----

| Federal                                             |   | 20-0411486                                |
|-----------------------------------------------------|--------|-------------------------------------------|
| (State      or other jurisdiction of incorporation) |   | (I.R.S.      Employer Identification No.) |
|                                                |   |                                      |
| 1359 N. Grand Avenue, Covina,      CA               |   | 91724                                     |
| (Address      of principal executive offices)       |   | (Zip      Code)                           |

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|          |                                                                                                                                        | Page   |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Part      I.  | Financial Information                                                                                                                       |   |
|          |                                                                                                                                        |   |
| Item      1:  | Financial Statements      (Unaudited)                                                                                                       |   |
|          | Consolidated Statements of Financial Condition      at September 30, 2008 and June 30,      2008                                       | 1      |
|          | Consolidated Statements of Income and      Comprehensive Income for the Three      Months Ended September 30, 2008 and 2007                 | 2      |
|          | Consolidated Statement of Stockholders’ Equity and      Other Comprehensive Income for the      Three Months Ended September 30, 2008 | 3      |
|          | Consolidated Statements of Cash Flows for the      Three Months Ended September 30, 2008 and 2007                                           | 4      |
|          | Notes to Consolidated      Financial Statements                                                                                             | 5      |
|          |                                                                                                                                        |   |
| Item      2:  | Management’s Discussion and      Analysis of Financial Condition and Results of      Operations                                       | 7      |
|          |                                                                                                                                        |   |
| Item      3:  | Quantitative and Qualitative Disclosures About      Market Risk                                                                             | 15     |
|          |                                                                                                                                        |   |
| Item      4:  | Controls and      Procedures                                                                                                                | 16     |
|          |                                                                                                                                        |   |
| Part      II. | Other Information                                                                                                                           |   |
|          |                                                                                                                                        |   |
| Item      1:  | Legal      Proceedings                                                                                                                      | 18     |
| Item      1A: | Risk      Factors                                                                                                                           | 18     |
| Item      2:  | Unregistered      Sales of Equity Securities and Use of Proceeds                                                                            | 18     |
| Item      3:  | Defaults upon Senior      Securities                                                                                                        | 18     |
| Item      4:  | Submission of Matters to a Vote of Security      Holders                                                                                    | 18     |
| Item      5:  | Other      Information                                                                                                                      | 18     |
| Item      6:  | Exhibits                                                                                                                                    | 18     |
|          |                                                                                                                                        |   |
|          | SIGNATURES                                                                                                                                  | 19     |
|          |                                                                                                                                        |   |
|          |                                                                                                                                        |   |

----

|                                                                                                                                                                                                    |   | September      302008 |        | June      302008 |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------|-------------|------------------|--------|
| ASSETS                                                                                                                                                                                                  |   |                  |        |             |   |
| Cash      and due from banks                                                                                                                                                                            |   | $                     | 8,486       |             | $      | 11,655 |   |
| Federal      funds sold                                                                                                                                                                                 |   |                  | 44,110      |             |   | 32,660 |   |
| Total      cash and cash equivalents                                                                                                                                                                    |   |                  | 52,596      |             |   | 44,315 |   |
| Interest      earning deposits in other financial institutions                                                                                                                                          |   |                  | 7,325       |             |   | 6,925 |   |
| Securities      available-for-sale                                                                                                                                                                      |   |                  | 7,776       |             |   | 8,539 |   |
| Securities      held-to-maturity, fair value of $7,124 and$7,308  at      September 30, 2008 and June 30, 2008, respectively                                                                  |   |                  | 7,303       |             |   | 7,504 |   |
| Federal      Home Loan Bank stock, at cost                                                                                                                                                              |   |                  | 12,732      |             |   | 12,540 |   |
| Loans      receivable                                                                                                                                                                                   |   |                  | 742,660     |             |   | 745,435 |   |
| Deferred      net loan origination costs                                                                                                                                                                |   |                  | 103         |             |   | 33 |   |
| Net      discount on purchased loans                                                                                                                                                                    |   |                  | (70         | )                |   | (48 | ) |
| Allowance      for loan losses                                                                                                                                                                          |   |                  | (3,277      | )                |   | (3,229 | ) |
| Loans      receivable, net                                                                                                                                                                              |   |                  | 739,416     |             |   | 742,191 |   |
| Accrued      interest receivable                                                                                                                                                                        |   |                  | 3,343       |             |   | 3,278 |   |
| Premises      and equipment, net                                                                                                                                                                        |   |                  | 2,859       |             |   | 3,059 |   |
| Core      deposit intangible                                                                                                                                                                            |   |                  | 203         |             |   | 226 |   |
| Goodwill                                                                                                                                                                                                |   |                  | 3,950       |             |   | 3,950 |   |
| Bank-owned      life insurance                                                                                                                                                                          |   |                  | 11,527      |             |   | 11,408 |   |
| Other      real estate owned                                                                                                                                                                            |   |                  | 1,079       |             |   | 1,045 |   |
| Other      assets                                                                                                                                                                                       |   |                  | 4,019       |             |   | 4,036 |   |
| Total      assets                                                                                                                                                                                       |   | $                     | 854,128     |             | $      | 849,016 |   |
| LIABILITIES      AND STOCKHOLDERS’ EQUITY                                                                                                                                                         |   |                  |        |             |   |   |   |
| Liabilities                                                                                                                                                                                             |   |                  |        |             |   |   |   |
| Deposits                                                                                                                                                                                                |   |                  |        |             |   |   |   |
| Noninterest      bearing                                                                                                                                                                                |   | $                     | 48,011      |             | $      | 43,267 |   |
| Interest      bearing                                                                                                                                                                                   |   |                  | 461,163     |             |   | 451,791 |   |
| Total      deposits                                                                                                                                                                                     |   |                  | 509,174     |             |   | 495,058 |   |
| Federal      Home Loan Bank advances, short-term                                                                                                                                                        |   |                  | 78,000      |             |   | 28,000 |   |
| Federal      Home Loan Bank advances, long-term                                                                                                                                                         |   |                  | 147,015     |             |   | 207,019 |   |
| State      of California time deposit                                                                                                                                                                   |   |                  | 25,000      |             |   | 25,000 |   |
| Accrued      expenses and other liabilities                                                                                                                                                             |   |                  | 3,855  |             |   | 3,211 |   |
| Total      liabilities                                                                                                                                                                                  |   |                  | 763,044     |             |   | 758,288 |   |
| Commitments      and contingent liabilities                                                                                                                                                             |   |                  | —     |             |   | — |   |
| Stockholders’      equity                                                                                                                                                                         |   |                  |        |             |   |   |   |
| Nonredeemable      serial preferred stock, $.01 par value;2,000,000      shares authorized; issued and outstanding — none                                                                         |   |                  | —     |             |   | — |   |
| Common      stock, $0.01 par value; 18,000,000 authorized;September      30, 2008 — 14,713,440 shares issued and outstanding.June      30, 2008 — 14,713,440 shares issued and outstanding. |   |                  | 147         |             |   | 147 |   |
| Additional      paid-in capital                                                                                                                                                                         |   |                  | 58,625      |             |   | 58,448  |   |
| Retained      earnings                                                                                                                                                                                  |   |                  | 51,971      |             |   | 51,035 |   |
| Accumulated      other comprehensive income, net of tax                                                                                                                                                 |   |                  | 23          |             |   | 20 |   |
| Unearned      employee stock ownership plan shares                                                                                                                                                      |   |                  | (2,502      | )                |   | (2,616 | ) |
| Treasury      stock, at cost (September 30, 2008 — 1,298,627 shares;June      30, 2008 — 1,243,134 shares)                                                                                  |   |                  | (17,180     | )                |   | (16,306 | ) |
| Total      stockholders’ equity                                                                                                                                                                   |   |                  | 91,084      |             |   | 90,728 |   |
| Total      liabilities and stockholders’ equity                                                                                                                                                   |   | $                     | 854,128     |             | $      | 849,016 |   |
| The      accompanying notes are an integral part of these unaudited consolidated      financial statements                                                                                              |

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K-FED BANCORP ANDSUBSIDIARY

|                                                                                                       |   | Three      Months EndedSeptember      30 |   |
|------------------------------------------------------------------------------------------------------------|--------|------------------------------------------|--------|
|                                                                                                       |   | 2008                                     |   | 2007 |   |
| Interest      Income                                                                                       |   |                                     |   |   |   |
| Interest      and fees on loans                                                                            |   | $                                        | 10,900 |   | $ | 10,273 |   |
| Interest      on securities, taxable                                                                       |   |                                     | 174    |   |   | 373 |   |
| Federal      Home Loan Bank dividends                                                                      |   |                                     | 192    |   |   | 119 |   |
| Other      interest                                                                                        |   |                                     | 239    |   |   | 222 |   |
| Total      interest income                                                                                 |   |                                     | 11,505 |   |   | 10,987 |   |
| Interest      Expense                                                                                      |   |                                     |   |   |   |   |   |
| Interest      on deposits                                                                                  |   |                                     | 3,509  |   |   | 4,133 |   |
| Interest      on borrowed funds                                                                            |   |                                     | 2,721  |   |   | 2,327 |   |
| Total      interest expense                                                                                |   |                                     | 6,230  |   |   | 6,460 |   |
| Net      interest income                                                                                   |   |                                     | 5,275  |   |   | 4,527 |   |
| Provision      for loan losses                                                                             |   |                                     | 363    |   |   | 168 |   |
| Net      interest income after provisionfor      loan losses                                               |   |                                     | 4,912  |   |   | 4,359 |   |
| Noninterest      income                                                                                    |   |                                     |   |   |   |   |   |
| Service      charges and fees                                                                              |   |                                     | 622    |   |   | 586 |   |
| ATM      fees and charges                                                                                  |   |                                     | 453    |   |   | 366 |   |
| Referral      commissions                                                                                  |   |                                     | 76     |   |   | 63 |   |
| Loss      on equity investment                                                                             |   |                                     | (66    | ) |   | (105 | ) |
| Bank-owned      life insurance                                                                             |   |                                     | 119    |   |   | 114 |   |
| Other      noninterest income                                                                              |   |                                     | 6      |   |   | 17 |   |
| Total      noninterest income                                                                              |   |                                     | 1,210  |   |   | 1,041 |   |
| Noninterest      expense                                                                                   |   |                                     |   |   |   |   |   |
| Salaries      and benefits                                                                                 |   |                                     | 1,990  |   |   | 2,007 |   |
| Occupancy      and equipment                                                                               |   |                                     | 596    |   |   | 562 |   |
| ATM      expense                                                                                           |   |                                     | 365    |   |   | 317 |   |
| Advertising      and promotional                                                                           |   |                                     | 102    |   |   | 48 |   |
| Professional      services                                                                                 |   |                                     | 222    |   |   | 246 |   |
| Postage                                                                                                    |   |                                     | 67     |   |   | 69 |   |
| Telephone                                                                                                  |   |                                     | 121    |   |   | 126 |   |
| Other      operating expense                                                                               |   |                                     | 472    |   |   | 478 |   |
| Total      noninterest expense                                                                             |   |                                     | 3,935  |   |   | 3,853 |   |
| Income      before income tax expense                                                                      |   |                                     | 2,187  |   |   | 1,547 |   |
| Income      tax expense                                                                                    |   |                                     | 778    |   |   | 554 |   |
| Net      income                                                                                            |   | $                                        | 1,409  |   | $ | 993 |   |
| Comprehensive      Income                                                                                  |   | $                                        | 1,412  |   | $ | 1,076 |   |
| Earnings      per common share:                                                                            |   |                                     |   |   |   |   |   |
| Basic                                                                                                      |   | $                                        | 0.10   |   | $ | 0.07 |   |
| Diluted                                                                                                    |   | $                                        | 0.10   |   | $ | 0.07 |   |
| The      accompanying notes are an integral part of these unaudited consolidated      financial statements |   |

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Consolidated Statements of Stockholders’Equity

|                                                                                                       |   |                |   | Common      Stock |       |   |   |                     |   |             |    |                                        |   | Treasury      Stock |   |   |    |
|------------------------------------------------------------------------------------------------------------|--------|---------------------|--------|-------------------|------------|--------|--------|--------------------------|--------|------------------|---------|---------------------------------------------|--------|---------------------|--------|--------|---------|
|                                                                                                       |   | ComprehensiveIncome |   | Shares            |       | Amount |   | AdditionalPaid-inCapital |   | RetainedEarnings |    | AccumulatedOtherComprehensiveLoss,      net |   | UnearnedESOPShares  |   | Shares |    | Amount |   | Total |   |
| Balance      June 30, 2008                                                                                 |   |                |   |              | 14,713,440 |   | $      | 147                      |   | $                | 58,448  |                                        | $      | 51,035              |   | $      | 20      |   | $ | (2,616 | ) | (1,243,134 | ) | $ | (16,306 | ) | $ | 90,728 |   |
| Comprehensive      income                                                                                  |   |                |   |              |       |   |   |                     |   |             |    |                                        |   |                |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      income for the three months ended September 30, 2008                                              |   | $                   | 1,409  |              | —    |   |   | —                  |   |             | — |                                        |   | 1,409               |   |   | — |   |   | — |   | — |   |   | — |   |   | 1,409 |   |
| Other      comprehensive income – unrealized gain on securities, net of      tax                     |   |                | 3      |              | —    |   |   | —                  |   |             | — |                                        |   | —             |   |   | 3       |   |   | — |   | — |   |   | — |   |   | 3 |   |
| Total      comprehensive income                                                                            |   | $                   | 1,412  |              |       |   |   |                     |   |             |    |                                        |   |                |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Dividends      paid ($0.10 per share) *                                                                    |   |                |   |              | —    |   |   | —                  |   |             | — |                                        |   | (473                | )      |   | — |   |   | — |   | — |   |   | — |   |   |  (473 | ) |
| Purchase      of treasury stock                                                                            |   |                |   |              | —    |   |   | —                  |   |             | — |                                        |   | —             |   |   | — |   |   | — |   | (55,493 | ) |   | (874 | ) |   | (874 | ) |
| Stock      options earned                                                                                  |   |                |   |              | —    |   |   | —                  |   |             | 79      |                                        |   | —             |   |   | — |   |   | — |   | — |   |   | — |   |   | 79 |   |
| Allocation      of stock awards                                                                            |   |                |   |              | —    |   |   | —                  |   |             | 101     |                                        |   | —             |   |   | — |   |   | — |   | — |   |   | — |   |   | 101 |   |
| Allocation      of ESOP common stock                                                                       |   |                |   |              | —    |   |   | —                  |   |             | (3      | )                                           |   | —             |   |   | — |   |   | 114 |   | — |   |   | — |   |   | 111 |   |
| Balance      September 30, 2008                                                                            |   |                |   |              | 14,713,440 |   | $      | 147                      |   | $                | 58,625  |                                        | $      | 51,971              |   | $      | 23      |   | $ |  (2,502 | ) |  (1,298,627 | ) | $ |  (17,180 | ) | $ | 91,084 |   |
|                                                                                                       |   |                |   |              |       |   |   |                     |   |             |    |                                        |   |                |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                       |
| *      K-Fed Mutual Holding Company waived its receipt of dividends on the      8,861,750 shares it owns.  |
|                                                                                                       |
|                                                                                                       |
|                                                                                                       |
|                                                                                                       |
|                                                                                                       |
|                                                                                                       |
|                                                                                                       |
|                                                                                                       |
| The      accompanying notes are an integral part of these unaudited consolidated      financial statements |

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Consolidated Statements of CashFlows

|                                                                                                       |   | Three      Months EndedSeptember      30 |    |
|------------------------------------------------------------------------------------------------------------|--------|------------------------------------------|---------|
|                                                                                                       |   | 2008                                     |    | 2007 |   |
| Operating      Activities                                                                                  |   |                                     |    |   |   |
| Net      income                                                                                            |   | $                                        | 1,409   |   | $ | 993 |   |
| Adjustments      to reconcile net income to cash provided by operating      activities:                    |   |                                     |    |   |   |   |   |
| Amortization      of net premiums on securities                                                            |   |                                     | 4       |   |   | 6 |   |
| Amortization      of net premiums on loan purchases                                                        |   |                                     | 22      |   |   | 55 |   |
| Amortization      of net loan origination fees                                                             |   |                                     | (55     | ) |   | — |   |
| Provision      for loan losses                                                                             |   |                                     | 363     |   |   | 168 |   |
| Federal      Home Loan Bank stock dividend                                                                 |   |                                     | (192    | ) |   | (119 | ) |
| Depreciation      and amortization                                                                         |   |                                     | 213     |   |   | 205 |   |
| Amortization      of core deposit intangible                                                               |   |                                     | 23      |   |   | 28 |   |
| Loss      on equity investment                                                                             |   |                                     | 66      |   |   | 105 |   |
| Increase      in cash surrender value of bank-owned life insurance                                         |   |                                     | (119    | ) |   | (114 | ) |
| Accretion      of net premiums on purchased certificates of deposits                                       |   |                                     | (37     | ) |   | (37 | ) |
| Amortization      of debt exchange costs                                                                   |   |                                     | (4      | ) |   | 6 |   |
| Allocation      of ESOP common stock                                                                       |   |                                     | 111     |   |   | 158 |   |
| Allocation      of stock awards                                                                            |   |                                     | 101     |   |   | 98 |   |
| Stock      options earned                                                                                  |   |                                     | 79      |   |   | 79 |   |
| Net      increase in accrued interest receivable                                                           |   |                                     | (65     | ) |   | (90 | ) |
| Net      decrease (increase) in other assets                                                               |   |                                     | 991     |   |   | (130 | ) |
| Net      increase in accrued expenses and other liabilities                                                |   |                                     | 644     |   |   | 653 |   |
| Net      cash provided by operating activities                                                             |   |                                     | 3,554   |   |   | 2,064 |   |
|                                                                                                       |   |                                     |    |   |   |   |   |
| Investing      Activities                                                                                  |   |                                     |    |   |   |   |   |
| Proceeds      from maturities and principal repayments of available-for-sale      securities               |   |                                     | 766     |   |   | 413 |   |
| Proceeds      from maturities and principal repayments of held-to-maturity      securities                 |   |                                     | 201     |   |   | 826 |   |
| Increase      in interest earning deposits at other institutions                                           |   |                                     | (400    | ) |   | — |   |
| Decrease      (increase) in loans                                                                          |   |                                     | 1,366   |   |   | (8,770 | ) |
| Purchases      of FHLB stock                                                                               |   |                                     | — |   |   | (148 | ) |
| Purchases      of premises and equipment                                                                   |   |                                     | (12     | ) |   | (91 | ) |
| Net      cash provided by (used in) investing activities                                                   |   |                                     | 1,921   |   |   | (7,770 | ) |
|                                                                                                       |   |                                     |    |   |   |   |   |
| Financing      Activities                                                                                  |   |                                     |    |   |   |   |   |
| Proceeds      from FHLB advances                                                                           |   |                                     | — |   |   | 18,501 |   |
| Repayment      of FHLB advances                                                                            |   |                                     | (10,000 | ) |   | (28,501 | ) |
| Dividends      paid on common stock                                                                        |   |                                     | (473    | ) |   | (471 | ) |
| Purchases      of treasury stock                                                                           |   |                                     | (874    | ) |   | — |   |
| Net      increase in deposits                                                                              |   |                                     | 14,153  |   |   | 14,592 |   |
| Exercise      of stock options                                                                             |   |                                     | — |   |   | 4,121 |   |
| Net      cash provided by financing activities                                                             |   |                                     | 2,806   |   |   | 4,121 |   |
|                                                                                                       |   |                                     |    |   |   |   |   |
| Net      increase (decrease) in cash and cash equivalents                                                  |   |                                     | 8,281   |   |   | (1,585 | ) |
| Beginning      cash and cash equivalents                                                                   |   |                                     | 44,315  |   |   | 26,732 |   |
| Ending      cash and cash equivalents                                                                      |   | $                                        | 52,596  |   | $ | 25,147  |   |
|                                                                                                       |   |                                     |    |   |   |   |   |
| The      accompanying notes are an integral part of these unaudited consolidated      financial statements |

----

Notes to Consolidated Financial Statements

----

|                                                            |   |                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   | Three      months endedSeptember      30, |   |
|-----------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|-------------------------------------------|--------|
|                                                            |   |                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |                                      |   |   |   | 2008 |   |   |   | 2007 |   |
|                                                            |   |                                                               (Dollars      in thousands) |   |
| Net      income                                                 |   |                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |                                      |   |   |   |   |   | $ | 1,409 |   |   |   | $ | 993 |   |
| Weighted      average common shares outstanding                 |   |                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |                                      |   |   |   |   |   |   | 13,499,626 |   |   |   |   | 13,558,404 |   |
| Basic      earnings per share                                   |   |                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |                                      |   |   |   |   |   | $ | 0.10 |   |   |   | $ | 0.07 |   |
|                                                            |   |                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings      per share assuming dilution                       |   |                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      income available to common shareholders                |   |                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |                                      |   |   |   |   |   | $ | 1,409 |   |   |   | $ | 993 |   |
|                                                            |   |                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted      average common shares outstanding                 |   |                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |                                      |   |   |   |   |   |   | 13,499,626 |   |   |   |   | 13,558,404 |   |
| Dilutive      effect of stock options                           |   |                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |                                      |   |   |   |   |   |   | — |   |   |   |   | — |   |
| Dilutive      effect of stock awards                            |   |                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |                                      |   |   |   |   |   |   | 6,838 |   |   |   |   | — |   |
| Average      common shares and dilutive potential common shares |   |                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |                                      |   |   |   |   |   |   | 13,506,464 |   |   |   |   | 13,558,404 |   |
| Diluted      earnings per share                                 |   |                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |                                      |   |   |   |   |   | $ | 0.10 |   |   |   | $ | 0.07 |   |

----

|                                                 |   |   | Fair      Value Measurements at September 30, 2008 Using                |
|------------------------------------------------------|--------|--------|-------------------------------------------------------------------------|
|                                                 |   |   | Quoted      Prices in Active Markets for Identical Assets(Level      1) |   | Significant      Other Observable Inputs (Level 2) |   | Significant      Unobservable Inputs(Level      3) |
| Assets      at September 30, 2008:                   |   |   |                                                                    |   |   |   |   |
|    Available      for sale securities | $7,776 |   |     —                                         |   | $  7,776 |   |     — |
|                                                 |

|                                        |         |   | Fair      Value Measurements at September 30, 2008 Using                |
|---------------------------------------------|--------------|--------|-------------------------------------------------------------------------|
|                                        |         |   | Quoted      Prices in Active Markets for Identical Assets(Level      1) |   | Significant      Other Observable Inputs (Level 2) |   | Significant      Unobservable Inputs(Level      3) |
| Assets      at September 30, 2008:          |         |   |                                                                    |   |   |   |   |
|     Impaired      loans |  $4,865 |   |     —                                         |   |     — |   | $  4,865 |

| Item 2. | MANAGEMENT’S      DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF      OPERATIONS |
|---------|-------------------------------------------------------------------------------------------------------|

----

----

|                                                                  |   | For      the three months ended September 30, |
|-----------------------------------------------------------------------|--------|-----------------------------------------------|
|                                                                  |   |                                          |   | 2008      (4) |   |   |   |   |   |   |   | 2007      (4) |   |   |   |
|                                                                  |   |                                          |   |   |   | Average |   |   |   |   |   |   |   | Average |   |
|                                                                  |   | Average                                       |   |   |   | Yield/ |   |   |   | Average |   |   |   | Yield/ |   |
|                                                                  |   | Balance                                       |   | Interest |   | Cost |   |   |   | Balance |   | Interest |   | Cost |   |
|                                                                  |   | (Dollars      in thousands)                   |
| INTEREST-EARNING      ASSETS                                          |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loans      receivable(1)                                              |   | $                                             |  743,437 |   | $ | 10,900 |   | 5.86 | % |   |   | $ | 702,819 |   | $ | 10,273 |   | 5.85 | % |
| Securities(2)                                                         |   |                                          | 15,536 |   |   | 174 |   | 4.48 | % |   |   |   | 34,099 |   |   | 373 |   | 4.38 | % |
| Federal      funds sold                                               |   |                                          | 39,876 |   |   | 200 |   | 2.01 | % |   |   |   | 11,826 |   |   | 148 |   | 5.01 | % |
| Federal      Home Loan Bank stock                                     |   |                                          | 12,636 |   |   | 192 |   | 6.08 | % |   |   |   | 10,003 |   |   | 119 |   | 4.76 | % |
| Interest-earning      deposits in other financial institutions        |   |                                          | 7,225 |   |   | 39 |   | 2.16 | % |   |   |   | 6,633 |   |   | 74 |   | 4.46 | % |
| Total      interest-earning assets                                    |   |                                          | 818,710 |   |   | 11,505 |   | 5.62 | % |   |   |   | 765,380 |   |   | 10,987 |   | 5.74 | % |
| Noninterest      earning assets                                       |   |                                          | 37,043 |   |   |   |   |   |   |   |   |   | 37,408 |   |   |   |   |   |   |
| Total      assets                                                     |   | $                                             | 855,753 |   |   |   |   |   |   |   |   | $ | 802,788 |   |   |   |   |   |   |
|                                                                  |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| INTEREST-BEARING  LIABILITIES                               |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Money      market                                                     |   | $                                             | 81,709 |   | $ | 479 |   | 2.34 | % |   |   | $ | 74,728 |   | $ | 529 |   | 2.83 | % |
| Savings      deposits                                                 |   |                                          | 122,846 |   |   | 384 |   | 1.25 | % |   |   |   | 132,759 |   |   | 601 |   | 1.81 | % |
| Certificates      of deposit                                          |   |                                          | 253,059 |   |   | 2,646 |   | 4.18 | % |   |   |   | 255,695 |   |   | 3,003 |   | 4.70 | % |
| Borrowings                                                            |   |                                          | 255,017 |   |   | 2,721 |   | 4.27 | % |   |   |   | 205,019 |   |   | 2,327 |   | 4.54 | % |
| Total      interest-bearing liabilities                               |   |                                          | 712,631 |   |   | 6,230 |   | 3.50 | % |   |   |   | 668,201 |   |   | 6,460 |   | 3.87 | % |
| Noninterest      bearing liabilities                                  |   |                                          | 52,392 |   |   |   |   |   |   |   |   |   | 41,811 |   |   |   |   |   |   |
| Total      liabilities                                                |   |                                          | 765,023 |   |   |   |   |   |   |   |   |   | 710,012 |   |   |   |   |   |   |
| Equity                                                                |   |                                          | 90,730 |   |   |   |   |   |   |   |   |   | 92,776 |   |   |   |   |   |   |
| Total      liabilities and equity                                     |   | $                                             | 855,753 |   |   |   |   |   |   |   |   | $ | 802,788 |   |   |   |   |   |   |
| Net      interest/spread                                              |   |                                          |   |   | $ | 5,275 |   | 2.12 | % |   |   |   |   |   | $ | 4,527 |   | 1.87 | % |
|                                                                  |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Margin(3)                                                             |   |                                          |   |   |   |   |   | 2.58 | % |   |   |   |   |   |   |   |   | 2.37 | % |
|                                                                  |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ratio      of interest-earning assets to interest bearing liabilities |   |                                          | 114.89 | % |   |   |   |   |   |   |   |   | 114.54 | % |   |   |   |   |   |
|                                                                  |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                  |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (1)      Calculated net of deferred fees and loss reserves.           |
| (2)      Calculated based on amortized cost.                          |
| (3)      Net interest income divided by interest-earning assets.      |
| (4)      Yields earned and rates paid have been annualized.           |
|                                                                  |

----

----

----

| 1.   | All      variable rate loans are underwritten using the fully indexed      rate. |
|----------------|----------------------------------------------------------------------------------|

| 2.   | All      interest-only loans are underwritten using the fully amortized      payment. |
|----------------|---------------------------------------------------------------------------------------|

| 3.   | We      only lend up to 80% of the lesser of the appraised value or purchase price      for one- to four-family residentialloans. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------|

----

|                     |   | Loans      Delinquent :     |    |                 |   |                        |   |
|--------------------------|--------|-----------------------------|---------|----------------------|--------|-----------------------------|--------|
|                     |   | 60-89      Days             |    | 90      Days or More |   | Total      Delinquent Loans |   |
|                     |   | Number      of Loans        |    | Amount               |   | Number      of Loans        |   | Amount |   | Number      of Loans |   | Amount |   |
|                     |   | (Dollars      in thousands) |    |
| At September 30, 2008    |   |                        |    |                 |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Real      estate loans:  |   |                        |    |                 |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| One-      to four-family |   |                        | 3       |                 | $      | 1,166                       |   |   | 4 |   | $ | 2,954 |   |   | 7 |   | $ | 4,120 |   |
| Commercial               |   |                        | — |                 |   | —                     |   |   | — |   |   | — |   |   | — |   |   | — |   |
| Multi-family             |   |                        | — |                 |   | —                     |   |   | — |   |   | — |   |   | — |   |   | — |   |
| Other      loans:        |   |                        |    |                 |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Automobile               |   |                        | 5       |                 |   | 77                          |   |   | 7 |   |   | 56 |   |   | 12 |   |   | 133 |   |
| Home      equity         |   |                        | — |                 |   | —                     |   |   | — |   |   | — |   |   | — |   |   | — |   |
| Other                    |   |                        | 23      |                 |   | 23                          |   |   | 16 |   |   | 19 |   |   | 39 |   |   | 42 |   |
| Total      loans         |   |                        | 31      |                 | $      | 1,266                       |   |   | 27 |   | $ | 3,029 |   |   | 58 |   | $ | 4,295 |   |
|                     |   |                        |    |                 |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| At June 30, 2008         |   |                        |    |                 |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Real      estate loans:  |   |                        |    |                 |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| One-      to four-family |   |                        | — |                 | $      | —                     |   |   | 4 |   | $ | 1,583 |   |   | 4 |   | $ | 1,583 |   |
| Commercial               |   |                        | — |                 |   | —                     |   |   | — |   |   | — |   |   | — |   |   | — |   |
| Multi-family             |   |                        | — |                 |   | —                     |   |   | — |   |   | — |   |   | — |   |   | — |   |
| Other      loans:        |   |                        |    |                 |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Automobile               |   |                        | 10      |                 |   | 159                         |   |   | 8 |   |   | 132 |   |   | 18 |   |   | 291 |   |
| Home      equity         |   |                        | — |                 |   | —                     |   |   | — |   |   | — |   |   | — |   |   | — |   |
| Other                    |   |                        | 22      |                 |   | 34                          |   |   | 9 |   |   | 15 |   |   | 31 |   |   | 49 |   |
| Total      loans         |   |                        | 32      |                 | $      | 193                         |   |   | 21 |   | $ | 1,730 |   |   | 53 |   | $ | 1,923 |   |
|                     |   |                        |    |                 |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| At June 30, 2007         |   |                        |    |                 |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Real      estate loans:  |   |                        |    |                 |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| One-      to four-family |   |                        | — |                 | $      | —                     |   |   | 2 |   | $ | 1,115 |   |   | 2 |   | $ | 1,115 |   |
| Commercial               |   |                        | — |                 |   | —                     |   |   | — |   |   | — |   |   | — |   |   | — |   |
| Multi-family             |   |                        | — |                 |   | —                     |   |   | — |   |   | — |   |   | — |   |   | — |   |
| Other      loans:        |   |                        |    |                 |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Automobile               |   |                        | 7       |                 |   | 111                         |   |   | 2 |   |   | 19 |   |   | 9 |   |   | 130 |   |
| Home      equity         |   |                        | — |                 |   | —                     |   |   | — |   |   | — |   |   | — |   |   | — |   |
| Other                    |   |                        | 5       |                 |   | 8                           |   |   | 4 |   |   | 7 |   |   | 9 |   |   | 15 |   |
| Total      loans         |   |                        | 12      |                 | $      | 119                         |   |   | 8 |   | $ | 1,141 |   |   | 20 |   | $ | 1,260 |   |
|                     |   |                        |    |                 |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                    |   | At      September 30, |                        | At      June 30, |   | At      June 30, |   |
|---------------------------------------------------------|--------|-----------------------|-----------------------------|------------------|--------|------------------|--------|
|                                                    |   | 2008                  |                        | 2008             |   | 2007             |   |
|                                                    |   |                  | (Dollars      in thousands) |             |
| Non-accrual loans:                                      |   |                  |                        |             |   |             |   |   |   |   |
| Real estate loans:                                      |   |                  |                        |             |   |             |   |   |   |   |
| One-      to four-family                                |   | $                     | 2,954                       |             | $      | 1,583            |   | $ | 1,115 |   |
| Commercial                                              |   |                  | —                     |             |   | —          |   |   | — |   |
| Multi-family                                            |   |                  | —                     |             |   | —          |   |   | — |   |
| Other loans:                                            |   |                  |                        |             |   |             |   |   |   |   |
| Automobile                                              |   |                  | 56                          |             |   | 132              |   |   | 19 |   |
| Home      Equity                                        |   |                  | —                     |             |   | —          |   |   | — |   |
| Other                                                   |   |                  | 19                          |             |   | 15               |   |   | 7 |   |
| Total                                                   |   |                  | 3,029                       |             |   | 1,730            |   |   | 1,141 |   |
|                                                    |   |                  |                        |             |   |             |   |   |   |   |
| Real estate owned and Repossessed      assets:          |   |                  |                        |             |   |             |   |   |   |   |
| Real estate loans:                                      |   |                  |                        |             |   |             |   |   |   |   |
| One-      to four-family                                |   |                  | 1,079                       |             |   | 1,045            |   |   | 238 |   |
| Commercial                                              |   |                  | —                     |             |   | —          |   |   | — |   |
| Multi-family                                            |   |                  | —                     |             |   | —          |   |   | — |   |
| Other loans:                                            |   |                  |                        |             |   |             |   |   |   |   |
| Automobile                                              |   |                  | 97                          |             |   | 161              |   |   | 74 |   |
| Home      equity                                        |   |                  | —                     |             |   | —          |   |   | — |   |
| Other                                                   |   |                  | —                     |             |   | —          |   |   | — |   |
| Total                                                   |   |                  | 1,176                       |             |   | 1,206            |   |   | 312 |   |
|                                                    |   |                  |                        |             |   |             |   |   |   |   |
| Total      non-performing assets                        |   | $                     | 4,205                       |             | $      | 2,936            |   | $ | 1,453 |   |
|                                                    |   |                  |                        |             |   |             |   |   |   |   |
| Non-performing      loans to total loans (1)            |   |                  | 0.41                        | %                |   | 0.23             | %      |   | 0.16 | % |
|                                                    |   |                  |                        |             |   |             |   |   |   |   |
| Non-performing      assets to total assets              |   |                  | 0.57                        | %                |   | 0.35             | %      |   | 0.18 | % |
|                                                    |   |                  |                        |             |   |             |   |   |   |   |
| (1)      Total loans are net of deferred fees and costs |
|                                                    |

----

|                                                     |   |     Actual |   |    Minimum      Capital Requirements |   | Minimum      required to be Well Capitalized Under Prompt Corrective Actions      Provisions |   |
|----------------------------------------------------------|--------|--------------------------------|--------|-----------------------------------------------------|--------|----------------------------------------------------------------------------------------------|--------|
|                                                     |   | Amount                         |   | Ratio                                               |   | Amount                                                                                       |   | Ratio |   | Amount |   | Ratio |   |
|                                                     |   | (Dollars      in thousands)    |   |
| Total      risk-based capital (to risk-weighted assets)  |   | $74,819                        |   | 13.07                                               | %      | $45,783                                                                                      |   | 8.00 | % | $57,228 |   | 10.00 | % |
| Tier      1 risk-based capital (to risk-weighted assets) |   | 72,359                         |   | 12.64                                               |   | 22,891                                                                                       |   | 4.00 |   | 34,337 |   | 6.00 |   |
| Tier      1 (core) capital (to adjusted tangible assets) |   | 72,359                         |   | 8.60                                                |   | 33,669                                                                                       |   | 4.00 |   | 42,087 |   | 5.00 |   |

----

----

|                                                                                       |                           | June      30, 2008 |                        |
|--------------------------------------------------------------------------------------------|--------------------------------|--------------------|-----------------------------|
| Change      in interest rates in basis points (“bp”)(Rate      shock in rates) |                           |               |                        |   |   |   |   |
|                                                                                       | Net      portfolio value (NPV) |               |                        |   | NPV      as % of PV of assets |   |
|                                                                                       | $      amount                  |               |                        |   | $      change |   |   |   | %      change |   |   |   | NPV      ratio |   |   |   | Change(bp) |   |
|                                                                                       |                           |               | (Dollars      in thousands) |   |   |   |   |   |   |   |   |   |   |   |   |   |
| +300      bp                                                                               |                           | $                  | 53,007                      |   |   |   | $ | (30,374 | ) |   |   | (36 | )% |   |   | 6.58 | % |   |   | (315 | )bp |
| +200      bp                                                                               |                           |               | 63,782                      |   |   |   |   | (19,599 | ) |   |   |  (24 | ) |   |   | 7.75 |   |   |   |  (198 | ) |
| +100      bp                                                                               |                           |               | 73,847                      |   |   |   |   | (9,534 | ) |   |   |  (11 | ) |   |   | 8.79 |   |   |   |  (94 | ) |
| 0      bp                                                                                  |                           |               | 83,381                      |   |   |   |   | — |   |   |   | — |   |   |   | 9.73 |   |   |   | — |   |
| -100      bp                                                                               |                           |               | 88,126                      |   |   |   |   | 4,745 |   |   |   | 6 |   |   |   | 10.14 |   |   |   | 41 |   |

----

Item 1. Legal Proceedings

Item 1A. RiskFactors

|   | Item      2. Unregistered Sales of Equity Securities and Use of    Proceeds |
|--------|-----------------------------------------------------------------------------|

| Period                      |   | Total      Number of Shares Purchased |   | Weighted      Average Price Paid Per Share |    | Total      Number of Shares Purchased as Part of Publicly Announced Plans* |    | Maximum      Number of Shares That May Yet be Purchased Under the Plan |    |
|-----------------------------|--------|---------------------------------------|--------|--------------------------------------------|---------|----------------------------------------------------------------------------|---------|------------------------------------------------------------------------|---------|
| 7/1/08      – 7/31/08 |   | 41,469                                |   | $                                          | 10.87   |                                                                       | 508,788 |                                                                   | 0       |   |
| 8/1/08      – 8/31/08 |   | —                               |   |                                       | — |                                                                       | — |                                                                   | — |   |
| 9/1/08      – 9/30/08 |   | 14,024                                |   |                                       | 9.96    |                                                                       | 14,024  |                                                                   | 214,330 |   |
|                        |   |                                  |   |                                       |    |                                                                       |    |                                                                   |    |   |

Item 3. Defaults Upon SeniorSecurities

Item 4. Submission of Matters to a Vote ofSecurity Holders

Item 6. Exhibits

----

----

| 1. | I      have reviewed this Quarterly Report on Form 10-Q of K-Fed      Bancorp; |
|----|--------------------------------------------------------------------------------|

| 2. | Based      on my knowledge, this report does not contain any untrue statement of a      material fact or omit to state a material fact necessary to make the      statements made, in light of the circumstances under which such statements      were made, not misleading with respect to the period covered by this      report; |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Based      on my knowledge, the financial statements, and other financial information      included in this report, fairly present in all material respects the      financial condition, results of operations and cash flows of the      registrant as of, and for, the periods presented in this      report; |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | The      registrant’s other certifying officer(s) and I are responsible for      establishing and maintaining disclosure controls and procedures (as      defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and 15d-15(e)) and      internal control over financial reporting (as defined in Exchange Act      Rules 13a-15(f) and 15d-15(f)) for the registrant and  have: |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Designed      such disclosure controls and procedures, or caused such disclosure      controls and procedures to be designed under our supervision, to ensure      that material information relating to the registrant, including its      consolidated subsidiaries, is made known to us by others within those      entities, particularly during the period in which this report is being      prepared; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Designed      such internal control over financial reporting, or cause such internal      control over financial reporting to be designed under our supervision, to      provide reasonable assurance regarding the reliability of financial      reporting and the preparation of financial statements for external      purposes in accordance with generally accepted accounting      principles; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Evaluated      the effectiveness of the registrant’s disclosure controls and procedures      and presented in this report our conclusions about the effectiveness of      the disclosure controls and procedures, as of the end of the period      covered by this report based on such evaluation;  and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Disclosed      in this report any changes in the registrant’s internal control over      financial reporting that occurred during the registrant’s most recent      fiscal quarter (the registrant’s fourth fiscal quarter in the case of an      annual report) that has materially affected, or is reasonably likely to      materially effect, the registrant’s internal control over financial      reporting; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5. | The      registrant’s other certifying officer(s) and I have disclosed, based on      our most recent evaluation of internal control over financial reporting,      to the registrant’s auditors and the audit committee of the registrant’s      board of directors (or persons performing the equivalent      functions): |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | All      significant deficiencies and material weaknesses in the design or      operation of internal control over financial reporting which are      reasonably likely to adversely affect the registrant’s ability to record,      process, summarize and report financial information;  and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Any      fraud, whether or not material, that involves management or other      employees who have a significant role in the registrant’s internal control      over financial reporting. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1. | I      have reviewed this Quarterly Report on Form 10-Q of K-Fed      Bancorp; |
|----|--------------------------------------------------------------------------------|

| 2. | Based      on my knowledge, this report does not contain any untrue statement of a      material fact or omit to state a material fact necessary to make the      statements made, in light of the circumstances under which such statements      were made, not misleading with respect to the period covered by this      report; |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Based      on my knowledge, the financial statements, and other financial information      included in this report, fairly present in all material respects the      financial condition, results of operations and cash flows of the      registrant as of, and for, the periods presented in this      report; |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | The      registrant’s other certifying officer(s) and I are responsible for      establishing and maintaining disclosure controls and procedures (as      defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and 15d-15(e)) and      internal control over financial reporting (as defined in Exchange Act      Rules 13a-15(f) and 15d-15(f)) for the registrant and  have: |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Designed      such disclosure controls and procedures, or caused such disclosure      controls and procedures to be designed under our supervision, to ensure      that material information relating to the registrant, including its      consolidated subsidiaries, is made known to us by others within those      entities, particularly during the period in which this report is being      prepared; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Designed      such internal control over financial reporting, or cause such internal      control over financial reporting to be designed under our supervision, to      provide reasonable assurance regarding the reliability of financial      reporting and the preparation of financial statements for external      purposes in accordance with generally accepted accounting      principles; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Evaluated      the effectiveness of the registrant’s disclosure controls and procedures      and presented in this report our conclusions about the effectiveness of      the disclosure controls and procedures, as of the end of the period      covered by this report based on such evaluation;  and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Disclosed      in this report any changes in the registrant’s internal control over      financial reporting that occurred during the registrant’s most recent      fiscal quarter (the registrant’s fourth fiscal quarter in the case of an      annual report) that has materially affected, or is reasonably likely to      materially effect, the registrant’s internal control over financial      reporting; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | The      registrant’s other certifying officer(s) and I have disclosed, based on      our most recent evaluation of internal control over financial reporting,      to the registrant’s auditors and the audit committee of the registrant’s      board of directors (or persons performing the equivalent      functions): |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | All      significant deficiencies and material weaknesses in the design or      operation of internal control over financial reporting which are      reasonably likely to adversely affect the registrant’s ability to record,      process, summarize and report financial information;  and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Any      fraud, whether or not material, that involves management or other      employees who have a significant role in the registrant’s internal control      over financial reporting. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 1. | The      Report fully complies with the requirements of sections 13(a) or 15(d) of      the Securities Exchange Act of 1934, as amended,  and |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | The      information contained in the report fairly presents, in all material      respects, the company’s financial condition and results of      operations. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 1. | The      Report fully complies with the requirements of sections 13(a) or 15(d) of      the Securities Exchange Act of 1934, as amended,  and |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | The      information contained in the report fairly presents, in all material      respects, the company’s financial condition and results of      operations. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----