Dividend amounts prior to October 29, 2003 are restated to give effect to the conversion on that date of Bank Mutual Corporation shares on the basis of 3.6686 new shares for each old share. That conversion of shares occurred as part of Bank Mutual Corporation's regulatory conversion from a mutual holding company structure to a fully shareholder-owned company.

For more information on the Dividend Reinvestment Program, please click here for more information.