July 17, 2012 Reference letter - Sr. Félix Alvarez Rodriguez ‘To whom it may concer: During the period beginning on June 18, 2012 and ending on July 13, 2012 Mr. Felix Alvarez Rodriguez served as a student inter in the Commercial Credit Risk area of the Non-standardized Area in Banco Santander Puerto Rico. During this period, he was assigned various tasks among which are: " Worked with structuring of credit facilities, ineluding terms and conditions and all aspects of risk. Performed financial statement analysis, capacity and ability to pay and calculated key financial ratios. * Participated in the creation of a report, which will measure the underwriting pipeline. * Contribute with the validation, ina test development environment, of the new Appraisals Monitoring Report for the commercial loans. Helped in the validation of the ratings migration report into a new database. * Participated in the development concerning Corporate Risk Indicators limits and narratives = Helped with the presentation and supporting documents related to Tracking and Monitoring Risk Processes. * Participated in the Monitoring Risk Committees for the Commercial Portfolio in the Non- standardized Area. Mr. Felix Alvarez showed initiative, motivation and has good communication skills. Felix can work independently and is able to follow through to ensure that the job gets done. He is flexible and willing to work on any project that is assigned to him. Mr. Alvarez appeared to learn quickly, considering the complexity of the issues. If you have any further questions, please do not hesitate to contact me. Sincerely, fatriz Ramirez de Arellano, SVP. Banco Santander Puerto Rico Tel (787) 777-4335