0 10 First BanCorp.> 2001 In response to the economic slowdown on the Island, Management also began a campaign to encourage Puerto Ricans to visit local stores and restaurants, to travel through- out the Island, and to invest in Puerto Rico.The local business community reacted favorably. Finally, Management launched a three-year effort to further improve service in all areas of our operations. Our continuing efforts to automate branch operations will form part of this process. Beyond this, quality teams composed of bank officers and employees will evaluate, design and implement improved procedures throughout the organization. The goal of this effort is to fully satisfy the banking needs of all our consumer and corporate clients. The efforts of our Management and employees have paid off in strong earnings growth in 2001. The Corporation experi- enced a return on common equity of 22.13% compared with 27.81% last year. Our stock price has reflected these strong results, and our shareholders experienced a return of 22.86% on their investment during 2001. Investors who held First BanCorp stock over the ten year period from year-end 1991 to year-end 2001 received a cumulative total return of 3,397%. Officers and directors of First BanCorp own approximately 16 percent of its shares. This shows their confidence in First BanCorp’s future and their commitment to keep its funda- mentals sound. As First BanCorp begins another year of growth and service to the Puerto Rican and Virgin Islands community, we are con- fident that our Corporation is stronger and better positioned than ever. We have a truly outstanding group of employees, officers and directors. I am confident that we can meet the challenges ahead, and that we will provide better service than ever to our clients, while benefiting employees and stockhold- ers in the years to come. Enhancing Shareholder Value >. Angel Alvarez-Pérez Chairman President Chief Executive Officer