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Approval of proposal by The Bank of Nova Scotia

On August 9, The Federal Reserve Board has released the following press release:

The Federal Reserve Board on Thursday (August 7) announced its approval of the application and notice under sections 3 and 4 of the Bank Holding Company Act by The Bank of Nova Scotia, Toronto, Canada, to acquire 10 percent of the outstanding voting shares of First BanCorp, San Juan, and, indirectly, its subsidiary bank, FirstBank of Puerto Rico, Santurce, both in Puerto Rico, and its subsidiary savings association, FirstBank Florida, Miami, Florida.

The Board's Order can be found on the website -http://www.federalreserve.gov

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