Jay Sidhu Quotations

We think 2006 is going to be a good year. It's not going to be a dynamite year, but it's going to be a good year.

We have taken away their ability to do a hostile deal. They are restricted in making an offer for the rest of Sovereign.

We are delighted to have these disputes resolved and put behind us. Sovereign has a proven track record of creating more than a 200% increase in shareholder value over the last ten years, and our board, including Ralph Whitworth, our other new director and the Santander and Independence Community Bank representatives, will work together to continue to deliver superior value going forward.

We are delighted to have these disputes resolved and put behind us.

We're not getting into new businesses that we don't understand.

This transaction provides Santander an opportunity to increase its investments in financial institutions and enter the United States by establishing a partnership with Sovereign and Independence.

Due to the prolonged flatness to slight inversion in the yield curve, the company is focused on stabilizing our net interest margin, controlling expense growth and maximizing generation of capital. We are disappointed that operating/cash earnings per share were lower than a year ago, but are hopeful this trend will change by the second half of 2006.

Sovereign Bank considers the Latino community in Rhode Island a key to future economic growth in the state. The bank can be very helpful by targeting capital and providing specialized services that will give the Latino community a boost toward financial success.

Innovation has stalled in the banking industry. While the rest of the world is in the digital age, banking remains stagnant. We are here to change this and bring banking to the 21st century. We will ensure our customers feel involved in the progress of this bank and are offering them a truly enjoyable banking experience – different from anything they have experienced before.

If you are aware of your weaknesses and are constantly learning, your potential is virtually limitless.