Shareholder's Meeting Presentation for First BanCorp 4-27-2010.

1. [NYSE: FBP] Shareholder’s Meeting April 27, 2010

2. Puerto Rico Yearly GNP % Growth 2001 – 2009 (1) (1) PR Planning Board (www.jp.gobierno.pr ). Years are from July 1 to June 30 of next year (fiscal year) r=revised, p=preliminar Economic Environment Continues to Be Challenging |

6. 2009 Was First Negative Year for FBP in Half a Decade | ($ in millions) FBP Net Income

8. Reducing Non-Performing Assets is Our #1 Priority | ($ in millions) Total Non-Performing Assets Puerto Rico Non-Performing Assets

9. Reducing Non-Performing Assets is Our #1 Priority (cont.) Virgin Islands Non-Performing Assets Florida Non-Performing Assets | ($ in millions)

11. | Successful Core Deposits Growth Florida Region Data as of December 31, 2009. *DDA includes interest & non-interest bearing accounts. **Saving accounts include Money Market balances. ***Includes Broker CDs US booked used to fund Miami Corporate Banking Operations. †Other includes Public Funds, DDA (Escrow Accounts) and Unposted deposits. ($ in thousands) Florida Region Total Deposits (net of Brokered CDs)

16. Focus on Asset Quality & Targeted Deleverage Core Deposit Growth Expense Reduction Interest Income (spread) + Focus Non-Interest Income Strengthen our Capital Structure Our Corporate Strategy Risk Based Pricing & Increased Spread and Fees Better capitalized, more diversified and efficient bank with i mproved profitability |

18. Our New Service Center |

22. Financial Results 2009

23. ($ in millions, except for per share results) * Level of pre-tax earnings adjusted to exclude the provision for loan & lease losses & certain other items Financial Results | Income Statement

25. Non-interest Income ($ in thousands)

26. Expenses (Controllable vs. Non-Controllable) | ($ in thousands)