0000950133-03-002035 Sample Contracts

3,680,000 Shares W HOLDING COMPANY, INC.
Underwriting Agreement • May 29th, 2003 • W Holding Co Inc • State commercial banks • Puerto Rico

UBS PAINEWEBBER INCORPORATED OF PUERTO RICO Lead Underwriter and Underwriters’ Representative American International Plaza, Penthouse Floor 250 Muñoz Rivera Avenue Hato Rey, Puerto Rico 00918

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