Howe Barnes Hoefer

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• Howe Barnes Hoefer Arnett, Inc.
• 13th Annual Community Bank Conference
• Chicago, Illinois
• August 19 20, 2008
• Presented by Gary Douglass Chief Executive
  Officer

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Forward-Looking Disclaimer

• This presentation contains forward-looking
  statements within the meaning of Section 27A of
  the Securities Act of 1933, as amended, and
  Section 21E of the Securities Exchange Act of
  1934, as amended. The Company intends such
  forward-looking statements to be covered by the
  safe harbor provisions for forward-looking
  statements contained in the Private Securities
  Litigation Reform Act of 1995 as amended, and is
  including this statement for purposes of these
  safe harbor provisions. Forward-looking
  statements, which are based on certain
  assumptions and describe future plans, strategies
  and expectations of Pulaski Financial Corp., are
  generally identifiable by use of the words
  believe, expect, intend, anticipate,
  estimate, project, or similar expressions.
  The Companys ability to predict results or the
  actual effect of future plans or strategies is
  inherently uncertain. Factors which could have a
  material adverse affect on the operations and
  future prospects of the Company include, but are
  not limited to, changes in interest rates
  general economic conditions legislative/regulator
  y provisions monetary and fiscal policies of the
  U.S. Government, including policies of the U.S.
  Treasury and the Federal Reserve Board the
  quality and composition of the loan or investment
  portfolios demand for loan products deposit
  flows competition demand for financial services
  in the Companys market area and accounting
  principles, policies, and guidelines. These
  risks and uncertainties should be considered in
  evaluating forward-looking statements and undue
  reliance should not be placed on such statements.
  Further information concerning the Company and
  its business, including additional factors that
  could materially affect the Companys financial
  results, is included in the Companys filings
  with the Securities and Exchange Commission.
  Statements herein are made only as of the date of
  this presentation. Pulaski Financial Corp.
  undertakes no obligation to release revisions to
  update forward-looking statements or reflect
  events or circumstances after the date of this
  presentation.

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Who Are We?
Profitable, full-service 1.3 billion Community
Bank serving the needs of St. Louis

• Conservative, in-market commercial lender to
  small and medium-sized businesses with a niche in
  1 to 5 million relationships
• Expanding retail and commercial deposit base
  served through 12 full-service banking centers
  in St. Louis
• Profitable and leading direct, in-market mortgage
  originator in both our St. Louis and Kansas City
  markets on pace for 1.5 billion of mortgage loan
  sales generating 7 million of mortgage
  non-interest income
• Strong organic growth model less than 5 of
  assets acquired through merger
• A Bank that is prospering while many others are
  suffering

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Pulaskis Evolution into a St. Louis-Based
Community Bank

• Founded in 1922 as a mutual thrift serving the
  Polish community of St. Louis
• Pulaski Financial Corp. formed as a holding
  company in 1998 to access capital through a
  public stock offering at that time, the Banks
  assets were 168 million
• Reached a significant milestone during fiscal
  2007 when total assets crossed the 1 billion
  threshold
• Today a 1.3 billion full service Community Bank
  with twelve bank locations in metropolitan St.
  Louis and three loan production offices in Kansas
  City and the Illinois portion of the St. Louis
  metropolitan area
• Building the Companys residential and commercial
  lending operations
• Opening de novo branches in key areas of the
  market
• Hiring experienced bankers with existing
  in-market customer relationships
• Crucial to the strategic plan was/is growth in
  five key products commercial, residential and
  home equity loans and checking and money market
  deposit accounts

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Pulaskis Evolution 1998 to 2007
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Locations Opened or Acquired Since 2005 in the
Central Corridor of St. Louis
Two-thirds of St. Louis Deposits Come from its
Central Corridor

• As a thrift, Pulaski historically focused on
  banking locations that served retail customers
• Prior to 2005, only the Creve Coeur location was
  positioned to serve small-to-medium sized
  business customers
• New strategy to enhance the convenience of bank
  locations in St. Louis commercial districts
• Since 2005, opened or acquired six new,
  full-service locations all in the Central
  Corridor convenient to metropolitan commercial
  and financial centers

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St. Louis Demographics

• 18th largest MSA in the United States
• Population of 2.8 million
• Average household income of approximately
  49,000, 5 higher than national average
• Stable and diverse economy healthcare 20,
  manufacturing 11
• Pulaski is the 12th largest bank in the
  metropolitan area based on total deposits with a
  1.7 market share hence the market opportunity

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Market Opportunity

• St. Louis market has experienced heavy
  consolidation with more than 94 billion in
  deposits acquired by regional and national banks
  in a market with just over 52 billion in total
  deposits
• Locally-based community banks like Pulaski have
  gained market share by recruiting experienced
  bankers who have been displaced by mergers with
  larger, out of area banks
• These displaced bankers have strong customer
  relationship who are often willing to follow them
  to another local financial institution
• St. Louisans favor doing business with local
  companies, creating opportunities for Pulaski
• While all of this has resulted in substantial
  market share growth for Pulaski, we still only
  control 1.7 of the MSAs total deposits

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Our Community Bank Strategy

• Emphasizes high-quality, responsive and
  personalized customer service
• Consolidation in our market has created larger
  banks, which are perceived by many customers as
  impersonal or unresponsive
• Creating a significant opportunity for a
  community-focused bank to provide services to
  retail customers and small-to-medium sized
  businesses
• Distinguish ourselves from larger regional banks
  operating in our market area
• Quicker decision making
• Customized products
• Access to senior decision makers
• Conversely, our larger capital base and product
  mix enable us to compete effectively against
  smaller banks with limited services and
  capabilities
• Our efforts to grow assets and earnings are
  focused upon the growth of our five core
  products commercial, residential and home equity
  loans and checking and money market deposit
  accounts

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Execution of our Strategic Plan Produced Strong
Growth in Key Indicators
From 2003 to 2007 we have

• Increased our net interest income from 13.7
  million to 29.0 million, representing a 21
  compound annual growth rate (CAGR)
• Increased our total assets from 401.4 million to
  1.1 billion, representing a 29 CAGR
• Increased our total loan portfolio from 276.9
  million to 949.8 million, representing a 36
  CAGR
• Increased our total deposits from 313.6 million
  to 835.5 million, representing a 28 CAGR
• Reduced our ratio of non-interest expense to
  average assets from 3.34 to 2.38
• Expanded the number of residential and commercial
  loan officers from 18 to more than 85
• Expanded our St. Louis bank network from seven to
  twelve full-service locations

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Net Interest Income vs. Loans Receivable

• Earnings becoming progressively less dependent on
  non-interest income sources
• Up to 2003, principally a residential lender with
  94 of portfolio consisting of residential and
  home equity loans
• Late 2003, hired our first group of commercial
  lenders with focus on small-to-medium sized
  businesses

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Commercial Loans Outstanding

• Since 2003, 56 of loan portfolio growth has come
  from commercial lending
• The Commercial Division has grown from just two
  employees at the end of 2003 to over 30 at the
  end of 2007 many of whom have brought us new
  business from their pre-existing customer
  relationships

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Loan Portfolio Composition
Portfolio Composition 9/30/07
Portfolio Composition 9/30/03
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Loans Sold vs. Mortgage Revenues

• Conforming, residential mortgage lender who
  originates loans directly through
  commission-based sales staff in St. Louis and
  Kansas City
• We do not engage in subprime or option arm type
  lending
• Majority of loans originated are
  one-to-four-family which we sell to investors on
  a servicing released basis, generating mortgage
  revenue, which is our largest source of
  non-interest income

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Home Equity Loans Outstanding

• Typically offered to only the most credit worthy
  borrowers and are generally approved in
  conjunction with their first mortgage loan
  application
• Loans represent prime-based assets with low
  interest rate risk characteristics and attractive
  yields, lending stability to our net interest
  margin
• Because generally subordinated to first mortgage
  loans, the risk of loss increases when the
  combined loan to value ratio increases

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Checking Account Balances

• Represents the cornerstone product in a customer
  relationship and the Banks most valuable source
  of low-cost deposits
• Strong growth driven by combination of commercial
  and retail growth
• Not only a low cost funding source but also
  generates valuable fee income through service
  charges

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Retail Banking Fees

• Driven off growth in the number of checking
  accounts

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Money Market Deposit Balances

• A core deposit product that carries an adjustable
  interest rate making it an ideal funding source
  for our prime-adjusting commercial and home
  equity loans

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2008 Highlights Strong Performancein a
Challenging Environment

• Diluted YTD EPS of 0.68 including 0.10 CEO
  separation costs compared to 0.65 in 2007
• Core earnings expected to reach double digit
  growth for the full 2008 year
• Net interest income rises 31 for the third
  quarter and 26 YTD
• YTD loans and core deposits increase 18 and 30,
  respectively
• Commercial loan portfolio crosses 500 million
  threshold
• Net interest margin expands to 3.23 at June 30,
  2008
• 20bp linked quarter increase and 36bp year over
  year increase
• YTD provision for loan losses totaled 4.9
  million versus net charge-offs of 3.5 million
  resulting in reserve build of 1.4 million
• Mortgage revenues increase 18 YTD
• Retail banking fees increase 19 YTD
• Efficiency ratio improves to 54
• Bank maintains well-capitalized status,
  including 8.29 Tier 1 leverage capital ratio at
  June 30, 2008

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Asset Quality Understanding the Quality

• Commercial Loans
• Direct origination, in-market to borrowers we
  know
• Collateral-based lender
• Personal guarantees from substantive principals
• Residential Loans
• Direct origination, in-market to owner
  occupiers
• Two economically stable lending markets
• Consciously avoided sub-prime and option arm
  lending
• Underwrote customers on credit and affordability,
  not on an anticipation of collateral appreciation

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Asset QualityLoan Portfolio Composition at June
30, 2008
Portfolio Composition 6/30/08

• All of our net portfolio growth is
  commercial-related
• Only 31 basis points of total commercial balances
  are non-accrual
• Limited exposure to residential developments

Commercial Composition 6/30/08
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Asset QualityNon-Performing Assets and
Allowance for Loan Losses

• Strong commercial asset quality performance
• YTD 2008 net charge-offs primarily attributable
  to HELOC and second mortgage
• Only 1 of HELOC portfolio is non-performing
• 160 million of HELOC portfolio has CLTV of less
  than 80
• Aggressively charge-off losses while
  strengthening reserves

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Asset Quality Takeaway

• Do not see the current market place improving
  significantly in the near-term
• Expect provision levels for the next several
  quarters to be comparable to that of the last two
  quarters
• Despite the challenging times, we believe we have
  a good handle on asset quality and are well
  positioned to work through this environment

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Near-Term Focus

• Profitability improvement as we digest recent
  rapid growth
• Disciplined allocation of capital through balance
  sheet management
• Assets must earn their way onto our balance
  sheet
• Growth will be measured and profitable
• Expanding net interest margin
• Selective origination and disciplined pricing
• Continued cost of funds improvement through core
  deposit growth
• Aggressively charging-off problem assets while
  strengthening reserves
• Establishing a cost management culture
• Investing in talent
• Remaining selectively opportunistic
• Accretive acquisitions
• Branch acquisitions
• Talent acquisitions

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Closing

• Our core earnings through the first three
  quarters of 2008 have exceeded the unadjusted
  guidance we provided at the beginning of the year
  and we are on pace for double digit earnings
  growth for the year something not many banks
  can say!
• We have maintained sound and manageable asset
  quality in the midst of this challenging
  environment as we continue to aggressively
  charge-off problem loans while prudently building
  reserves
• We remain well capitalized and in late June we
  increased our quarterly dividend by 6 at a time
  when many other banking institutions are either
  slashing or eliminating theirs
• We are open for business at a time when many
  others are retreating, thus are well positioned
  to benefit from the current environment as new
  and existing customers continue to choose us as a
  flight to quality

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• Thank you!