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STATEMENT OF MANAGEMENT’S RESPONSIBILITY
FOR FINANCIAL STATEMENTS

     The Management of Queen City Development Bank (QCDB) is responsible for all information and
representations contained in the financial statements for the years ended December 31, 2007 and
2006. The financial statements have 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 are 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.