.17		14.04		13.20		200.29
NASB	NASB Fin, Inc. of Grandview MO*		23.23		7,868		162.6		33.84		13.46		21.66		6.27			-7.93		-0.26		2.38		-0.38		21.15		20.81		198.22
NECB	NE Comm Bncrp MHC of MY (45.0)		6.04		13,225		35.9		9,43		5.52		6.94		-12.97			-15.52		-6.07		-0.20		-0.19		8.12		7.98		39.87
NHTB	NH Thrift Bancsharea of NH*		11.65		5,772		67.2		11.93		7.11		10.72		8.68			59.59		20.23		1.08		0.54		13.49		8.41		166.77
NVSL	Naug Vlly Fin MHC of CT (40.5)(8)		6.77		7,023		19.3		7.42		4.11		6.71		0.89			13.21		17.94		0.28		0.27		7.16		7.15		79.30
NFSB	Newport Bancorp, Inc. of RI*		12.00		3,830		46.0		12.99		10.91		12.04		-0,33			9.09		-2.04		0.18		0.23		13.42		13.42		119.81
FFFD	North Central Bancshares of IA*		16.86		1,348		22.7		17.16		12.35		15.32		10.05			23.07		5,57		1.98		1.92		28.31		28.31		337.55
NFBK	Northfield Bcp MHC of NY (45.1)		14.83		43,912		300.0		15.00		10.33		14.64		1.30			27.94		9.69		0.27		0.27		8.92		3.54		45.60
NWBI	Northwest Bancshares Inc of PA*		11.30		110, 642		1,305.6		22.04		7.12		11. 85		-0.42			40.64		4.70		0.30		0.45		11.90		10.31		72.53
OBAF	OBA Financial Serv. Inc of MD*		10.99		4,629		50.9		10.99		9.95		10.82		1.57			9.90		9.90		-0.26		-0,09		16.92		16.92		65.62
05HC	Ocean Shore Holding Co. of NJ*		11.59		7,308		84.7		11. 81		7.07		10.99		5.46			57.90		29.50		0.58		0.72		13.01		13.01		105.40
OCFC	OceanFirst Fin. Corp of NJ*		12.67		18,822		238.5		14.25		9.37		11.63		8.94			3.34		12.22		0.66		0.60		9.75		9.75		107.85
OABC	OmniAmerican Bancorp Inc of TX*		11.65		11,903		138.7		12,35		10.12		11.64		0.09			16.50		16.50		-0.05		-0.28		16.22		16.22		93.09
ONFC	Oneida Financial MHC ofNY (44.9) (8)		9.75		7,832		34.3		11.75		7.06		10.00		-2.50			14.71		8.94		0.53		0,67		7.22		4.05		75.40
ORIT	Oritani Fin Cp MHC of NJ(25.7)(8)		16.65		37,041		159.1		16.96		12.46		16.33		1.96			13.11		21.27		0.28		0.32		6.69		6,69		54.18
PSBH	PSB Hldgs Inc MHC of CT (42.9)		5.10		6,529		14.3		5.48		2.61		5.10		0.00			7.37		50.00		-0.64		0.39		6.75		5.61		73 .56
PVFC	PVF Capital Corp. of Solon OK*		2.03		7,979		16.2		4.39		1.46		2.00		1.50			16.67		4.64		-1.70		-2.50		6.71		6.71		106.55
PBCI	Pamrapo Bancorp. Inc. of NJ(8)*		7.96		4,936		39.3		10.86		6,03		7.69		3.51			1.27		0.76		-1.34		-0.45		9.77		9.77		113.01
PFED	Park Bancorp of Chicago IL*		5.24		1,192		6.2		10.95		3.14		5.20		0.77			-6.26		61.23		-3.59		-3.36		19.25		19.25		183.40
PVSA	Parkvale Financial Corp of PA*		8.75		5,911		48.2		11.75		6.41		7.73		12.90			-24.57		25.90		-2.00		1.02		21.73		16.47		347,65
PBHC	Pathfinder BC MHC of NY (36.3)		6.96		2,485		6.3		8.00		4.95		7.85		-11.34			22.11		24.29		0.61		0.59		9.31		7.77		149.57
PBCT	Peoples United Financial of CT*		16.40		371,600		6,094.2		17.41		14.72		16.56		-0.97			-3.61		-1.80		0.28		0.26		13.73		9.65		57.20
PROV	Provident Fin. Holdings of CA*		4.42		11,395		50.4		10.49		2.43		4.00		10.50			-32.00		60.14		-0.33		-1.73		10.85		10.85		124.15
FBNY	Provident NY Bncrp, Inc. of NY*		9.85		39,061		384.8		10.60		7.66		9.46		4.12			-1.89		16.71		0.66		0.33		10.76		6.51		74.70
PBIP	Prudential Bncp MHC PA (29.3)		7.84		10,332		23.8		12.51		7,55		7.76		1.03			-33.28		-17.65		0.00		0.17		5.41		5.41		49.00
PULB	Pulaski Fin Cp of St. Louis MO*		7.75		10,180		78.9		8.95		5.70		6.96		11.35			15.50		15.67		0.39		-0.30		8.49		8.08		140.87
RIVR	River Valley Bancorp of IN*		13.90		1,504		20.9		17.00		11.36		14.10		-1,42			-10.95		11.20		1.10		0.67		17.10		17.08		363.41
RVSB	Riverview Bancorp, Inc. of WA*		2.31		10,924		25.2		4.39		2.13		2.30		0.43			-38.40		3.13		-0.13		-0.13		8.11		5.74		78.51
RCKB	Rockville Fin MHC of CT (42.9)		12.07		16,727		96.9		14.79		8.44		12.01		0.50			24.56		14.35		0.52		0.50		8.41		8.35		83.90

RP FINANCIAL, LC.

Financial Services Industry Consultants

1100 North Glebe Road, Suite 1100

Arlington, Virginia 222011

(703) 528-1700

Exhibit IV-l (continued)

Weekly Thrift Market Line - Part One

Prices As Of April 16, 2010

																				Current Per Share Financials
		Market Capitalization						Price Change Data																		Tangible
				Shares		Market		52 Week (2)						% Change From						Trailing		12 Mo.		Book		Book
		Price/		Outst-		Capital-						Last		Last		52 Wks		MostRent		12 Mo.		Core		Value/		Value/		Assets /
Financial Institution		Share (1)		anding		ization(9)		High		LOW		Week		Week		Ago(2)		YrEnd(2)		EPS(3)		Share		Share		Share(4)		Share
		($)		(000)		($Mil)		($)		($)		($)		(%)		(%)		(%)		($)		($)		($)		($)		($)
NASDAQ Listed DTC Companies (continued)
ROMA	Roma Fin Corp MHC of NJ (27.0)		12.31		30,933		102.8		14.05		11.29		12.30		0.08		-7.58		-0.40		0.08		0.14		6.94		6.92		42.41
ROME	Rome Bancorp, Inc. of Rome NY*		8.35		6,800		56.8		9.70		7.52		8.35		0.00		-6.29		4.90		0.45		0.45		6.80		8.88		48.52
SIFI	SI Fin Gp Inc MHC of CT (3B.2)		6.75		11,789		30.4		7.00		3.70		6. 60		2.27		91.76		28.57		0.04		0.05		6.57		6.21		74.00
SVBI	Severn Bancorp, Inc. of MD*		4.36		10,067		43.9		4.75		1.55		4.18		4.31		39.74		73.02		-1.68		-1.68		7.91		7.87		96.13
SUPR	Superior Bancorp of AL(B)*		3.56		11,668		41.5		5.75		1.50		3.31		7.55		-30.87		8.21		-1.65		-1.80		16.43		15.00		276.13
THRD	TF Fin. Corp. of Newtown PA*		19.15		2,673		51.2		20.45		16.32		19.25		-0.52		0.79		0.95		1.69		1.42		26.69		25.19		267.15
TFSL	TFS Fin Corp MHC of OH (26.5)		14.02		308,315		1,147.4		14.21		10.25		13.84		1.30		15.49		15.49		0.04		-0.03		5.68		5.65		34.79
TBNK	Territorial Bancocp, Inc of HI*		19. 99		12,233		244.5		21.23		14.00		18.22		9.71		99.90		10.75		0.71		0.83		17.96		17.96		113.60
TONE	TierOne Corp. of Lincoln NE*		0.55		18,034		9.9		4.05		0.29		0.37		48.65		-74.65		-15.38		-1.53		-1.79		13.55		13.33		175,26
TSBK	Timberland Bancorp, Inc. of WA*		4.57		7,045		32.2		6.00		3.51		4.09		11.74		-17.06		2.93		-0.15		-0.08		10.16		9.26		101.70
TBST	TrustCo Bank Corp NY of NY*		6.39		76,651		489.8		7.08		5.37		6.36		0.47		-6.85		1.43		0.37		0.36		3.21		3.20		48.01
UCBA	United Comm Bncp MHC IN (40.8)		6.20		7,847		19.9		7.55		5.01		6.25		-0.80		-4.47		0.81		0.10		0.06		7.05		7.05		50.77
UCFC	United Community Fin. of OH*		1.67		30,898		51.6		2.57		0.80		1.56		7.05		-32.66		15.17		-0.54		-0.83		7.11		7.09		75.68
UBNK	United Financial Bncrp of MA*		13.81		16,744		231.2		15.16		11.31		13.50		2.30		-3.56		5.34		0.35		0.45		13.45		12.95		92.04
UWBK	United Western Bncp, Inc of CO*		1.74		29,346		51.1		10.85		1.50		1.66		4.82		-78.25		-36.96		-1.43		-0.89		5.44		5.44		86.08
VPPG	ViewPoint Finl MHC of TX (43.1) (8)		17.07		24,929		183.4		17.36		12.05		16.52		3.33		15.73		18.46		0.11		-0.07		6.25		8.21		95.45
WSB	WSB Holdings, Inc. of Bowie MD*		3.25		7,856		25. 5		4.65		1.70		3.25		0.00		28.97		40.09		-0.73		-0.72		6.73		6.73		55.75
WSFS	HSPS Financial Corp. of DE*		41.45		7,080		293.5		41.87		24.16		41.06		0.95		34.58		61.72		-0.27		-0.47		35.28		33.35		529.45
WVPC	WSFS Financial Corp. of PA*		13.97		2,066		28.9		17.45		13.96		14.00		-0.21		-6.87		-1.96		0.68		0.73		14.86		14.86		189.52
WFSL	Washington Federal, Inc. of WA*		20.43		112,455		2,297.5		21.05		11.17		20.55		-0.58		50.89		5.64		0.25		0.16		15.42		13.16		112.60
WSBF	Waterstone Fin MHC of WI (26.2)		3.66		31,250		30.0		5.71		1.75		4.24		-13.68		71.83		78.54		-0.32		-0.48		5.39		5.39		59.78
WAYN	Wayne Savings Bancshares of OH*		8. 55		3,004		25.7		9.00		4.80		8.25		3.64		42.26		47.16		0.65		0.63		12.19		11.49		134.24
WFD	Westfield Fin. Inc. of MA*		9.68		29,819		288.6		10.10		7.81		9.44		2.54		0.31		17.33		0.18		0.21		8.29		8.29		39.95

RP FINANCIAL, LC.

Financial Services Industry Consultants

1100 North Glebe Road, Suite 1100

Arlington, Virginia 22201

(703) 528-1700

Exhibit IV-1

Weekly Thrift Market Line - Part-Two

Prices As Of April 16,2010

	Key Financial Ratios														Asset Quality Ratios						Pricing Ratios										Dividend Data(6)
			Tang.																								Price /		Price /		Ind.		Divi-
	Equity /		Equity /		Reported Earnings						Core Earnings				NPAs		Resvs /		Resvs /		Price /		Price /		Price /		Tang -		Core		Div. /		dand		Payout
Financial Institution	Assets		Assets		ROA (5)		ROE(5)		ROI(5)		ROA(5)		ROE(5)		Assets		NPAs		Loans		Earning		Book		Assets		Book		Earnings		Share		Yield		Ratio(7)
	(%)		(%)		(%)		(%)		(%)		(%)		(%)		(%)		(%)		(%)		(X)		(%)		(%)		(%)		(x)		($)		(%)		(%)
Market Averages, All Public Companies (no MHCs)
All Public companies (107)		10.76		9.99		-0.16		-1.0l		0.71		-0.24		-1.58		3.42		59.90		1.63		19.06		77.77		8.75		86.65		18.86		0.26		1.96		32.58
NYSE Traded Companies (6)		8.99		6.07		-1.15		0.27		-1.45		-1.45		1.15		3.67		59.79		2.40		23.93		102.86		9.47		149.01		22.98		0.37		2.46		63.64
AMEX Traded Companies (1)		9.55		9.11		0.92		10.04		10.24		0.95		10.46		1.53		64.63		1.29		5.76		95.76		9.15		100.95		9.38		1.42		4.30		42.01
NASDAQ Listed OTC Companies (100)		10.88		10.24		-0.11		-1.19		0.70		-0.17		-1.83		3.43		59.83		1.59		19.05		76.02		8.70		82.82		19.89		0.24		1.91		31.46
California Companies (4)		7.18		7.18		0.25		3.88		3.79		-0.07		-0.31		4.81		36.99		2.11		7.52		63.31		4.89		68.21		9.02		0.07		0.93		2.50
Plorida Companies (2)		4.22		4.06		-2.27		-12.54		0.00		-2.37		-12.77		9.73		26.66		3.37		NM		54.23		2.04		59.09		NM		0.00		0.00		0.00
Mid-Atlantic Companies (33)		10.24		9.28		0.07		1.43		-0.50		0.15		2.31		2.58		66.23		1.24		18.59		98.64		9.25		105.45		17.17		0.35		2.66		53.23
Mid-West Companies (31)		8.70		8.22		-0.40		-3.75		0.30		-0.69		-5.67		4.53		36.22		1.94		19.12		61. 86		5.29		65.88		19.47		0.23		1.90		22.17
Hew England Companies (16)		13.46		11.88		0.23		2.19		1.01		0.26		2.20		1.18		105.67		1.19		21.28		93.07		13.06		109.96		24.74		0.31		2.17		35.08
North-West Companies (4)		12.85		11.51		-0.61		-4.15		-9.32		-0.83		-4.26		8.17		26.33		2.58		tat		66.52		9.01		76.24		NM		0.15		1.63		0.00
South-East companies (12)		23.24		12.80		-0.22		-3.34		5.67		-0.31		-4.43		2.09		70.19		1.44		19.06		70.94		9.92		74.23		19.92		0.22		1.19		13.89
South-West Companies (1)		17.42		17.42		-0.05		-0.65		-0.43		-0.30		-3.66		2.92		26.02		1.18		NM		71.82		12.51		71.82		NM		0.00		0.00		0.00
Western Companies (Excl CA) (4)		15.72		15.72		0.26		-6.86		4.78		-0.09		-5.36		1.77		76.72		2.67		24.03		69.09		16.23		89.09		18.69		0.17		1.24		34.88
Thrift strategy(101)		10.81		10.07		-0.12		-0.78		0.81		-0.18		-1.10		3.26		60.38		1.54		19.06		77.84		3.74		86.70		18.86		0.36		2.00		32.58
Mortgage Banker Strategy(3)		5.84		5.68		-1.89		-3.23		-7.47		-2.50		-16.54		9.59		40.96		4.60		NM		57.52		2.87		62.33		NM		0.02		0.45		0.00
Seal Estate Strategy(1)		6.16		6.16		-1.52		-24.08		0.00		-2.23		-35.41		0.00		0.00		4.51		NM		30.25		1.86		30.25		NM		0.00		0.00		0.00
Diversified strategy (2)		15.33		12.24		0.22		0.66		0.53		0.19		0.33		2.23		63.94		1.66		NM		118.47		18.25		147.12		NM		0.5S		2.47		0.00
Companies Issuing Dividends (63)		11.03		10.07		0.19		2.21		2.05		0.11		1.60		2.77		60.80		1.45		18.82		89.29		10.09		101.56		18.34		0.39		2.97		42.70
Companies without Dividends (39)		10.24		9.81		-0.83		-7.98		-3.34		-0.91		-8.45		4.83		57.93		1.99		20.30		55.39		6.14		58.26		20.90		0.00		0.00		0.00
Equity/Assets <6%(12)		4.91		4.73		-1.17		-6.36		-1.12		-1.37		-5.99		4.96		37.97		2.46		6.27		67.40		3.19		71.88		10.60		0.16		1.21		5.00
Equity/Assets 6-l2%(64)		8.52		7.97		-0.11		-0.78		2.13		-0.19		-1.76		3.73		55.55		1.58		16.24		72.83		6.14		79.05		16.63		0.20		2.04		34.66
Equity/Assets >12% (31)		17.12		15.72		0.06		0.00		-1.31		0.04		0.08		2.28		76.23		1.46		26.12		91.01		15.77		107.27		24.51		0.25		2.06		29.73
Converted Last 3 Mths (no MHC) (3)		17.51		17.51		0.21		-8.65		1.58		0.19		-3.66		2.82		26.02		0.79		13. 29		74.07		12.32		74.07		13.29		0.09		0.96		34.18
Actively Traded Companies (6)		8.52		7.88		0.48		5.67		5.61		0.28		3.53		3.94		45.59		1.52		10.91		93.81		9.56		101.49		14.68		0.35		1.85		23.19
Market Value Below $20 Million(l8)		7.69		7.62		-0.85		-9.02		-0.82		-0.96		-10.41		4.91		31.31		1.71		18.59		45.06		3.59		45.52		21.45		0.12		1.11		35.00
Holding Company Structure (101)		10.84		10.04		-0.19		-1.36		0.68		-0.26		-1.89		3.44		61.18		1.65		19.40		77.29		8.79		96.39		19.05		0.25		1.99		32.74
Assets Over $1 Billion(49)		11.02		9.79		-0.10		0.69		0.29		-0.21		-0.06		3.80		52.07		1.71		21.34		89.32		10.14		104.49		21.17		0.28		2.24		41.94
Assets $500 Million-Si Billion (32)		9.87		9.34		-0.29		-2.90		0.27		-0.31		-2.93		3.41		61.34		1.70		15.91		69.20		7.35		73.86		14.64		0.25		1.65		28.72
Assets $250-$500 Million (19)		12.10		11.80		0.07		-0.31		2.56		0.01		-1.28		1.99		86.49		1.42		18.44		72.73		8.99		76.96		18.04		0.26		2.07		19.96
Assets less than $250 Million (7)		9.18		9.12		-0.64		-5.45		-0.25		-0.73		-6.64		5.42		22.28		1.34		15.51		50.68		4.70		50.87		23.43		0.13		1.17		42.86
Goodwill Companies (61)		9.99		8. 64		-0.15		-0.65		0.27		-0.18		-0.95		3.30		54.72		1.58		19.02		90.93		9.30		96.77		19.61		0.32		2.35		37.13
Non-Goodwill Companies (44)		11.52		11.52		-0.20		-1.52		1.37		-0.35		-2.46		3.61		68.22		1.74		19.41		73.46		9.13		73.46		18.05		0.18		1.45		26.79
Acquirors of FSLIC Cases (2)		9.83		8.94		0.03		0.26		-1.89		-0.02		-1.29		6.06		19.10		1.63		NM		77.13		9.72		88.51		NM		0.10		0.49		0.00

(1)	Average of high/low or bid/ask price per share.
(2)	Or since offering price if converted or first listed in the past 52 weeks. Percent change figures are actual year-to-date and are not annualized
(3)	EPS (earnings per share) is based on actual trailing twelve month, data and is not shown on a pro forma basis,
(4)	Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5)	ROA (return on assets) and ROE (return on equity) are indicated ratios based en trailing twelve month common earnings and average common equity and assets balances, ROI (return on investment) is current EPS divided by current price.
(6)	Annualized, based on last regular quarterly cash dividend announcement.
(7)	Indicated dividend as a percent of trailing twelve month earnings.
(8)	Excluded from averages due to actual or rumored acquisition activities or unusual operating characteristics.
*	Parentheses following market averages indicate the number of institutions included in the respective averages. All figures have been adjusted for stock splits, stock dividends, and secondary offerings.

Source: SNL Financial, LC. and RP Financial, LC. calculations. The information provided in this table has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness ofsuch information.

Copyright (c) 2010 by RP Financial, LC.

RP FINANCIAL, LC.

Financial Services Industry Consultants

1100 North Glebe Road, Suite 1100

Arlington, Virginia 22201

(703) 528-1700

Exhibit IV-l (continued)

Weekly Thrift Market Line - Part Two

Prices As OfApril 16, 2010

	Key Financial Ratios							Asset Quality Ratios			Pricing Ratios					Dividend Data (6)
	Equity/ Assets	Tang. Equity/ Assets	Reported Earnings			Core Earnings		NPAs Assets	Resvs/ NPAs	Resvs/ Loans	Price/ Earning	Price/ Book	Price/ Assets	Price/ Tang. Book	Price/  Core Earnings	Ind. Div./ Share	Divi- dend Yield	Payout Ratio(7)
Financial Institution			ROA (5)	ROE (5)	ROI (5)	ROA (5)	ROE (5)
	(%)	(%)	(%)	(%)	(%)	(%)	(%)	(%)	(%)	(%)	(X)	(%)	(%)	(%)	(x)	($)	(%)	(%)
Market Averages. MHC Institutions
All Public Companies (38)	13.13	12.54	0.12	0.32	0.87	0.17	0.97	3.12	38.14	1.19	20.28	128.45	17.51	134.74	23.09	0.25	2.11	28.53
NASDAQ Listed OTC Companies (38)	13.13	12.54	0.12	0.32	0.87	0.17	0.97	3.12	38.14	1.19	20.28	128.45	17.51	134.74	23.09	0.25	2.11	28.53
California Companies (1)	10.51	10.09	0.31	2.87	1.97	0.34	3.16	2.61	46.87	1.40	NM	146.11	15.36	152.94	NM	0.44	4.34	0.00
Mid-Atlantic Companies (21)	13.25	12.76	0.27	2.32	1.45	0.32	2.59	3.36	37.64	1.23	16.01	123.20	16.96	129.11	23.18	0.19	1.96	38.24
Mid-West Companies(8)	15.30	14.28	0.23	1.54	0.84	0.12	0.64	3.25	30.54	1.01	25.21	144.17	22.23	152.95	27.35	0.50	3.22	0.00
New England Companies (5)	11.16	10.67	0.03	-0.39	-1.53	0.38	3.84	1.58	52.41	0.92	23.21	110.80	12.63	116.39	18.61	0.06	0.50	15.38
South-East Companies (2)	9.80	9.71	-1.48	-19.82	0.24	-1.34	-17.66	6.64	22.97	1.99	NM	141.93	16.30	143.60	NM	0.18	1.42	0.00
Thrift Strategy (38)	13.13	12.54	0.12	0.32	0.87	0.17	0.97	3.12	38.14	1.19	20.28	128.45	17.51	134.74	23.09	0.25	2.11	28.53
Companies Issuing Dividends (26)	14.32	13.81	0.31	2.69	1.96	0.34	2.95	2.90	40.36	1.14	22.06	142.14	20.53	147.60	25.48	0.36	3.01	52.31
Companies Without Dividends (12)	10.34	9.60	-0.33	-5.20	-1.99	-0.21	-3.64	3.50	34.25	1.30	11.33	96.52	10.47	104.72	14.74	0.00	0.00	0.00
Equity/Assets 6-12% (22)	9.35	9.11	-0.03	-1.08	0.11	0.09	0.31	2.73	45.35	1.14	21.80	121.21	11.92	124.55	22.67	0.27	1.64	31.00
Equity/Assets >12% (16)	16.90	15.98	0.26	1.72	1.57	0.26	1.63	3.51	30.93	1.24	17.22	135.69	23.11	144.92	23.93	0.24	2.57	25.57
Market value Below $20 Million (1)	6.22	5.25	0.42	6.48	8.76	0.41	6.26	0.00	0.00	1.17	11.41	74.76	4.65	89.58	11.80	0.12	1.72	19.67
Holding Company Structure (35)	13.18	12.54	0.09	0.08	0.77	0.15	0.73	3.23	37.50	1.22	20.28	126.56	17.41	133.30	23.09	0.25	1.99	28.53
Assets Over $1 Billion (14)	14.66	14.05	0.35	2.41	0.87	0.32	2.07	2.76	35.66	1.07	31.15	166.22	24.45	173.57	31.22	0.31	1.58	21.08
Aseets $500 Million-$1 Billion (11)	11.23	11.09	-0.39	-5.08	-1.07	-0.29	-4.29	4.71	35.71	1.53	NM	101.08	11.54	102.86	33.54	0.17	1.95	0.00
Assets $250-$500 Million (12)	11.85	11.39	0.27	2.37	2.31	0.40	4.07	1.88	44.14	1.09	14.84	108.04	13.11	112.71	18.64	0.25	2.62	41.68
Assets less than $250 Million (1)	24.23	19.21	0.00	0.00	0.00	0.00	0.00	1.42	47.45	0.84	NM	136.04	32.96	182.88	NM	0.40	3.98	0.00
Goodwill Companies (21)	13.70	12.60	-0.02	-1.10	1.11	0.07	0.07	2.71	39.15	1.25	15.32	134.38	19.34	146.17	16.35	0.17	1.53	17.87
Non-Goodwi ll Companies (17)	12.48	12.48	0.27	1.95	0.61	0.29	2.00	3.71	36.68	1.13	25.23	121.67	15.43	121.67	28.48	0.36	2.77	47.19
MHC Institutions (38)	13.13	12.54	0.12	0.32	0,87	0.17	0.97	3.12	38.14	1.19	20.28	128.45	17.51	134.74	23.09	0.25	2.11	28.53

(1)	Averageof high/low or bid/ask price per share.
(2)	Or since offering price if converted or first listed in the past 52 weeks. Percent change figures are actual year-to-date and are not annualized
(3)	EPS (earnings per share) is based on actual trailing twelve month data and is not shown on a pro forma basis.
(4)	Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5)	ROA (return on assets) and ROE (return on equity) are indicated ratios based on trailing twelve month common earnings and average common equity and assets balances, ROI (return on investment) is current EPS divided by current price.
(6)	Annualized, based on last regular quarterly cash dividend announcement.
(7)	Indicated dividend as a percent of trailing twelve month earnings.
(8)	Excluded from averages due to actual or rumored acquisition activities or unusual operating characteristics.
*	Parentheses following market averages indicate the number of institutions included in the respective averages. All figures have been adjusted for stock splits, stock dividends, and secondary offerings.

Source: SNL Financial, LC. and RPFinancial, LC. calculations. The information provided in this table has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information.

Copyright (c) 2010 by RP Financial, LC.

RP FINANCIAL, LC.

Financial Services Industry Consultants

1100 North Glebe Road, Suite 1100

Arlington, Virginia 22201

(703) 528-1700

Exhibit IV-l (continued)

Weekly Thrift Market Line - Part Two

Prices As Of April 16, 2010

		Key Financial Ratios							Asset Quality Ratios			Pricing Ratios					Dividend Data (6)
		Equity/ Assets	Tang. Equity/ Assets	Reported Earnings			Core Earnings								Price/ Tang. Book	Price/ Core Earning	Ind. Div./ Share	Divi- dend Yield	Payout Ratio(7)
Financial Institution				ROA(5)	ROE(5)	ROI(5)	ROA(5)	ROE(5)	NPAs Assets	Resvs/ NPAs	Resvs/ Loans	Price/ Earning	Price/ Book	Price/ Assets
		(%)	(%)	(%)	(%)	(%)	(%)	(%)	(%)	(%)	(%)	(X)	(%)	(%)	(%)	(x)	($)	(%)	(%)
NYSE Traded Companies
AF	Astoria Financial Corp. of NY*	5.97	5.10	0.13	2.35	1.87	0.14	2.43	2.37	40.36	1.23	NM	124.82	7.45	147.44	NM	0.52	3.35	NM
BBX	BankAtlantic Bancorp Inc of FL*	2.94	2.61	-3.52	NM	NM	-3.70	NM	10.33	37.65	4.82	NM	74.31	2.19	83.92	NM	0.00	0.00	NM
FBC	Flagstar Bancorp, Inc. of MI*	2.34	2.34	-3.38	NM	NM	-5.44	NM	NA	NA	5.41	NM	98.57	2.31	98.57	NM	0.00	0.00	NM
NYB	New York Community Bcrp of NY*	12.73	7.13	1.15	8.91	5.24	1.63	12.58	NA	NA	0.45	19.09	141.73	18.05	269.33	13.51	1.00	5.69	NM
NAL	NewAlliance Bancshares of CT*	17.01	11.09	0.55	3.31	3.48	0.49	2.93	0.66	94.29	1.10	28.77	93.57	15.92	153.83	32.46	0.28	2.21	63.64
PFS	Provident Fin. Serv. Inc of NJ*	12.94	8.15	-1.83	-13.47	-16.39	-1.81	-13.33	1.33	66.85	1.39	NM	84.18	10.89	141.00	NM	0.44	3.53	NM
AMEX Traded Companies
TSH	Teche Hiding Cp of N Iberia LA*	9.55	9.11	0.92	10.04	10.24	0.95	10.46	1.58	64.83	1.29	9.76	95.76	9.15	100.95	9.38	1.42	4.30	42.01
NASDAQ Listed OTC Companies
ABBC	Abington Bancorp, Inc. of PA*	17.31	17.31	-0.59	-3.16	-4.02	-0.58	-3.07	4.64	15.83	1.17	NM	83.01	14.37	83.01	NM	0.20	2.37	NM
ALLB	Alliance Bank MHC of PA (42.0)	10.44	10.44	0.31	2.77	2.41	0.34	3.04	NA	NA	1.23	NM	115.28	12.03	115.28	37.73	0.12	1.45	60.00
ABCW	Anchor BanCorp Wisconsin of WI(8)*	0.07	-0.10	-3.02	NM	NM	-3.40	NM	10.63	34.72	4.59	NM	NM	0.50	NM	NM	0.00	0.00	NM
AFCB	Athens Bancshares, Inc. of TN*	18.02	18.02	0.56	NM	4.98	0.56	NM	2.12	58.21	1.75	20.07	62.23	11.21	62.23	20.07	0.00	0.00	0.00
ACFC	Atl Cst Fed Cp of GA MHC (35.1)	6.25	6.23	-3.03	-40.15	NM	-2.64	-34.99	6.64	22.97	2.17	NM	74.58	4.66	74.76	NM	0.00	0.00	NM
BCSB	BCSB Bancorp, Inc. of MD*	8.49	8.47	-0.37	-3.61	-6. SO	-0.32	-3.09	1.20	60.27	1.05	NM	62.77	5.33	62.89	NM	0.00	0.00	NM
BKMU	Bank Mutual Corp of WI*	11.46	10.07	0.39	3.38	4.28	0.12	1.01	1.72	28.25	1.11	23.90	81.02	9.28	93.60	NM	0.28	3.91	NM
BFIN	BankFinancial Corp. of IL*	16.83	15.37	-0.04	-0.24	-0.31	0.01	0.08	4.04	29.41	1.51	NM	77.90	13.11	86.79	NM	0.28	2.92	NM
BFED	Beacon Federal Bancorp of NY*	9.49	9.49	0.34	3.52	6,07	0.45	4.70	NA	NA	1.88	16.48	57.42	5.45	57.42	12.36	0.20	2.25	37.04
BNCL	Beneficial Mut MHC of PA (44.1)	13.63	11.14	0.40	2.75	2.11	0.34	2.36	3.49	28.15	1.64	NM	128.02	17.44	161.17	NM	0.00	0.00	0.00
BHLB	Berkshire Hills Bancorp of MA*	14.24	8.26	-0.64	-4.23	-5.96	-0.56	-3.71	2.10	55.99	1.62	NM	74.67	10.64	137.78	NM	0.64	3.10	NM
bofi	Bofi Holding, Inc. of CA*	6.90	6.90	1.14	16.33	11.41	0.94	13.43	1.24	32.65	0.81	8.76	139.19	9.60	139.19	10.66	0.00	0.00	0.00
BYFC	Broadway Financial Corp. of CA*	4.30	4.30	0.31	4.47	15,94	0.26	3.80	2.84	47.91	1.51	6.27	39.10	1.68	39.10	7.38	0.04	0.80	5.00
BRKL	Brookline Bancorp, Inc. of MA*	18.64	17.16	0.74	3.98	3.11	0.74	3.98	0.77	153.62	1.44	32.12	128.33	23.92	141.90	32.12	0.34	3.21	NM
bpsb	Brooklyn Fed MHC of NY (24.7)	15.50	15.50	0.27	1.67	1.37	0.59	3.64	11.76	18.85	2.68	NM	125.78	19.49	125.78	33.54	0.44	5.47	NM
CIYZ	CFS Bancorp. Inc of Munater IN*	10.21	10.21	-0.05	-0.48	-1.04	0.00	0.00	7.31	24.61	2.55	NM	46.73	4.77	46.73	NM	0.04	0.84	NM
CMSB	CMS Bancorp’ Inc of W Plains NY*	9.20	9.20	-0.15	-1.58	-2.14	-0.27	-2.89	NA	NA	0.46	NM	74.87	6.89	74.87	NM	0.00	0.00	NM
CBNJ	Cape Bancorp, Inc. of NJ*	11.79	9.86	-1.64	-13.19	-18.23	-1.38	-11.12	NA	NA	1.66	NM	77.37	9.12	94.59	NM	0.00	0.00	NM
CFFN	Capitol Fd Fn MHC of KS (29.6)	11.25	11.25	0.86	7.69	2.56	0.87	7.85	0.64	22.74	0.22	39.09	294.82	33.17	294.82	38.30	2.00	5.33	NM
carv	Carver Bancorp, Inc. of NY*	5.67	5.64	0.05	0.64	1.87	0.19	2.50	4.12	26.78	1.30	NM	46.08	2.61	46.35	13.82	0.40	4.67	NM
CEBK	Central Bncrp of Somerville MA*	6.09	5.71	-0.07	-0.93	-2.44	-0.04	-0.47	0.93	53.85	0.59	NM	47.40	2.89	50.75	NM	0.20	2.03	NM
CFBK	Central Federal Corp . ofOH*	5.91	5.86	-3.65	-35.06	NM	-3.72	-35.75	5.31	48.75	2.95	NM	37.72	2.23	38.11	NM	0.00	0.00	NM
CHEV	Cheviot Fin Cp MHC of OH(38.5)	20.10	20.10	0.31	1.55	1.31	0.29	1.42	NA	NA	0.41	NM	118.06	23.74	118.06	NM	0.44	4.81	NM
cbnk	Chicopee Bancorp, Inc. of MA*	17.30	17.30	-0.30	-1.70	-1.93	-0.12	-0.68	0.90	82.80	0.95	NM	87.80	15.19	87.80	NM	0.00	0.00	NM
CZWI	Citizens Coomm Bncorp Inc of WI*	9.75	8.67	-0.61	-5.57	-15.69	0.38	3.48	NA	NA	0.51	NM	37.78	3.68	42.95	10.20	0.00	0.00	NM
CSBC	Citizens South Bnkg Corp of NC*	6.54	6.48	-3.77	-31.64	NM	-3.86	-32.41	2.85	40.74	1.51	NM	95.20	6.23	96.18	NM	0.16	2.44	NM
CSBK	Clifton Svg Bp MHC of NJ(37.1)	16.54	16.54	0.53	3.05	2.08	0.56	3.21	NA	NA	0.42	NM	145.23	24.02	145.23	NM	0.24	2.50	NM
COBK	colonial ‘Bank MHC of NJ (44.8)(8)	8.00	8.00	0.26	3.30	3.22	0.42	5.36	1.77	25.86	0.80	31.06	96.98	7.76	96.98	19.12	0.00	0.00	0.00
CFFC	Community Fin, Corp. of VA*	6.73	6.73	0.26	2.86	6.71	0.29	3.23	2.89	45.47	1.41	14.90	55.40	3.73	55.40	13.20	0.00	0.00	0.00
DNBK	Danvers Bancorp, Inc. of MA*	11.43	10.16	0.27	2.17	1.61	0.27	2.17	0.77	76.37	0.88	NM	113.15	12.93	129.03	NM	0.08	0.54	33.33
DCOM	Dime Community Bancshars of NY*	7.46	6.13	0.66	9.18	5.74	0.80	11.23	0.35	156.09	0.63	17.41	154.38	11.51	190.36	14.23	0.56	4.23	73.68
ESBF	ESB Financial Corp. of PA*	8.41	6.36	0.59	7.51	7.50	0.63	7.98	0.25	121.17	0.89	13.33	94.38	7.94	127.51	12.55	0.40	3.09	41.24
ESSA	essa Bancorp, Inc. of PA*	17.62	17.62	0.53	2.94	3.06	0.51	2.87	NA	NA	0.84	32.64	98.68	17.39	98.68	33.50	0.20	1.57	51.28
EBMTD	Eagle Bancorp Montanta of MT*	15.38	15.38	0.99	NM	7.52	0.99	NM	NA	NA	NA	13.29	85.44	13.14	85.44	13.29	0.27	2.57	34.18
ESBK	Elmira Svga Bank, FSB of NY*	7.23	4.74	0.63	5.85	9.54	0.46	4.30	NA	NA	1.02	10.49	90.28	6.53	141.58	14.28	0.80	4.71	49.38
FFDF	FFD Financial Corp of Dover OH*	9.06	9.06	0.41	4.35	5.70	0.24	2.54	NA	NA	1.05	17.53	76.23	6.91	76.23	30.00	0.68	5.04	NM
FFCO	FedFirst Fin MHC Of PA (42.5)(8)	12.00	11.62	0.18	1.55	1.67	0.18	1.55	0.47	152.06	1.03	NM	89.55	10.74	92.88	NM	0.00	0.00	0.00
FSBI	Fidelity Bancorp, Inc. of PA*	5.46	5.12	-0.49	-7.50	-20.03	0.03	0.44	2.51	32.29	1.46	NM	44.62	2.44	47.81	NM	0.08	1.36	NM
fabk	First Advantage Bancorp of TN*	20.48	20.48	0.10	0.51	0.74	0.08	0.38	0.50	165.08	1.30	NM	68.17	13.96	68.17	NM	0.20	1.86	NM
FBSI	First Bancshares, Inc. of MO*	11.43	11.36	-0.45	-4.20	-7.26	-0.58	-5.47	2.57	37 .01	1. 65	NM	58.68	6.71	59.10	NM	0.00	0.00	NM
FCAP	First Capital, Inc. of IN*	10.08	8.97	0.17	1.65	1.81	0.12	1.18	2.35	46.16	1.55	NM	93.21	9.40	106.02	NM	0.72	4.65	NM
FCLF	First Clover Leaf Fin Cp of IL*	13.13	11.19	-1.43	-10.45	-15.88	-1.41	-10.26	NA	NA	1.51	NM	72.36	9.50	86.83	NM	0.24	3.43	NM
FCFL	First Community Bk Corp of FL*	5.50	5.50	-1.03	-12.54	NM	-1.04	-12.77	9.12	15.67	1.92	NM	34.26	1.88	34.26	NM	0.00	0.00	NM
FDEF	First Defiance Fin. Corp of OH*	9.61	6.74	0.26	2.24	5.38	0.13	1.15	2. 99	59.49	2.25	18.59	48.85	4.70	71.90	36.06	0.00	0.00	0.00
FFNM	First fed of N. Michigan of MI*	9.87	9.51	-2.80	-24.63	NM	-2.74	-24.11	NA	NA	2.09	NM	18.90	1.86	19.69	NM	0.00	0.00	NM
FFBH	First Fed. Bancshares of AR*	6.19	6.19	-3.48	-36.03	NM	-3.49	-36.16	NA	NA	NA	NM	33.02	2.04	33.02	NM	0.00	0.00	NM
ffnw	First Fin NW, Inc of Renton WA*	17.37	17.37	-3.16	-15.56	-29.59	-3.23	-15.92	12.77	19.67	3.08	NM	60.13	10.45	60.13	NM	0.34	4.66	NM
FFCH	First Fin. Holdings Inc. of SC*	8.33	7.30	0.82	9.37	11.89	0.02	0.22	3.73	56.68	2.76	8.41	80.14	6.67	92.43	NM	0.20	1.42	11.98
FFHS	First Franklin Corp, of OH*	7.36	7.36	-0.50	-6.59	-9.20	-0.94	-12.47	NA	NA	1.98	NM	75.70	5.57	75.70	NM	0.00	0.00	NM
FKFS	First Keystone Fin., Inc of PA(8)*	6.36	6.36	-0.54	-8.48	-8.58	-0.33	-5.24	NA	NA	1.83	NM	101.36	6.44	101.36	NM	0.00	0.00	NM
FFTB	First PacTrust Bancorp of CA*	8.77	8.77	-0.22	-2.06	-4.73	-0.17	-1.53	6.32	23.14	1.72	NM	53.82	4.72	53.82	NM	0.20	2.01	NM

RP FINANCIAL, LC.

Financial Services Industry Consultants

1100 North Glebe Road, Suite 1100

Arlington, Virginia 22201

(703) 528-1700

Exhibit IV-1 (continued)

Weekly Thrift Market Line - Part Two

Prices As Of April 16, 2010

		Key Financial Ratios								Asset Quality Ratios			Pricing Ratios				Dividend Data (6)
			Tang.												Price/	Price/	Ind.	Divi-
		Equity/	Equity/	Reported Earnings			Core Earnings		NPAs	Resvs/	Resvs/	Price/	Price/	Price/	Tang.	Core	Div./	dend	Payout
Financial Institution		Assets	Assets	ROA(5)	ROE(5)	ROI(5)	ROA(5)	ROE(5)	Assets	NPAs	Loans	Earning	Book	Assets	Book	Earnings	Share	Yield	Ratio(7)
		(%)	(%)	(%)	(%)	(%)	(%)	(%)	(%)	(%)	(%)	(X)	(%)	(%)	(%)	(x)	($)	(%)	(%)
NASDAQ Listed OTC Companies (continued)
FPFC	First Place Fin. Corp. of OH*	6.38	6.10	-0.57	-7.04	-22.63	-0.90	-11.01	5.32	30.28	1.94	NM	40.38	2.58	42.42	NM	0.00	0.00	NM
FSFG	First Savings Fin. Grp. of IN*	10.71	9.13	0.47	3.00	5.06	0.44	2.82	NA	NA	1.10	19.77	58.94	6.32	70.37	21.07	0.00	0.00	0.00
FFIC	Flushing Fin. Corp. of NY*	8.69	8.29	0.52	6.23	5.01	0.62	7.42	2.32	21.10	0.63	19.97	117.37	10.20	123.57	16.77	0.52	3 83	NM
FXCB	Fox Chase Bncp MHC of PA(41.0)(8)	10.53	10.53	-0.10	-0.88	-0.74	-0.19	-1.76	2.98	30.36	1.65	NM	118.94	12.52	118.94	NM	0.00	0.00	NM
GSLA	GS Financial Corp. of LA*	10.31	10.31	0.34	3.14	5.26	0.11	1.03	2.45	35.77	1.27	19.00	59.72	6.16	59.72	NM	0.40	3.01	57.14
GCBC	Green Co Bcrp MHC of NY (43.9)	9.01	9.01	1.01	11.53	7.41	1.24	14.18	0.78	99.84	1.28	13.50	147.20	13.27	147.20	10.97	0.68	4.46	60.18
HFFC	HF Financial Corp. of SD*	7.85	7.46	0.47	6.66	7.56	0.41	5.74	NA	NA	1.01	13.23	79.55	6.25	84.03	15.33	0.45	4.25	56.25
HMNF	HMN Financial, Inc. of MN*	7.35	7.35	-1.16	-12.00	NM	-1.31	-13.51	7.98	28.79	2.88	NM	34.45	2.53	34.45	NM	0.00	0.00	NM
HBNK	Hampden Bancorp, Inc. of MA*	16.46	16.46	-0.14	-0.83	-1.11	-0.13	-0.75	1.90	57.14	1.51	NM	75.57	12.44	75.57	NM	0.12	1.22	NM
HARL	Harleysville Svgs Fin Cp ofPA*	6.06	6.06	0.55	9.20	8.97	0.62	10.31	NA	NA	0.43	11.15	99.79	6.05	99.79	9.96	0.76	5.45	60.80
HBOS	Heritage Fn Gp MHC of GA(24.4)	13.35	13.18	0.06	0.50	0.24	-0.04	-0.33	NA	NA	1.81	NM	209.27	27.94	212.44	NM	0.36	2.85	NM
HIFS	Hinghan Inst. for Sav. of MA*	7.05	7.05	0.93	12.87	10.68	0.92	12.80	1.36	45.59	0.79	9.37	115.48	8.15	115.48	9.42	0.92	2.59	24.27
RBCP	Home Bancorp Inc. Lafayette LA*	25.31	25.31	0.88	3.57	3.81	1.06	4.31	0.43	148.91	0.99	26.25	91.94	23.26	91.94	21.73	0.00	0.00	0.00
HOME	Home Federal Bancorp Inc of ID*	25.35	25.35	1.16	4.24	3.26	-0.98	-3.59	3.29	104.04	5.33	30.63	127.64	32.36	127.64	NM	0.22	1.38	42.31
HFBC	HopFed Bancorp, Inc. of KY*	6.02	5.91	0.09	1.17	2.16	-0.06	-0.72	NA	NA	1.36	NM	69.90	4.21	71.22	NM	0.48	3.98	NM
HCBK	Hudson City Bancorp, Inc of NJ*	8.86	8.62	0.92	10.22	6.94	0.92	10.22	NA	NA	0.44	14.40	142.01	12.58	146.34	14.40	0.60	4.17	60.00
IFSB	Independence FSB of DC*	5.96	5.96	-0.06	-1.23	-5.00	-0.18	-3.70	6.39	11.95	1.15	NM	21.77	1.30	21.77	NM	0.00	0.00	NM
ISBC	Investors Bcrp MHC of NJ(43.5)	10.17	9.89	0.45	4.41	2.25	0.42	4.13	1.44	45.80	0.82	NM	185.73	18.90	191.67	NM	0.00	0.00	0.00
JXSB	Jcksnville Bcp MHC of IL(45.9)(8)	8.75	7.88	0.48	5.69	6.35	0.21	2.50	1.18	67.14	1.30	15.75	87.45	7.65	98.04	35.94	0.30	2.61	41.10
JFBI	Jefferson Bancshares Inc of TN*	11.98	8.63	0.19	1.60	3.93	0.20	1.68	3.55	21.77	1.11	25.47	40.40	4.84	58.17	24.20	0.00	0.00	0.00
KFED	K-Fed Bancorp MHC of CA (33.4)	10.51	10.09	0.31	2.87	1.97	0.34	3.16	2.61	46.87	1.40	NM	146.11	15.36	152.94	NM	0.44	4.34	NM
KFFB	KY Fst Fed Bp MHC of KY (39. 9)	24.23	19.21	0.00	0.00	0.00	0.00	0.00	1.42	47.45	0.84	NM	136.04	32.96	182.88	NM	0.40	3.98	NM
KRNY	Kearny Fin Cp MHC of NJ (26.5)	21.82	18.76	0.26	1.15	0.76	0.29	1.30	NA	NA	0.72	NM	151.36	33.03	182.84	NM	0.20	1.90	NM
LSBX	LSB Corp of No. Andover MA*	7.41	7.41	0.48	5.32	6.69	0.36	3.99	NA	NA	1.34	14.95	93.52	6.93	93.52	19.94	0.28	2.23	33.33
LSBI	LSB Fin. Corp. of Lafayetta IN*	9.13	9.13	0.12	1.36	2.73	-0.09	-1.00	3.91	25.78	1.15	36.67	50.46	4.61	50.46	NM	0.50	4.55	NM
LPSB	LaPorte Bancrp MHC of IN (45. 6)	12.29	10.22	0.66	5.29	8.83	0.45	3.65	2.04	33.57	1.07	11.33	57.58	7.07	70.88	16.39	0.00	0.00	0.00
LSBK	Lake Shore Bnp MHC of NY (41.3)	13.03	13.03	0.52	3.93	4.33	0.55	4.16	1.10	33.28	0.60	23.11	89.79	11.70	89.79	21.86	0.24	2.97	68.57
LEGC	Legacy Bancorp, Inc. of MA*	12.82	11.72	-0.82	-6.30	-9.44	-0.14	-1.06	2.71	43.21	1.67	NM	67.89	8.70	75.20	NM	0.20	2.12	NM
LABC	Louisiana Bancorp, Inc. of LA*	22.25	22.25	0.78	3.17	3.50	0.72	2.93	0.78	64.48	1.04	28.58	98.38	21.89	98.38	30.92	0.00	0.00	0.00
MSBF	MSB Fin Corp MHC of NJ (41.8)	11.02	11.02	0.09	0.77	0.75	0.12	1.03	NA	NA	0.90	NM	104.99	11.57	104.99	NM	0.12	1.50	NM
MGYR	Magyar Bancorp MHC of NJ (44.5)	7.14	7.14	-0.39	-5.32	-9.97	-0.61	-8.26	NA	NA	1.32	NM	55.14	3.94	55.14	NM	0.00	0.00	NM
MLVF	Malvern Fed Bncp MHC PA (45.0)	10.16	10.16	0.07	0.70	0.83	0.07	0.70	3.42	26.88	1.05	NM	84.95	8.63	84.95	NM	0.12	1.24	NM
MFLR	Mayflower Bancorp, Inc. of MA*	8.28	8.27	0.47	5.90	7.42	0.24	2.95	NA	NA	1.02	13.48	77.12	6.39	77.20	26.96	0.24	3.18	42.86
EBSB	Meridian Fn Serv MHC MA (43.4)	16.55	16.55	0.32	1.94	1.54	0.32	1.94	2.19	34.88	1.12	NM	121.39	20.08	121.39	NM	0.00	0.00	0.00
CASH	Meta Financial Group of IA*	5.08	4.82	-0.11	-2.04	-1.34	-0.26	-4.88	1.65	80.40	2.82	NM	152.75	7.76	161.46	NM	0.52	1.93	NM
MFSF	MutualFirst Fin. Inc. of IN*	7.01	6.62	0.09	1.02	2.79	0.08	0.91	2.86	41.00	1.52	35.84	48.50	3.40	51.59	NM	0.24	3.52	NM
NASB	NASB Fin, Inc. of Grandview MO*	10.67	10.52	1.21	11.8l	10.25	-0.19	-1.89	4.75	27.92	1.54	9.76	109.83	11.72	111.63	NM	0.90	3.87	37.82
NECB	NE Comm Bncrp MHC of NY (45.0)	20.37	20.09	-0.54	-2.41	-3.31	-0.52	-2.29	6.44	19.83	1.71	NM	74.38	15.15	75.69	NM	0.12	1.99	NM
NHTB	NH Thrift Bancshares of NH*	8.09	5.20	0.69	7.39	9.27	0.35	3.70	0.66	150.52	1.51	10.79	86.36	6.99	138.53	21.57	0.52	4.46	48.15
NVSL	Naug Vlly Fin MHC of CT (40.5) (8)	9.03	9.02	0.36	4.08	4.14	0.35	3.94	NA	NA	0.84	24.18	94.55	8.54	94.69	25.07	0.12	1.77	42.86
NFSB	Newport Bancorp, Inc. of RI*	11.20	11.20	0.15	1.31	1.50	0.20	1.68	0.19	403.14	0.98	NM	89.42	10.02	89.42	NM	0.00	0.00	0.00
FFFD	North Central Bancshares of IA*	8.39	8.39	0.57	5.93	11.74	0.56	5.75	3.54	44.54	1.87	8.52	59.55	4.99	59.55	8.78	0.04	0.24	2.02
NFBK	Northfield Bcp MHC of NY (45.1)	19.56	18.89	0.63	3.03	1.82	0.63	3.03	2.55	30.22	2.11	NM	166.26	32.52	173.65	NM	0.16	1.08	59.26
NWBI	Northwest Bancshares Inc of PA*	16.41	14.53	0.46	4.32	2.54	0.69	6.48	1.81	48.59	1.33	39.33	99.16	16.27	114.45	26.22	0.40	3.39	NM
OBAF	OBA Financial Serv. Inc of MD*	19.72	19.72	-0.30	NM	-2.37	-0.10	NM	NA	NA	0.41	NM	64.95	12.81	64.95	NM	0.00	0.00	NM
OSHC	Ocean Shore Holding Co. ofNJ*	12.34	12.34	0.55	7.15	5.00	0.68	8.88	0.25	178.90	0.52	19.98	89.09	11.00	89.09	16.10	0.24	2.07	41.38
OCFC	OceanFirst Fin. Corp of NJ*	9.04	9.04	0.65	7.87	5.21	0.59	7.15	NA	NA	0.89	19.20	129.95	11.75	129.95	21.12	0.48	3.79	72.73
OABC	OmniAmerican Bancorp Inc of TX*	17.42	17.42	-0.05	-0.65	-0.43	-0.30	-3.66	2.82	26.02	1.18	NM	71.82	12.51	71.82	NM	0.00	0.00	NM
ONFC	Oneida Financl MHC of NY(44.9) (8)	9.58	5.61	0.74	7.49	5.44	0.93	9.46	0.41	118.50	0.97	18.40	135.04	12.93	240.74	14.55	0.48	4.92	NM
ORIT	Oritani Fin Cp MHC of NJ(25.7) (8)	12.35	12.35	0.55	4.24	1.68	0.63	4.85	NA	NA	1.61	NM	248.88	30.73	248.88	NM	0.30	1.80	NM
PSBH	PSB Hldgs Inc MHC of CT (42.9)	9.18	7.75	-0.87	-10.53	-12.55	0.53	6.41	2.38	19.32	0.84	NM	75.56	6.93	90.91	13.08	0.00	0.00	NM
PVFC	PVF Capital Corp. of Solon OH*	6.16	6.16	-1.52	-24.08	NM	-2.23	-35.41	NA	NA	4.51	NM	30.25	1.86	30.25	NM	0.00	0.00	NM
PBCI	Pamrapo Bancorp, Inc. of NJ(8)*	8.65	8.65	-1.14	-12.81	-16.83	-0.38	-4.30	NA	NA	1.54	NM	81.47	7.04	81.47	NM	0.00	0.00	NM
PFED	Park Bancorp of Chicago IL*	10.50	10.50	-1.92	-16.77	NM	-1.81	-15.79	7.29	17.89	1.96	NM	27.22	2.86	27.22	NM	0.00	0.00	NM
PVSA	Parkvale Financial Corp of PA*	6.25	4.81	-0.58	-7.19	-22.86	0.30	3.67	NA	NA	1.76	NM	40.27	2.52	53.13	8.58	0.20	2.29	NM
PBHC	Pathfinder BC MHC of NY (36.3)	6.22	5.25	0.42	6.48	8.76	0.41	6.26	NA	NA	1.17	11.41	74.76	4.65	89.58	11.80	0.12	1.72	19.67
PBCT	Peoples United Financial of CT*	24.00	18.16	0.50	2.02	1.71	0.47	l.88	NA	NA	1.21	NM	119.45	28.67	169.95	NM	0.62	3.78	NM
PROV	Provident Fin, Holdings of CA*	8.74	8.74	-0.25	-3.23	-7.47	-1.30	-16.94	8.84	44.27	4.38	NM	40.74	3.56	40.74	NM	0.04	0.90	NM
PBNY	Provident NY Bncrp, Inc. of NY*	14.40	9.24	0.88	6.12	6.70	0.44	3.06	1.01	101.77	1.79	14.92	91.54	13.19	151.31	29.85	0.24	2.44	36.36
PBIP	Prudential Bncp MHC PA (29.3)	11.04	11.04	0.16	1.39	1.02	0.35	2.96	1.34	42.16	1.11	NM	144.92	16.00	144.92	NM	0.20	2.55	NM
PULB	Pulaski Fin Cp of St. Louis MO*	6.03	5.75	0.28	3.61	5.03	-0.21	-2.78	5.51	29.00	1.76	19.87	91.28	5.50	95.92	NM	0.38	4.90	NM
RIVR	River Valley Bancorp of IN*	6.49	6.48	0.43	6.37	7.91	0.26	3.88	2.30	28.68	0.93	12.64	81.29	5.28	81.38	20.75	0.84	6.04	NM
RVSB	Riverview Bancorp, Inc. of WA*	10.33	7.54	-0.16	-1.59	-5.63	-0.16	-1.59	6.93	30.66	2.46	NM	28.48	2.94	40.24	NM	0.00	0.00	NM
RCKB	Rockville Fin MHC of CT (42.9)	10.02	9.96	0.63	6.46	4.31	0.60	6.21	0.96	83.00	0.91	23.21	143.52	14.39	144.55	24.14	0.24	1.99	46.15
ROMA	Roma Fin Corp MHCof NJ (27.0)	16.36	16.32	0.20	1.16	0.65	0.36	2.02	1.27	31.36	0.89	NM	177.38	29.03	177.89	NM	0.32	2.60	NM
ROME	Rome Bancorp, Inc. of Rome NY*	18.30	18.30	0.91	5.10	5.39	0.91	5.10	0.58	111.33	0.74	18.56	94.03	17.21	94.03	18.56	0.36	4.31	NM

RP FINANCIAL, LC.

Financial Services Industry Consultants

1100 North Glebe Road, Suite 1100

Arlington, Virginia 22201

(703) 528-1700

Exhibit IV-1 (continued)

Weekly Thrift Market Line - Part Two

Prices As Of April 16, 2010

		Key Financial Ratios							Asset Quality Ratios			Pricing Ratios					Dividend Data (6)
			Tang.												Price/	Price/	Ind.	Divi-
		Equity/	Equity/	Reported Earnings			Core Earnings		NPAs	Resvs/	Resvs/	Price/	Price/	Price/	Tang.	Core	Div./	dend	Payout
Financial Institution		Assets	Assets	ROA(5)	ROE(5)	ROI(5)	ROA(5)	ROE(5)	Assets	NPAs	Loans	Earning	Book	Assets	Book	Earnings	Share	Yield	Ratio(7)
		(%)	(%)	(%)	(%)	(%)	(%)	(%)	(%)	(%)	(%)	(X)	(%)	(%)	(%)	(x)	($)	(%)	(%)
NASDAQ Listed OTC Companies (continued)
SIFI	SI Fin Op Inc MHC of CT (38.2)	8.88	8.43	0.05	0.63	0.59	0.07	0.78	0.77	72.42	0.80	NM	102.74	9.12	108.70	NM	0.00	0.00	0.00
SVBI	Severn Bancorp, Inc. of MD*	8.23	8.19	-1.72	-14.71	NM	-1.72	-14.71	13.13	27.30	4.06	NM	55.12	4.54	55.40	NM	0.00	0.00	NM
SUPR	Superior Bancorp of AL(8)*	5.95	5.46	-0.61	-8.12	NM	-0.66	-8.86	9.76	13.32	1.65	NM	21.67	1.29	23.73	NM	0.00	0.00	NM
THRD	TF Fin. Corp. of Newtown PA*	10.07	9.49	0.63	6.44	8.83	0.53	5.41	NA	NA	0.97	11.33	71.22	7.17	76.02	13.49	0.80	4.18	47.34
TFSL	TFS Fin Corp MHC of OH (26.5)	16.33	16.25	0.11	0.70	0.29	-0.09	-0.52	3.25	27.94	1.03	NM	246.83	40.30	248.14	NM	0.28	2.00	NM
TBNK	Territorial Bancorp, Inc of HI*	15.81	15.81	0.63	5.42	3.55	0.74	6.33	0.24	49.40	0.28	28.15	111.30	17.60	111.30	24.08	0.20	1.00	28.17
TONE	TierOne Corp. of Lincoln NE*	7.73	7.62	-0.85	-10.44	NM	-0.99	-12.22	10.69	17.58	2.28	NM	4.06	0.31	4.13	NM	0.00	0.00	NM
TSBK	Timberland Bancorp, Inc. of WA*	9.99	9.19	-0.15	-1.19	-3.28	-0.08	-0.64	7.25	28.74	2.66	NM	44.98	4.49	49.35	NM	0.04	0.88	NM
TRST	TrustCo Bank Corp NY of NY*	6.69	6.67	0.79	11.78	5.79	0.77	11.46	1.50	68.28	1.65	17.27	199.07	13.31	199.69	17.75	0.25	3.91	67.57
UCBA	United Comm Bncp MHC IN (40.8)	13.89	13.89	0.20	1.42	l.61	0.12	0.85	3.08	34.67	1.55	NM	87.94	12.21	87.94	NM	0.40	6.45	NM
UCFC	United Community Fin. of OH*	9.39	9.37	-0.67	-7.16	NM	-1.03	-11.01	7.03	25.71	2.20	NM	23.49	2.21	23.55	NM	0.00	0.00	NM
UBNK	United Financial Bncrp of MA*	14.61	14.15	0.45	2.66	2.53	0.58	3.42	1.16	51.48	0.82	39.46	102.68	15.00	106.64	30.69	0.28	2.03	NM
UWBK	United Western Bncp, Inc of CO*	6.32	6.32	-1.73	-30.23	NM	-1.08	-18.82	NA	NA	2.40	NM	31.99	2.02	31.99	NM	0.00	0.00	NM
VPFO	ViewPoint Finl MHC of TX(43.1) (8)	8.64	8.60	0.12	1.38	0.64	-0.08	-0.88	0.70	74.29	0.84	NM	206.91	17.88	207.92	NM	0.20	1.17	NM
WSB	WSB Holdings, Inc. of Bowie MD*	12.07	12.07	-1.28	-10.74	-22.46	-1.26	-10.59	NA	NA	3.18	NM	48.29	5.83	48.29	NM	0.00	0.00	NM
WSFS	WSFS Financial Corp. of DE*	6.66	6.32	-0.05	-0.70	-0.65	-0.09	-1.22	2.23	63.94	2.11	NM	117.49	7.83	124.29	NM	0.48	1.16	NM
WVFC	WVS Financial Corp. of PA*	7.84	7.84	0.34	4.52	4.87	0.36	4.85	0.42	39.30	1.07	20.54	94.01	7.37	94.01	19.14	0.64	4.58	NM
WFSL	Washington Federal, Inc. of WA*	13.69	11.93	0.23	1.74	1.22	0.14	1.12	5.73	26.25	2.11	NM	132.49	18.14	155.24	NM	0.20	0.98	NM
WSBF	Waterstone Fin MHC of WI(26.2)	9.02	9.02	-0.53	-5.84	-8.74	-0.79	-8.76	9.04	16.86	1.94	NM	67.90	6.12	67.90	NM	0.00	0.00	NM
WAYN	Wayne Savings Bancshares of OH*	9.08	8.60	0.48	5.53	7.60	0.47	5.36	1.41	53.18	1.19	13.15	70.14	6.37	74.41	13.57	0.24	2.81	36.92
WFD	Westfield Fin. Inc. of MA*	20.75	20.75	0.46	2.09	1.86	0.54	2.44	NA	NA	1.60	NM	116.77	24.23	116.77	NM	0.20	2.07	NM

EXHIBIT IV-2

Historical Stock Price Indices

Exhibit IV-2

Historical Stock Price Indices(1)

								SNL		SNL
						NASDAQ		Thrift		Bank
Year/Qtr. Ended		DJIA		S&P 500		Composite		Index		Index
2000:	Quarter 1		10921.9		1498.6		4572.8		545.6		421.24
	Quarter 2		10447.9		1454.6		3966.1		567.8		387.37
	Quarter 3		10650.9		1436.5		3672.8		718.3		464.64
	Quarter 4		10786.9		1320.3		2470.5		874.3		479.44
2001:	Quarter 1		9878.8		1160.3		1840.3		885.2		459.24
	Quarter 2		10502.4		1224.4		2160.5		964.5		493.70
	Quarter 3		8847.6		1040.9		1498.8		953.9		436.60
	Quarter 4		10021.5		1148.1		1950.4		918.2		473.67
2002:	Quarter 1		10403.9		1147.4		1845.4		1006.7		498.30
	Quarter 2		9243.3		989.8		1463.2		1121.4		468.91
	Quarter 3		7591.9		815.3		1172.1		984.3		396.80
	Quarter 4		8341.6		879.8		1335.5		1073.2		419.10
2003:	Quarter 1		7992.1		848.2		1341.2		1096.2		401.00
	Quarter 2		8985.4		974.5		1622.8		1266.6		476.07
	Quarter 3		9275.1		996.0		1786.9		1330.9		490.90
	Quarter 4		10453.9		1112.0		2003.4		1482.3		548.60
2004:	Quarter 1		10357.7		1126.2		1994.2		1585.3		562.20
	Quarter 2		10435.5		1140.8		2047.8		1437.8		546.62
	Quarter 3		10080.3		1114.6		1896.8		1495.1		556.00
	Quarter 4		10783.0		1211.9		2175.4		1605.6		595.10
2005:	Quarter 1		10503.8		1180.6		1999.2		1516.6		551.00
	Quarter 2		10275.0		1191.3		2057.0		1577.1		563.27
	Quarter 3		10568.7		1228.8		2151.7		1527.2		546.30
	Quarter 4		10717.5		1248.3		2205.3		1616.4		582.80
2006:	Quarter 1		11109.3		1294.8		2339.8		1661.1		595.50
	Quarter 2		11150.2		1270.2		2172.1		1717.9		601.14
	Quarter 3		11679.1		1335.9		2258.4		1727.1		634.00
	Quarter 4		12463.2		1418.3		2415.3		1829.3		658.60
2007:	Quarter 1		12354.4		1420.9		2421.6		1703.6		634.40
	Quarter 2		13408.6		1503.4		2603.2		1645.9		622.63
	Quarter 3		13895.6		1526.8		2701.5		1523.3		595.80
	Quarter 4		13264.8		1468.4		2652.3		1058.0		492.85
2008:	Quarter 1		12262.9		1322.7		2279.1		1001.5		442.5
	Quarter 2		11350.0		1280.0		2293.0		822.6		332.2
	Quarter 3		10850.7		1166.4		2082.3		760.1		414.8
	Quarter 4		8776.4		903.3		1577.0		653.9		268.3
2009:	Quarter 1		7608.9		797.9		1528.6		542.8		170.1
	Quarter 2		8447.0		919.3		1835.0		538.8		227.6
	Quarter 3		9712.3		1057.1		2122.4		561.4		282.9
	Quarter 4		10428.1		1115.1		2269.2		587.0		260.8
2010:	Quarter 1		10856.6		1169.4		2398.0		626.3		301.1
As of April 16, 2010			11018.7		1192.1		2481.3		650.4		316.0
(1)   End of period data.

Source: SNL Financial and The Wall Street Journal.

EXHIBIT IV-3

Historical Thrift Stock Indices

	Index Values				Price Appreciation (%)
	03/31/10	02/26/10	12/31/09	03/31/09	1 Month	YTD	LTM
All Pub.Traded Thrifts	626.3	600.3	587.0	542.8	4.34	6.71	15.39
MHC Index	3,314.4	3,147.9	2,962.4	2,899.9	5.29	11.88	14.29
Stock Exchange Indexes
NYSE-Alt Thrifts	344.1	331.5	331.6	319.0	3.79	3.75	7.87
NYSE Thrifts	124.0	116.4	110.2	92.6	6.59	12.55	33.95
OTC Thrifts	1,681.7	1,620.8	1,597.4	1,516.7	3.76	5.27	10.88
Geographic Indexes
Mid-Atlantic Thrifts	2,613.6	2,497.0	2,420.4	2,045.6	4.67	7.98	27.77
Midwestern Thrifts	2,319.6	2,208.7	2,084.0	2,270.1	5.02	11.31	2.18
New England Thrifts	1,660.8	1,635.3	1,682.2	1,737.5	1.56	-1.27	-4.41
Southeastern Thrifts	291.6	237.3	238.6	258.0	22.87	22.19	13.01
Southwestern Thrifts	346.8	330.9	339.0	358.1	4.79	2.31	-3.15
Western Thrifts	60.2	57.8	56.6	42.8	4.21	6.45	40.73
Asset Size Indexes
Less than $250M	808.9	860.1	810.0	772.5	-5.95	-0.13	4.71
$250M to $500M	2,486.2	2,350.3	2,247.4	2,134.8	5.78	10.63	16.46
$500M to $1B	1,187.3	1,120.6	1,096.7	1,068.7	5.95	8.26	11.09
$1B to $5B	1,486.9	1,412.8	1,393.3	1,363.2	5.25	6.72	9.08
Over $5B	321.2	308.9	301.5	272.9	3.98	6.52	17.69
Pink Indexes
Pink Thrifts	149.7	142.1	142.1	144.4	5.34	5.37	3.66
Less than $75M	436.1	420.7	406.8	477.1	3.66	7.19	-8.59
Over $75M	150.4	142.6	142.8	144.0	5.43	5.28	4.44
Comparative Indexes
Dow Jones Industrials	10,856.6	1 0,325.3	10,428.1	7,608.9	5.15	4.11	42.68
S&P 500	1,169.4	1,104.5	1,115.1	797.9	5.88	4.87	46.57

All SNL indexes are market-value weighted; i.e.,an institution’s effect on an index is proportionate to that institution’s market capitalization. All SNL thrift indexes, except for the SNL MHC Index, began at 100 on March 30,1984. The SNL MHC Index began at 201.082 on Dec. 31, 1992, the level of the SNL Thrift Index on that date. On March 30,1984, the S&P 500 closed at 159.2 and the Dow Jones Industrials stood at 1,164.9.

Mid-Atlantic: DE, DC, MD, NJ, NY, PA, PR; Midwest: IA, IL, IN, KS, KY, Ml, MN, MO, ND, NE, OH, SD,Wl;

New England: CT, MA, ME, NH, RI,VT; Southeast: AL, AR, FL, GA, MS, NC, SC, TN, VA, WV;

Southwest: CO, LA, NM, OK, TX, UT; West: AZ, AK, CA, HI, ID, MT, NV, OR, WA, WY

APRIL 2010 SNLFinancial

EXHIBIT IV-4

Market Area Acquisition Activity

Exhibit IV-4

Kansas Thrift Acquisitions 2005-Present

							Target Financials at Announcement							Deal Terms and Pricing at Announcement
Announce Date	Complete Date	Buyer Short Name		Target Name		Type	Total Assets ($000)	E/A (%)	TE/A (%)	ROAA (%)	ROAE (%)	NPAs/ Assets (%)	Rsrvs/ NPLs (%)	Deal Value ($M)	Value/ Share ($)	P/B (%)	P/TB (%)	PIE (x)	P/A (%)	Prem/ Cdeps (%)
09/06/2005	01/01/2006	Landmark Bancorp Inc.	KS	First Manhattan Bancorporation, Inc.	KS	Thrift	130,370	6.49	6.33	0.78	12.43	1.18	85.99	12.9	3,462.259	152.11	156.27	12.59	9.88	5.34
				Average:			130,370	6.49	6.33	0.78	12.43	1.18	85.99			152.11	156.27	12.59	9.88	5.34
				Median:			130,370	6.49	6.33	0.78	12.43	1.18	85.99			152,11	156.27	12.59	9.88	5.34
Source: SNL Financial, LC.

EXHIBIT IV-5

Capitol Federal Financial

Director and Senior Management Summary Resumes

Exhibit IV-5

Capitol Federal Financial

Director and Senior Management Summary Resumes

John B. Dicus. Mr. Dicus became Chief Executive Officer of Capitol Federal Savings Bank and CFF effective January 1, 2003 and became Chairman of the Board of Directors of Capitol Federal Savings Bank and CFF upon the retirement of John C. Dicus from the Board in January 2009.  Prior to his appointment as Chief Executive Officer, he served as President and Chief Operating Officer for Capitol Federal Savings Bank since 1996 and for CFF since its inception in March 1999.  Before that, he served as Executive Vice President of Corporate Services for Capitol Federal Savings Bank for four years.  He has been with Capitol Federal Savings Bank in various other positions since 1985.  Mr. Dicus’s many years of service in all areas of Capitol Federal Savings Bank’s operations and his duties as President and Chief Executive Officer of CFF and Capitol Federal Savings Bank bring a special knowledge of the financial, economic and regulatory challenges CFF faces and he is well suited to educating the Board on these matters.  He is the son of Mr. John C. Dicus, who retired as our Chairman in January 2009 and still serves as Chairman Emeritus.

Jeffrey R. Thompson.  In 2007, Mr. Thompson became Chief Executive Officer of Salina Vortex Corp., a Salina, Kansas-based manufacturing company, after having served as Chief Financial Officer of that company since2002.  From 2001 to 2002, he served as Vice President, Supply Chain, for The Coleman Company, Wichita, Kansas, a manufacturer and marketer of consumer products.  From 1992 to 2001, he served in a variety of capacities for Koch Industries, Inc., Wichita, Kansas, including President of Koch Financial Services, Inc. from 1998 to 2001.  From 1986 to 1992, he worked in several positions for Chrysler Capital Public Finance, Kansas City, Missouri, primarily in the areas of originating, underwriting and servicing tax-exempt municipal leases.  Mr. Thompson has over 25 years of business experience, including 20 years in the financial services business and 15 years with profit and loss responsibility in manufacturing companies.  He brings general business, financial and risk management skills to Capitol Federal Savings Bank, including knowledge of compensation matters, which is important to his service on our Compensation Committee.  Mr. Thompson is a certified public accountantand his accounting knowledge and experience is important to his service on our Audit Committee.  His participation in the Wichita, Kansas business community for over 18 years brings knowledge of the local economy and business opportunities for Capitol Federal Savings Bank.

Jeffrey M. Johnson.  Mr. Johnson is President of Flint Hills National Golf Club, Andover, Kansas, a position he has held since March 2003.  From March 1997 until joining Flint Hills, Mr. Johnson was an investment advisor with Raymond James Financial Services in Wichita, Kansas.  Mr. Johnson’s extensive knowledge of investments and the regulated financial services industry supports the Board’s and the Audit Committee’s knowledge in those areas.  Before 1997, he served in a variety of restaurant management positions with Lone Star Steakhouse & Saloon, Inc. and Coulter Enterprises, Inc.  Mr. Johnson is also part-owner of several restaurants in Lawrence, Manhattan and Wichita, Kansas and parts of Texas.  He brings general business, financial and risk management skills to Capitol Federal Savings Bank, including knowledge of compensation matters, which is important to his service on our Compensation Committee. His participation in the Wichita, Kansas business community and his service on local non-profit boards for over 15 years bring knowledge of the local economy and business opportunities for Capitol Federal Savings Bank.

Michael T. McCoy, M.D.  Dr. McCoy has been an orthopedic surgeon in private practice for over 25 years.  In his private practice, he has employed up to 15 employees and gained the accounting, financial and risk management skill necessary to operate a small business.  Since October 2004, he has also served as Chief of Orthopedic Surgery at Stormont Vail Regional Medical Center in Topeka, Kansas.  He previously served as Chief of Surgery at Stormont Vail from January 1987 to January 1988.  His management and business experience in his private practice and these hospital positions bring knowledge and experience to his service on the Board and the Compensation and Audit Committees.  Dr. McCoy is a member of the Kansas Medical Society, the Shawnee County Medical Society, the American Academy of Orthopedic Surgeons and the American Orthopedic Society for Sports Medicine.

Exhibit IV-5 (continued)

Capitol Federal Financial

Director and Senior Management Summary Resumes

Marilyn S. Ward. From 1985 until her retirement in 2004, Ms. Ward was Executive Director of ERC/Resource & Referral, a family resource center located in Topeka, Kansas, where she was responsible for financial operations, including fund-raising, budgeting and grant writing.  Ms. Ward currently serves as the chairman of _________, a state-wide organization that ___________, where she is involved in overseeing financial and accounting matters.  She brings general business, financial and accounting skills to Capitol Federal Savings Bank, including knowledge of compensation matters, which is important to her service on our Audit and Compensation Committees.  She has participated in numerous training programs for financial institution directors, which enhances her service as a director.

B.B. Andersen.  Mr. Andersen has had a life long career in construction, development and management companies with activities in over 14 states.  He is currently involved in various real estate development projects in Colorado, Missouri and Mississippi.  Mr. Andersen also owns a company that has managed a conference and business center in Iraq for over ____years.  He brings general business, financial and risk management skills to Capitol Federal Savings Bank, including knowledge of compensation matters, which is important to his service on our Audit and Compensation Committees.  He also brings knowledge of real estate valuation and transactions that support our lending business.

Morris J. Huey, II.Mr. Huey retired from Capitol Federal Savings Bank in January 2010.  From June 2002 until his retirement, Mr. Huey served as Executive Vice President and Chief Lending Officer of Capitol Federal Savings Bank and President of Capitol Funds, Inc., a wholly owned subsidiary of Capitol Federal Savings Bank.  From August 2002 until his retirement, he also served as President of CFMRC, a wholly owned subsidiary of Capitol Funds, Inc.  Prior to that, he served as the Central Region Lending Officer since joining Capitol Federal Savings Bank in 1991.  Mr. Huey’s many years of service in various areas of Capitol Federal Savings Bank’s operations and his duties as Executive Vice President and Chief Lending Officer of Capitol Federal Savings Bank bring a special knowledge of the financial, economic and regulatory challenges CFF faces and he is well suited to educating the Board on these matters.

Executive Officers Who Are Not Directors

Larry K. Brubaker.  Mr. Brubaker has been employed with Capitol Federal Savings Bank since 1971 and currently serves as Executive Vice President for Corporate Services, a position he has held since 1997.  Prior to that, he was employed by Capitol Federal Savings Bank as the Eastern Region Manager for seven years.

R. Joe Aleshire.  Mr. Aleshire has been employed with Capitol Federal Savings Bank since 1973 and currently serves as Executive Vice President for Retail Operations, a position he has held since 1997.  Prior to that, he was employed by Capitol Federal Savings Bank as the Wichita Area Manager for 17 years.

Kent G. Townsend.   Mr. Townsend serves as Executive Vice President and Chief Financial Officer of Capitol Federal Savings Bank, its subsidiaries, and CFF.  Mr. Townsend also serves as Treasurer for Capitol Funds, Inc. and CFMRC, subsidiaries of Capitol Federal Savings Bank.  Mr. Townsend was promoted to Executive Vice President, Chief Financial Officer and Treasurer on September 1, 2005.  Prior to that, he served as Senior Vice President, a position he held since April 1999, and Controller of CFF, a position he held since March 1999.  He has served in similar positions with Capitol Federal Savings Bank since September 1995.  He served as the Financial Planning and Analysis Officer with Capitol Federal Savings Bank for three years and other financial related positions since joining Capitol Federal Savings Bank in 1984.

Exhibit IV-5 (continued)

Capitol Federal Financial

Director and Senior Management Summary Resumes

Rick C. Jackson.  Mr. Jackson currently serves as Executive Vice President, Chief Lending Officer and Community Development Director of Capitol Federal Savings Bank.  He also serves as the President of Capitol Funds, Inc., a subsidiary of Capitol Federal Savings Bank and President of CFMRC.  He has been with Capitol Federal Savings Bank since 1993 and has held the position of Community Development Director since that time.  He has held the position of Chief Lending Officer since February 2010.

Tara D. Van Houweling.  Ms. Van Houweling has been employed with Capitol Federal Savings Bank and CFF since May 2003 and currently serves as First Vice President, Principal Accounting Officer and Reporting Director.  She has held the position of Reporting Director since May 2003.

EXHIBIT IV-6

Capitol Federal Financial

Pro Forma Regulatory Capital Ratios

Exhibit IV-6

Capitol Federal Financial

Pro Forma Regulatory Capital Ratios

	Capitol Federal Savings Bank Historical at					Pro Forma at December 31, 2009 Based Upon the Sale at $10.00 Per Share
	December 31, 2009					157,250,000 Shares						185,000,000 Shares						212,750,000 Shares
	Amount		Percent of Assets(1)			Amount			Percent of Assets(1)			Amount			Percent of Assets(1)			Amount			Percent of Assets(1)
	(Dollars in Thousands)
Equity capital	$	876,290		9.33	%	$	1,539,272			15.17	%	$	1,656,731			16.11	%	$	1,774,189			17.03	%
Core (leverage) capital(2)	$	844,959		10.13	%	$	1,507,941			16.57	%	$	1,625,400			17.60		$	1,742,858			18.60
Core (leverage) requirement		417,109		5.00			454,975			5.00			461,681			5.00			468,386			5.00
Excess	$	427,850		5.13	%	$	1,052,966			11.57	%	$	1,163,719			12.60		$	1,274,472			13.60
Tier I risk-based capital(2)(3)	$	844,959		23.79	%	$	1,507,941			40.72	%	$	1,625,400			43.57		$	1,742,858			46.39
Tier I requirement		213,118		6.00			222,206			6.00			223,815			6.00			225,424			6.00
Excess	$	631,841		17.79	%	$	1,285,735			34.72	%	$	1,401,585			37.57		$	1,517,434			40.39
Total risk-based capital(2)(3)	$	853,139		24.02	%	$	1,516,121			40.94	%	$	1,633,580			43.79		$	1,751,038			46.61
Risk-based requirement		355,196		10.00			370,343			10.00			373,025			10.00			375,707			10.00
Excess	$	497,943		14.02	%	$	1,145,778			30.94	%	$	1,260,555			33.79		$	1,375,331			36.61
Reconciliation of capital infused into Capitol Federal Savings Bank:
Net proceeds						$	757,332					$	891,441					$	1,025,549
Less:
Common stock acquired by employee stock ownership plan							(62,900	)					(74,000	)					(85,100	)
Common stock acquired by stock-based incentive plan							(31,450	)					(37,000	)					(42,550	)
Pro forma increase in GAAP and regulatory capital(3)						$	662,982					$	780,441					$	897,899

(1) Core capital levels are shown as a percentage of total adjusted assets.  Risk-based capital levels are shown as a percentage of risk-weighted assets.  Capital requirements of 4.0%, 5.0% and 10% for core (leverage), Tier I risk-based and Total risk-based capital reflect “well capitalized” status under prompt corrective action provisions.

(2) Pro forma capital levels assume that we fund the stock-based incentive plans with purchases in the open market equal to 2.0%of the shares of common stock sold in the stock offering at a price equal to the price for which the shares of common stock are sold in the stock offering, and that the employee stock ownership plan purchases 4.0% of the shares of common stock sold in the stock offering with funds we lend.  Pro forma GAAP and regulatory capital have been reduced by the amount required to fund both of these plans.  See “Management” for a discussion of the stock-based benefit plan and employee stock ownership plan.

(3) Pro forma amounts and percentages assume net proceeds are invested in assets that carry a 20% risk weighting.

Source:  Capitol Federal Financial’s prospectus.

EXHIBIT IV-7

Capitol Federal Financial

Pro Forma Analysis Sheet

EXHIBIT IV-7

PRO FORMA ANALYSIS SHEET

Capitol Federal Financial

Prices as of April 16, 2010

			Subject		Peer Group				All Public Thrifts
Valuation Midpoint Pricing Multiples		Symbol	at Midpoint		Mean		Median		Mean		Median
Price-earnings multiple	=	P/E	30.27	x	20.35	x	18.69	x	19.06	x	17.53	x
Price-core earnings multiple	=	P/CE	32.25	x	23.86	x	23.80	x	18.86	x	17.26	x
Price-book ratio	=	P/B	101.32	%	119.10		115.26		77.77		76.35
Price-tangible book ratio	=	P/TB	101.32	%	143.10		146.60		86.85		82.19
Price-assets ratio	=	P/A	26.18	%	13.51		13.06		8.75		6.91

Valuation Parameters						Adjusted
Pre-Conversion Earnings (Y)	$	71,426,000		(12 Mths 12/09)	ESOP Stock (% of Offering + Foundation) (E)		4.00	%
Pre-Conversion Core Earnings (YC)	$	66,110,000		(12 Mths 12/09) (2)	Cost of ESOP Borrowings (S)		0.00	%
Pre-Conversion Book Value (B)	$	942,132,000		(2)	ESOP Amortization (T)		30.00		Years
Pre-Conv. Tang. Book Value (B)	$	942,132,000		(2)	Stock Program (% of Offering + Foundation (M)		2.00	%
Pre-Conversion Assets (A)	$	8,374,762,000		(2)	Stock Programs Vesting (N)		5.00		Years
Reinvestment Rate (R)		2.69	%		Fixed Expenses	$	5,255,000
Tax rate (TAX)		38.32	%		Variable Expenses (Blended Commission %)		3.34	%
After Tax Reinvest. Rate (R)		1.66	%		Percentage Sold (PCT)		70.5084	%
Est. Conversion Expenses (1)(X)		3.63	%		MHC Assets	$	133,000
Insider Purchases	$	2,500,000			Options as (% of Offering + Foundation) (O1)		5.00	%
Price/Share	$	10.00			Estimated Option Value (O2)		34.30	%
Foundation Cash Contribution (FC)	$	40,000,000			Option Vesting Period (O3)		5.00		Years
Foundation Stock Contribution (FS)	$	-			% of Options taxable (O4)		25.00	%
Foundation Tax Benefit (FT)	$	15,328,000

Calculation of Pro Forma Value After Conversion
1.    V=	P/E * (Y - FC * R)	V=	$2,623,802,000
	1 - P/E * PCT * ((1-X-E-M-FS)*R - (1-TAX)*(E/T) - (1-TAX)*(M/N)-(1-TAX*O4)*(O1*O2/O3)))
2.    V=	P/Core E * (YC)	V=	$2,623,802,000
	1 - P/Core E * PCT * ((1-X-E-M-FS)*R - (1-TAX)*(E/T) - (1-TAX)*(M/N)-(1-TAX*O4)*(O1*O2/O3)))
3.    V=	P/B  *  (B-FC+FT)	V=	$2,623,802,000
	1 - P/B * PCT * (1-X-E-M)
4.    V=	P/TB  *  (B-FC+FT)	V=	$2,623,802,000
	1 - P/TB * PCT * (1-X-E-M)
5.    V=	P/A * (A-FC+FT)	V=	$2,623,802,000
	1 - P/A * PCT * (1-X-E-M)

Shares			2nd Step		Full		Plus:		Total Market
	2nd Step		Exchange		Conversion		Foundation		Capitalization		Exchange
Conclusion	Offering Shares		Shares		Shares		Shares		Shares		Ratio
Maximum		212,750,000		88,987,230		301,737,230		0		301,737,230		4.0762
Midpoint		185,000,000		77,380,200		262,380,200		0		262,380,200		3.5445
Minimum		157,250,000		65,773,170		223,023,170		0		223,023,170		3.0129
Market Value
			2nd Step		Full				Total Market
	2nd Step		Exchange		Conversion		Foundation		Capitalization
Conclusion	Offering Value		Shares Value		$ Value		$ Value		$ Value
Maximum	$	2,127,500,000	$	889,872,300	$	3,017,372,300		0	$	3,017,372,300
Midpoint	$	1,850,000,000	$	773,802,000	$	2,623,802,000		0	$	2,623,802,000
Minimum	$	1,572,500,000	$	657,731,700	$	2,230,231,700		0	$	2,230,231,700

(1)	Estimated offering expenses at midpoint of the offering.
(2)	Adjusted to reflect consolidation of $133,000 of MHC net assets.

EXHIBIT IV-8

Capitol Federal Financial

Pro Forma Effect of Conversion Proceeds

Exhibit IV-8

PRO FORMA EFFECT OF CONVERSION PROCEEDS

Capitol Federal Financial

At the Minimum of the Range

1.	Fully Converted Value and Exchange Ratio
	Fully Converted Value	$	2,230,231,700
	Exchange Ratio		3.01287
	2nd Step Offering Proceeds	$	1,572,500,000
	Less: Estimated Offering Expenses		57,836,375
	2nd Step Net Conversion Proceeds (Including Foundation)	$	1,514,663,625
2.	Estimated Additional Income from Conversion Proceeds
	Net Conversion Proceeds	$	1,514,663,625
	Less: Cash Contribution to Foundation		(40,000,000	)
	Less: ESOP Stock Purchases (1)		(62,900,000	)
	Less: RRP Stock Purchases (2)		(31,450,000	)
	Net Cash Proceeds	$	1,380,313,625
	Estimated after-tax net incremental rate of return		1.66%
	Earnings Increase	$	22,902,053
	Less: Consolidated interest cost of ESOP borrowings		0
	Less: Amortization of ESOP borrowings(3)		(1,293,224	)
	Less: RRP Vesting (3)		(3,879,672	)
	Less: Option Plan Vesting (4)		(4,876,961	)
	Net Earnings Increase	$	12,852,196

				Net
		Before		Earnings		After
3.	Pro Forma Earnings	Conversion		Increase		Conversion
	12 Months ended December 31, 2009 (reported)	$	71,426,000	$	12,852,196	$	84,278,196
	12 Months ended December 31, 2009 (core)	$	66,110,000	$	12,852,196	$	78,962,196

		Before		Net Cash		Tax Benefit		After
4.	Pro Forma Net Worth	Conversion (5)		Proceeds		and Other		Conversion
	December 31, 2009	$	942,132,000	$	1,380,313,625	$	15,328,000	$	2,337,773,625
	December 31, 2009 (Tangible)	$	942,132,000	$	1,380,313,625	$	15,328,000	$	2,337,773,625
		Before		Net Cash		Tax Benefit		After
5.	Pro Forma Assets	Conversion (5)		Proceeds		and Other		Conversion
	December 31, 2009	$	8,374,762,000	$	1,380,313,625	$	15,328,000	$	9,770,403,625

(1)	Includes ESOP purchases of 4% of the second step offering.
(2)	Includes RRP purchases of 2% of the second step offering.
(3)	ESOP amortized over 30 years, RRP amortized over 5 years, tax effected at:	38.32%
(4)	Option valuation based on Black-Scholes model, 5 year vesting, and assuming 25% taxable.
(5)	Adjusted to include consolidated MHC assets.

Exhibit IV-8

PRO FORMA EFFECT OF CONVERSION PROCEEDS

Capitol Federal Financial

At the Midpoint of the Range

1.	Fully Converted Value and Exchange Ratio
	Fully Converted Value	$	2,623,802,000
	Exchange Ratio		3.54455
	2nd Step Offering Proceeds	$	1,850,000,000
	Less: Estimated Offering Expenses		67,118,750
	2nd Step Net Conversion Proceeds (Including Foundation)	$	1,782,881,250
2.	Estimated Additional Income from Conversion Proceeds
	Net Conversion Proceeds	$	1,782,881,250
	Less: Cash Contribution to Foundation		(40,000,000	)
	Less: ESOP Stock Purchases (1)		(74,000,000	)
	Less: RRP Stock Purchases (2)		(37,000,000	)
	Net Cash Proceeds	$	1,631,881,250
	Estimated after-tax net incremental rate of return		1.66	%
	Earnings Increase	$	27,076,043
	Less: Consolidated interest cost of ESOP borrowings		0
	Less: Amortization of ESOP borrowings(3)		(1,521,440	)
	Less: RRP Vesting (3)		(4,564,320	)
	Less: Option Plan Vesting (4)		(5,737,601	)
	Net Earnings Increase	$	15,252,682

				Net
		Before		Earnings		After
3.	Pro Forma Earnings	Conversion		Increase		Conversion
	12 Months ended December 31, 2009 (reported)	$	71,426,000	$	15,252,682	$	86,678,682
	12 Months ended December 31, 2009 (core)	$	66,110,000	$	15,252,682	$	81,362,682

		Before		Net Cash		Tax Benefit		After
4.	Pro Forma Net Worth	Conversion (5)		Proceeds		of Foundation		Conversion
	December 31, 2009	$	942,132,000	$	1,631,881,250	$	15,328,000	$	2,589,341,250
	December 31, 2009 (Tangible)	$	942,132,000	$	1,631,881,250	$	15,328,000	$	2,589,341,250
		Before		Net Cash		Tax Benefit		After
5.	Pro Forma Assets	Conversion (5)		Proceeds		of Foundation		Conversion
	December 31, 2009	$	8,374,762,000	$	1,631,881,250	$	15,328,000	$	10,021,971,250

(1)	Includes ESOP purchases of 4% of the second step offering.
(2)	Includes RRP purchases of 2% of the second step offering.
(3)	ESOP amortized over 30 years, RRP amortized over 5 years, tax effected at:	38.32%
(4)	Option valuation based on Black-Scholes model, 5 year vesting, and assuming 25% taxable.
(5)	Adjusted to include consolidated MHC assets.

Exhibit IV-8

PRO FORMA EFFECT OF CONVERSION PROCEEDS

Capitol Federal Financial
At the Maximum of the Range
1.	Fully Converted Value and Exchange Ratio
	Fully Converted Value	$	3,017,372,300
	Exchange Ratio		4.07623
	2nd Step Offering Proceeds	$	2,127,500,000
	Less: Estimated Offering Expenses		76,401,125
	2nd Step Net Conversion Proceeds (Including Foundation)	$	2,051,098,875
2.	Estimated Additional Income from Conversion Proceeds
	Net Conversion Proceeds	$	2,051,098,875
	Less: Cash Contribution to Foundation		(40,000,000	)
	Less: ESOP Stock Purchases (1)		(85,100,000	)
	Less: RRP Stock Purchases (2)		(42,550,000	)
	Net Cash Proceeds	$	1,883,448,875
	Estimated after-tax net incremental rate of return		1.66	%
	Earnings Increase	$	31,250,033
	Less: Consolidated interest cost of ESOP borrowings		0
	Less: Amortization of ESOP borrowings(3)		(1,749,656	)
	Less: RRP Vesting (3)		(5,248,968	)
	Less: Option Plan Vesting (4)		(6,598,241	)
	Net Earnings Increase	$	17,653,168

						Net
				Before		Earnings		After
3.	Pro Forma Earnings			Conversion		Increase		Conversion
	12 Months ended December 31, 2009 (reported)			$	71,426,000	$	17,653,168	$	89,079,168
	12 Months ended December 31, 2009 (core)			$	66,110,000	$	17,653,168	$	83,763,168
		Before		Net Cash		Tax Benefit		After
4.	Pro Forma Net Worth	Conversion (5)		Proceeds		of Foundation		Conversion
	December 31, 2009	$	942,132,000	$	1,883,448,875	$	15,328,000	$	2,840,908,875
	December 31, 2009 (Tangible)	$	942,132,000	$	1,883,448,875	$	15,328,000	$	2,840,908,875
		Before		Net Cash		Tax Benefit		After
5.	Pro Forma Assets	Conversion (5)		Proceeds		of Foundation		Conversion
	December 31, 2009	$	8,374,762,000	$	1,883,448,875	$	15,328,000	$	10,273,538,875

(1)  Includes ESOP purchases of 4% of the second step offering.
(2)  Includes RRP purchases of 2% of the second step offering.
(3)  ESOP amortized over 30 years, RRP amortized over 5 years, tax effected at:	38.32%
(4)  Option valuation based on Black-Scholes model, 5 year vesting, and assuming 25% taxable.
(5)  Adjusted to include consolidated MHC assets.

EXHIBIT IV-9

Peer Group Core Earnings Analysis

RP® Financial, LC.

Exhibit IV-9

Core Earnings Analysis

Comparable Institution Analysis

For the 12 Months Ended December 31, 2009

										Less:			Estimated
		Net Income		Less: Net			Tax Effect			Extraordinary			Core Income				Estimated
Comparable Group		to Common		Gains(Loss)			@ 34%			Items			to Common		Shares		Core EPS
		($000)		($000)			($000)			($000)			($000)		(000)		($)
BKMU	Bank Mutual Corp. of WI	$	13,725	($	14,318	)	$	4,868		$	0		$	4,275		45,475	$	0.09
BRKL	Brookline Bancorp, Inc. of MA	$	19,735	($	140	)	$	48		$	0		$	19,643		59,031	$	0.33
DNBK	Danvers Bancorp, Inc. of MA	$	5,309	($	22	)	$	7		$	0		$	5,294		21,706	$	0.24
DCOM	Dime Community Bancshares of NY	$	26,189	$	8,610		($	2,927	)	$	0		$	31,872		34,396	$	0.93
FFCH	First Financial Holdings Inc. of SC	$	27,549	$	2,986		($	1,015	)	($	28,857	)	$	663		16,526	$	0.04
FFIC	Flushing Financial Corp. of NY	$	21,117	$	6,281		($	2,136	)	$	0		$	25,262		31,128	$	0.81
NAL	NewAlliance Bancshares of CT	$	46,443	($	7,418	)	$	2,522		$	0		$	41,547		106,050	$	0.39
PBNY	Provident NY Bancorp, Inc. of NY	$	25,736	($	19,280	)	$	6,555		$	0		$	13,011		39,061	$	0.33
TRST	TrustCo Bank Corp. NY of NY	$	28,120	($	217	)	$	74		$	0		$	27,977		76,651	$	0.36
WFSL	Washington Federal, Inc. of WA	$	28,426	($	15,991	)	$	5,437		$	0		$	17,872		112,455	$	0.16

Source:  SNL Financial, LC. and RP® Financial, LC. calculations. The information provided in this table has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information.

Copyright (c) 2010 by RP® Financial, LC.

EXHIBIT V-1

RP® Financial, LC.

Firm Qualifications Statement

RP®FINANCIAL, LC.

Serving the Financial Services Industry Since 1988

FIRM QUALIFICATION STATEMENT

RP® Financial (“RP®) provides financial and management consulting, merger advisory and valuation services to the financial services industry nationwide.  We offer a broad array of services, high quality and prompt service, hands-on involvement by principals and senior staff, careful structuring of strategic initiatives and sophisticated valuation and other analyses consistent with industry practices and regulatory requirements.  Our staff maintains extensive background in financial and management consulting, valuation and investment banking.  Our clients include commercial banks, thrifts, credit unions, mortgage companies and other financial services companies.

STRATEGIC PLANNING SERVICES

RP®’s strategic planning services are designed to provide effective feasible plans with quantifiable results.  We analyze strategic options to enhance shareholder value, achieve regulatory approval or realize other objectives.  Such services involve conducting situation analyses; establishing mission/vision statements, strategic goals and objectives; and identifying strategies to enhance franchise and/or market value, capital management, earnings enhancement, operational matters and organizational issues.  Strategic recommendations typically focus on:  capital formation and management, asset/liability targets, profitability, return on equity and stock pricing.  Our proprietary financial simulation models provide the basis for evaluating the impact of various strategies and assessing their feasibility and compatibility with regulations.

MERGER ADVISORY SERVICES

RP®’s merger advisory services include targeting potential buyers and sellers, assessing acquisition merit, conducting due diligence, negotiating and structuring merger transactions, preparing merger business plans and financial simulations, rendering fairness opinions, preparing mark-to-market analyses and supporting the implementation of post-acquisition strategies.  RP® is also expert in de novo charters, shelf charters and negotiating acquisitions of troubled institutions.  Through financial simulations, comprehensive data bases, valuation proficiency and regulatory familiarity, RP®’s merger advisory services center on enhancing shareholder returns.

VALUATION SERVICES

RP®’s extensive valuation practice includes bank and thrift mergers, thrift mutual-to-stock conversions, goodwill impairment, insurance company demutualizations, ESOPs, subsidiary companies, purchase accounting and other purposes.  We are highly experienced in performing appraisals which conform to regulatory guidelines and appraisal standards.  RP® is the nation’s leading valuation firm for thrift mutual-to-stock conversions, with appraised values ranging up to $4 billion.

OTHER CONSULTING SERVICES

RP® offers other consulting services including evaluating the impact of regulatory changes (TARP, etc.), branching and diversification strategies, feasibility studies and special research.  We assist banks/thrifts in preparing CRA plans and evaluating wealth management activities on a de novo or merger basis.  Our other consulting services are aided by proprietary valuation and financial simulation models.

KEY PERSONNEL (Years of Relevant Experience & Contact Information)
Ronald S. Riggins, Managing Director (29)	(703) 647-6543	rriggins@rpfinancial.com
William E. Pommerening, Managing Director (25)	(703) 647-6546	wpommerening@rpfinancial.com
Gregory E. Dunn, Director (26)	(703) 647-6548	gdunn@rpfinancial.com
James P. Hennessey, Director (23)	(703) 647-6544	jhennessey@rpfinancial.com
James J. Oren, Director (22)	(703) 647-6549	joren@rpfinancial.com
Timothy M. Biddle, Senior Vice President (19)	(703) 647-6552	tbiddle@rpfinancial.com
Janice Hollar, Senior Vice President (24)	(703) 647-6554	jhollar@rpfinancial.com

Washington Headquarters
Three Ballston Plaza	Telephone:  (703) 528-1700
1100 North Glebe Road, Suite 1100	Fax No.:  (703) 528-1788
Arlington, VA  22201	Toll-Free No.:  (866) 723-0594
www.rpfinancial.com	E-Mail:  mail@rpfinancial.com