EXHIBIT 25.2

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM T-1

STATEMENT OF ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939
OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE

CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY
OF A TRUSTEE PURSUANT TO SECTION 305(b)(2)

BANK ONE TRUST COMPANY, NATIONAL ASSOCIATION
(EXACT NAME OF TRUSTEE AS SPECIFIED IN ITS CHARTER)

A NATIONAL BANKING ASSOCIATION 31-0838515
(I.R.S. EMPLOYER
IDENTIFICATION NUMBER)

100 EAST BROAD STREET
COLUMBUS, OHIO 43271-0181
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)

BANK ONE TRUST COMPANY, NATIONAL ASSOCIATION
1 BANK ONE PLAZA, 20TH FLOOR, MAIL CODE IL1-0120
CHICAGO, ILLINOIS 60670-0120
ATTN: CHRISTOPHER HOLLY, LAW DEPARTMENT (312) 732-1643
(NAME, ADDRESS AND TELEPHONE NUMBER OF AGENT FOR SERVICE)

POPULAR CAPITAL TRUST I
POPULAR CAPITAL TRUST II
POPULAR CAPITAL TRUST III
POPULAR CAPITAL TRUST IV
(Exact name of obligor as specified in its charter)

DELAWARE APPLIED FOR
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)

POPULAR CENTER BUILDING
209 MUNOZ RIVERA AVENUE
SAN JUAN, PUERTO RICO 00918
(Address of principal executive offices) (Zip Code)

-----------------------
PROPERTY TRUSTEE FOR THE TRUST PREFERRED SECURITIES
IN CONNECTION WITH THE JUNIOR SUBORDINATED DEBENTURES
(Title of Indenture Securities)

ITEM 1. GENERAL INFORMATION. FURNISH THE FOLLOWING
INFORMATION AS TO THE TRUSTEE:

(a) NAME AND ADDRESS OF EACH EXAMINING OR
SUPERVISING AUTHORITY TO WHICH IT IS SUBJECT.

Comptroller of Currency, Washington, D.C.;
Federal Deposit Insurance Corporation,
Washington, D.C.; The Board of Governors of
the Federal Reserve System, Washington D.C.

(b) WHETHER IT IS AUTHORIZED TO EXERCISE
CORPORATE TRUST POWERS.

The trustee is authorized to exercise corporate trust powers.

ITEM 2. AFFILIATIONS WITH THE OBLIGOR. IF THE OBLIGOR
IS AN AFFILIATE OF THE TRUSTEE, DESCRIBE EACH
SUCH AFFILIATION.

No such affiliation exists with the trustee.

ITEM 16. LIST OF EXHIBITS. LIST BELOW ALL EXHIBITS FILED AS A PART OF
THIS STATEMENT OF ELIGIBILITY.

1. A copy of the articles of association of the
trustee now in effect.

2. A copy of the certificates of authority of the
trustee to commence business.

3. A copy of the authorization of the trustee to
exercise corporate trust powers.

4. A copy of the existing by-laws of the trustee.

5. Not Applicable.

6. The consent of the trustee required by
Section 321(b) of the Act.

7. A copy of the latest report of condition of the
trustee published pursuant to law or the
requirements of its supervising or examining
authority.

8. Not Applicable.

9. Not Applicable.

Pursuant to the requirements of the Trust Indenture Act of 1939, as
amended, the trustee, Bank One Trust Company, National Association, a
national banking association organized and existing under the laws of
the United States of

America, has duly caused this Statement of Eligibility to be signed on
its behalf by the undersigned, thereunto duly authorized, all in the
City of Chicago and State of Illinois, on the 26th, day of August 2003.

BANK ONE TRUST COMPANY, NATIONAL ASSOCIATION,
TRUSTEE

BY: /S/ CHRISTOPHER HOLLY
---------------------
CHRISTOPHER HOLLY
VICE PRESIDENT

EXHIBIT 1

A COPY OF THE ARTICLES OF ASSOCIATION OF THE
TRUSTEE NOW IN EFFECT

AMENDED AND RESTATED
ARTICLES OF ASSOCIATION
OF
BANK ONE TRUST COMPANY, NATIONAL ASSOCIATION

FIRST. The title of this Association shall be BANK ONE TRUST COMPANY, National
Association.

SECOND. The main office of the Association shall be in the City of Columbus,
County of Franklin, State of Ohio.

The business of the Association will be limited to the fiduciary powers and the
support of activities incidental to the exercise of those powers. The
Association will not expand or alter its business beyond that stated in this
article without the prior approval of the Comptroller of the Currency.

THIRD. The Board of Directors of this Association shall consist of not less than
five nor more than twenty-five persons, the exact number to be fixed and
determined from time to time by resolution of a majority of the full Board of
Directors or by resolution of a majority of the shareholders at any annual or
special meeting thereof. Each director shall own common or preferred stock of
the Association, or of a holding company owning the Association, with an
aggregate par, fair market or equity value of not less than $1,000, as of either
(i) the date of purchase, (ii) the date the person became a director, or (iii)
the date of that person's most recent election to the Board of Directors,
whichever is more recent. Any combination of common or preferred stock of the
Association or holding company may be used.

Any vacancy in the Board of Directors may be filled by action of a majority of
the remaining directors between meetings of shareholders. The Board of Directors
may not increase the number of directors between meetings of shareholders to a
number which: (1) exceeds by more than two the number of directors last elected
by shareholders where the number was 15 or less; or (2) exceeds by more than
four the number of directors last elected by shareholders where the number was
16 or more, but in no event shall the number of directors exceed 25.

Terms of directors, including directors selected to fill vacancies, shall expire
at the next regular meeting of shareholders at which directors are elected,
unless the directors resign or are removed from office.

Despite the expiration of a director's term, the director shall continue to
serve until his or her successor is elected and qualifies or until there is a
decrease in the number of directors and his or her position is eliminated.

Honorary or advisory members of the Board of Directors, without voting power or
power of final decision in matters concerning the business of the Association,
may be appointed by resolution of a majority of the full Board of Directors, or
by resolution of shareholders at any annual or special meeting. Honorary or
advisory directors shall not be counted to determine the number of directors of
the Association or the presence of a quorum in connection with any board action,
and shall not be required to own qualifying shares.

FOURTH. There shall be an annual meeting of the shareholders to elect directors
and transact whatever other business may be brought before the meeting. It shall
be held at the main office or any other convenient place the Board of Directors
may designate, on the day of each year specified therefor in the Bylaws or, if
that day falls on a legal holiday in the state in which the Association is
located, on the next following banking day. If no election is held on the day
fixed or in the event of a legal holiday on the following banking day, an
election may be held on any subsequent day within 60 days of the day fixed, to
be designated by the Board of Directors or, if the directors fail to fix the
day, by shareholders representing two-thirds of the shares issued and
outstanding. In all cases at least 10 days advance notice of the meeting shall
be given to the shareholders by first class mail.

In all elections of directors, the number of votes each common shareholder may
cast will be determined by multiplying the number of shares such shareholder
owns by the number of directors to be elected. Those votes may be cumulated and
cast for a single candidate or may be distributed among two or more candidates
in the manner selected by the shareholder. On all other questions, each common
shareholder shall be entitled to one vote for each share of stock held by such
shareholder. If the issuance of preferred stock with voting rights has been
authorized by a vote of shareholders owning a majority of the common stock of
the association, preferred shareholders will have cumulative voting rights and
will be included within the same class as common shareholders, for purposes of
elections of directors.

A director may resign at any time by delivering written notice to the Board of
Directors, its chairperson, or to the Association, which resignation shall be
effective when the notice is delivered unless the notice specifies a later
effective date.

A director may be removed by shareholders at a meeting called to remove him or
her, when notice of the meeting stating that the purpose or one of the purposes
is to remove him or her is provided, if there is a failure to fulfill one of the
affirmative requirements for qualification, or for cause, provided, however,
that a director may not be removed if the number of votes sufficient to elect
him or her under cumulative voting is voted against his or her removal.

FIFTH. The authorized amount of capital stock of this Association shall be
eighty thousand shares of common stock of the par value of ten dollars ($10.00)
each; but said capital stock may be increased or decreased from time to time,
according to the provisions of the laws of the United States.

No holder of shares of the capital stock of any class of the Association shall
have any preemptive or preferential right of subscription to any shares of any
class of stock of the Association, whether now or hereafter authorized, or to
any obligations convertible into stock of the Association, issued or sold, nor
any right of subscription to any thereof other than such, if any, as the Board
of Directors, in its discretion, may from time to time determine and at such
price as the Board of Directors may from time to time fix.

Unless otherwise specified in the Articles of Association or required by law,
(1) all matters requiring shareholder action, including amendments to the
Articles of Association, must be approved by shareholders owning a majority
voting interest in the outstanding voting stock, and (2) each shareholder shall
be entitled to one vote per share.

Unless otherwise specified in the Articles of Association or required by law,
all shares of voting stock shall be voted together as a class on any matters
requiring shareholder approval. If a proposed amendment would affect two or more
classes or series in the same or a substantially similar way, all the classes or
series so affected must vote together as a single voting group on the proposed
amendment.

Shares of the same class or series may be issued as a dividend on a pro rata
basis and without consideration. Shares of another class or series may be issued
as share dividends in respect of a class or series of stock if approved by a
majority of the votes entitled to be cast by the class or series to be issued
unless there are no outstanding shares of the class or series to be issued.
Unless otherwise provided by the Board of Directors, the record date for
determining shareholders entitled to a share dividend shall be the date the
Board of Directors authorizes the share dividend.

Unless otherwise provided in the Bylaws, the record date for determining
shareholders entitled to notice of and to vote at any meeting is the close of
business on the day before the first notice is mailed or otherwise sent to the
shareholders, provided that in no event may a record date be more than 70 days
before the meeting.

If a shareholder is entitled to fractional shares pursuant to preemptive rights,
a stock dividend, consolidation or merger, reverse stock split or otherwise, the
Association may: (a) issue fractional shares or; (b) in lieu of the issuance of
fractional shares, issue script or warrants entitling the holder to receive a
full share upon surrendering enough script or warrants to equal a full share;
(c) if there is an established and active market in the Association's stock,
make reasonable arrangements to provide the shareholder with an opportunity to
realize a fair price through sale of the fraction, or purchase of the additional
fraction required for a full share; (d) remit the cash equivalent of the
fraction to the shareholder; or (e) sell full shares representing all the
fractions at public auction or to the highest bidder after having solicited and
received sealed bids from at least three licensed stock brokers, and distribute
the proceeds pro rata to shareholders who otherwise would be entitled to the
fractional shares. The holder of a fractional share is entitled to exercise the
rights for shareholder, including the right to vote, to receive dividends, and
to participate in the assets of the Association upon liquidation, in proportion
to the fractional interest. The holder of script or warrants is not entitled to
any of these rights unless the script or warrants explicitly provide for such
rights. The script or warrants may be subject to such additional conditions as:
(1) that the script or warrants will become void if not exchanged for full
shares before a specified date; and (2) that the shares for which the script or
warrants are exchangeable may be sold at the option of the Association and the
proceeds paid to scriptholders.

The Association, at any time and from time to time, may authorize and issue debt
obligations, whether or not subordinated, without the approval of the
shareholders. Obligations classified as debt, whether or not subordinated, which
may be issued by the Association without the approval of shareholders, do not
carry voting rights on any issue, including an increase or decrease in the
aggregate number of the securities, or the exchange or reclassification of all
or part of securities into securities of another class or series.

SIXTH. The Board of Directors shall appoint one of its members president of this
Association, and one of its members chairperson of the board and shall have the
power to appoint one or more vice presidents, a secretary who shall keep minutes
of the directors' and shareholders' meetings and be responsible for
authenticating the records of the Association, and such other officers and
employees as may be required to transact the business of this Association. A
duly appointed officer may appoint one or more officers or assistant officers if
authorized by the Board of Directors in accordance with the Bylaws.

The Board of Directors shall have the power to:

(1) Define the duties of the officers, employees, and agents of the
Association.

(2) Delegate the performance of its duties, but not the responsibility for its
duties, to the officers, employees, and agents of the Association.

(3) Fix the compensation and enter into employment contracts with its officers
and employees upon reasonable terms and conditions consistent with
applicable law.

(4) Dismiss officers and employees.

(5) Require bonds from officers and employees and to fix the penalty thereof.

(6) Ratify written policies authorized by the Association's management or
committees of the board.

(7) Regulate the manner in which any increase or decrease of the capital of the
Association shall be made, provided that nothing herein shall restrict the
power of shareholders to increase or decrease the capital of the
association in accordance with law, and nothing shall raise or lower from
two-thirds the percentage for shareholder approval to increase or reduce
the capital.

(8) Manage and administer the business and affairs of the Association.

(9) Adopt initial Bylaws, not inconsistent with law or the Articles of
Association, for managing the business and regulating the affairs of the
Association.

(10) Amend or repeal Bylaws, except to the extent that the Articles of
Association reserve this power in whole or in part to shareholders.

(11) Make contracts.

(12) Generally perform all acts that are legal for a Board of Directors to
perform.

SEVENTH. The Board of Directors shall have the power to change the location of
the main office of this Association to any other place within the limits of the
City of Columbus, State of Ohio, without the approval of the shareholders; and
shall have the power to change the location of the main office of this
Association to any other place outside the limits of the City of Columbus, State
of Ohio, but not more than thirty miles beyond such limits, with the affirmative
vote of shareholders owning two-thirds of the stock of the Association, subject
to receipt of a certificate of approval from the Comptroller of the Currency.
The Board of Directors shall have the power to establish or change the location
of any branch or branches of the Association to any other location permitted
under applicable law without the approval of the shareholders,

subject to approval by the Office of the Comptroller of the Currency. The Board
of Directors shall have the power to establish or change the location of any
nonbranch office or facility of the Association without the approval of the
shareholders.

EIGHTH. The corporate existence of this Association shall continue until
termination according to the laws of the United States.

NINTH. The Board of Directors of this Association, or any shareholders owning,
in the aggregate, not less than 20 percent of the stock of this Association, may
call a special meeting of shareholders at any time. Unless otherwise provided by
the Bylaws or the laws of the United States, or waived by shareholders, a notice
of the time, place, and purpose of every annual and special meeting of the
shareholders shall be given by first-class mail, postage prepaid, mailed at
least 10, and no more than 60, days prior to the date of the meeting to each
shareholder of record at his/her address as shown upon the books of this
Association. Unless otherwise provided by the Bylaws, any action requiring
approval of shareholders must be effected at a duly called annual or special
meeting.

TENTH. The Association shall provide indemnification as set forth below:

Every person who is or was a Director, officer or employee of the Association or
of any other corporation which he served as a Director, officer or employee at
the request of the Association as part of his regularly assigned duties may be
indemnified by the Association in accordance with the provisions of this Article
against all liability (including, without limitation, judgments, fines,
penalties, and settlements) and all reasonable expenses (including, without
limitation, attorneys' fees and investigative expenses) that may be incurred or
paid by him in connection with any claim, action, suit or proceeding, whether
civil, criminal or administrative (all referred to hereafter in this Article as
"Claims") or in connection with any appeal relating thereto in which he may
become involved as a party or otherwise or with which he may be threatened by
reason of his being or having been a Director, officer or employee of the
Association or such other corporation, or by reason of any action taken or
omitted by him in his capacity as such Director, officer or employee, whether or
not he continues to be such at the time such liability or expenses are incurred;
provided that nothing contained in this Article shall be construed to permit
indemnification of any such person who is adjudged guilty of, or liable for,
willful misconduct, gross neglect of duty or criminal acts, unless, at the time
such indemnification is sought, such indemnification in such instance is
permissible under applicable law and regulations, including published rulings of
the Comptroller of the Currency or other appropriate supervisory or regulatory
authority; and provided further that there shall be no indemnification of
Directors, officers, or employees against expenses, penalties, or other payments
incurred in an administrative proceeding or action instituted by an appropriate
regulatory agency which proceeding or action results in a final order assessing
civil money penalties or requiring affirmative action by an individual or
individuals in the form of payments to the Association.

Every person who may be indemnified under the provisions of this Article and who
has been wholly successful on the merits with respect to any Claim shall be
entitled to indemnification as of right. Except as provided in the preceding
sentence, any indemnification under this Article shall be at the sole discretion
of the Board of Directors and shall be made only if the Board of Directors or
the Executive Committee acting by a quorum consisting of Directors who are not
parties to such Claim shall find or if independent legal counsel (who may be the
regular counsel of the Association) selected by the Board of Directors or
Executive Committee whether or not a disinterested quorum exists shall render
their opinion that in view of all of the circumstances

then surrounding the Claim, such indemnification is equitable and in the best
interests of the Association. Among the circumstances to be taken into
consideration in arriving at such a finding or opinion is the existence or
non-existence of a contract of insurance or indemnity under which the
Association would be wholly or partially reimbursed for such indemnification,
but the existence or non-existence of such insurance is not the sole
circumstance to be considered nor shall it be wholly determinative of whether
such indemnification shall be made. In addition to such finding or opinion, no
indemnification under this Article shall be made unless the Board of Directors
or the Executive Committee acting by a quorum consisting of Directors who are
not parties to such Claim shall find or if independent legal counsel (who may be
the regular counsel of the Association) selected by the Board of Directors or
Executive Committee whether or not a disinterested quorum exists shall render
their opinion that the Directors, officer or employee acted in good faith in
what he reasonably believed to be the best interests of the Association or such
other corporation and further in the case of any criminal action or proceeding,
that the Director, officer or employee reasonably believed his conduct to be
lawful. Determination of any Claim by judgment adverse to a Director, officer or
employee by settlement with or without Court approval or conviction upon a plea
of guilty or of nolo contendere or its equivalent shall not create a presumption
that a Director, officer or employee failed to meet the standards of conduct set
forth in this Article. Expenses incurred with respect to any Claim may be
advanced by the Association prior to the final disposition thereof upon receipt
of an undertaking satisfactory to the Association by or on behalf of the
recipient to repay such amount unless it is ultimately determined that he is
entitled to indemnification under this Article.

The rights of indemnification provided in this Article shall be in addition to
any rights to which any Director, officer or employee may otherwise be entitled
by contract or as a matter of law. Every person who shall act as a Director,
officer or employee of this Association shall be conclusively presumed to be
doing so in reliance upon the right of indemnification provided for in this
Article.

ELEVENTH. These Articles of Association may be amended at any regular or special
meeting of the shareholders by the affirmative vote of the holders of a majority
of the stock of this Association, unless the vote of the holders of a greater
amount of stock is required by law, and in that case by the vote of the holders
of such greater amount. The Association's Board of Directors may propose one or
more amendments to the Articles of Association for submission to the
shareholders.

EXHIBIT 2

A COPY OF THE CERTIFICATE OF AUTHORITY OF THE
TRUSTEE TO COMMENCE BUSINESS

CERTIFICATE

I, John D. Hawke, Jr., Comptroller of the Currency, do hereby certify that:

1. The Comptroller of the Currency, pursuant to Revised Statutes 324, et
seq., as amended, 12 U.S.C. 1, et seq., as amended, has possession, custody and
control of all records pertaining to the chartering of all National Banking
Associations.

2. "Bank One Trust Company, National Association," Columbus, Ohio,
(Charter No. 16235) is a National Banking Association formed under the laws of
the United States and is authorized thereunder to transact the business of
banking on the date of this Certificate.

IN TESTIMONY WHEREOF, I have hereunto

subscribed my name and caused my seal of

office to be affixed to these presents at the

Treasury Department in the City of

Washington and District of Columbia, this

25th day of July, 2001.

/s/ John D. Hawke, Jr.
-----------------------------
Comptroller of the Currency

EXHIBIT 3

A COPY OF THE AUTHORIZATION OF THE TRUSTEE
TO EXERCISE CORPORATE TRUST POWERS

CERTIFICATE

I, John D. Hawke, Jr., Comptroller of the Currency, do hereby certify that:

2. "Bank One Trust Company, National Association," Columbus, Ohio,
(Charter No. 16235) was granted, under the hand and seal of the Comptroller, the
right to act in all fiduciary capacities authorized under the provisions of the
Act of Congress approved September 28, 1962, 76 Stat. 668, 12 U.S.C. 92a, and
that the authority so granted remains in full force and effect on the date of
this Certificate.

IN TESTIMONY WHEREOF, I have hereunto

subscribed my name and caused my seal of

office to be affixed to these presents at the

Treasury Department in the City of

Washington and District of Columbia, this

25th day of July, 2001.

/s/ John D. Hawke, Jr.
--------------------------------
Comptroller of the Currency

EXHIBIT 4

A COPY OF THE EXISTING BY-LAWS OF THE TRUSTEE
BY-LAWS

BANK ONE TRUST COMPANY, NATIONAL ASSOCIATION

AS AMENDED AND RESTATED JULY 20, 2001

BY-LAWS

BANK ONE TRUST COMPANY, NATIONAL ASSOCIATION

ARTICLE I

CORPORATE GOVERNANCE

To the extent not inconsistent with applicable Federal banking statutes
or regulations, or safe and sound banking practices, the Bank shall follow the
corporate governance procedures of the Delaware General Corporation Law, as
amended.

ARTICLE II

SHAREHOLDERS

SECTION 1. Annual Meeting. The regular annual meeting of shareholders
of the Bank to elect directors and to transact whatever other business may
properly come before the meeting shall be held in its main office on the third
Tuesday in February if not a legal holiday under the Laws of Ohio, and if a
legal holiday, then on the next business day following, at 11:30 A.M., or on
such other date and time as shall be designated by the Board of Directors. If,
for any cause, the annual election of directors should not be held on that date,
the Board shall order the election to be held on some subsequent day, of which
special notice shall be given.

SECTION 2. Judges of Election. To the extent required by law, the Board
of Directors shall, prior to the time of the election of directors, appoint
three persons to be Judges of Election, who shall hold and conduct the same, and
who shall, after the election has been held, certify under their hands to the
Secretary of the Bank the result thereof and the names of the directors-elect.

SECTION 3. Notice to Directors-Elect. The Secretary upon receiving the
Certificate of the Judges of Election as aforesaid, shall cause the same to be
recorded upon the minute book of the Bank, and shall notify the directors-elect
of their election and of the time at which they are required to meet at the main
office of the Bank for the purpose of organizing the new Board. If at the time
fixed for the meeting of the directors-elect there should not be a quorum
present, the members present may adjourn from time to time until a quorum is
obtained.

SECTION 4. Special Meetings. Special meetings of the shareholders may
be called in accordance with Article NINTH of the Bank's Articles of
Association.

SECTION 5. Record Date. The Board of Directors may fix in advance a day
not more than sixty (60) or less than ten (10) days prior to the date of holding
any regular or special meeting of shareholders as the day as of which
shareholders entitled to notice of and to vote at such meeting shall be
determined.

SECTION 6. Notice. The Bank shall mail notice of any meeting of
shareholders at least 10 days prior to the meeting by first class mail, unless
the Office of the Comptroller of the Currency determines that an emergency
circumstance exists. If the Bank is a wholly-owned subsidiary of a company, the
sole shareholder may waive notice of the shareholder's meeting.

SECTION 7. Consent of Shareholders in Lieu of Annual or Special
Meeting. Unless otherwise restricted by law or the Articles of Association, any
action which may be taken at any annual or special shareholder meeting may be
taken without a meeting, without prior notice and without a vote, if written
consent setting forth the action so taken shall be signed by the holders of
outstanding stock having not less than the minimum number of votes that would be
necessary to authorize or take such action at a meeting at which all shares
entitled to vote thereon were present and voted. Prompt notice of the taking of
the corporate action without a meeting by less than unanimous written consent
shall be given to those shareholders who did not give written consent.

SECTION 8. Minutes. The proceedings of shareholders at all regular and
special meetings or by written consent in lieu of a meeting shall be recorded in
the minute book, together with the Articles of Association of the Bank and the
returns of the Judges of Election. The minutes of each meeting shall be signed
by the Presiding Officer, and attested by the Secretary, or other officer of the
Bank acting in place of the Secretary.

ARTICLE III

DIRECTORS

SECTION 1. Authority. The Board of Directors shall have the power to
manage and administer the business and affairs of the Bank. Except as expressly
limited by law, all corporate powers of the Bank shall be vested in and may be
exercised by the Board of Directors.

SECTION 2. Number. The Board of Directors shall at all times consist of
not less than five nor more than twenty-five individuals. The exact number
within such minimum and maximum limits shall be fixed and determined from time
to time by resolution of a majority of the full Board of Directors or by
resolution of the shareholders at any meeting thereof; provided, however, that
the Board of Directors may not increase the number of directors to a number
which: (1) exceeds by more than two the number of directors last elected by
shareholders where such number was fifteen or less; or (ii) exceeds by more than
four the number of directors last elected by shareholders where such number was
sixteen or more, but in no event shall the number of directors exceed
twenty-five.

SECTION 3. Term of Office. Each director shall hold office from the
date of his election or appointment until the next annual shareholder meeting.
Any director ceasing to be the owner of the amount of stock required by law or
in any other manner becoming disqualified shall thereupon vacate his office as
director.

SECTION 4. Compensation. The Board of Directors may provide that a
reasonable fee be paid to any of its members or to the members of any duly
authorized committee for services rendered. No such payment shall preclude any
director from serving the Bank in any other capacity and receiving compensation
therefor.

SECTION 5. Regular Meetings. Regular meetings of the Board of Directors
shall be held on such dates, times and locations as determined by the Chairman
of the Board and communicated in writing to the directors.

SECTION 6. Special Meetings. Special meetings of the Board of Directors
may be called by the Chairman of the Board or the President. Such meetings shall
be held at such times and at such places as shall be determined by the officer
calling the meeting. Notice of any special meeting of directors shall be given
to each director at the director's business or residence in writing by hand
delivery, first-class or overnight mail or courier service, telegram or
facsimile transmission, or orally by telephone. If mailed by first-class mail,
such notice shall be deemed adequately delivered when deposited in the United
States mail so addressed, with postage thereon prepaid, at least two (2) days
before such meeting. If by telegram, overnight mail or courier service, such
notice shall be

deemed adequately delivered when the telegram is delivered to the telegraph
company or the notice is delivered to the overnight mail or courier service
company at least twenty-four (24) hours before such meeting. If by facsimile
transmission, such notice shall be deemed adequately delivered when the notice
is transmitted at least twelve (12) hours before such meeting. Such notice need
not state the purposes of the meeting. Any or all directors may waive notice of
any meeting, either before or after the meeting. Attendance of a director at a
meeting shall constitute a waiver of notice of such meeting, except when the
director attends for the express purpose of objecting, at the beginning of the
meeting, to the transaction of any business because the meeting is not lawfully
called or convened.

SECTION 7. Quorum; Majority Vote. A quorum of directors shall be
required to transact business at any regular or special meeting of the Board of
Directors. A majority of the directors shall constitute a quorum. Each director
shall be entitled to one vote. A vote by a majority of the directors present at
any regular or special meeting of the Board of Directors at which a quorum is
present shall be required to approve any matter or proposal at any such meeting.

SECTION 8. Vacancies. When any vacancy occurs in the Board of
Directors, a majority of the remaining members of the Board, according to the
laws of the United States, may appoint a director to fill such vacancy at any
regular meeting of the Board of Directors, or at a special meeting called for
that purpose at which a quorum is present, or if the directors remaining in
office constitute fewer than a quorum of the Board of Directors, by the
affirmative vote of a majority of all the directors remaining in office, or by
shareholders at a special meeting called for that purpose. At any such
shareholder meeting, each shareholder entitled to vote shall have the right to
multiply the number of votes he or she is entitled to cast by the number of
vacancies being filled and cast the product for a single candidate or distribute
the product among two or more candidates. A vacancy that will occur at a
specific later date (by reason of a resignation effective at a later date) may
be filled before the vacancy occurs but the new director may not take office
until the vacancy occurs.

SECTION 9. Presiding Officer. The Chairman of the Board shall preside
at all meetings of the Board of Directors at which he is present. In the absence
of the Chairman of the Board, the President shall perform the duties of the
Chairman of the Board and shall preside at the meetings of the Board of
Directors. In the absence of the Chairman of the Board and the President, the
Vice Chairman of the Board (or in the event there be more than one Vice Chairman
of the Board, the Vice Chairmen of the Board in the order designated, or in the
absence of any designation, then in the order of their election) shall perform
their duties and shall preside at the meetings of the Board of Directors.

SECTION 10. Minutes of Meeting. The Secretary to the Board of Directors
shall take minutes at any regular or special meeting of the Board of Directors.
If the Secretary is not present at any such meeting, the Chairman of the Board
may designate a secretary pro tem to take minutes at the meeting. The Secretary
or secretary pro tem shall record the actions and proceedings at each regular or
special meeting of the Board of Directors as minutes of the meeting and shall
maintain such minutes in a minute book of proceedings of such meetings of the
Board of Directors. Minutes of each such meeting shall be signed by the
presiding officer and secretary of each meeting.

SECTION 11. Participation in Meetings by Telephone Unless otherwise
restricted by law or the Articles of Association, members of the Board of
Directors, or of any committee thereof, may participate in a meeting of the
Board of Directors or committee by means of conference telephone or similar
communications equipment which allows each person participating in the meeting
to hear each other. Participation in such a meeting shall constitute presence in
person at such meeting.

SECTION 12. Consent of Directors in Lieu of Meeting. Unless otherwise
restricted by law or the Articles of Association, any action required or
permitted to be taken at any meeting of the Board of Directors, or of any
committee thereof, may be taken without a meeting if all members of the Board or
committee, as the case may be, consent thereto in writing, and the writing or
writings are filed with the minutes of proceedings of the Board or committee.

SECTION 13. Committees. The Board of Directors may, by resolution
passed by a majority of the entire Board, designate one or more committees, each
committee to consist of two or more of the Directors of the Bank.

The Board of Directors may designate one or more Directors as alternate members
of any committee, who may replace any absent or disqualified member at any
meeting of the committee. Any such committee, to the extent provided in the
resolution, shall have and may exercise the powers of the Board of Directors in
the management of the business and affairs of the Bank, and may authorize the
seal of the Bank to be affixed to all papers which may require it; provided,
however, that in the absence or disqualification of any member of such committee
or committees, the member or members thereof present at any meeting and not
disqualified from voting, whether or not he or they constitute a quorum, may
unanimously appoint another member of the Board of Directors to act at the
meeting in the place of any such absent or disqualified member. Such committee
or committees shall have such name or names as may be determined from time to
time by resolution adopted by the Board of Directors. As used in these By-Laws,
"entire Board" means the total number of Directors the Bank would have if there
were no vacancies.

There may be an Executive Committee composed and created as the Board
of Directors may designate by resolution passed by a majority of the entire
Board. During intervals between the regular meetings of the Board of Directors,
the Executive Committee, to the extent permitted by law, the Articles of
Association of the Bank and the By-Laws, shall have and may exercise the powers
of the Board of Directors in the management of the business and affairs of the
Bank.

Unless otherwise provided by the Board of Directors, a majority of the
members of any committee appointed by the Board of Directors pursuant to this
Section shall constitute a quorum at any meeting thereof and the act of a
majority of the members present at a meeting at which a quorum is present shall
be the act of such committee. Any such committee shall, subject to any rules
prescribed by the Board of Directors, prescribe its own rules for calling,
giving notice of and holding meetings and its method of procedure at such
meetings and shall keep a written record of all action taken by it. Each
committee shall keep regular minutes of its meetings and report the same to the
Board of Directors when required.

ARTICLE IV

OFFICERS

SECTION 1. Officer Titles. The officers of the Bank shall include a
Chairman of the Board and a President and may include one or more Vice Chairmen
of the Board, Executive Vice Presidents, Senior Vice Presidents, First Vice
Presidents, Vice Presidents and Assistant Vice Presidents, a General Auditor, a
General Counsel, a Secretary, and such other officers as may be appropriate for
the prompt and orderly transaction of the business of the Bank. Individuals
appointed as Chairman of the Board, President, and Vice Chairman of the Board
must be members of the Board. The same person may hold any two or more offices.
The Chairman of the Board or the President shall have such authority to
establish officer titles as from time to time delegated by the Board of
Directors and to delegate such authority further to other officers of the Bank.
Other officers may be designated by the Secretary as Assistant Secretary to
perform the duties of the Secretary.

SECTION 2. Executive Management. The Chairman of the Board or the
President, as determined by the Board of Directors, shall be the chief executive
officer of the Bank. In case of the death or disability of the Chairman of the
Board, his powers shall be exercised and his duties discharged by the President.
In the event of the death or disability of the Chairman of the Board and the
President, the Vice Chairman of the Board (or in the event there be more than
one Vice Chairman of the Board, the Vice Chairmen of the Board in the order
designated, or in the absence of any designation, then in the order of their
election) shall exercise the powers and discharge the duties of the Chairman of
the Board.

SECTION 3. Election of Officers. The Board of Directors of the Bank
shall have authority to appoint the officers of the Bank. The Chairman of the
Board or the President shall have such authority to appoint officers as from
time to time delegated by the Board of Directors, and to delegate such authority
further to other officers of the Bank.

SECTION 4. Authority and Responsibility. The authorities and
responsibilities of all officers, in addition to those specifically prescribed
herein, shall be those usually pertaining to their respective offices, or as may
be designated by the Board of Directors or by the Chairman of the Board or by
the President, or by any officer of the Bank designated by one of the foregoing.

SECTION 5. Term of Office. Officers shall be appointed for an
indefinite term, and their employment may be terminated or they may be removed
from office at any time. The Board of Directors shall have authority to
terminate or remove officers of the Bank. The Chairman of the Board or the
President shall have such authority to terminate or remove officers as from time
to time delegated by the Board of Directors, and to delegate such authority
further to other officers of the Bank.

SECTION 6. Surety. All officers and employees of the Bank who shall be
responsible for any moneys, funds or valuables of the Bank shall give bond, or
be covered by a blanket bond, in such penal sum and with such security as shall
be approved by the Board, conditioned for the faithful and honest discharge of
their duties as such officers or employees and that they will faithfully apply
and account for all such moneys, funds and valuables and deliver the same on
proper demand to the order of the Board of the Bank, or to the person or persons
authorized to receive the same.

ARTICLE V

SEAL

SECTION 1. Description. The following is a description of the Seal
adopted by the Board of the Bank:

An inner circle with the word "CORPORATE" over the word "SEAL"; the
whole surrounded with the words, "BANK ONE TRUST COMPANY, NA."

SECTION 2. Attestation. Any instrument which is executed for and on
behalf of the Bank by its duly authorized officers may, when necessary, be
attested and sealed with the corporate seal by any officer of the Bank other
than the officer who executes such instrument on behalf of the Bank.

ARTICLE VI

TRANSFERS OF REAL ESTATE

Any Vice President or higher ranking officer shall have authority on
behalf of and in the name of the Bank, to execute any document or instrument and
to take action which may be necessary or appropriate to purchase, convey, lease,
or otherwise affect any real estate or interest in real estate owned or to be
owned by the Bank; provided, however, any document or instrument purchasing,
conveying or leasing real estate used or to be used by the Bank as banking
facilities must be executed by a Senior Vice President or higher ranking
officer, or any other officer designated by any of the foregoing. Any Assistant
Vice President or higher ranking officer shall have authority to execute and
deliver on behalf of and in the name of the Bank, releases of mortgages or trust
deeds.

ARTICLE VII

STOCK AND STOCK CERTIFICATES

SECTION 1. Increase of Stock. In the event of any increase in the
capital stock of the Bank the preemptive rights of the shareholders in respect
of any such increased stock shall be as set forth in Article FIFTH of the
Articles of Association.

Any warrants or certificates issuable to shareholders in connection
with any increase of the capital stock of the Bank, shall be delivered to the
respective shareholders entitled thereto, either by hand or by mail, first-class
postage prepaid, addressed to their respective addresses as shown on the books
of the Bank.

If, in the event of a sale of additional shares, any subscription
rights shall not have been exercised at the expiration of the specified
subscription period, such unsubscribed new shares may be issued and sold at such
price, not less than the par value thereof, to such persons and on such terms as
the Board of Directors may determine.

SECTION 2. Transfers of Stock. The stock of the Bank shall be
assignable only upon the books of the Bank, subject to the restrictions of the
Act, and a transfer book shall be kept in which all assignments and transfers of
stock shall be made. Transfers of stock may be suspended preparatory to any
election or payment of any dividends.

SECTION 3. Certificates of Stock. Certificates of stock signed by any
Vice President or higher ranking officer and the Secretary or any Assistant
Secretary may be issued to shareholders, and the Certificates shall state upon
the face thereof that the stock is transferable only upon the books of the Bank.
If such Certificates are manually countersigned by two other officers of the
Bank, the signatures of the officers designated in the preceding sentence may be
facsimiles, engraved or printed. In case any officer who has signed or whose
facsimile signature has been placed upon such Certificates shall have ceased to
be such officer before such Certificates are issued, they may be issued by the
Bank with the same effect as if such officer had not ceased to be such at the
date of issue.

In case of transfer of stock, new Certificates of stock shall not be
issued until other Certificate or Certificates of stock of an equal amount shall
first have been surrendered and cancelled.

Any one of the following officers of the Bank: the Chairman of the
Board, the President, or any Vice Chairman of the Board is each hereby
authorized to cause new Certificates of stock of the Bank to be issued to
replace Certificates reported to have been lost, stolen or destroyed, upon
receipt of: (a) appropriate affidavit or affidavits setting forth whether the
Certificates were lost, stolen or destroyed and the circumstances thereof, and
(b) a bond or bonds (blanket or otherwise) or an agreement or agreements of
indemnity, sufficient in the opinion of any of such officers to protect the
interests of the Bank issuing such new Certificates.

ARTICLE VIII

BANKING HOURS

The Bank shall be open for business during such days of the year and
for such hours as the Board of Directors or any officer of the Bank designated
by the Board of Directors may from time to time determine.

ARTICLE IX

CONTRACTS, CERTIFICATES OF DEPOSIT AND NOTES

SECTION 1. Execution of Contracts. Any officer of the bank and such
other persons as may be authorized by the Board of Directors are severally and
respectively authorized to execute documents and to take action in the Bank's
name in connection with any and all transactions conducted in the ordinary
course of business of the Bank. Such officers and other persons are also
authorized to execute and deliver various forms of documents or agreements
necessary to effectuate certain investment strategies for various fiduciary or
custody customers of the Bank, including, without limitation, exchange funds,
options, both listed and over-the-counter, commodities trading, futures trading,
hedge funds, limited partnerships, venture capital funds, swap or collar
transactions and other similar investment vehicles for which the Bank now or in
the future may deem appropriate for investment or fiduciary customers or in
which non-fiduciary customers may direct investment by the Bank.

SECTION 2. Notes. Notwithstanding the foregoing, all notes evidencing
obligations of the Bank shall be signed either manually or by facsimile
signature by any officer of the Bank, and, if such signature is not a manual
signature, shall be validated by the manual signature of another officer of the
Bank whose signature does not already appear on said note or by the authorized
officers of corporate fiduciaries or agents with whom the Board of Directors may
from time to time by resolution authorize the officers of the Bank to contract
for services in connection with the validation and delivery of notes issued by
the Bank.

ARTICLE X

VOTING RIGHTS

The vote of the Bank as stockholder in any corporation in which it may
hold stock or upon any securities carrying voting rights which it shall have the
right to vote in its individual capacity as a Bank, shall be cast at any
stockholders' or shareholders' meeting by any Vice President or higher ranking
officer, or the Secretary, in person, or by some person or persons authorized by
written proxy signed by one of said officers.

In all cases where shares of stock or other securities carrying voting
rights and owned by the Bank shall be held in the name of a nominee of the Bank,
any Vice President or higher ranking officer, or the Secretary, may authorize
such nominee to vote such stock or other securities in person, either
unconditionally or upon such terms, limitations, or conditions as such officer
may direct, or any such officer may authorize such nominee to execute a proxy to
vote such shares of stock or other securities carrying voting rights, either
unconditionally or upon such terms, conditions and/or limitations as such
officer shall approve.

ARTICLE XI

EXAMINATIONS

If the Bank has a General Auditor, it shall be the duty of the Auditor
to examine, from time to time, the various operations of the Bank, verify its
assets and liabilities, and perform such other procedures as are required to
determine that the accounting records are accurate and to ascertain whether the
Bank is in a sound and solvent condition. Major discrepancies and defalcations
shall be reported to the Board promptly and other reports shall be made directly
to the Board when deemed appropriate either by the Auditor or the Board. In the
event of the death, resignation, absence or inability of the Auditor, the Board
of Directors shall appoint a competent person who shall make such examinations
and reports, pending the election of a successor to the Auditor or the return of
the Auditor to his duties.

ARTICLE XII

BONDS OF INDEMNITY

Bonds of indemnity given to secure the issuance of duplicate or
substitute notes, bonds, stock certificates, checks, debentures or other
securities which may have been lost, destroyed or stolen or to secure the
payment of any such lost, destroyed or stolen securities or to secure the
payment by the Bank of funds deposited by any public authorities, shall be
executed by any Assistant Vice President or higher ranking officer, and, if
required, sealed with the corporate seal and attested by some other officer of
the Bank.

ARTICLE XIII

AUTHORITY TO SELL STOCKS, BONDS, ETC.

SECTION 1. U.S. Obligations. Any Assistant Vice President or higher
ranking officer may at any time, in his discretion, sell, assign and transfer
any and all United States bonds now standing, or which may hereafter stand, in
the name of the Bank, and to appoint one or more attorneys for that purpose.

SECTION 2. Other Obligations. Any Assistant Vice President or higher
ranking officer may at any time, in his discretion, sell, assign and transfer
any and all notes, bonds, certificates of indebtedness or obligations of any
corporation, firm or individual, which said notes, bonds, certificates of
indebtedness or obligations are now registered, or may hereafter be registered,
in the name of, or for the benefit of, the Bank, or are payable or indorsed to
the Bank.

SECTION 3. Stock. Any Assistant Vice President or higher ranking
officer may at any time in his discretion, sell, assign and transfer to any
assignee or transferee, for and on behalf of the Bank and in its name, any and
all shares of capital stock of any corporation or corporations held by the Bank.

ARTICLE XIV

FIDUCIARY ACTIVITIES

SECTION 1. Authority to Sign as Registrar, Transfer Agent, etc. Any
officer of the Bank shall have the right to sign, countersign, certify,
register, authenticate and identify all bonds, notes, interim certificates, and
depositary receipts, warrants, participation certificates, certificates of stock
and similar instruments for or in respect of which the Bank may be acting as
Trustee, Registrar, Transfer Agent or otherwise.

SECTION 2. Authority to Vote Stock. The vote of the Bank as stockholder
in any corporation or mutual fund in which it may hold capital stock in any
fiduciary capacity, unless the governing instrument directs otherwise, may be
voted by any officer of the Bank in person, electronically or by written proxy
signed by one of said officers.

SECTION 3. Authority to Sell, Assign and Transfer Stocks, etc. Any
officer of the Bank may sell, assign and transfer to any assignee or transferee
for the Bank and in its name, any and all shares of the capital stock or other
securities and obligations of any individual or entity held by the Bank in any
fiduciary capacity, and sign and deliver any instruments with respect to any
such items.

SECTION 4. Authority to Sign Checks and Other Instruments. Any officer
of the Bank is authorized to sign for and on behalf of the Bank: checks against
any account or accounts of any organizational unit of the Bank exercising
fiduciary powers; petitions; schedules; accounts; reports; receipts for funds or
securities deposited with the Bank as fiduciary and all instruments or documents
that may be necessary or desirable in connection with the execution of any
fiduciary powers of the Bank.

SECTION 5. Delegation of Authority. Anything in this Article XIV to the
contrary notwithstanding, the Chairman of the Board or President is authorized
to designate in writing such persons as shall be authorized in the name of the
Bank to sign or countersign any or all of the documents and instruments
enumerated in this Article XIV relating to transactions conducted in connection
with the execution of any fiduciary powers of the Bank.

SECTION 6. Corporate Powers. The business of the Bank shall be to
conduct fiduciary activities and to engage in such activities as are necessary,
incident, or related to such business, and to exercise such fiduciary powers as
are authorized by the Comptroller of the Currency.

ARTICLE XV

AMENDMENT OF BY-LAWS

These By-Laws may be changed or amended by the vote of a majority of
the directors present at any regularly constituted meeting of the Board of
Directors.

ARTICLE XVI

EMERGENCY OPERATION OF BANK

In the event of an emergency declared by the President of the United
States or the person performing his functions, due to threatened or actual enemy
attack or disaster, the officers and employees of the Bank will continue to
conduct the affairs of the Bank under such guidance from the directors as may be
available, except as to matters which by statute require specific approval of
the Board of Directors, and subject to conformance with any governmental
directives during the emergency.

ARTICLE XVII

DELEGATION OF AUTHORITY

Each of the Chairman of the Board, the President, any Vice Chairman of
the Board and the Secretary of the Bank are severally and respectively
authorized to designate in writing such persons who shall be authorized in the
name and on behalf of the Bank to sign any document or instrument, including
certificates of deposit and notes, and to take action which may be necessary or
appropriate to the conduct of the Bank's business, in its individual capacity or
any other capacity. Any such authorization to sign such document or instrument
and to take any action may be general or limited as is determined in the
discretion of the Chairman of the Board, the President, any Vice Chairman of the
Board or the Secretary.

As amended April 24, 1991 Section 3.01 (Officers and Management Staff)

Section 3.02 (Chief Executive Officer)

Section 3.03 (Powers and Duties of Officers and
Management Staff)

Section 3.05 (Execution of Documents)

As amended January 27, 1995 Section 2.04 (Regular Meetings)

Section 2.05 (Special Meetings)

Section 3.01(f) (Officers and Management Staff)

Section 3.03(e) (Powers and Duties of Officers
and Management Staff)

Section 5.01 (Seal)

Amended and restated in its entirety effective May 1, 1996

As amended August 1, 1996 Section 2.09 (Trust Examining Committee)

Section 2.10 (Other Committees)

As amended October 16, 1997 Section 3.01 (Officers and Management Staff)

Section 3.02 (Powers and Duties of Officers and
Management Staff)

Section 3.04 (Execution of Documents)

As amended January 1, 1998 Section 1.01 (Annual Meeting)

AS AMENDED AND RESTATED IN ITS ENTIRETY EFFECTIVE JULY 20, 2001

EXHIBIT 6

THE CONSENT OF THE TRUSTEE REQUIRED
BY SECTION 321(b) OF THE ACT

August 11, 2003

Securities and Exchange Commission
Washington, D.C. 20549

Ladies and Gentlemen:

In connection with the qualification of an indenture between Popular Inc., and
Bank One Trust Company, National Association, as Trustee, the undersigned, in
accordance with Section 321(b) of the Trust Indenture Act of 1939, as amended,
hereby consents that the reports of examinations of the undersigned, made by
Federal or State authorities authorized to make such examinations, may be
furnished by such authorities to the Securities and Exchange Commission upon its
request therefor.

Very truly yours,

BANK ONE TRUST COMPANY, NATIONAL ASSOCIATION

BY: /s/ CHRISTOPHER HOLLY
-----------------------
CHRISTOPHER HOLLY
VICE PRESIDENT

EXHIBIT 7

Legal Title of Bank: Bank One Trust Company, N.A. Call Date: 03/31/2003 State #: 391581
Address: 100 Broad Street Cert #: 21377 Page RC-1
City, State Zip: Columbus, OH 43271

CONSOLIDATED REPORT OF CONDITION FOR INSURED COMMERCIAL
AND STATE-CHARTERED SAVINGS BANKS FOR MARCH 31, 2003

All schedules are to be reported in thousands of dollars. Unless otherwise
indicated, report the amount outstanding of the last business day of the
quarter.

SCHEDULE RC--BALANCE SHEET

DOLLAR AMOUNTS IN THOUSANDS C300
--------------------------------

ASSETS
1. Cash and balances due from depository institutions (from Schedule RC-A): RCON
a. Noninterest-bearing balances and currency and coin(1)......................... 0081 173,766 1.a
b. Interest-bearing balances(2).................................................. 0071 0 1.b
2. Securities
a. Held-to-maturity securities(from Schedule RC-B, column A)..................... 1754 0 2.a
b. Available-for-sale securities (from Schedule RC-B, column D).................. 1773 119 2.b
3. Federal funds sold and securities purchased under agreements to resell
a. Federal Funds Sold............................................................ B987 860,578
b. Securities Purchased under agreements to resell (3)........................... B989 808,736 3.
4. Loans and lease financing receivables: (from Schedule RC-C): RCON
a. Loans and leases held for sale................................................ 5369 0 4.a
b. Loans and leases, net of unearned income...................................... B528 51,834 4.b
c. LESS: Allowance for loan and lease losses..................................... 3123 433 4.c
d. Loans and leases, net of unearned income and allowance (item 4.b minus 4.c)... B529 51,401 4.d
5. Trading assets (from Schedule RC-D).............................................. 3545 0 5.
6. Premises and fixed assets (including capitalized leases)......................... 2145 13,537 6.
7. Other real estate owned (from Schedule RC-M)..................................... 2150 0 7.
8. Investments in unconsolidated subsidiaries and associated
companies (from Schedule RC-M)................................................... 2130 0 8.
9. Customers' liability to this bank on acceptances outstanding..................... 2155 0 9.
10. Intangible assets................................................................
a. Goodwill...................................................................... 3163 0 10.a
b. Other intangible assets (from Schedule RC-M).................................. 0426 6,246 10.b
11. Other assets (from Schedule RC-F)................................................ 2160 209,160 11.
12. Total assets (sum of items 1 through 11)......................................... 2170 1,988,092 12.

(1) Includes cash items in process of collection and unposted debits.

(2) Includes time certificates of deposit not held for trading.

(3) Includes all securities resale agreements, regardless of maturity.

Legal Title of Bank: Bank One Trust Company, N.A. Call Date: 03/31/03 State #: 391581
Address: 100 East Broad Street Cert #" 21377 Page RC-2
City, State Zip: Columbus, OH 43271

SCHEDULE RC-CONTINUED

DOLLAR AMOUNTS IN
THOUSANDS
---------------------------

LIABILITIES
13. Deposits:
a. In domestic offices (sum of totals of columns A and C RCON
from Schedule RC-E) ..................................................... 2200 1,708,409 13.a
(1) Noninterest-bearing(1)............................................... 6631 1,240,694 13.a1
(2) Interest-bearing..................................................... 6636 467,715 13.a2
b. Not applicable
14. Federal funds purchased and securities sold under agreements
to repurchase
a. Federal funds purchased (2).............................................. B993 0 14.a
b. Securities sold under agreements to repurchase (3)....................... B995 0 14.b
5. Trading Liabilities(from Schedule RC-D)..................................... 3548 0 15.
16. Other borrowed money (includes mortgage indebtedness and
obligations under capitalized leases) (from Schedule RC-M).................. 3190 0 16.
17. Not applicable
18. Bank's liability on acceptances executed and outstanding.................... 2920 0 18.
19. Subordinated notes and debentures (2)....................................... 3200 0 19.
20. Other liabilities (from Schedule RC-G)...................................... 2930 42,582 20.
21. Total liabilities (sum of items 13 through 20).............................. 2948 1,750,991 21.
22. Minority interest in consolidated subsidiaries.............................. 3000 0 22.
EQUITY CAPITAL
23. Perpetual preferred stock and related surplus............................... 3838 0 23.
24. Common stock................................................................ 3230 800 24.
25. Surplus (exclude all surplus related to preferred stock).................... 3839 45,157 25.
26. a. Retained earnings........................................................ 3632 191,141 26.a
b. Accumulated other comprehensive income (3)............................... B530 3 26.b
27. Other equity capital components (4)......................................... A130 0 27.
28. Total equity capital (sum of items 23 through 27)........................... 3210 237,101 28.
29. Total liabilities, minority interest, and equity
capital (sum of items 21, 22, and 28)....................................... 3300 1,988,092 29.

Memorandum

To be reported only with the March Report of Condition

1. Indicate in the box at the right the number of the -------------
statement below that best describes the most RCON Number Number
comprehensive level of auditing work performed ------------- M.I.
for the bank by independent external auditors as 6724 NA
of any date during 2000 ........................ -------------

1 = Independent audit of the bank conducted in accordance with generally
accepted auditing standards by a certified public accounting firm which
submits a report on the bank

2 = Independent audit of the bank's parent holding company conducted in
accordance with generally accepted auditing standards by a certified
public accounting firm which submits a report on the consolidated
holding company (but not on the bank separately)

3 = Directors' examination of the bank conducted in accordance with
generally accepted auditing standards by a certified public accounting
firm (may be required by state chartering authority)

4 = Directors' examination of the bank performed by other external auditors
(may be required by state authority)

5 = Review of the bank's financial statements by external auditors

6 = Compilation of the bank's financial statements by external auditors

7 = Other audit procedures (excluding tax preparation work)

8 = No external audit work

(1) Includes total demand deposits and noninterest-bearing time and savings
deposits.

(2) Report overnight Federal Home Loan Bank advances in Schedule RC, item 16,
"other borrowed money."

(3) Includes all securities repurchase agreements, regardless of maturity.

(4) Includes limited-life preferred stock and related surplus.

(5) Includes net unrealized holding gains (losses) on available-for-sale
securities, accumulated net gains (losses) on cash flow hedges, and minimum
pension liability adjustments.

(6) Includes treasury stock and unearned Employee Stock Ownership Plan shares.