The Law Firms of Robbins Geller Rudman & Dowd LLP and Bernstein Litowitz Berger & Grossmann LLP, Disseminate Notice of Proposed Settlement of Class Action Against Popular, Inc.

NEW YORK, July 22, 2011 /PRNewswire/ --

UNITED STATES DISTRICT COURT
DISTRICT OF PUERTO RICO

SUMMARY NOTICE OF (I) PENDENCY AND PROPOSED SETTLEMENT OF CLASS ACTION; (II) SETTLEMENT HEARING; AND (III) MOTION FOR ATTORNEYS' FEES AND EXPENSES

To: All persons and entities who purchased or acquired Popular, Inc. ("Popular") common stock and/or 8.25% non-cumulative monthly income preferred stock series B during the time period between January 24, 2008 and February 19, 2009, inclusive, and were injured thereby.

Please read this notice carefully. Your rights will be affected by a Class Action lawsuit pending in this Court.

Si usted interesa obtener una copia en Espanol de esta notificacion puede obtenerla en el siguiente portal de internet: www.popularsecuritieslitigation.com.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the District of Puerto Rico: (i) of the pendency of the above-captioned action (the "Action") as a class action on behalf of the persons and entities described above (the "Class"), except for certain persons and entities who are excluded from the Class by definition; and (ii) that a settlement of the Action for $37,500,000 in cash (the "Settlement") has been proposed by the settling parties. A hearing will be held on November 2, 2011, at 9:00 a.m., before the Honorable Gustavo A. Gelpi, at the Clemente Ruiz-Nazario U.S. Courthouse & Frederico Degetau Federal Building, 150 Carlos Chardon Avenue, Hato Rey, Puerto Rico, to determine, among other things: (i) whether the proposed Settlement should be approved by the Court as fair, reasonable, and adequate; (ii) whether the Action should be dismissed with prejudice as to the Settling Defendants and the Released Claims fully, finally, and forever released, relinquished, and discharged as against the Settling Defendants and the other Released Persons; (iii) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (iv) whether Co-Lead Counsel's application for an award of attorneys' fees and expenses should be granted.

IF YOU ARE A MEMBER OF THE CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED BY THE PENDING ACTION AND THE SETTLEMENT, AND YOU MAY BE ENTITLED TO SHARE IN THE NET SETTLEMENT FUND. If you have not yet received the full printed Notice of (I) Pendency and Proposed Settlement of Class Action; (II) Settlement Hearing; and (III) Motion for Attorneys' Fees and Expenses (the "Notice") and Proof of Claim and Release form (the "Claim Form"), you may obtain copies of these documents by contacting the Claims Administrator: Popular Securities Litigation, c/o Epiq Systems, P.O. Box 3145, Portland, OR 97208-3145, 1-877-846-5276.

Copies of the Notice and Claim Form may also be downloaded from the website maintained for the Settlement at www.PopularSecuritiesLitigation.com.

If you are a member of the Class, in order to be eligible to share in the distribution of the Net Settlement Fund, you must submit a Claim Form postmarked no later than October 11, 2011. If you are a member of the Class and do not submit a proper Claim Form, you will not share in the distribution of the Net Settlement Fund but you will nevertheless be bound by any judgment entered by the Court in the Action. To exclude yourself from the Class, you must submit a written request for exclusion such that it is received no later than October 11, 2011, in accordance with the instructions set forth in the Notice. Any objections to the proposed Settlement, the Plan of Allocation and/or the application for an award of attorneys' fees and expenses must be filed with the Court and delivered to counsel for the settling parties as set forth in the Notice such that they are received no later than October 11, 2011, in accordance with the instructions set forth in the Notice. If you are a member of the Class and do not exclude yourself from the Class, you will be bound by any judgment entered by the Court in the Action.

PLEASE DO NOT CONTACT POPULAR, THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE. Inquiries, other than requests for the Notice and Claim Form, may be made to Co-Lead Counsel: Ellen Gusikoff Stewart, Robbins Geller Rudman & Dowd LLP, 655 West Broadway, Suite 1900, San Diego, CA 92101 and Salvatore J. Graziano, Bernstein Litowitz Berger & Grossmann LLP, 1285 Avenue of the Americas, New York, NY 10019.

BY ORDER OF THE COURT

UNITED STATES DISTRICT COURT

DISTRICT OF PUERTO RICO

SOURCE United States District Court District of Puerto Rico