If I reset/restore my old iPhone 4 for my sister to use, will it delete the photos in the photo stream on the phone from iPhoto on my macbook?

I want to delete everything off the phone but don't want the photo stream to update on the mac and delete the photos saved on it from the iPhone 4.
Thanks

See this document:
What to do before selling or giving away your iPhone, iPad, or iPod touch  http://support.apple.com/kb/ht5661
If you proceed like described above, your Photo Stream should not be erased in iCloud, but it would be safer to download all Photo Stream photos to events on your Mac.

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