Related Party Transactions and Outside Related Director Information

First Bancorp Puerto Rico (FBP)

3/24/2005 Proxy Information

During fiscal 2004, directors and officers and persons or entities related to such directors and officers were customers of and had transactions with the Corporation and/or its subsidiaries. All such transactions were made in the ordinary course of business on substantially the same terms, including interest rates and collateral, as those prevailing at the time they were made for comparable transactions with other persons who are not insiders, and did not either involve more than the normal risk of uncollectibility or present other unfavorable features.

Messrs. Angel Alvarez-Perez and Ms. Annie Astor-Carbonell are not considered to be independent. Mr. Angel Alvarez-Perez is not independent because he is the Chief Executive Officer of the Corporation. Ms. Annie Astor-Carbonell is not independent because she is the Chief Financial Officer of the Corporation.

3/25/2004 Proxy Information

Juan Acosta-Reboyras is not independent because he regularly acts as a consultant and advisor in matters that concern or impact corporate strategic decisions, structure or planning related to the operation of the Corporation's business.

3/28/2003 Proxy Information

No related party transactions or special relationships reported for this company. Director relationships marked "Outside Related" at this firm will most often be former executives of the company. Additional information regarding these relationships will be added during our regular updates.