LAWRENCE B. SEIDMAN, ESQ.
                                 100 Misty Lane
                                 P. O. BOX 5430
                              Parsippany, NJ 07054
                              (973) 560-1400, X108
                                 August 18, 2004





Mr. Rajeev Kumar
Institutional Shareholder Services
2099 Gaither Road, Suite 501
Rockville, MD 20850-4045


                  Re: Clifton  Savings Bancorp, Inc.

Dear  Mr. Kumar:

An item  which I forgot  to put in my  previous  letter  which I deem to be very
important  is the  treatment  of  dividends  for the shares  owned by the mutual
holding company.  Pursuant to OTS regulations,  a company is not required to pay
dividends to the mutual  holding  company even though  dividends are paid to the
minority shareholders.  This permissible waiver of dividends further equates the
stock of the Mutual Holding Company to treasury stock.

If you require any additional information on this point, please call me.


                                                     Very truly yours,



                                                     LAWRENCE B. SEIDMAN