Notes: October 10, 2014 -- Pathfinder Bancorp, Inc., a federal corporation (Pathfinder-Federal) (Nasdaq Capital: PBHC), announced today that Pathfinder Bancorp, Inc., a Maryland corporation (New Pathfinder) expects to sell 2,636,053 shares of common stock (including 105,442 shares to be issued to the employee stock ownership plan) at $10.00 per share, for gross offering proceeds of $26.4 million in the offering. The subscription offering was oversubscribed by eligible account holders which were the depositors of Pathfinder Bank (the Bank) as of March 31, 2013. Concurrent with the completion of the offering, shares of Pathfinder-Federal’s common stock owned by the public will be exchanged for shares of New Pathfinder’s common stock so that Pathfinder-Federal’s existing shareholders will own approximately the same percentage of New Pathfinder’s common stock as they owned of Pathfinder-Federal’s common stock immediately prior to the conversion. The transaction is scheduled to close on or about October 16, 2014, at which time the MHC and Pathfinder-Federal will cease to exist and New Pathfinder will become the fully public stock holding company of the Bank. The shares of common stock of Pathfinder-Federal will cease being traded under the trading symbol PBHC on the Nasdaq Capital Market at the close of trading on or about October 16, 2014. The shares of common stock sold in the offering and issued in the exchange of New Pathfinder are expected to begin being trading on the Nasdaq Capital Market on or about October 17, 2014. It is expected that New Pathfinder’s trading symbol will continue to be PBHC.