The sign of a strong institution is its ability to anticipate and navigate through challenging times. Despite the turbulence that has beset the banking industry over the last year, NewAlliance Bank has demonstrated excellent credit quality and balance sheet growth. In fact, during the first quarter of 2008, we not only increased earnings, while adhering to our strict credit standards, we had a record volume of mortgage loans.

Last year we successfully entered into a new market in Massachusetts. By completing our acquisition of Westbank Corporation, formerly headquartered in West Springfield, we added contiguous branches to our service area giving us a strong presence as a premier community bank in the Hartford-Springfield corridor.

We also recently opened our first branches in Shelton and in Stratford, Connecticut, bringing our total branch network to 89 banking offices - and we expanded our internet banking capabilities. NewAlliance is the third largest Connecticut-based bank and the fourth largest New England-based bank.

As a community bank with a 170-year tradition, NewAlliance employees are focused on a strong value proposition. Friendly service, local decision-making, as well as a genuine and tangible commitment to our communities are what set us apart. We also know that our investment in people and commitment to value creation is important to customers and shareholders alike.

We will continue to capitalize on this solid base through 2008. NewAlliance's business priorities are ones that make the best use of our organizational strengths, market position, and legacy as a regional community bank. That is, to

• strengthen our balance sheet profitability;
• maintain a vigilant risk management focus;
• exercise continued rigorous expense control;
• deploy capital opportunistically; and
• accelerate non-interest income generation.

We hope you will use this website to see the variety of banking products and services we can offer you - including internet access to current accounts or opening new ones, internet bill paying, calculating a new home equity loan, and getting your loan application on line. Shareholders and investors will also find our recent news releases, current stock price, security filings and investor presentations in the Investor Relations area of the website.

Under Community Commitment, the website will give you an idea of our involvement in the communities we serve. Information is available on the NewAlliance Foundation, which was formed through a contribution of $40 million of NewAlliance stock at the time of our initial public offering. In fact, from 2004 through 2007, the Foundation approved $11.7 million in grants to hundreds of local organizations. You will also see information on the Community Development Corporation and a listing of many events that the Bank supports.

Whether you visit us online, or in one of our 89 branches or at over 100 ATMs, we appreciate your business and thank you for your continued support.

Warm Regards,
Peyton R. Patterson
Chairman, President and Chief Executive Officer