FELDMAN FINANCIAL ADVISORS, INC.
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                                                   1725 K STREET, NW o SUITE 205
                                                            WASHINGTON, DC 20006
                                                                    202-467-6862
                                                              (FAX) 202-467-6963



March 21, 2007



Board of Directors
Gateway Community Financial Corp.
381 Egg Harbor Road
Sewell, New Jersey 08080

Members of the Board:

It is the opinion of Feldman  Financial  Advisors,  Inc., that the  subscription
rights to be  received  by the  eligible  account  holders  and  other  eligible
subscribers of Gateway Community  Financial Corp. (the "Company") and Gloucester
County  Federal  Savings Bank (the "Bank"),  pursuant to the Stock Issuance Plan
(the "Plan")  adopted by the Board of Directors of the Company,  do not have any
economic  value  at the time of  distribution  or at the  time  the  rights  are
exercised in the subscription offering.

Gateway  Community  Financial,  MHC will own the  remaining 55% of the Company's
shares of common stock after the Stock Offering.

Our opinion is based on the fact that the  subscription  rights are  acquired by
the recipients  without cost, are  nontransferable  and of short  duration,  and
afford the recipients  the right only to purchase  shares of common stock of the
Company at a price equal to its estimated pro forma market value,  which will be
the  same  price at which  any  unsubscribed  shares  will be  purchased  in the
community offering.

Sincerely,


/s/Feldman Financial Advisors, Inc.

FELDMAN FINANCIAL ADVISORS, INC.