Mr. William Torres

0001295644 TORRES-TORRES WILLIAM EUROBANCSHARES, INC. 270 MUNOZ RIVERA AVENUE SAN JUAN PR 00918 PUERTO RICO 1 0 0 0

0001295644 Torres William Torres EUROBANCSHARES, INC. 270 MUNOZ RIVERA AVENUE SAN JUAN PR 00918 PUERTO RICO 1 0 0 0

0001295644 Torres William Torres 270 MUNOZ RIVIERA AVENUE SAN JUAN PUERTO RICO 00918 PUERTO RICO 1 0 0 0

0001295644 Torres William Torres 270 MUNOZ RIVERA AVENUE SAN JUAN PR 00918 PUERTO RICO 1 0 0 0

De izquierda a derecha: (sentados) Francisco Levy Cumpiano, Rafael Arrillaga-Torréns, Jr., Presidente, Juan Gómez Cuétara, Plácido González Córdova, (de pie), Gonzalo Merino Nieto, Jorge Calderón Drowett, CPA, Pedro Feliciano Benítez, William Torres Torres, CPA , Antonio R. Pavía Bibiloni.
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William Torres Torres, CPASocio Principal, Torres CPA Group

William Torres Torres, CPAP.O. Box 4846Carolina, PR 00984

http://www.torrescpa.com/ Phone: 787-752-4545Fax: 787-752-4644

Because of Mr. Torres' voting power over the shares owned by these corporations, they have been included as controlled by Mr. Torres for purpose of the above table.
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William Torres Torres . Mr. Torres has been a member of the Board of Directors of Eurobank since 1999 and has served as a director of EuroBancshares since 2002.Mr. Torres, a certified public accountant, is the managing partner of Torres CPA Group, the consulting firm he founded in 1981.
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Arrillaga and Torres, is independent under the applicable NASDAQ rules.
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Mr. Torres is the owner of certain real estate of which portions are leased to Eurobank.In addition, during 2006, a corporation controlled by Mr. Torres provided certain consulting services to the Bank. During the fiscal years 2006 and 2005, a corporation controlled by Mr. Torres received lease payments from us totaling approximately $133,000 and $129,000, respectively.Another corporation controlled equally by Mr. Torres and Mr. Feliciano received lease payments from the Bank in the amount of $88,000 during 2006 and $96,000 for each of the years 2005 and 2004.
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In addition, during 2006, a total of $225,000 in consulting fees on lean processes re-engineering was paid to a corporation controlled by Mr. Torres.
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Mr. Torres serves as the Chairman of the Strategic Planning Committee.
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During the fiscal year 2006 and 2005, a corporation controlled by Mr. Torres received lease payments from Eurobank totaling approximately $133,000 and $129,000, respectively.Another corporation controlled equally by Mr. Torres and Mr. Feliciano received lease payments in the amount of $88,000 during 2006 and $96,000 for each of the years 2005 and 2004.
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In addition, during 2006, a total of $225,000 in consulting fees was paid to a corporation controlled by Mr. Torres.The lease agreements between Eurobank and the corporations controlled by Mr. Torres and Mr. Feliciano were approved in 2001 and 2002 complying with regulatory requirements at the time the contracts were entered.
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Although we do not have a formal policy, the consulting agreement between Eurobank and the corporation controlled by Mr. Torres was reviewed and ratified by the Compensation Committee of our Board of Directors.This review and ratification was documented in the minutes to the Compensation Committee.We believe that the terms of the leases between Eurobank and the corporations controlled by Mr. Torres and Mr. Feliciano, and the terms of the consulting agreement between Eurobank and the corporation controlled by Mr. Torres, are on an arm's-length basis. We believe that the terms of the leases between Eurobank and the corporations controlled by Mr. Torres and Mr. Feliciano, and the terms of the consulting agreement between Eurobank and the corporation controlled by Mr. Torres, are on an arm's-length basis.
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Additionally, during 2006, we used, in the ordinary course of business, the legal services of the law firm J. Fern,ndez & Asociados, of which its partner, Julio Fern,ndez, is the son-in-law of William Torres, a director of EuroBancshares.