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STATEMENT OF MANAGEMENT’S RESPONSIBILITY
FOR FINANCIAL STATEMENTS

     The Management of Queen City Development Bank is responsible for all information and representations contained in the financial statements for the years ended December 31. 2006 and 2005. The financial statements base been prepared in conformity with generally accepted accounting principles and reflect amounts that are based on the best estimates and informed judgment of management with an appropriate consideration to materiality.
 
     In this regard, management maintains a system of accounting and reporting which provides for the necessary internal controls to ensure that transactions arc properly authorized and recorded, assets are safeguarded against unauthorized use of disposition and liabilities are recognized.

     The Board of Directors reviews the financial statements before such statements are approved and submitted to the members of the Bank.

     Sycip, Gorres, Velayo & Co., the independent auditors and appointed by the members, has examined the financial statements of the Bank in accordance with generally accepted auditing standards and has expressed its opinion on the fairness of presentation upon completion of such examination, in its report to members.

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