Government Development Bank for Puerto Rico

Website: http://www.gdbpr.com

Credit Ratings

	Moody's	Standard & Poor's
Senior Notes	Baa1	BBB
Fitch Ratings - January 27, 2011 Standard & Poor’s – May 6, 2009 Standard & Poor’s – February 20, 2009 Standard & Poor’s – January 20, 2009 Standard & Poor’s – January 14, 2009 Standard & Poor’s – January 09, 2009 Standard & Poor’s – December 21, 2007

Security

All Government Development Bank for Puerto Rico (GDB) bonds and notes are payable from revenues and other sources. As additional security, certain debt issues are guaranteed by the Commonwealth of Puerto Rico, or are backed by letters of credit from leading banks, or both, or other collateral.

Functions

GDB is a public corporation of the Government of Puerto Rico, governed by a seven-member board of directors appointed by the Governor with the advice and consent of the Council of Secretaries. GDB's primary functions are to serve as a:

• Fiscal agent and financial advisor to the Government of Puerto Rico, its agencies, municipalities, public corporations, and to the Governor.
• Lender to public and private sectors.
• Depositary of Government funds.

Financial Statements Audited by:
Deloitte & Touche LLP

Trustee Under the Trust Agreement:
Bank of New York for GDB Bonds
Banco Popular de Puerto Rico for GDB Notes