Popular Signs Letter of Intent to Sell Non-Performing Assets

Popular, Inc. BPOP announced that Banco Popular de Puerto Rico, its principal banking subsidiary, signed a non-binding letter of intent to sell approximately $500 million (book value) of construction and commercial real estate loans, approximately 75% of which are non-performing, to a newly created joint venture that will be majority owned by an unrelated third party for a purchase price equal to 47% of their unpaid principal balance as of December 31, 2010.