FELDMAN FINANCIAL ADVISORS, INC.
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                                                   1725 K STREET, NW - SUITE 205
                                                            WASHINGTON, DC 20006
                                             (202) 467-6862 - FAX (202) 467-6963




March 31, 2003



Board of Directors
Community First Bank
240 South Main Street
Madisonville, KY  42431-2558

Gentlemen:

It is the opinion of Feldman  Financial  Advisors,  Inc., that the  subscription
rights to be  received  by the  eligible  account  holders  and  other  eligible
subscribers  of  Community  First  Bank (the  "Bank"),  pursuant  to the Plan of
Conversion  adopted  by the  Board of  Directors  of the  Bank,  do not have any
economic  value  at the time of  distribution  or at the  time  the  rights  are
exercised in the subscription offering.

Such opinion is based on the fact that the  subscription  rights are acquired by
the  recipients  without  payment  therefor,  are  nontransferable  and of short
duration,  and afford the recipients the right only to purchase shares of common
stock of Community  First Bancorp,  Inc., the holding  company formed to acquire
all of the  capital  stock  of the  Bank,  at a  price  equal  to its  estimated
aggregate  pro forma  market  value,  which  will be the same price at which any
unsubscribed shares will be sold in the community offering.


Sincerely,


/s/ Feldman Financial Advisors, Inc.

FELDMAN FINANCIAL ADVISORS, INC.