Brookline Bancorp, Inc. Announces Adjustment of Proration Factor in It

    Business Editors/Financial Editors

    BROOKLINE, Mass.--(BUSINESS WIRE)--Jan. 10, 2005--Brookline Bancorp, Inc. (the "Company") (Nasdaq: BRKL) announced today that it has been informed by its exchange agent that the proration factor in its acquisition of Mystic Financial, Inc. has been adjusted to 72.61% from 72.55%. As a result of this adjustment, shareholders of Mystic Financial who elected to receive all stock will receive 2.6786 shares of common stock of the Company for 72.61% of their shares of common stock of Mystic Financial and $39.00 in cash for each of the remaining 27.39% of their shares. Shareholders who elected to receive cash and shares of common stock of the Company will receive $39.00 in cash for the cash portion of their election, 2.6786 shares of common stock of the Company for 72.61% of their stock election shares and $39.00 in cash for each of the remaining 27.39% of their stock election shares. Shareholders who elected to receive all cash or indicated "No Preference" will continue to receive $39.00 in cash for each of their Mystic Financial shares.

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CONTACT: Brookline Bancorp, Inc. Paul R. Bechet, 617-730-3500 Chief Financial Officer

KEYWORD: MASSACHUSETTS INDUSTRY KEYWORD: BANKING MERGERS/ACQ SOURCE: Brookline Bancorp, Inc.

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