PHSB FINANCIAL CORPORATION
PROPOSED LETTERS

INDEX

1. Dear Current Depositor including IRA or *

2. Dear Friend Letter - Eligible Account Holders who are no longer Depositors *

3. Dear Potential Investor Letter *

4. Dear Depositor Letter - Used as a Cover Letter for States Requiring "Agent" Mailing *

5. Proxy Request

6. Mailing Insert/Lobby Poster

7. Invitation Letter - Informational Meetings

8. Dear Subscriber/Acknowledgment Letter - Initial Response to Stock Order Received

9. Dear Shareholder - Confirmation Letter

10. Dear Interested Investor - No Shares Available Letter

11. Welcome Shareholder Letter - For Initial Certificate Mailing

12. Dear Interested Subscriber Letter - Subscription Rejection

13. Letter for Trident Securities Mailing to Clients *

14. Questions and Answers Brochure *

* Accompanied by a Prospectus

PEOPLES HOME SAVINGS BANK

Dear Current Depositor:

In accordance with the plan of conversion approved by the Boards of Trustees of
Peoples Home Savings Bank and PHS Bancorp, M.H.C., and the Board of Directors of
PHS Bancorp, Inc., PHS Bancorp, M.H.C. is converting from a mutual holding
company to a full stock corporation. After conversion, we will be structured in
a form of ownership used by most stock holding companies of savings banks.

To accomplish the conversion, your participation is extremely important. On
behalf of the Board of Directors, I ask that you help us meet our goal by
reading the enclosed Proxy Statement and then casting your vote in favor of the
plan of conversion and mailing your signed proxy card immediately in the
enclosed WHITE postage-paid envelope marked "PROXY RETURN." Should you choose to
attend the Special Meeting of Current Depositors and wish to vote in person, you
may do so by revoking any previously executed proxy. If you have an IRA account
for which Peoples Home Savings Bank acts as trustee and we do not receive a
proxy from you, Peoples Home Savings Bank, as trustee for such account, intends
to vote in favor of the plan of conversion on your behalf.

If the plan of conversion is approved let me assure you that:

o Deposit accounts will continue to be federally insured to the fullest
extent permitted by law.
o Existing deposit accounts and loans will not undergo any change.
o Voting for approval will not obligate you to buy any shares of common
stock.

As a qualifying account holder, you may also take advantage of your
nontransferable rights to subscribe for shares of PHSB Financial Corporation
common stock on a priority basis, before the stock is offered for sale to the
general public and the public stockholders of PHS Bancorp, Inc. If you wish to
subscribe for stock, please complete the stock order and certification form and
mail it along with full payment for the shares (or appropriate instructions
authorizing withdrawal from a deposit account with Peoples Home Savings Bank) to
PHSB Financial Corporation in the enclosed YELLOW postage-paid envelope marked
"STOCK ORDER RETURN," or return it to any banking office of Peoples Home Savings
Bank. Your order must be physically received by PHSB Financial Corporation no
later than 12:00 p.m., Eastern Time on ____________, ____________ __, 2001,
unless extended. Please read the Prospectus carefully before making an
investment decision.

If you wish to use funds in your IRA maintained at Peoples Home Savings Bank to
subscribe for common stock, please be aware that federal law requires that such
funds first be transferred to a self-directed retirement account with a trustee
other than Peoples Home Savings Bank. The transfer of such funds to a new
trustee takes time, so please make arrangement as soon as possible.

If you have any questions after reading the enclosed material, please call our
stock information center at ____________. The stock information center is open
Monday through Friday between the hours of _____ a.m. and _____ p.m. Please note
that the stock information center will be closed from _____ p.m.___________,
_____________, 2001, through _____ p.m. _____________, _______________, 2001, in
observance of the Thanksgiving holiday.

Sincerely,

James P. Wetzel, Jr.
President and Chief Executive Officer

The shares of common stock offered in the conversion are not savings accounts or
deposits and are not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency.

This is not an offer to sell or a solicitation of an offer to buy common stock.
The offer is made only by the Prospectus.

PEOPLES HOME SAVINGS BANK

Dear Friend of Peoples Home Savings Bank:

As a former account holder of Peoples Home Savings Bank, you may take advantage
of your nontransferable rights to subscribe for shares of PHSB Financial
Corporation common stock on a priority basis, before the stock is offered to the
general public and the public stockholders of PHS Bancorp, Inc. The enclosed
Prospectus describes the stock offering and the operations of Peoples Home
Savings Bank. If you wish to subscribe for stock, please complete the stock
order and certification form and mail it along with full payment for the shares
in the enclosed postage- paid envelope marked "STOCK ORDER RETURN," or return it
to any banking office of Peoples Home Savings Bank. Your order must be
physically received by PHSB Financial Corporation no later than 12:00 p.m.,
Eastern Time on ____________, December __, 2001, unless extended. Please read
the Prospectus carefully before making an investment decision.

If you have any questions after reading the enclosed material, please call our
stock information center at (724) 846-6020. The stock information center is open
Monday through Friday between the hours of 10:00 a.m. and 4:00 p.m. [Please note
that the stock information center will be closed from 12:00 noon, Wednesday,
November 21, 2001, through 12:00 noon Monday, November 26, 2001, in observance
of the Thanksgiving holiday.]

Sincerely,

James P. Wetzel, Jr.
President and Chief Executive Officer

This is not an offer to sell or a solicitation of an offer to buy common stock.
The offer is made only by the Prospectus.

PHS BANCORP, INC.

Dear Potential Investor:

We are pleased to provide you with the enclosed material in connection with our
stock offering.

This information packet includes the following:

PROSPECTUS: This document provides detailed information about our
stock offering. Please read it carefully prior to making an investment
decision.

STOCK ORDER AND CERTIFICATION FORM: Use this form to subscribe for
stock and return it together with full payment for the shares (or
appropriate instructions authorizing withdrawal from a deposit account
with Peoples Home Savings Bank) to us in the enclosed postage-paid
envelope. Your order must be physically received by us no later than
12:00 p.m., Eastern Time on __________, December __, 2001, unless
extended.

We are pleased to offer you this opportunity to become one of our stockholders.
If you have any questions after reading the enclosed material, please call our
stock information center at (724) 846-6020. The stock information center is open
Monday through Friday between the hours of 10:00 a.m. and 4:00 p.m. [Please note
that the stock information center will be closed from _____ __________, November
__, 2001, through ______ noon __________, November __,
2001, in observance of the Thanksgiving holiday.]

Sincerely,

James P. Wetzel, Jr.
President and Chief Executive Officer

This is not an offer to sell or a solicitation of an offer to buy common stock.
The offer is made only by the Prospectus.

TRIDENT SECURITIES (LETTERHEAD)

Dear Depositor:

At the request of Peoples Home Savings Bank, we have enclosed materials
regarding PHSB Financial Corporation's stock offering. The materials include a
Prospectus and a stock order and certification form which offer you the
opportunity to subscribe for shares of common stock of PHSB Financial
Corporation.

We recommend that you read this material carefully. If you decide to subscribe
for shares, you must return the properly completed and signed stock order and
certification form along with full payment for the shares (or appropriate
instructions authorizing withdrawal from a deposit account at Peoples Home
Savings Bank) to PHSB Financial Corporation, no later than 12:00 p.m., Eastern
Time on _________, December __, 2001 in the accompanying YELLOW postage-paid
envelope marked "STOCK ORDER RETURN." If you have any questions after reading
the enclosed material, please call the stock information center at (724)
846-6020, Monday through Friday, between the hours of 10:00 a.m. and 4:00 p.m.,
and ask for a Trident Securities representative.

We have been asked to forward these documents to you in view of certain
requirements of the securities laws of your jurisdiction. We should not be
understood as recommending or soliciting in any way any action by you with
regard to the enclosed materials.

Sincerely,

TRIDENT SECURITIES,
A Division of McDonald Investments, Inc.

This is not an offer to sell or a solicitation of an offer to buy common stock.
The offer is made only by the Prospectus.

Enclosure

PROXY REQUEST

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PEOPLES HOME SAVINGS BANK

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WE NEED YOUR VOTE!
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DEAR CURRENT DEPOSITOR OF PEOPLES HOME SAVINGS BANK:

YOUR VOTE ON OUR PLAN OF CONVERSION HAS NOT YET BEEN RECEIVED. YOUR VOTE IS
VERY IMPORTANT TO US. PLEASE VOTE AND MAIL THE ENCLOSED PROXY TODAY. IF YOU
HAVE MORE THAN ONE ACCOUNT, YOU MAY RECEIVE MORE THAN ONE PROXY.

REMEMBER: VOTING DOES NOT OBLIGATE YOU TO BUY STOCK. THE BOARD OF
TRUSTEES OF PEOPLES HOME SAVINGS BANK HAS UNANIMOUSLY APPROVED THE
PLAN OF CONVERSION AND URGES YOU TO VOTE IN FAVOR OF IT. YOUR PEOPLES
HOME SAVINGS BANK DEPOSIT ACCOUNTS OR LOANS WITH THE BANK WILL NOT BE
AFFECTED IN ANY WAY. DEPOSIT ACCOUNTS WILL CONTINUE TO BE FEDERALLY
INSURED.

A POSTAGE-PAID ENVELOPE IS ENCLOSED WITH THE PROXY FORM. IF YOU HAVE ANY
QUESTIONS, PLEASE CALL OUR STOCK INFORMATION CENTER AT (724) 846-6020.

PLEASE VOTE TODAY BY RETURNING ALL PROXY FORMS RECEIVED.

SINCERELY,

PEOPLES HOME SAVINGS BANK

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L O G O
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PEOPLES HOME SAVINGS BANK

Please Support Us

Vote Your

Proxy Card Today

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If you have more than one account, you may have received more than one Proxy
Card depending upon the ownership structure of your accounts. Please vote, sign
and return all Proxy Cards that you received.
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PEOPLES HOME SAVINGS BANK

____________________, 2001

Dear ____________:

In accordance with the plan of conversion approved by our Board of Trustees,
PHSB Financial Corporation will become our new holding company. We are
converting so that we will be structured in a form of ownership used by most
stock holding companies of savings banks.

You are cordially invited to join members of our senior management team at an
informational meeting to be held on ___________ at ______ p.m. to learn more
about the stock offering of PHSB Financial Corporation.

A member of our staff will be calling to confirm your interest in attending the
meeting.

If you would like additional information regarding the meeting or our
conversion, please call our stock information center at (724) 846-6020. The
stock information center is open Monday through Friday between the hours of
10:00 a.m. and 4:00 p.m.

Sincerely,

James P. Wetzel, Jr.
President and Chief Executive Officer

This is not an offer to sell or a solicitation of an offer to buy common stock.
The offer is made only by the Prospectus.

(Printed by Stock Information Center)

PHSB FINANCIAL CORPORATION

____________________, 2001

Dear Subscriber:

We hereby acknowledge receipt of your order for shares of our common stock.

At this time, we cannot confirm the number of shares of common stock that will
be issued to you. Such allocation will be made in accordance with the plan of
conversion following completion of the stock offering.

If you have any questions, please call our stock information center at (724)
846-6020.

Sincerely,

PHSB FINANCIAL CORPORATION
STOCK INFORMATION CENTER

(Printed by Stock Information Center)

PHSB FINANCIAL CORPORATION

____________________, 2001

Dear Shareholder:

We appreciate your interest in our stock offering. Due to the excellent response
from our Eligible Account Holders, we are unable to fill all orders in full.
Consequently, in accordance with the provisions of the plan of conversion, you
were allocated ______ shares at a price of $10.00 per share. If your
subscription was paid for by check, a refund of any balance due you with
interest will be mailed to you promptly.

The purchase date and closing of the transaction occurred on __________ __,
2001. Trading will commence on the Nasdaq National Market under the symbol "PHSB
" on __________ __, 2001. Your stock certificate will be mailed to you shortly.

We thank you for your interest in us, and welcome you as a charter shareholder.

Sincerely,

PHSB FINANCIAL CORPORATION
STOCK INFORMATION CENTER

(Printed by Stock Information Center)

PHSB FINANCIAL CORPORATION

____________________, 2001

Dear Interested Investor:

We recently completed our subscription and community offerings. Unfortunately,
due to the excellent response from the Eligible Account Holders, stock was not
available for the Supplemental Eligible Account Holders, Current Depositors or
community friends. If your subscription was paid for by check, a refund of any
balance due you with interest will be mailed to you promptly.

We appreciate your interest in PHSB Financial Corporation and hope you become an
owner of our stock in the future. The stock trades on the Nasdaq National Market
under the symbol "PHSB."

Sincerely,

PHSB FINANCIAL CORPORATION
STOCK INFORMATION CENTER

(Printed by Stock Information Center)

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PHSB FINANCIAL CORPORATION

____________________, 2001

Welcome Shareholder:

We are pleased to enclose the stock certificate that represents your ownership
in PHSB Financial Corporation, the holding company of Peoples Home Savings Bank.

Please examine your stock certificate to be certain that it is properly
registered. If you have any questions about your certificate, you should contact
the Transfer Agent immediately at the following address:

Registrar and Transfer Company
Investor Relations Department
10 Commerce Drive
Cranford, NJ 07016-3572
1 (800) 368-5948
email: info@rtco.com

Please also remember that your certificate is a negotiable instrument which
should be stored in a secure place, such as a safe deposit box or on deposit
with your stockbroker.

On behalf of the Board of Directors of PHSB Financial Corporation and the
employees of Peoples Home Savings Bank, I would like to thank you for supporting
our offering.

Sincerely,

James P. Wetzel, Jr.
President and Chief Executive Officer

(Printed by Stock Information Center)

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PHSB FINANCIAL CORPORATION

____________________, 2001

Dear Interested Subscriber:

We regret to inform you that we have decided not to accept your order for shares
of our common stock in our community offering. This action is in accordance with
our plan of conversion which gives us the absolute right to reject the order of
any community member, in whole or in part, in the community offering.

Enclosed, therefore, is a check representing your subscription and interest
earned thereon.

Sincerely,

PHSB FINANCIAL CORPORATION
STOCK INFORMATION CENTER

(Printed by Stock Information Center)

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TRIDENT SECURITIES LETTERHEAD

____________________, 2001

To Our Friends:

We are enclosing the offering material for PHSB Financial Corporation in
connection with their stock offering.

Trident Securities is managing PHSB Financial Corporation's subscription and
community offerings, which will conclude at 12:00 p.m., Eastern Time on
__________, December __, 2001. In the event that all the stock is not subscribed
for in the subscription and community offerings, Trident Securities will form
and manage a syndicate of broker/dealers to sell the remaining stock.

Members of the general public are eligible to participate. If you have any
questions about this transaction, please do not hesitate to call or write.

Sincerely,

TRIDENT SECURITIES,
A Division of McDonald Investments, Inc.

This is not an offer to sell or a solicitation of an offer to buy common stock.
The offer is made only by the Prospectus.

(Printed by Trident Securities)

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FACTS ABOUT THE CONVERSION

On August 16, 2001, the Boards of Trustees of PHS Bancorp, M.H.C. and
Peoples Home Savings and the Board of Directors of PHS Bancorp adopted a
plan of conversion. In accordance with the plan, PHS Bancorp, M.H.C. will
convert from a mutual holding company to a full stock corporation. Upon
consummation of the conversion, PHS Bancorp, M.H.C. will cease to exist.
The stock held by the public stockholders of PHS Bancorp will be converted
into shares of PHSB Financial Corporation, the new holding company for
Peoples Home Savings.

This brochure answers some of the most frequently asked questions about the
conversion and about your opportunity to invest in PHSB Financial
Corporation. Investment in the stock of PHSB Financial Corporation involves
certain risks. For a discussion of these risks, and a complete description
of the conversion and the offering, investors are urged to read the
accompanying Prospectus, especially the discussion under the heading "Risk
Factors".

QUESTIONS AND ANSWERS

Q: Why is PHS Bancorp, M.H.C. converting to the stock holding company
structure?

A: The stock holding company structure is a more common form of ownership than
the mutual holding company structure and offers the ability to diversify
the business activities of PHSB Financial Corporation. The conversion will
increase both the capital base of Peoples Home Savings and the number of
outstanding shares, which will increase the likelihood of the development
of an active and liquid market for the common stock of PHSB Financial
Corporation.

Q: How many shares of common stock are being offered, and at what price per
share?

A: PHSB Financial Corporation is offering between 2,125,000 and 2,875,000
shares of common stock for a subscription price of $10.00 per share. The
number of shares being offered may increase up to 3,306,250 shares under
certain circumstances. The number of shares PHSB Financial Corporation is
offering represents the ownership interest of PHS Bancorp now owned by PHS
Bancorp, M.H.C.

Q: I am an existing Stockholder. How will my stock be treated?

A: The outstanding shares of common stock of PHS Bancorp will be exchanged for
shares of common stock of PHSB Financial Corporation. The plan of
conversion ensures that existing shareholders of PHSB Financial Corporation
will own at least the same aggregate percentage of PHSB Financial
Corporation common stock as they own of PHS Bancorp. Depending upon where
the offering closes in the estimated valuation range, each share of PHS
Bancorp common stock will be converted into the right to receive between
________ and ________ shares of PHSB Financial Corporation common stock.

Q: Who may purchase common stock in the subscription offering?

A: Rights to subscribe for common stock have been granted under the plan of
conversion to the following persons in the following descending order of
priority:

(1) Peoples Home Savings depositors with $50.00 or more on deposit as
of June 30, 2000;
(2) Peoples Home Savings's employee stock ownership plan;
(3) Peoples Home Savings depositors with $50.00 or more on deposit as
of September 30, 2001; and
(4) Peoples Home Savings depositors with $50.00 or more on deposit as
of October 31, 2001.

Q: Who may purchase common stock in the community offering?

A: During the subscription offering, PHSB Financial Corporation may also offer
shares to the public in a community offering, with a preference, first to
residents of Beaver and Lawrence Counties, Pennsylvania, and second to
current stockholders of PHS Bancorp. If there are any remaining shares not
sold in the subscription or community offering, PHSB Financial Corporation
may offer such shares to the general public.

Q: Will any commission be charged for common stock I purchase in the stock
offering?

A: No. You will not be charged a commission or fee on the purchase of shares
in the conversion.

Q: How do I purchase common stock?

A: First, you should read the accompanying Prospectus. Then, complete and
return the enclosed stock order form, together with your payment. You may
submit stock order forms in three ways: you may send the stock order form
by regular mail, using the reply envelope provided; you may send the stock
order form by overnight delivery to the address indicated on the back of
the stock order form; or you may hand-deliver the stock order form to our
stock information center, located at 110 McMillen Avenue, Chippewa
Township, Beaver Falls, Pennsylvania.

Q: How can I pay for the common stock?

A: Full payment for shares must accompany your stock order form at the time it
is submitted. You may pay for your shares by check or money order payable
to PHSB Financial Corporation, or by authorizing a withdrawal from the
types of Peoples Home Savings deposit accounts designated on the stock
order form. Authorized withdrawals will NOT be made until the completion of
the stock offering, but the designated funds will not be available to you
in the interim. If you wish to use individual retirement account funds see
the discussion below. Funds authorized to be withdrawn from Peoples Home
Savings

deposit account(s) must be available in your account at the time you submit
your stock order form. Checks and money orders will be cashed upon receipt,
so funds must be available in your account.

Q: May I obtain a loan or line of credit from Peoples Home Savings to pay for
my common stock?

A: No. Federal law prohibits Peoples Home Savings from loaning funds to
purchase common stock in the stock offering. However, other financial
institutions may make such a loan.

Q: May I subscribe for shares using funds in my Individual Retirement Account
at Peoples Home Savings or elsewhere?

A: Yes. However, common stock must be held in a self-directed retirement
account. By regulation, Peoples Home Savings's individual retirement
accounts are not self-directed, so they cannot be invested in stock. If you
wish to use some or all of the funds in your individual retirement
accounts, the applicable funds must be transferred to a self-directed
account maintained by an independent trustee, such as a brokerage firm. If
you do not have such an account, you will need to establish one before
placing your stock order. An annual administrative fee may be payable to
the independent trustee. Because individual circumstances differ and
processing takes time, we recommend that you contact the stock information
center early in the offering period for assistance with purchases using
your Peoples Home Savings Individual Retirement Account, or another
retirement account that you may have. Whether you may use such funds for
the purchase of shares in the stock offering may depend on timing
constraints and, possibly, the institution where the funds are currently
held.

Q: May I change my mind after I place an order to subscribe for common stock?

A: No. After your stock order form and payment are received, you may not
cancel or modify your order.

Q: Will I receive interest on my subscription payment?

A: Yes. Payments received with the stock order form will be cashed and placed
in an interest- bearing escrow account at Peoples Home Savings, and will
earn interest at the passbook savings rate, until the conclusion of the
stock offering. At that time, a check for the accrued interest will be
mailed to you. Subscribers who elect to pay by deposit account withdrawal
will continue to accrue interest in the account at its contractual rate
until the funds are withdrawn, at the conclusion of the offering.

Q: How many shares may I buy?

A: The minimum order is 25 shares, or $250. There are maximum purchase
limitations, and there is a stock ownership limitation which applies to
current PHS Bancorp stockholders.

These limitations are described on the stock order form and in the section
of the Prospectus entitled "The Offering".

Q: What is the deadline for placing an order?

A: Orders in the subscription offering must be received (not postmarked) by no
later than 12:00 p.m. eastern time, on ________ __, 2001.

Q: How can I buy or sell PHS Financial Corporation common stock in the future?

A: Existing publicly held shares of PHS Bancorp common stock trade on the
Nasdaq National Market under the symbol "PHSB." Upon completion of the
conversion and offering, the new shares of common stock of PHSB Financial
Corporation will replace existing shares and continue to trade on the
Nasdaq National Market under the same symbol "PHSB". You will be able to
buy or sell shares through a stockbroker. As soon as possible after the
offering, investors will be mailed stock certificates. Although the common
stock will have begun trading, brokerage firms may require that you have
received your stock certificate prior to selling shares that you purchased
in the stock offering.

Q: Will dividends be paid initially on the common stock?

A: After the conversion, depending on the number of shares sold in the
offering and the number of shares exchanged from current shareholders, we
expect to continue to pay a dividend ranging from $.05 to $.08 per share
per quarter or between $.20 and $.32 annually. Dividends will be subject to
the determination and declaration of PHSB Financial Corporation's Board of
Directors.

Q: As a current depositor of Peoples Home Savings placing an order in the
subscription offering, may I register the shares in someone else's name?

A: No. To preserve your purchase priority, you must register the shares only
in the name or names of eligible purchasers at the applicable date of
eligibility. You may not add the names of others who were not eligible to
purchase common stock in the offering on the applicable date of
eligibility.

Q: I am eligible to purchase shares in the subscription offering, but I do not
want to become a stockholder. May I allow someone else to use my stock
order form to take advantage of my priority?

A: No. Transferring your subscription rights to someone who does not have
subscription rights is illegal under federal law. PHSB Financial
Corporation intends to take legal action against anyone who attempts to
transfer subscription rights. If anyone offers to give you money to buy
common stock in your name in exchange for later transferring the common
stock, or requests to share in cash proceeds upon your future sale of PHSB
Financial Corporation stock, please inform our stock information center at
the number below.

Q: Will the conversion and stock offering have any effect on my Peoples Home
Savings deposit or loan accounts?

A: No. The amount, interest rate and other terms of deposit accounts will not
change. Deposit accounts will continue to be insured by the FDIC. Likewise,
the loan accounts and rights of borrowers will not be affected.

Q: Will the common stock be insured by the FDIC?

A: No. Unlike deposit accounts at Peoples Home Savings, common stock cannot be
insured or guaranteed by the FDIC or any other government agency. The
trading price of common stock may fluctuate, so common stock is subject to
investment risk, including loss of principal invested. There can be no
assurance that you will be able to sell your PHSB Financial Corporation
shares at or above the $10.00 per share purchase price in the offering.

Q: By placing an order, am I guaranteed to receive all the shares I requested?

A: No. If there is an oversubscription, shares will be allocated as described
in the prospectus section entitled "The Offering." If we do not fill an
order (either wholly or in part), funds submitted but not used will be
refunded, with interest, and deposit account withdrawal authorizations will
be canceled to the extent not used.

Q: Can my Peoples Home Savings local branch assist me with purchasing shares
or completing the stock order form?

A: No. Our branch personnel may not, by law, assist with investment-related
questions about the stock offering. We have established a stock information
center staffed by registered representatives who can assist you. You may
call the stock information center at the number below.

ADDITIONAL QUESTIONS?

Please call our Stock Information Center
(724) 846-6020
from 10:00 a.m. to 4:00p.m., Eastern Time, Monday through Friday.

TO ENSURE THAT EACH PERSON RECEIVES A PROSPECTUS AT LEAST 48 HOURS PRIOR TO THE
EXPIRATION DATE OF ________ __, 2001 IN ACCORDANCE WITH FEDERAL LAW, NO
PROSPECTUS WILL BE MAILED ANY LATER THAN FIVE DAYS PRIOR TO ________ __, 2001 OR
HAND-DELIVERED ANY LATER THAN TWO DAYS PRIOR TO ________ __, 2001.

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