Puerto Rico Public Finance Corporation (PRPFC)

Credit Ratings

Security

The Puerto Rico Public Finance Corporation (PRPFC) is a subsidiary corporation of GDB created pursuant to Resolution 5044 of the Board of Directors of GDB. As of December 31, 2006, the PRPFC had $4,272 billion aggregate principal amount bonds outstanding, and $303million principal amount of notes outstanding substantially all of which have been issued to purchase debt of agencies and instrumentalities of the Government of Puerto Rico, and are payable from Central Government appropriations and a portion of the sales and use tax implemented on November 15, 2006.

Functions

The PRPFC was created in December 1984 to provide agencies and instrumentalities of Puerto Rico with alternate means of meeting their financing requirements. The PRPFC is exempt from the payment of any Government of Puerto Rico taxes on its revenues and properties and constitutes and independent governmental instrumentality of the Government separate and apart from GDB. The obligations of the PRPFC are not obligations of GDB.

Trustees Under the Different Trust Indentures:
Banco Popular de Puerto Rico
US Bank and Trust National Association
The Bank of New York

Financial Statements Audited by:
Deloitte & Touche, LLP

	GDB Basic Financial Statements as of June 30, 2010
	PFC Basic Financial Statements as of June 30, 2010