1297341--9/28/2007--Kentucky_First_Federal

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A significant percentage of the Banks assets is invested in lower yielding liquid investments. Our inability to reinvest these assets into higher yielding assets, such as loans, will continue to hinder our ability to be more profitable We may not be able to achieve sufficient growth in our retail franchise to allow us to achieve the anticipated benefits of our merger with Frankfort First Bancorp Rising interest rates may hurt our profits and asset values . Strong competition within our market area could hurt our profits and slow growth. The distressed economy in First Federal of Hazard s market area could hurt our profits and slow our growth. We operate in a highly regulated environment and we may be adversely affected by changes in laws and regulations. We expect that our return on equity will be low compared to other companies as a result of our recently completed public offering. Additional annual employee compensation and benefit expenses may reduce our profitability and stockholders equity . First Federal MHC owns a majority of our common stock and is able to exercise voting control over most matters put to a vote of stockholders, including preventing sale or merger transactions you may like or a second-step conversion by First Federal MHC. There may be a limited market for our common stock which may lower our stock price.

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1297341--9/28/2007--Kentucky_First_Federal_Bancorp