Puerto Rican Banking
In the last 10 years, the group has outperformed all other groups of U.S.
equities, returning 983.1% (excluding dividends) in the period 9/30/93-9/30/03,
compared to a return of 176.0% for the S&P 500 Bank Index and 114.9% for the S&P
500 Index. Share prices for the Puerto Rico banks appreciated at an average CAGR of
26.9% in this period, versus 10.7% for the S&P 500 Bank Index and 7.9% for the S&P
500 Index. Since our investor conference at the end of November 2002, the equity
performance has been 30.5% for the group, compared to 7.9% for the S&P 500 Bank
Index and 6.4% for the S&P 500 Index. We expect this outperformance to continue.
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Office of the Commissioner of Financial Insitutions of the Commonwealth of Puerto Rico