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As you know, Riedman Corp has offered to buy Penobscot for no premimum of one of the cheapest stocks out there. This is a wholly inadequate offer. I represent shareholders who control many thousands of shares of PSO. We are going to try to get a 20.1% of the shares against the tender so that the purchase will not go through. DO NOT TENDER YOUR SHARES!!!!! We will be doing a mailing shortly to as many shareholders as we can find asking them not to participate.

If you have any questions, or you would like to let us know how many shares you represent, please call me:

Don Steinmann at
Advanced Financial Management
(818) 567-0999
or e-mail to:
donaldafm@aol.com

This is *not* a done deal. It only takes 306,609 shares to scuttle the deal.

What you can do to help:

Contact everyone you know who owns the shares and ask them not to go along, or have them call me. Also post this message on other message boards.

Thank you,

Don Steinmann

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