PAUL J. DUGGAN
AND
THE COMMITTEE TO ENHANCE SHAREHOLDER VALUE
53 West Jackson Boulevard
Suite 400
Chicago, IL 60604
(312) 294-6440
April 14, 2000
Dear Fellow Stockholder:
There are now only two weeks until PS Financial, Inc. ("PSFI") will hold
its annual meeting of stockholders. Several questions have come up repeatedly in
conversations I have had with stockholders. I want to review these two questions
with you to clarify any concerns you may have.
I have already voted a white management proxy card. Can I now return a blue
proxy card?
Any stockholder entitled to vote is entitled to cast a later dated vote
at any time before the annual meeting. Assuming your new vote arrives on a
timely basis, it will revoke the earlier vote you submitted. If you have already
voted for management and now wish to vote a blue proxy card for Paul Duggan and
the Committee to Enhance Shareholder Value, all you need to do is date, sign and
return the enclosed blue proxy in the postage paid envelope.
I tendered shares in PSFI's recent offer to purchase. Am I still entitled to
vote at the annual meeting?
You are entitled to vote all shares in PSFI that were owned by you on
the record date, March 15, 2000, regardless of whether you tendered such shares
in PSFI's offer to purchase. To vote such shares for Paul Duggan and the
Committee to Enhance Shareholder Value, all you need to do is date, sign and
return the enclosed blue proxy card in the postage paid envelope.
Regardless of how many shares you are able to vote, we believe you
should vote the blue proxy card for the election of Paul Duggan.
Should you have any questions feel free to call me toll-free at
1-888-522-5332 or our proxy solicitor The Altman Group at 212-681-9600
Brokerage Firm Customers
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If you hold your shares at a brokerage firm, please return your vote promptly in
the enclosed envelope. Also, please call your broker and ask to be certain that
the shares you held on March 15, 2000, before the PS Financial tender offer,
have all been voted as you wish
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Sincerely,
/s/ Paul J. Duggan
Paul J. Duggan
President
Jackson Boulevard Capital Management, Ltd.
