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                               GA FINANCIAL, INC.
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                (Name of Registrant as Specified In Its Charter)

                     COMMITTEE TO PRESERVE SHAREHOLDER VALUE
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(Name of Person (s) filing Proxy Statement, if other than the Registrant)

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                     Committee to Preserve Shareholder Value
                                 100 Misty Lane
                              Parsippany, NJ 07054



Dear Fellow Shareholder:

     I am writing on behalf of the Committee to Preserve  Shareholder Value (the
"Committee")  and in response to Mr. Kish's March 17, 2003 letter.  Your vote is
not only important to the outcome of this election but  ultimately  could affect
the  profitability  of your  investment in the stock of GA Financial,  Inc. (the
"Company").

    THE PRESENT COMPANY BOARD HAS NOT DELIVERED SIGNIFICANT SHAREHOLDER VALUE

   The following schedule shows the Company's stock price performance on the
noted dates:

(i)               March 26, 1996 (IPO date)                            $10.00

(ii)              April 15, 1998                                       $22.25


(iii)             November 8, 2002 (Schedule 13D filed by the
                  Committee members)                                   $23.29

     As can be readily seen, the Company's  stock price has only returned to the
level achieved some five (5) years ago. What's so great about that  performance?
Since  November 8, 2002 the Company's  stock price has increased more than $2.00
per share.

               YOUR BOARD HAS NOT DELIVERED RECORD RESULTS IN 2002

     The Company's return on equity was conspicuously missing from the Company's
disclosure  about its 2002 record results.  The reason is simple.  The Company's
return on equity  (the  money we  shareholders  invest)  was only  6.73% in 2002
compared  to an  average  return  on equity  of over 9% for  Pennsylvania  based
thrifts with assets over $500 million.  What's so great about this below average
performance? Nothing! It is the Committee's belief that a return on equity below
10% is unacceptable. (The Company cannot blame the economy for this performance.
Witness  the fact  that,  during  the last six (6)  years,  the return on equity
achieved by the Company has averaged 6.89%).



    NEITHER THE COMMITTEE NOR MR. SEIDMAN WANT A "FORCED SALE" OF THE COMPANY

     First,  the  Committee  and Mr.  Seidman own, and paid for 338,942  Company
shares.  They have 338,942 reasons to maximize the value of the shares they own,
which will benefit all of the  shareholders.  Therefore,  a "forced sale" is the
last thing the Committee, or Mr. Seidman, wants.

     Second,  Mr.  Seidman  cannot  take any action on his own and,  if elected,
would  need the  support  of three  (3)  other  directors  to sell the  Company.
Therefore, the Company's scare tactics are inappropriate.

     Third,  Mr. Seidman only wants the Board to examine every avenue  available
for maximizing the Company's  value. It is the  Committee's  belief that without
thoroughly examining every alternative,  it is impossible to know what course of
action is the best to pursue for the benefit of the shareholders.

     Lastly, if elected,  Mr. Seidman pledges to examine the Company's  position
that "[N]ow is not the time to sell", to determine whether there is a legitimate
basis for this  statement.  If it is determined that the only reason to not sell
is a desire to keep the  management  team  employed,  then Mr.  Seidman  will do
everything he can to convince the other  directors  that they must sell in order
to fulfill their obligations to all of the shareholders.

     Thank you, in advance,  for your time in  considering  this very  important
matter.
                                                     Very truly yours,



                                                     THE COMMITTEE TO PRESERVE
                                                     SHAREHOLDER VALUE



     If you have any questions or need further  assistance,  please  contact our
proxy solicitor,  D. F. King & Co., Att: Richard  Grubaugh,  48 Wall St., NY, NY
10005, (800) 290-6426.