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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>As filed with the Securities and Exchange Commission on
    May&#160;21, 2010</B>
</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Registration
    No.&#160;333-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</B>
</DIV>

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<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">UNITED STATES SECURITIES AND
    EXCHANGE COMMISSION</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">Washington, D.C.
    20549</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 18pt"><FONT style="white-space: nowrap">Form&#160;S-1</FONT></FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">REGISTRATION STATEMENT
    UNDER</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">THE SECURITIES ACT OF
    1933</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 22pt">DORAL FINANCIAL
    CORPORATION</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt">(Exact name of registrant as
    specified in its charter)</FONT></I>
</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
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    <TD width="34%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
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    <TD width="32%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
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    <TD width="32%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
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<TD nowrap align="center" valign="top">
    <B>Puerto Rico</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <B>6029</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <B>66-0312162</B>
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
    <I><FONT style="font-size: 8pt">(State or other jurisdiction
    of<BR>
    incorporation or organization</FONT></I>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <I><FONT style="font-size: 8pt">(Primary Standard Industrial<BR>
    Classification Code Number)</FONT></I>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <I><FONT style="font-size: 8pt">(I.R.S. Employer<BR>
    Identification Number)</FONT></I><FONT style="font-size: 8pt">
    </FONT>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>1451 Franklin D. Roosevelt Avenue</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>San&#160;Juan, Puerto Rico 00920-2717</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>(787)&#160;474-6700</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt">(Address, including zip code,
    and telephone number, including area code, of registrant&#146;s
    principal executive offices)</FONT></I>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Enrique R. Ubarri,&#160;Esq.</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Executive Vice President and General Counsel</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Doral Financial Corporation</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>1451 Franklin D. Roosevelt Avenue</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>San&#160;Juan, Puerto Rico 00920-2717</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>(787)&#160;474-6700</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt">(Name, address, including zip
    code, and telephone number, including area code, of agent for
    service)</FONT></I>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Copy to:</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B> Victor Lewkow,&#160;Esq.</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Leslie N. Silverman,&#160;Esq.</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Cleary, Gottlieb, Steen &#038; Hamilton LLP</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>One Liberty Plaza</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>New York, New York 10006</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>(212) 225-2000</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Approximate date of commencement of proposed sale to the
    public:</B>&#160;&#160;From time to time after this Registration
    Statement becomes effective.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any of the securities being registered on this Form are to be
    offered on a delayed or continuous basis pursuant to
    Rule&#160;415 under the Securities Act of 1933, check the
    following
    box:&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#254;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this Form is filed to register additional securities for an
    offering pursuant to Rule&#160;462(b) under the Securities Act,
    check the following box and list the Securities Act registration
    statement number of the earlier effective registration statement
    for the same
    offering:&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this Form is a post-effective amendment filed pursuant to
    Rule&#160;462(c) under the Securities Act, check the following
    box and list the Securities Act registration statement number of
    the earlier effective registration statement for the same
    offering:&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this Form is a post-effective amendment filed pursuant to
    Rule&#160;462(d) under the Securities Act, check the following
    box and list the Securities Act registration statement number of
    the earlier effective registration statement for the same
    offering:&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Indicate by check mark whether the registrant is a large
    accelerated filer, an accelerated filer, a non-accelerated
    filer, or a smaller reporting company. See definitions of
    &#147;large accelerated filer,&#148; &#147;accelerated
    filer&#148; and &#147;smaller reporting company&#148; in
    Rule&#160;12b-2 of the Exchange Act. (Check one):
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="26%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="23%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="23%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="23%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Large accelerated
    filer&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    &#160;&#160;&#160;&#160;&#160;Accelerated
    filer&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="white-space: nowrap">Non-accelerated</FONT>
    filer&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#254;
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Smaller reporting
    company&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="5" align="center" valign="top">
    <FONT style="font-size: 8pt">(Do not check if a smaller
    reporting company)
    </FONT>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>CALCULATION OF REGISTRATION FEE</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="36%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterright -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterright -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
    <B>Proposed Maximum<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
    <B>Proposed Maximum<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Title of Each Class of<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Amount to be<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Offering Price<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Aggregate Offering<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Amount of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Securities to be Registered</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Registered</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Per Unit(1)</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Price(1)</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Registration Fee</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top" style="border-top: 1px solid #000000">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Common Stock, $0.01&#160;par value per share
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    93,504,020 shares
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $2.43
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $227,214,768.60
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $16,200.41
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Estimated solely for the purpose of calculating the registration
    fee and based on the average of the high and low sales prices of
    our common stock on May&#160;20, 2010 on the New York Stock
    Exchange pursuant to Rule&#160;457(c) under the Securities Act
    of 1933, as amended.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The Registrant hereby amends this Registration Statement on
    such date or dates as may be necessary to delay its effective
    date until the Registrant shall file a further amendment which
    specifically states that this Registration Statement shall
    thereafter become effective in accordance with Section&#160;8(a)
    of the Securities Act of 1933 or until the Registration
    Statement shall become effective on such date as the Commission,
    acting pursuant to said Section&#160;8(a), may determine.</B>
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER>
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</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE style="color: #FF0000" width="100%" border="1" cellpadding="5"><TR><TD style=text-align:justify>
<B><FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #CE1126">The
information in this preliminary prospectus is not complete and
may be changed. These securities may not be sold until the
registration statement filed with the Securities and Exchange
Commission is effective. This preliminary prospectus is not an
offer to sell these securities and is not soliciting an offer to
buy these securities in any state where the offer or sale is not
permitted.<BR>
</FONT></B>
</TD></TR></TABLE>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="color: #CE1126">SUBJECT TO COMPLETION, DATED
    MAY&#160;21, 2010</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>PRELIMINARY PROSPECTUS</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="g23500g2350000.gif" alt="(DORAL LOGO)"><B> </B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 24pt">DORAL FINANCIAL
    CORPORATION</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">Shares of Common
    Stock</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus relates to the potential resale from time to
    time by selling stockholders of shares of Doral Financial
    Corporation common stock, $0.01&#160;par value per share. In
    this prospectus, we also refer to the shares of common stock as
    the securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The selling stockholders may offer the securities from time to
    time directly or through underwriters, broker-dealers or agents
    and in one or more public or private transactions and at fixed
    prices, prevailing market prices, at prices related to
    prevailing market prices or at negotiated prices. If the
    securities are sold through underwriters, broker-dealers or
    agents, the selling stockholders will be responsible for
    underwriting discounts or commissions or agents&#146;
    commissions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will not receive any proceeds from the sale of the securities
    by the selling stockholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our common stock trades on the New York Stock Exchange under the
    symbol &#147;DRL.&#148; On May&#160;20, 2010, the closing price
    of our common stock on the New York Stock Exchange was $2.28 per
    share. You are urged to obtain current market quotations of our
    common stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our principal executive offices are located at 1451 Franklin D.
    Roosevelt Avenue, San&#160;Juan, Puerto Rico
    <FONT style="white-space: nowrap">00920-2717,</FONT>
    and our telephone number is
    <FONT style="white-space: nowrap">(787)&#160;474-6700.</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 12pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Investing in our securities involves a high degree of risk.
    You should consider carefully the risks and uncertainties in the
    section entitled &#147;Risk Factors&#148; on page&#160;4 of this
    prospectus and in the documents we file with the Securities and
    Exchange Commission before investing in our securities.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The securities offered hereby are our unsecured obligations
    and are not savings accounts, deposits, or other obligations of
    any bank or non-bank subsidiary of ours and are not insured by
    the Federal Deposit Insurance Corporation or any other
    governmental agency.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Neither the Securities and Exchange Commission, any state
    securities commission, the Federal Deposit Insurance
    Corporation, the Board of Governors of the Federal Reserve
    System, nor any other regulatory body has approved or
    disapproved of these securities or passed upon the adequacy or
    accuracy of this prospectus. Any representation to the contrary
    is a criminal offense.</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The date of this prospectus
    is&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010.
</DIV>
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</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="96%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#101'>ABOUT THIS PROSPECTUS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    ii
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#102'>SUMMARY</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1</A>
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#103'>RISK FACTORS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4</A>
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#104'>FORWARD-LOOKING STATEMENTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4</A>
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#105'>WHERE YOU CAN FIND MORE INFORMATION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5</A>
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#106'>INCORPORATION OF CERTAIN DOCUMENTS BY
    REFERENCE</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6</A>
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#107'>USE OF PROCEEDS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7</A>
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#108'>MARKET FOR COMMON STOCK, RELATED STOCKHOLDER
    MATTERS, PURCHASES OF EQUITY SECURITIES AND STOCK-BASED
    COMPENSATION PLANS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7</A>
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#109'>DIVIDEND POLICY</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7</A>
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#110'>DESCRIPTION OF OUR CAPITAL STOCK</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8</A>
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#111'>SELLING STOCKHOLDERS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13</A>
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#112'>PLAN OF DISTRIBUTION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22</A>
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#113'>LEGAL MATTERS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24</A>
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#114'>EXPERTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g23500exv5w1.htm">EX-5.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g23500exv23w1.htm">EX-23.1</A></FONT></TD></TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>
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<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='101'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ABOUT
    THIS PROSPECTUS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus is part of a registration statement we filed
    with the Securities and Exchange Commission, or the SEC, using a
    &#147;shelf&#148; registration process. Under this shelf
    registration process, the selling stockholders may, from time to
    time, offer and sell, in one or more offerings, the securities
    described in this prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may provide a prospectus supplement containing specific
    information about the terms of a particular offering by the
    selling stockholders. The prospectus supplement may add, update
    or change information in this prospectus. If the information in
    this prospectus is inconsistent with a prospectus supplement,
    you should rely on the information in that prospectus
    supplement. You should read both this prospectus and, if
    applicable, any prospectus supplement as well as any
    post-effective amendments to the registration statement of which
    this prospectus forms a part, together with the additional
    information described under &#147;Where You Can Find More
    Information&#148; before you make any investment decision.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In this prospectus, &#147;the Company,&#148; &#147;Doral
    Financial,&#148; &#147;we,&#148; &#147;our,&#148;
    &#147;ours,&#148; and &#147;us&#148; refer to Doral Financial
    Corporation, which is a bank holding company headquartered in
    San&#160;Juan, Puerto Rico, and its subsidiaries on a
    consolidated basis, unless the context otherwise requires.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    ii
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<A name='102'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SUMMARY</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>This summary highlights information contained elsewhere in,
    or incorporated by reference into, this prospectus. As a result,
    it may not contain all of the information that may be important
    to you or that you should consider before making a decision as
    to whether or not to invest in our securities and is qualified
    in its entirety by the more detailed information included in and
    incorporated by reference into this prospectus. You should
    carefully read this entire prospectus, including the &#147;Risk
    Factors&#148; section and the documents incorporated by
    reference, which are described under &#147;Where You Can Find
    More Information&#148; and &#147;Incorporation of Certain
    Documents by Reference,&#148; before making your decision. For a
    more complete description of our business, see the
    &#147;Business&#148; section of our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 2009, which is
    incorporated by reference herein.</I>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Business</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Doral Financial Corporation was organized in 1972 under the laws
    of the Commonwealth of Puerto Rico. We presently operate as a
    bank holding company. Our operations are principally conducted
    in Puerto Rico. We also operate in mainland United States,
    principally in the New York metropolitan area. We continue to
    explore opportunities for growth and expansion both organically
    and by acquisition, including Federal Deposit Insurance
    Corporation (&#147;FDIC&#148;) assisted acquisitions for banks
    that fail and are placed in receivership. Our principal
    executive offices are located at 1451 Franklin D. Roosevelt
    Avenue, San&#160;Juan, Puerto Rico
    <FONT style="white-space: nowrap">00920-2717,</FONT>
    and our telephone number is
    <FONT style="white-space: nowrap">(787)&#160;474-6700.</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We manage our business through three operating segments that are
    organized by legal entity and aggregated by line of business:
    banking (including thrift operations), mortgage banking and
    insurance agency. In the past the Company operated a fourth
    segment: institutional securities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Banking</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Through our principal banking subsidiary, Doral Bank, a Puerto
    Rico commercial bank (&#147;Doral Bank PR&#148;), we accept
    deposits from the general public and institutions, obtain
    borrowings, originate and invest in loans (primarily residential
    real estate mortgage loans), invest in mortgage-backed
    securities as well as in other investment securities, and offer
    traditional banking services. Approximately 92% of Doral Bank
    PR&#146;s loan portfolio was secured by real estate as of
    March&#160;31, 2010. Doral Bank PR operates 35 branch offices in
    Puerto Rico. Loans are primarily originated through the branch
    office network and centralized loan departments. Internal
    mortgage loan originations are also supplemented by wholesale
    loan purchases from third parties.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This segment also includes the operations conducted through
    Doral Bank PR&#146;s subsidiaries, Doral Money, Inc.
    (&#147;Doral Money&#148;), which engages in commercial and
    construction lending in the New York City metropolitan area, and
    CB, LLC, a Puerto Rico limited liability company organized in
    connection with the receipt, in lieu of foreclosure, of the real
    property securing an interim construction loan and our decision
    to continue the development of the related residential housing
    project on a temporary basis. During the third quarter of 2009,
    Doral Money organized a new middle market syndicated lending
    unit that is engaged in purchasing participations in senior
    credit facilities in the U.S.&#160;syndicated leverage loan
    market.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We also operate a federal savings bank in New York, New York
    under the name of Doral Bank, FSB (&#147;Doral Bank NY&#148;)
    that, following the sale of its 11 retail branches in July 2007,
    operates through a single branch. Doral Bank NY gathers deposits
    primarily through an internet-based platform and originates and
    invests in loans, consisting primarily of interim loans secured
    by multifamily apartment buildings and other commercial
    properties, and also invests in investment securities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Mortgage
    banking</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our mortgage origination business is conducted by Doral Mortgage
    LLC (&#147;Doral Mortgage&#148;), a wholly-owned subsidiary of
    Doral Bank PR, and our mortgage servicing business is operated
    by Doral Bank PR.
</DIV>
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    <BR>
    1
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Insurance
    agency</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our wholly-owned subsidiary, Doral Insurance Agency, Inc.
    (&#147;Doral Insurance Agency&#148;), offers property, casualty,
    life and title insurance as an insurance agency, primarily to
    its mortgage loan customers.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Summary
    of the Offering</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="25%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="73%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Issuer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Doral Financial Corporation, a Puerto Rico corporation.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Seller
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    One or more selling stockholders, see &#147;Selling
    Stockholders.&#148; We are not selling any of the securities.
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Common Shares Offered
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    93,504,020&#160;shares of common stock, par value $0.01.
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Use of Proceeds
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    All securities sold pursuant to this prospectus will be offered
    and sold by the selling stockholders. We will not receive any of
    the proceeds from such sales.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Risk Factors
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    For a discussion of risks and uncertainties involved with an
    investment in our securities, see &#147;Risk Factors&#148; on
    page 4 of this prospectus.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    NYSE Symbol
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    &#147;DRL.&#148;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Summary
    of the Underlying Transactions</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Private
    Placement of Mandatorily Convertible Non-Cumulative Non-Voting
    Preferred Stock</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On April&#160;19, 2010, we entered into a definitive Stock
    Purchase Agreement (the &#147;Stock Purchase Agreement&#148;)
    with various investors to raise new equity capital for the
    Company through a private placement. In the private placement,
    we issued to certain accredited investors, including certain
    direct and indirect investors in Doral Holdings LLC, a Delaware
    limited liability company (&#147;Doral Holdings&#148;), our
    parent company, the following securities: 180,000&#160;shares of
    our Mandatorily Convertible Non-Cumulative Non-Voting Preferred
    Stock, $1.00&#160;par value and $1,000 liquidation preference
    per share (the &#147;Mandatorily Convertible Preferred
    Stock&#148;); and 105,002&#160;shares of Mandatorily Convertible
    Preferred Stock with a liquidation value of approximately
    $105&#160;million, which were deposited into escrow pending the
    result of our bids for potential FDIC-assisted transactions, and
    which were released to investors on May&#160;3, 2010. After
    giving effect to the release of shares of Mandatorily
    Convertible Preferred Stock from escrow, the shares of
    Mandatorily Convertible Preferred Stock issued in the capital
    raise in the aggregate had an effective sale price of $3.00 per
    common share equivalent.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Mandatorily Convertible Preferred Stock of each holder will
    mandatorily convert into shares of our common stock at an
    initial conversion price of $4.75 per share (or up to
    60,000,421&#160;shares of common stock), subject to adjustment,
    following the latest of: (1)&#160;the receipt by the Company of
    stockholder approval (described below); (2)&#160;if applicable
    to the holder&#146;s conversion, the expiration or termination
    of any waiting period under the
    <FONT style="white-space: nowrap">Hart-Scott-Rodino</FONT>
    Antitrust Improvement Act of 1976, as amended (the &#147;HSR
    Act&#148;); and (3)&#160;in the case of an investor that is a
    direct or indirect investor in Doral Holdings, the earlier of
    (a)&#160;the date on which the registration statement of which
    this prospectus forms a part has been declared effective and
    (b)&#160;October&#160;18, 2010 (the 180th&#160;day after the
    date of first issue of the Mandatorily Convertible Preferred
    Stock), provided that such investor may delay conversion until
    after the dissolution of Doral Holdings referred to below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    However, if a holder owns or would own following conversion,
    directly or indirectly, in excess of 9.9% of the Company&#146;s
    outstanding voting securities (4.9% for a purchaser that is
    subject to the Bank Holding Company Act of 1956, as amended),
    Mandatorily Convertible Preferred Stock owned by such holder
    will not be converted on the mandatory conversion date to the
    extent it would exceed this threshold.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We agreed in the Stock Purchase Agreement to seek stockholder
    approval of the issuance of common stock into which the
    Mandatorily Convertible Preferred Stock is convertible in
    accordance with the requirements of the New York Stock Exchange
    (the &#147;NYSE&#148;). On May 21, 2010, we filed with the SEC a
    proxy statement in preliminary form with respect to a special
    meeting of stockholders to seek approval of the
</DIV>
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    <BR>
    2
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    issuance of up to 60,000,421&#160;shares of our common stock
    upon conversion of the 285,002 issued shares of the Mandatorily
    Convertible Preferred Stock. If stockholder approval has not
    been given for the conversion by October&#160;18, 2010
    (180&#160;days after the date of first issue of the Mandatorily
    Convertible Preferred Stock), the conversion price will be
    reduced by 1.0% every 90&#160;days thereafter until stockholder
    approval is obtained, subject to a maximum reduction of 10%.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Current
    Company Structure and Expected Dissolution of Principal
    Shareholder</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Doral Financial is a &#147;controlled company&#148; under rules
    and regulations of the NYSE. Doral Holdings, our principal
    shareholder, owned approximately 72% of our outstanding common
    stock as of March&#160;31, 2010. Doral Holdings is in turn
    controlled by its managing member, Doral Holdings, L.P., which
    is controlled by its general partner, Doral GP Ltd.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with the Stock Purchase Agreement, we entered into
    a Cooperation Agreement with Doral Holdings, Doral Holdings,
    L.P. and Doral GP Ltd. (collectively, the &#147;Holdings
    Parties&#148;) (the &#147;Cooperation Agreement&#148;). Under
    the Cooperation Agreement, the Holdings Parties agreed that
    Doral Holdings will vote its shares of common stock in favor of
    authorizing the issuance of common stock upon the conversion of
    the Mandatorily Convertible Preferred Stock and against any
    action that would compete with or impede or interfere with the
    conversion. Additionally, Doral GP Ltd. agreed to cause the
    dissolution of each of Doral Holdings and Doral Holdings, L.P.
    after receipt of the stockholder approval, promptly following
    the earlier of the effectiveness of this registration statement
    and October&#160;17, 2010 (the 180th&#160;day after the funding
    date under the Stock Purchase Agreement), and not to transfer
    any of its shares of common stock or voluntarily dissolve prior
    to that time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with the dissolution of Doral Holdings and Doral
    Holdings, L.P., the assets of each of Doral Holdings and Doral
    Holdings, L.P., including the shares of our common stock
    currently held by Doral Holdings, will be distributed to the
    direct and indirect investors in Doral Holdings, L.P.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Assuming that Doral Holdings is dissolved, it will no longer
    have rights under the Securityholders and Registration Rights
    Agreement, dated July&#160;17, 2007; however, the registration
    rights provided under the Securityholders and Registration
    Rights Agreement will be assignable to the limited partners of
    Doral Holdings, L.P. We agreed in the Cooperation Agreement to
    include in the registration statement of which this prospectus
    is a part all shares of our common stock held by Doral Holdings
    (or such lesser amount as requested by Doral Holdings).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon the dissolution of Doral Holdings, we will no longer be a
    &#147;controlled company&#148; under rules and regulations of
    the NYSE, and thus will be required to comply with the NYSE
    corporate governance rules, including requirements that at the
    end of a one year transition period a majority of our board of
    directors consist of independent directors (as defined under the
    rules of the NYSE), we have a corporate governance and
    nominating committee composed entirely of independent directors
    and we have a compensation committee composed entirely of
    independent directors. We currently meet all such requirements,
    except with respect to our compensation committee, which is not
    composed entirely of independent directors.
</DIV>
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    <BR>
    3
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='103'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">RISK
    FACTORS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    An investment in our securities involves a high degree of risk.
    Before making an investment decision, you should read carefully
    and consider all of the information contained in or incorporated
    by reference into this prospectus, as well as all of the
    information contained in or incorporated by reference into any
    applicable prospectus supplement. You should also refer to the
    risk factors incorporated by reference herein from our Quarterly
    Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended March&#160;31, 2010 filed with the SEC on
    May&#160;10, 2010. Those risks are not the only risks we face.
    Additional risks and uncertainties we do not yet know of or we
    currently judge to be immaterial may also impair our business,
    financial condition or results of operations. If any of the
    events or circumstances described in these risks or other
    material actually occurs, our business, financial condition or
    results of operations could be materially and adversely affected.
</DIV>

<A name='104'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DISCLOSURE
    REGARDING FORWARD-LOOKING STATEMENTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus contains or incorporates statements that we
    believe are &#147;forward-looking statements&#148; within the
    meaning of Section&#160;27A of the Securities Act of 1933, as
    amended (the &#147;Securities Act&#148;), and Rule&#160;175
    promulgated thereunder, and Section&#160;21E of the Securities
    Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;),
    and
    <FONT style="white-space: nowrap">Rule&#160;3b-6</FONT>
    promulgated thereunder, and the Private Securities Litigation
    Reform Act of 1995. These forward-looking statements may relate
    to the Company&#146;s financial condition, results of
    operations, plans, objectives, future performance and business,
    including, but not limited to, statements with respect to the
    adequacy of the allowance for loan and lease losses, market risk
    and the impact of interest rate changes, capital markets
    conditions, capital adequacy and liquidity, and the effect of
    legal proceedings and new accounting standards on the
    Company&#146;s financial condition and results of operations.
    Forward-looking statements can be identified by the fact that
    they do not relate strictly to historical or current facts, and
    are generally identified by the use of words or phrases such as
    &#147;believes,&#148; &#147;expects,&#148;
    &#147;anticipates,&#148; &#147;plans,&#148; &#147;trend,&#148;
    &#147;objective,&#148; &#147;continue,&#148; &#147;remain,&#148;
    &#147;pattern&#148; or similar expressions or future conditional
    verbs such as &#147;will,&#148; &#147;would,&#148;
    &#147;should,&#148; &#147;could,&#148; &#147;might,&#148;
    &#147;can,&#148; &#147;may&#148; or similar expressions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We caution readers not to place undue reliance on any of these
    forward-looking statements since they speak only as of the date
    made and represent Doral Financial&#146;s expectations of future
    conditions or results and are not guarantees of future
    performance. The Company does not undertake and specifically
    disclaims any obligation to update any forward-looking
    statements to reflect occurrences or unanticipated events or
    circumstances after the date of those statements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Forward-looking statements are, by their nature, subject to
    risks and uncertainties. While there is no assurance that any
    list of risks and uncertainties or risk factors is complete,
    below are certain important factors that could cause actual
    results to differ materially from those contained in any
    forward-looking statement:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the continued recessionary conditions of the Puerto Rico and the
    United States economies and the continued weakness in the
    performance of the United States capital markets leading to,
    among other things, (i)&#160;a deterioration in the credit
    quality of our loans and other assets, (ii)&#160;decreased
    demand for our products and services and lower revenue and
    earnings, (iii)&#160;reduction in our interest margins, and
    (iv)&#160;decreased availability and increased pricing of our
    funding sources, including brokered certificates of deposit;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the strength or weakness of the real estate markets and of the
    consumer and commercial credit sectors and their respective
    impact in the credit quality of our loans and other assets,
    which may lead to, among other things, an increase in our
    non-performing loans, charge-offs and loan loss provisions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a decline in the market value and estimated cash flows of our
    mortgage-backed securities and other assets may result in the
    recognition of other-than-temporary impairment of such assets
    under generally accepted accounting principles in the United
    States (&#147;GAAP&#148;);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability to derive sufficient income to realize the benefit
    of our deferred tax assets;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    uncertainty about the legislative and other measures adopted by
    the Puerto Rico government in response to its fiscal situation
    and the impact of such measures on several sectors of the Puerto
    Rico economy;
</TD>
</TR>

</TABLE>
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    <BR>
    4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    uncertainty about the effectiveness of the various actions
    undertaken to stimulate the United States economy and stabilize
    the United States financial markets, and the impact of such
    actions on our business, financial condition and results of
    operations;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in interest rates, which may result from changes in the
    fiscal and monetary policy of the federal government, and the
    potential impact of such changes in interest rates on our net
    interest income and the value of our loans and investments;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the commercial soundness of our various counterparties of
    financing and other securities transactions, which could lead to
    possible losses when the collateral held by us to secure the
    obligations of the counterparty is not sufficient or to possible
    delays or losses in recovering any excess collateral belonging
    to us held by the counterparty;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability to collect payment of a receivable from Lehman
    Brothers, Inc. (&#147;LBI&#148;), which results from the excess
    of the value of securities owned by Doral Financial that were
    held by LBI above the amounts owed by Doral Financial under
    certain terminated repurchase agreements and forward agreement;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    higher credit losses because of federal or state legislation or
    regulatory action that either (i)&#160;reduces the amount that
    our borrowers are required to pay us, or (ii)&#160;limits our
    ability to foreclose on properties or collateral or makes
    foreclosures less economically feasible;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    developments in the regulatory and legal environment for
    financial services companies in Puerto Rico and the United
    States as a result of, among other things, recent legislative
    and regulatory proposals made by the federal government, which
    may lead to various changes in bank regulatory requirements,
    including required levels and components of capital;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in our accounting policies or in accounting standards,
    and changes in how accounting standards are interpreted or
    applied;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    general competitive factors and industry consolidation;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to the extent we make acquisitions, including FDIC-assisted
    acquisitions of assets and liabilities of failed banks, risks
    and difficulties relating to the acquired operations and to
    combining the acquired operations with our existing operations;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    potential adverse outcome in the legal or regulatory actions or
    proceedings described in &#147;Legal matters&#148; in the
    Company&#146;s Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended March&#160;31, 2010, as updated from time
    to time in the Company&#146;s subsequent filings with the SEC;
    and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the other risks and uncertainties incorporated by reference into
    &#147;Risk factors&#148; in this prospectus.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You should refer to our periodic and current reports filed with
    the SEC for further information on other factors that could
    cause actual results to be significantly different from those
    expressed or implied by these forward-looking statements. See
    &#147;Where You Can Find More Information&#148; in this
    prospectus.
</DIV>

<A name='105'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">WHERE YOU
    CAN FIND MORE INFORMATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We file annual, quarterly, and current reports, proxy statements
    and other information with the SEC. Our SEC filings are
    available to the public over the Internet at the SEC&#146;s web
    site at www.sec.gov and on the Investor Relations page of our
    website at
    <FONT style="white-space: nowrap">http://www.doralbank.com/en/.</FONT>
    Information contained in or linked to our website is not a part
    of this prospectus. You may also read and copy any document we
    file with the SEC at its public reference facilities at
    100&#160;F&#160;Street N.E., Washington,&#160;D.C. 20549. You
    can also obtain copies of the documents upon the payment of a
    duplicating fee to the SEC. Please call the SEC at
    <FONT style="white-space: nowrap">1-800-SEC-0330</FONT>
    for further information on the operation of the public reference
    facilities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus omits some information contained in the
    registration statement in accordance with SEC rules and
    regulations. You should review the information and exhibits
    included in the registration statement for further information
    about us and the securities we are offering. Statements in this
    prospectus concerning any
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    document we filed as an exhibit to the registration statement or
    that we otherwise filed with the SEC are not intended to be
    comprehensive and are qualified by reference to these filings.
    You should review the complete document to evaluate these
    statements.
</DIV>

<A name='106'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INCORPORATION
    OF CERTAIN DOCUMENTS BY REFERENCE</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The SEC allows us to &#147;incorporate by reference&#148;
    information we file with it, which means that we can disclose
    important information to you by referring you to other
    documents. The information incorporated by reference is
    considered to be a part of this prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We incorporate by reference the documents listed below, except
    to the extent that any information contained in such filings is
    deemed &#147;furnished&#148; in accordance with SEC rules:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 2009 filed with the
    SEC on February&#160;26, 2010;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Our Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the fiscal quarter ended March&#160;31, 2010, filed with the
    SEC on May&#160;10, 2010.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Our Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the SEC on May&#160;13, 2010;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The information specifically incorporated by reference in our
    Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 2009 from our
    Definitive Proxy Statement on Schedule&#160;14A filed with the
    SEC on April&#160;9, 2010;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The description of our common stock, which is registered under
    Section&#160;12 of the Exchange Act, contained and incorporated
    by reference in our
    <FONT style="white-space: nowrap">Form&#160;8-A</FONT>
    filed with the SEC on December&#160;27, 2002, including any
    subsequently filed amendments and reports updating such
    description.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    These documents contain important information about us and our
    financial condition. Information contained in this prospectus
    supersedes information incorporated by reference that we have
    filed with the SEC prior to the date of this prospectus, while
    information included in any prospectus supplement or
    post-effective amendment will supersede this information.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our filings are available on the Investor Relations page of our
    website at
    <FONT style="white-space: nowrap">http://www.doralbank.com/en/.</FONT>
    Information contained in or linked to our website is not a part
    of this prospectus. You may also request a copy of these
    filings, at no cost, by writing or telephoning us at:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Doral Financial Corporation
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Attention: Investor Relations
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1451 Franklin D. Roosevelt Avenue
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    San&#160;Juan, Puerto Rico
    <FONT style="white-space: nowrap">00920-2717</FONT>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Telephone number:
    <FONT style="white-space: nowrap">(787)&#160;474-6683</FONT>
</DIV>
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    <BR>
    6
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='107'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">USE OF
    PROCEEDS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All securities sold pursuant to this prospectus will be offered
    and sold by the selling stockholders. We will not receive any of
    the proceeds from such sales.
</DIV>

<A name='108'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">MARKET
    FOR COMMON STOCK, RELATED STOCKHOLDER MATTERS, PURCHASES OF
    EQUITY SECURITIES AND STOCK-BASED COMPENSATION PLANS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our common stock, $0.01&#160;par value per share, is traded and
    quoted on the NYSE under the symbol &#147;DRL.&#148; As of
    May&#160;18, 2010, we had 67,283,370&#160;shares of our common
    stock outstanding and 155 registered holders of our common stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The table below sets forth, for the calendar quarters indicated,
    the high and low closing sales prices.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="75%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Calendar<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Price Range</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Year</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Quarter</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>High</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Low</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2010 (2<SUP style="font-size: 85%; vertical-align: top">nd</SUP>

    quarter through May&#160;20, 2010)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2nd
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6.47
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2.28
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1st
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.22
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.08
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4th
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3.80
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2.63
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3rd
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.26
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.83
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2nd
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.21
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.74
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1st
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8.44
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.80
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4th
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    11.48
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3rd
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17.80
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2nd
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.03
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13.54
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1st
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22.42
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17.53
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of May&#160;20, 2010, the closing price for the common stock
    as quoted on the NYSE was $2.28 per share. Doral Financial has
    not paid quarterly dividends on common stock since
    April&#160;25, 2006. For additional information regarding our
    dividend policy, please see &#147;Dividend Policy&#148; in this
    prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For additional information regarding our common stock, related
    stockholder matters, the Company&#146;s purchases of equity
    securities, and the Company&#146;s stock-based compensation
    plans, please see our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 2009.
</DIV>

<A name='109'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DIVIDEND
    POLICY</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Doral Financial has not paid quarterly dividends on its common
    stock since April&#160;25, 2006, when the Company announced
    that, as a prudent capital management decision designed to
    preserve and strengthen the Company&#146;s capital, our board of
    directors had suspended the quarterly dividend on the common
    stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our ability to pay dividends in the future is limited by various
    regulatory requirements and policies of bank regulatory agencies
    having jurisdiction over Doral Financial and its banking
    subsidiaries, its earnings, cash resources and capital needs,
    general business conditions and other factors deemed relevant by
    our board of directors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under an existing consent order with the Federal Reserve, Doral
    Financial is restricted from paying dividends on its capital
    stock without the prior written approval of the Federal Reserve.
    Doral Financial is required to request permission for the
    payment of dividends on its common stock and preferred stock not
    less than 30&#160;days prior to a proposed dividend declaration
    date. For the years ended December&#160;31, 2008 and 2007, Doral
    Financial received permission from the Federal Reserve to pay
    all of the regular monthly cash dividends on the noncumulative
    preferred stock and the quarterly cash dividends on the
    perpetual convertible preferred stock, but cannot provide
    assurance that it would receive approval for the payment of such
    dividends in the future.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On March&#160;20, 2009, our board of directors announced that it
    had suspended the declaration and payment of all dividends on
    all of Doral Financial&#146;s outstanding series of cumulative
    and noncumulative preferred
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    stock. The suspension of dividends was effective and commenced
    with the dividends for the month of April 2009 for Doral
    Financial&#146;s three then outstanding series of noncumulative
    preferred stock, and the dividends for the second quarter of
    2009 for Doral Financial&#146;s one outstanding series of
    cumulative preferred stock. We will be unable to pay dividends
    on the common stock unless and until we resume payments of
    dividends on our preferred stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If we do not pay dividends in full on our noncumulative
    preferred stock for 18 consecutive monthly periods, or pay
    dividends in full on our perpetual convertible preferred stock
    for consecutive dividend periods containing in the aggregate a
    number of days equivalent to six fiscal quarters, the holders of
    our preferred stock, all acting together as a single class,
    would have the right to elect two additional members of our
    board of directors.
</DIV>

<A name='110'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF OUR CAPITAL STOCK</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Set forth below is a description of the material terms of our
    capital stock. However, this description is not complete and is
    qualified by reference to our certificate of incorporation
    (including our certificates of designation) and bylaws. Copies
    of our certificate of incorporation (including our certificates
    of designation) and bylaws are available from us upon request.
    These documents have also been filed with the SEC. Please see
    &#147;Where You Can Find More Information&#148; in this
    prospectus.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Authorized
    And Outstanding Capital Stock</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our authorized capital stock consists of 300,000,000&#160;shares
    of common stock, $0.01&#160;par value per share, and
    40,000,000&#160;shares of preferred stock, $1.00&#160;par value
    per share. As of May&#160;18, 2010, there were
    67,283,370&#160;shares of common stock outstanding and
    6,096,393&#160;shares of preferred stock outstanding, comprised
    of 950,166&#160;shares of our 7.00% Noncumulative Monthly Income
    Preferred Stock, Series&#160;A, 1,331,694&#160;shares of our
    8.35% Noncumulative Monthly Income Preferred Stock,
    Series&#160;B, 2,716,005&#160;shares of our 7.25% Noncumulative
    Monthly Income Preferred Stock, Series&#160;C,
    813,526&#160;shares of our 4.75% Perpetual Cumulative
    Convertible Preferred Stock and 285,002&#160;shares of our
    Mandatorily Convertible Preferred Stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Common
    Stock</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of our common stock are entitled to one vote for each
    share held of record on all matters submitted to a vote of
    shareholders. Subject to preferences that may be applicable to
    any outstanding preferred stock, holders of our common stock are
    entitled to receive ratably such dividends as may be declared by
    our board of directors out of funds legally available for
    dividends. In the event of our liquidation or dissolution,
    holders of our common stock are entitled to share ratably in all
    assets remaining after payment of liabilities and the
    liquidation preference of any outstanding preferred stock. All
    of the outstanding shares of common stock are duly authorized,
    validly issued, fully paid and nonassessable. As of May&#160;18,
    2010, there were 67,283,370&#160;shares of common stock
    outstanding.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Preferred
    Stock</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of May&#160;18, 2010, we had 33,538,609&#160;shares of
    authorized but unissued preferred stock, which are undesignated.
    Our board of directors has the authority, without further
    shareholder approval, to issue shares of preferred stock from
    time to time in one or more series, with such voting powers or
    without voting powers, and with such designations, preferences
    and relative, participating, optional or other special rights,
    and qualifications, limitations or restrictions, as will be set
    forth in the resolutions providing therefor.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    While providing desirable flexibility for possible acquisitions
    and other corporate purposes, and eliminating delays associated
    with a shareholder vote on specific issuances, the issuance of
    preferred stock could adversely affect the voting power of
    holders of common stock, as well as dividend and liquidation
    payments on both common and preferred stock. It also could have
    the effect of delaying, deferring or preventing a change in
    control.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">General</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under our certificate of incorporation, our board of directors
    is authorized, without further stockholder action, to issue up
    to 40,000,000&#160;shares of preferred stock, $1.00&#160;par
    value per share, in one or more series, and to determine the
    designations, preferences, limitations and relative or other
    rights of the preferred stock or any series thereof. For each
    series, the board of directors will determine the designations,
    preferences, limitations and relative or other rights thereof,
    including but not limited to the following relative rights and
    preferences, as to which there may be variations among different
    series:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;the rate or rates (which may be floating, variable or
    adjustable), or the method of determining such rate or rates and
    the times and manner of payment of dividends, if any (and
    whether such payment should be in cash or securities);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;whether shares may be redeemed or purchased, in whole
    or in part, at the option of the holder or the Company and, if
    so, the price or prices and the terms and conditions of such
    redemption or purchase;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;the amount payable upon shares in the event of
    voluntary or involuntary liquidation, dissolution or other
    winding up of the Company;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;sinking fund provisions, if any, for the redemption or
    purchase of shares;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;the terms and conditions, if any, on which shares may
    be converted or exchanged into shares of common stock or other
    capital stock or securities of the Company;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (f)&#160;voting rights, if any;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (g)&#160;any other rights and preferences of such shares, to the
    full extent now or hereafter permitted by the laws of the
    Commonwealth of Puerto Rico.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All shares of preferred stock (i)&#160;will rank senior to the
    common stock in respect of the right to receive dividends and
    the right to receive payments out of the assets of the Company
    upon voluntary or involuntary liquidation, dissolution or
    winding up of the Company, (ii)&#160;will be of equal rank,
    regardless of series, and (iii)&#160;will be identical in all
    respects except as provided in (a)&#160;through (g)&#160;above.
    The shares of any series of preferred stock will be identical
    with each other in all respects except as to the dates from and
    after which dividends thereof will be cumulative. In case the
    stated dividends or the amounts payable on liquidation are not
    paid in full, the shares of all series of preferred stock will
    share ratably in the payment of dividends, including
    accumulations, if any, in accordance with the sums which would
    be payable on said shares if all dividends were declared and
    paid in full, and in any distribution of assets other than by
    way of dividends in accordance with the sums which would be
    payable on such distribution if all sums payable were discharged
    in full.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The board of directors will have the authority to determine the
    number of shares that will comprise each series. Unless
    otherwise provided in the resolution establishing such series,
    all shares of preferred stock redeemed, retired by sinking fund
    payment, repurchased by the Company or converted into common
    stock will have the status of authorized but unissued shares of
    preferred stock undesignated as to series.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No holder of shares of preferred stock will be entitled as a
    matter of right to subscribe for or purchase, or have any
    preemptive right with respect to, any part of any new or
    additional issue of stock of any class whatsoever, or of
    securities convertible into any stock of any class whatsoever,
    whether now or hereafter authorized and whether issued for cash
    or other consideration or by way of dividend.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Outstanding
    Preferred Stock</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On February&#160;22, 1999, the Company issued
    1,495,000&#160;shares of its Series&#160;A preferred stock at a
    price of $50.00 per share, its liquidation preference. During
    2008, the Company paid dividends of $3.50 per share (an
    aggregate of $5.2&#160;million). The Series&#160;A preferred
    stock may be redeemed at the option of the Company beginning
    February&#160;28, 2004, at varying redemption prices that start
    at $51.00 per share. As of May&#160;18, 2010, there were
    950,166&#160;shares of the Series&#160;A preferred stock
    outstanding.
</DIV>
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    <BR>
    9
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On August&#160;31, 2000, the Company issued
    2,000,000&#160;shares of its Series&#160;B preferred stock at a
    price of $25.00 per share, its liquidation preference. During
    2008, the Company paid dividends of $2.0875 per share (an
    aggregate of $4.2&#160;million). The 8.35% preferred stock may
    be redeemed at the option of the Company beginning on
    September&#160;30, 2005, at varying redemption prices that start
    at $25.50 per share. As of May&#160;18, 2010, there were
    1,331,694&#160;shares of the Series&#160;B preferred stock
    outstanding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During the second quarter of 2002, the Company issued
    4,140,000&#160;shares of its Series&#160;C preferred stock at a
    price of $25.00 per share, its liquidation preference. During
    2008, the Company paid dividends of $1.8125 per share (an
    aggregate of $7.5&#160;million). The Series&#160;C preferred
    stock may be redeemed at the option of the Company beginning on
    May&#160;31, 2007, at varying redemption prices starting at
    $25.50 per share. As of May&#160;18, 2010, there were 2,716,005
    of the Series&#160;C preferred stock outstanding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On September&#160;29, 2003 and October&#160;8, 2003, the Company
    issued 1,200,000&#160;shares and 180,000&#160;shares,
    respectively, of its perpetual convertible preferred stock
    having a liquidation preference of $250 per share in a private
    offering to qualified institutional buyers pursuant to
    Rule&#160;144A. Each share of perpetual convertible preferred
    stock is currently convertible into 0.31428&#160;shares of
    common stock, subject to adjustment under specific conditions.
    During 2008, the Company paid dividends of $11.875 per share (an
    aggregate of $16.4&#160;million), on the perpetual convertible
    preferred stock. As of May&#160;18, 2010, there were
    813,526&#160;shares of the perpetual convertible preferred stock
    outstanding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On April&#160;21, 2010 and April&#160;22, 2010, the Company
    issued 278,260&#160;shares and 6,742&#160;shares, respectively,
    of its Mandatorily Convertible Preferred Stock in a private
    offering to accredited investors pursuant to Regulation&#160;D.
    Each share of Mandatorily Convertible Preferred Stock is
    currently convertible into 210.52631&#160;shares of common
    stock, subject to adjustment under specific conditions. The
    Mandatorily Convertible Preferred Stock ranks on parity with the
    Company&#146;s Series&#160;A preferred stock, Series&#160;B
    preferred stock, Series&#160;C preferred stock and perpetual
    convertible preferred stock, with respect to dividend rights and
    rights upon liquidation, winding up or dissolution. As of
    May&#160;18, 2010, there were 285,002&#160;shares of our
    Mandatorily Convertible Preferred Stock outstanding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Mandatorily Convertible Preferred Stock of each holder will
    mandatorily convert into shares of our common stock at an
    initial conversion price of $4.75 per share (or up to
    60,000,421&#160;shares of common stock), subject to adjustment,
    following the latest of: (1)&#160;the receipt by the Company of
    stockholder approval (described below); (2)&#160;if applicable
    to the holder&#146;s conversion, the expiration or termination
    of any waiting period under the HSR Act applicable to such
    holder; and (3)&#160;in the case of an investor that is a direct
    or indirect investor in Doral Holdings, the earlier of
    (a)&#160;the date on which the registration statement of which
    this prospectus forms a part has been declared effective and
    (b)&#160;October&#160;18, 2010 (the 180th&#160;day after the
    date of first issue of the Mandatorily Convertible Preferred
    Stock), provided that such investor may delay conversion until
    after the dissolution of Doral Holdings and Doral Holdings, L.P.
    However, if a holder owns or would own following conversion,
    directly or indirectly, in excess of 9.9% of the Company&#146;s
    outstanding voting securities (4.9% for a purchaser that is
    subject to the Bank Holding Company Act of 1956, as amended),
    Mandatorily Convertible Preferred Stock owned by such holder
    will not be converted on the mandatory conversion date to the
    extent it would exceed this threshold.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We agreed in the Stock Purchase Agreement to seek stockholder
    approval of the issuance of common stock into which the
    Mandatorily Convertible Preferred Stock is convertible in
    accordance with the requirements of the NYSE. On May&#160;21,
    2010, we filed with the SEC a proxy statement in preliminary
    form with respect to a special meeting of stockholders to seek
    approval of the issuance of up to 60,000,421&#160;shares of our
    common stock upon conversion of the 285,002&#160;shares of the
    Mandatorily Convertible Preferred Stock. If stockholder approval
    has not been given for the conversion by October&#160;18, 2010
    (180&#160;days after the date of first issue of the Mandatorily
    Convertible Preferred Stock), the conversion price will be
    reduced by 1.0% every 90&#160;days thereafter until stockholder
    approval is obtained, subject to a maximum reduction of 10%.
    However, under the Cooperation Agreement, the Holdings Parties
    agreed that Doral Holdings, our principal shareholder, will vote
    its shares of common stock in favor of authorizing the issuance
    of common stock upon the conversion of the Mandatorily
    Convertible Preferred Stock and against any action that would
    compete with or impede or interfere with the conversion.
    Additionally, Doral GP Ltd. agreed to cause the dissolution of
    each of
</DIV>
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    <BR>
    10
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Doral Holdings and Doral Holdings, L.P. after receipt of the
    stockholder approval, promptly following the earlier of the
    effectiveness of this registration statement and
    October&#160;17, 2010 (the 180th&#160;day after the funding date
    under the Stock Purchase Agreement), and not to transfer any of
    its shares of common stock or voluntarily dissolve prior to that
    time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The terms of the Company&#146;s preferred stock do not permit
    the Company to declare, set apart or pay any dividends or make
    any other distribution of assets, or redeem, purchase, set apart
    or otherwise acquire shares of the common stock, or any other
    class of the Company&#146;s stock ranking junior to the
    preferred stock, unless all accrued and unpaid dividends on the
    preferred stock and any parity stock, at the time those
    dividends are payable, have been paid and the full dividend on
    the preferred stock for the current dividend period is
    contemporaneously declared and paid or set aside for payment.
    The terms of the preferred stock provide that if the Company is
    unable to pay in full dividends on the preferred stock and other
    shares of stock of equal rank as to the payment of dividends,
    all dividends declared upon the preferred stock and such other
    shares of stock be declared pro rata.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On March&#160;20, 2009, our board of directors announced that it
    had suspended the declaration and payment of all dividends on
    all of the Company&#146;s outstanding series of cumulative and
    noncumulative preferred stock. The suspension of dividends was
    effective and commenced with the dividends for the month of
    April 2009 for the Company&#146;s three then outstanding series
    of noncumulative preferred stock, and the dividends for the
    second quarter of 2009 for the Company&#146;s one outstanding
    series of cumulative preferred stock (See &#147;Dividend
    Policy&#148; in this prospectus).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The ability of the Company to pay dividends in the future is
    limited by the consent order entered into with the Federal
    Reserve and by various restrictive covenants contained in the
    debt agreements of the Company, the earnings, cash position and
    capital needs of the Company, general business conditions and
    other factors deemed relevant by the Company&#146;s board of
    directors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Current regulations limit the amount in dividends that Doral
    Bank PR and Doral Bank NY may pay. Payment of such dividends is
    prohibited if, among other things, the effect of such payment
    would cause the capital of Doral Bank PR or Doral Bank NY to
    fall below the regulatory capital requirements. The Federal
    Reserve Board has issued a policy statement that provides that
    insured banks and financial holding companies should generally
    pay dividends only out of current operating earnings. In
    addition, the Company&#146;s consent order with the Federal
    Reserve does not permit the Company to receive dividends from
    Doral Bank PR unless the payment of such dividends has been
    approved by the FDIC. Dividends paid from a U.S.&#160;subsidiary
    to certain qualifying corporations such as the Company are
    generally subject to a 10% withholding tax under the provisions
    of the U.S.&#160;Internal Revenue Code.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Stockholder
    Action</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except as otherwise provided by law or in our certificate of
    incorporation or bylaws, all questions submitted to stockholders
    will be decided by a majority of the votes cast.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Transfer
    Agent And Registrar</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Mellon Investor Services LLC is the transfer agent and registrar
    for our common stock, our four outstanding series of
    noncumulative preferred stock and our perpetual convertible
    preferred stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Anti-Takeover
    Provisions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our certificate of incorporation, bylaws and banking laws
    include a number of provisions which may have the effect of
    encouraging persons considering unsolicited tender offers or
    other unilateral takeover proposals to negotiate with our board
    of directors rather than pursue non-negotiated takeover attempts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    These provisions include an authorized blank check preferred
    stock and the availability of authorized but unissued common
    stock.
</DIV>
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    <BR>
    11
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Regulatory
    Restrictions under Banking Laws</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The regulatory restrictions described in the
    &#147;Business&#160;&#151; Regulation and Supervision&#148;
    section of our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 2009, which is
    incorporated by reference herein, may have the effect of
    discouraging takeover attempts against the Company and may limit
    the ability of persons, other than the Company directors duly
    authorized by the Company&#146;s board of directors, to solicit
    or exercise proxies, or otherwise exercise voting rights, in
    connection with matters submitted to a vote of the
    Company&#146;s stockholders.
</DIV>
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    <BR>
    12
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='111'>
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SELLING
    STOCKHOLDERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus covers 93,504,020&#160;shares of our common
    stock consisting of 60,000,386&#160;shares of our common stock
    to be issued by us upon conversion of 285,002&#160;shares of
    Mandatorily Convertible Preferred Stock and
    33,503,634&#160;shares of our common stock currently held by
    Doral Holdings, which will be distributed to the direct and
    indirect investors in Doral Holdings, L.P. in connection with
    the dissolution of Doral Holdings and Doral Holdings, L.P. (the
    &#147;Doral Holdings Shares&#148;). The shares of Mandatorily
    Convertible Preferred Stock were issued on April&#160;21, 2010
    and April&#160;22, 2010 in a private placement at a purchase
    price of $1,000 per share pursuant to the Stock Purchase
    Agreement. The Doral Holdings Shares were issued and sold to
    Doral Holdings in a private sale on July&#160;19, 2007 for an
    aggregate purchase price of $610&#160;million, or approximately
    $12.60 per share. In the Stock Purchase Agreement and
    Cooperation Agreement, we agreed to file a registration
    statement covering the resale of common stock, including common
    stock into which the Mandatorily Convertible Preferred Stock is
    convertible and the Doral Holdings Shares. We are registering
    the securities on a registration statement on
    <FONT style="white-space: nowrap">Form&#160;S-1,</FONT>
    of which this prospectus forms a part. The securities are being
    registered to permit public secondary trading of the securities,
    and the selling stockholders may offer the securities for resale
    from time to time after the effective date of the registration
    statement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The table below reads as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The first column lists the selling stockholders and other
    information regarding the stock ownership of each of the selling
    stockholders.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The second column lists the number of shares of common stock
    owned by each selling stockholder as of May&#160;18, 2010, and
    includes (i)&#160;the shares of common stock to be issued to the
    selling stockholder upon conversion of the Mandatorily
    Convertible Preferred Stock (assuming the conversion of all
    shares of the Mandatorily Convertible Preferred Stock),
    (ii)&#160;the shares of common stock to be distributed by Doral
    Holdings to the selling stockholder in connection with the
    dissolution of Doral Holdings and Doral Holdings, L.P., and
    (iii)&#160;any other shares of Doral Financial Corporation
    common stock held by the selling stockholder (none of which are
    being offered by this prospectus).
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The third column lists the shares of common stock being offered
    under this prospectus by each of the selling stockholders and
    assumes the conversion of all shares of the Mandatorily
    Convertible Preferred Stock and the dissolution of Doral
    Holdings.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The fourth column lists the shares of common stock owned
    following the offering pursuant to this prospectus and assumes
    the selling stockholders sell all the common stock offered by
    this prospectus.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The fifth column indicates the percentage of common stock to be
    owned by each selling stockholder after completion of the
    offering pursuant to this prospectus based on the number of
    shares of common stock outstanding as of May&#160;18, 2010 plus
    60,000,421&#160;shares of common stock (the maximum number of
    shares to be issued upon conversion of 285,002&#160;shares of
    Mandatorily Convertible Preferred Stock, the
    60,000,386&#160;shares covered by this prospectus represents the
    number of shares of common stock to be issued after giving
    effect to rounding).
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The amounts set forth below are based upon information provided
    to us by representatives of the selling stockholders, or on our
    records, and are accurate to the best of our knowledge as of the
    date specified below. It is possible, however, that the selling
    stockholders may acquire or dispose of additional shares of
    common stock from time to time after the date of this
    prospectus. We cannot assure you that the selling stockholders
    will sell all or any portion of the securities offered hereby.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Irving Place Capital, Perry Capital, LLC, Marathon Special
    Opportunity Master Fund, Ltd., Tennenbaum Capital Partners, LLC
    and D. E. Shaw&#160;&#038; Co. LP each serve as one of the five
    designating members of Doral GP Ltd., which is the general
    partner of Doral Holdings, L.P., which is the managing member of
    Doral Holdings, our principal shareholder. Each entity (or
    affiliates of each entity) will receive shares of our common
    stock upon the dissolution of Doral Holdings and Doral Holdings,
    L.P. and Perry Capital, LLC, Marathon Asset Management and
    Tennenbaum Capital Partners, LLC participated in the private
    placement. David&#160;E.&#160;King, Mark I. Kleinman and Howard
    M. Levkowitz are each members of our board of directors and
    senior managing
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    13
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    directors of Irving Place Capital, Marathon Asset Management
    L.P. and Tennenbaum Capital Partners, LLC, respectively. None of
    Mr.&#160;King, Mr.&#160;Kleinman or Mr.&#160;Levkowitz has
    voting or dispositive power over the applicable shares of
    preferred or common stock and each disclaims beneficial
    ownership of such shares. Additionally, an employee of each of
    D. E. Shaw&#160;&#038; Co. LP and Perry Capital, LLC has in the
    past served as a member of our board of directors. Irving Place
    Capital also provides various advisory services to the Company
    under an advisory services agreement, for which Irving Place
    Capital is compensated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Lesbia Blanco, Douglas L. Jacobs, Christopher C. Poulton, Robert
    E. Wahlman and Glen R. Wakeman are each one of our executive
    officers
    <FONT style="white-space: nowrap">and/or</FONT> a
    member of our board of directors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No other selling stockholder has, or within the past three years
    has had, any position, office, or other material relationship
    with us.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The majority of the shares of common stock to be issued upon the
    conversion of the Mandatorily Convertible Preferred Stock will
    be issued to existing stockholders or to stockholders whose
    investments are under common control or management with existing
    stockholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="52%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Total of All<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Shares of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Shares of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Shares of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Percentage of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Common Stock<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Common Stock<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Common Stock<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Common Stock<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Owned by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Offered by this<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Owned Post-<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Owned Post-<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name of Selling Stockholder</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Holder(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Prospectus(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Offering(2)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Offering(3)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Alden Global Distressed Opportunities Fund, L.P.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,000,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,000,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Anchorage Capital Master Offshore, Ltd.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,460,066
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,460,066
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ari Capital Partners, L.L.L.P.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    353,745
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    353,745
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Bay Pond Investors (Bermuda) L.P.(5)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    837,263
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    837,263
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Bay Pond Partners, L.P.(5)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,412,631
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,412,631
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Berggruen Holdings Ltd.(6)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,880,941
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,880,941
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Canyon Balanced Master Fund, Ltd.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    623,219
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    623,219
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Canyon-GRF Master Fund, L.P.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    305,052
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    305,052
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Canyon Value Realization Fund, L.P.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,480,199
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,480,199
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Capital Ventures International
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Christopher C. Poulton
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,605
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,105
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Citadel Equity Fund&#160;Ltd.(4)(7)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,264,076
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,000,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,264,076
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Deferred Compensation Plan for Employees of the City of New York
    and Related Agencies and Instrumentalities (Nominee:
    MAC&#160;&#038; Co.)(8)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    82,105
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    82,105
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    D. E. Shaw Laminar Acquisition Holdings 2, L.L.C. and certain
    affiliates(4)(9)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,530,816
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,454,734
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    76,082
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Douglas L. Jacobs
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,936
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,936
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Eton Park Fund, L.P.(10)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,955,482
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,955,482
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Eton Park Master Fund, Ltd.(10)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,488,872
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,488,872
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Financial Stocks Capital Partners V L.P.(11)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,800,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,800,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Finvest Capital Limited
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,569,107
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,569,107
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    First Opportunity Fund, Inc. (Nominee: Hare&#160;&#038; Co.)(12)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    194,736
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    194,736
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    FSI Skyline Fund&#160;OC, Ltd.(11)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    200,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    200,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Future Fund&#160;Board of Guardians
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    232,210
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    232,210
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Glen R. Wakeman
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    349,401
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    316,272
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33,129
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    GLG North America Opportunity Fund(13)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    GN3 SIP Ltd.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    274,947
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    274,947
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    GoldenTree Master Fund, Ltd.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,510,105
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,510,105
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    GoldenTree Master Fund&#160;II, Ltd.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    214,947
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    214,947
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    14
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="52%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Total of All<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Shares of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Shares of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Shares of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Percentage of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Common Stock<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Common Stock<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Common Stock<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Common Stock<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Owned by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Offered by this<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Owned Post-<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Owned Post-<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name of Selling Stockholder</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Holder(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Prospectus(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Offering(2)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Offering(3)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Goldman Sachs Investment Partners Master Fund, L.P.(4)(14)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,573,822
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,573,822
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Gordel Holdings Limited(15)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    42,526
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    42,526
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IAM Mini-Fund&#160;21 Limited(16)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    97,684
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    97,684
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Interfund SICAV:
    <FONT style="white-space: nowrap">Sub-fund&#160;Interfund</FONT>
    Equity USA(17)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IPC Advisors III, L.P.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    76,541
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    76,541
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Irving Place Capital&#160;III Feeder Fund, L.P.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    42,622
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    42,622
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Irving Place Capital Partners&#160;III (Cayman), L.P.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,817,461
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,817,461
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ithan Creek Master Investment Partnership (Cayman) II, L.P.(5)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    104,631
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    104,631
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ithan Creek Master Investors (Cayman) L.P.(5)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,028,842
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,028,842
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    James D. Marver
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21,912
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21,912
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Jefferies Dakota Master Fund, Ltd.(4)(18)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,048,597
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,031,368
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17,229
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    John Hancock Bank and Thrift Opportunities Fund(19)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    609,684
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    609,684
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    John Hancock Financial Industries Fund(19)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    518,105
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    518,105
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    John Hancock Regional Bank Fund(19)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,167,157
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,167,157
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Juggernaut Fund, L.P.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,250,105
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,250,105
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    LaM Financial Holdings, Ltd, L.L.L.P.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    369,488
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    369,488
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Leo R. Jalenak, Jr.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18,947
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18,947
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Lerner Enterprises, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29,894
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29,894
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Lesbia Blanco
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,559
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,105
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,454
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    LICR Fund, Inc. (Nominee: MAC&#160;&#038; Co.)(8)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,368
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,368
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Lion De Leeuw Investments, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,073
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,073
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    LMA SPC for and on behalf of MAP 69 Segregated Portfolio(20)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,007,955
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,968,631
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    39,324
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    MACvest 1, Ltd.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    76,542
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    76,542
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Malta Hedge Fund, L.P. (Sandler O&#146;Neil Asset Management,
    LLC)(21)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    113,052
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    113,052
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Malta Hedge Fund&#160;II, L.P. (Sandler O&#146;Neil Asset
    Management, LLC)(21)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    648,631
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    648,631
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Malta MLC Fund, L.P. (Sandler O&#146;Neil Asset Management,
    LLC)(21)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    332,421
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    332,421
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Malta MLC Offshore, Ltd. (Sandler O&#146;Neil Asset Management,
    LLC)(21)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    74,947
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    74,947
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Malta Offshore, Ltd. (Sandler O&#146;Neil Asset Management,
    LLC)(21)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    224,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    224,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Malta Partners, L.P. (Sandler O&#146;Neil Asset Management,
    LLC)(21)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Malta Titan Fund, L.P. (Sandler O&#146;Neil Asset Management,
    LLC)(21)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    825,052
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    825,052
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Marathon Special Opportunity Master Fund, Ltd
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,839,991
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,839,991
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Mariner-Tricadia Credit Strategies Master Fund, Ltd.(22)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    350,105
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    350,105
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    MassMutual Select Small Cap Growth Equity Fund (Nominee:
    Aurora&#160;&#038; Co.)(23)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    42,526
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    42,526
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    15
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="52%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Total of All<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Shares of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Shares of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Shares of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Percentage of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Common Stock<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Common Stock<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Common Stock<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Common Stock<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Owned by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Offered by this<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Owned Post-<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Owned Post-<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name of Selling Stockholder</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Holder(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Prospectus(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Offering(2)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Offering(3)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    MML Small Cap Growth Equity Fund
    (Nominee:&#160;Aurora&#160;&#038; Co.)(23)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27,368
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27,368
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Nomura Waterstone Market Neutral Fund(16)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22,315
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22,315
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Oak Hill Credit Opportunities Financing, Ltd.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    443,578
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    443,578
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    O&#146;Connor Global Multi-Strategy Alpha Master Limited
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    OHA Strategic Credit Master Fund, L.P.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    475,368
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    475,368
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    OHA Strategic Credit Master Fund&#160;II, L.P.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    133,263
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    133,263
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    OHSF Financing, Ltd.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    685,684
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    685,684
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    OZ Global Special Investments Master Fund, LP(24)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    68,631
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    68,631
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    OZ Master Fund, Ltd.(25)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,366,736
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,366,736
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    OZ Select Master Fund, Ltd.(26)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22,105
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22,105
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Perry Partners International, Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,524,499
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,436,974
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    87,525
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Perry Partners LP
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,516,963
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,479,488
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    37,475
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    PM Manager Fund, SPC., on behalf of and for the account of
    Segregated Portfolio 23(11)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Prime Capital Master SPC, GOT WAT MAC Segregated Portfolio(16)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    67,368
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    67,368
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Public Employees&#146; Retirement System of Mississippi
    (Nominee: MAC&#160;&#038; Co.)(8)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    112,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    112,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Quintessence Fund&#160;L.P.(27)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    49,263
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    49,263
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    QVT Fund&#160;LP(27)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    450,736
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    450,736
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Randall C. Bassett
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,966
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,966
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Randolph Street Ventures, L.P.&#160;&#151;
    <FONT style="white-space: nowrap">2006-3B</FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    73,692
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    73,692
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Randolph Street Ventures, L.P.&#160;&#151;
    <FONT style="white-space: nowrap">2006-3C</FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,631
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,631
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Robert E. Wahlman
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50,105
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50,105
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Samlyn Offshore Master Fund, Ltd
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,426,947
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,426,947
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Samlyn Onshore Fund, LP
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,573,052
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,573,052
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Scott R. Royster
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18,610
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18,610
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Senvest International LLC(4)(28)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,041,048
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    541,048
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Senvest Master Fund&#160;LP
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,203,102
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    703,102
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    SOAM Capital Partners, L.P. (Sandler O&#146;Neil Asset
    Management, LLC)(21)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Special Value Continuation Partners, LP
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,077,795
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,077,795
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Special Value Expansion Fund, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    401,799
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    401,799
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Special Value Opportunities Fund, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,849,598
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,849,598
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Stan Makson
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,315
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,315
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Structured Credit Opportunities Fund&#160;II, L.P.(22)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    149,894
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    149,894
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Tennenbaum Opportunities Partners&#160;V, LP
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,410,796
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,410,796
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    The Canyon Value Realization Master Fund, L.P.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,624,842
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,624,842
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Timothy R. Chrisman
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,041
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,041
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Vanguard Explorer Fund (Nominee: Vanguard Explorer Fund
    <FONT style="white-space: nowrap">c/o&#160;Brown</FONT>
    Brothers Harriman&#160;&#038; Co.)(29)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    604,631
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    604,631
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Waterstone Market Neutral Mac51, Ltd.(16)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    283,157
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    283,157
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    16
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
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<TR style="font-size: 1pt" valign="bottom">
    <TD width="52%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
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<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Total of All<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Shares of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Shares of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Shares of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Percentage of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Common Stock<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Common Stock<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Common Stock<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Common Stock<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Owned by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Offered by this<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Owned Post-<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Owned Post-<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name of Selling Stockholder</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Holder(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Prospectus(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Offering(2)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Offering(3)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Waterstone Market Neutral Master Fund, Ltd.(16)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,162,315
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,162,315
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Waterstone MF Fund, Ltd.(16)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    367,157
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    367,157
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Wellington Trust&#160;Company, National Association Multiple
    Collective Investment Funds Trust&#160;II, Active Small Cap
    Stock Portfolio (Nominee:&#160;Finwell&#160;&#038; Co.)(30)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    120,842
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    120,842
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Wellington Trust&#160;Company, National Association Multiple
    Collective Investment Funds Trust&#160;II, Multi-Strategy Global
    Equity Portfolio (Nominee:&#160;Finwell&#160;&#038; Co.)(30)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,894
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,894
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Wellington Trust&#160;Company, National Association Multiple
    Collective Investment Funds Trust&#160;II, Small Cap
    Opportunities Portfolio (Nominee:&#160;Finwell&#160;&#038;
    Co.)(30)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    85,473
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    85,473
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Wellington Trust&#160;Company, National Association Multiple
    Common Trust&#160;Funds Trust, Small Cap Opportunities Portfolio
    (Nominee: Finwell&#160;&#038; Co.)(30)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    45,684
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    45,684
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Wolf Creek Investors (Bermuda) L.P.(5)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    284,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    284,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    Represents less than 1%.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Assumes the conversion of all shares of the Mandatorily
    Convertible Preferred Stock and the dissolution of Doral
    Holdings.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Assumes that each selling stockholder will sell all shares
    offered by it under this prospectus. Any values contained in
    this column represent shares owned by the selling stockholder
    that are not being offered pursuant to this prospectus.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    This number represents the percentage of common stock to be
    owned by the selling stockholder after completion of the
    offering pursuant to this prospectus and based on the number of
    shares of common stock outstanding as of May&#160;18, 2010 plus
    60,000,421&#160;shares of common stock (the maximum number of
    shares to be issued upon conversion of 285,002&#160;shares of
    Mandatorily Convertible Preferred Stock). See the corresponding
    number of shares in the column titled &#147;Shares of Common
    Stock Owned Post-Offering.&#148;</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    This selling stockholder is a registered broker-dealer or
    affiliate of a registered broker-dealer, as indicated below.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    (i)&#160;Bay Pond Investors (Bermuda) L.P., (ii)&#160;Bay Pond
    Partners, L.P., (iii)&#160;Ithan Creek Master Investment
    Partnership (Cayman) II, L.P., (iv)&#160;Ithan Creek Master
    Investors (Cayman) L.P. and (v)&#160;Wolf Creek Investors
    (Bermuda) L.P. are managed by Wellington Management Company, LLP
    (&#147;Wellington&#148;), an investment adviser registered under
    the Investment Advisors Act of 1940, as amended. Wellington, in
    such capacity may be deemed to share beneficial ownership over
    the shares held by its client accounts.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (6) </TD>
    <TD></TD>
    <TD valign="bottom">
    All of the shares of Berggruen Holdings Ltd. (&#147;Berggruen
    Holdings&#148;) are owned by Tarragona Trust, a British Virgin
    Islands trust (&#147;Tarragona&#148;). The trustee of Tarragona
    is Maitland Trustees Limited, a British Virgin Islands
    corporation acting as an institutional trustee in the ordinary
    course of business without the purpose or effect of changing or
    influencing control of the registrant. Nicolas Berggruen is a
    director of Berggruen Holdings and may be considered to have
    beneficial ownership of Berggruen Holdings&#146; interests in
    the registrant.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (7) </TD>
    <TD></TD>
    <TD valign="bottom">
    Citadel Equity Fund&#160;Ltd. is the non-managing member of
    Palafox Trading LLC, a registered broker-dealer and a member of
    Financial Industry Regulatory Authority, Inc.
    (&#147;FINRA&#148;).</TD>
</TR>

</TABLE>
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    17
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (8) </TD>
    <TD></TD>
    <TD valign="bottom">
    (i)&#160;Deferred Compensation Plan for Employees of the City of
    New York and Related Agencies and Instrumentalities,
    (ii)&#160;LICR Fund, Inc. and (iii)&#160;Public Employees&#146;
    Retirement System of Mississippi, through its nominee,
    MAC&#160;&#038; Co., are managed by Wellington, an investment
    advisor registered under the Investment Advisors Act of 1940, as
    amended. Wellington, in such capacity may be deemed to share
    beneficial ownership over the shares held by its client accounts.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (9) </TD>
    <TD></TD>
    <TD valign="bottom">
     D. E. Shaw Laminar Acquisition Holdings 2, L.L.C.
    (&#147;Laminar&#148;) is an affiliate of D. E. Shaw Securities,
    L.L.C, a registered broker-dealer and a member of FINRA. Laminar
    holds 4,454,734&#160;shares (the &#147;Laminar Shares&#148;) of
    the Company&#146;s common stock. D. E. Shaw Valence Portfolios,
    L.L.C. (&#147;Valence&#148;) and D. E. Shaw Synoptic Portfolios
    2, L.L.C. (&#147;Synoptic&#148;), affiliates of Laminar, hold
    76,030&#160;shares (the &#147;Valence Shares&#148;) of the
    Company&#146;s common stock and 52&#160;shares (the
    &#147;Synoptic Shares&#148;; together with the Laminar Shares
    and the Valence Shares, the &#147;Subject Shares&#148;) of the
    Company&#146;s common stock, respectively, acquired through
    other transactions. The additional 76,082&#160;shares of the
    Company&#146;s common stock are included in the table of selling
    stockholders above. Laminar has the power to vote or to direct
    the vote of (and the power to dispose or direct the disposition
    of) the Laminar Shares. Valence has the power to vote or to
    direct the vote of (and the power to dispose or direct the
    disposition of) the Valence Shares. Synoptic has the power to
    vote or to direct the vote of (and the power to dispose or
    direct the disposition of) the Synoptic Shares. D. E.
    Shaw&#160;&#038; Co., L.P., a Delaware limited partnership
    (&#147;DESCO LP&#148;), as investment adviser to Laminar,
    Valence, and Synoptic and as Valence&#146;s managing member, may
    be deemed to have the shared power to vote or direct the vote of
    (and the shared power to dispose or direct the disposition of)
    the Subject Shares. D. E. Shaw Laminar Portfolios, L.L.C., a
    Delaware limited liability company (&#147;Laminar
    Portfolios&#148;), as Laminar&#146;s managing member, may be
    deemed to have the shared power to vote or direct the vote of
    (and the shared power to dispose or direct the disposition of)
    the Laminar Shares. D. E. Shaw&#160;&#038; Co., L.L.C., a
    Delaware limited liability company (&#147;DESCO LLC&#148;), as
    Laminar Portfolios&#146;s and Synoptic&#146;s managing member,
    may be deemed to have the shared power to vote or direct the
    vote of (and the shared power to dispose or direct the
    disposition of) the Laminar Shares and the Synoptic Shares. As
    managing member of DESCO LLC, D. E. Shaw&#160;&#038; Co. II,
    Inc., a Delaware corporation (&#147;DESCO II, Inc.&#148;) may be
    deemed to have the shared power to vote or to direct the vote of
    (and the shared power to dispose or direct the disposition of)
    the Laminar Shares and the Synoptic Shares. As general partner
    of DESCO LP, D. E. Shaw&#160;&#038; Co., Inc., a Delaware
    corporation (&#147;DESCO, Inc.&#148;), may be deemed to have the
    shared power to vote or to direct the vote of (and the shared
    power to dispose or direct the disposition of) the Subject
    Shares. None of DESCO LP, Laminar Portfolios, DESCO LLC, DESCO,
    Inc., or DESCO II, Inc., owns any shares of the Company&#146;s
    common stock directly, and each such entity disclaims beneficial
    ownership of the Subject Shares. David E. Shaw does not own any
    shares of the Company&#146;s common stock directly. By virtue of
    David E. Shaw&#146;s position as president and sole shareholder
    of DESCO, Inc., which is the general partner of DESCO LP, and by
    virtue of David E. Shaw&#146;s position as president and sole
    shareholder of DESCO II, Inc., which is the managing member of
    DESCO LLC, David E. Shaw may be deemed to have the shared power
    to vote or direct the vote of (and the shared power to dispose
    or direct the disposition of) the Subject Shares, and,
    therefore, David E. Shaw may be deemed to be the indirect
    beneficial owner of the Subject Shares. David E. Shaw disclaims
    beneficial ownership of the subject shares. </TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (10) </TD>
    <TD></TD>
    <TD valign="bottom">
    Eton Park Capital Management, L.P. is the investment manager of
    (i)&#160;Eton Park Fund, L.P. and (ii)&#160;Eton Park Master
    Fund, Ltd. and exercises voting and dispositive power over the
    shares being registered.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (11) </TD>
    <TD></TD>
    <TD valign="bottom">
    Affiliates of (i)&#160;Financial Stocks Capital Partners V L.P.,
    (ii)&#160;FSI Skyline Fund&#160;OC, Ltd. and (iii)&#160;the
    subadviser to PM Manager Fund, SPC., on behalf of and for the
    account of Segregated Portfolio 23, hold 300,000&#160;shares of
    the Company&#146;s common stock acquired through other
    transactions. The additional 300,000&#160;shares of the
    Company&#146;s common stock are not included in the table of
    selling stockholders above.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (12) </TD>
    <TD></TD>
    <TD valign="bottom">
    First Opportunity Fund, Inc., through its nominee,
    Hare&#160;&#038; Co., is managed by Wellington, an investment
    advisor registered under the Investment Advisors Act of 1940, as
    amended. Wellington, in such capacity may be deemed to share
    beneficial ownership over the shares held by its client accounts.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (13) </TD>
    <TD></TD>
    <TD valign="bottom">
    GLG Partners LP (&#147;GLG Partners&#148;), which serves as the
    investment manager to GLG North American Opportunity Fund
    (&#147;GLG NAOF&#148;), may be deemed to be the beneficial owner
    of all shares owned by </TD>
</TR>
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    <BR>
    18
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    GLG NAOF. GLG Partners exercises its investment authority
    directly or indirectly through various entities, including
    without limitation, GLG Inc. GLG Partners Limited (&#147;GLG
    Limited&#148;), as general partner to GLG Partners, may be
    deemed to be the beneficial owner of all shares owned by GLG
    NAOF. Each of Noam Gottesman, Emmanuel Roman, and Pierre
    Lagrange are Managing Directors of GLG Limited. GLG Partners,
    Inc., which indirectly wholly owns GLG Limited, may be deemed to
    be the beneficial owner of all shares owned by GLG NAOF. Each of
    GLG Partners, GLG Limited, GLG Partners, Inc., GLG Inc., and
    Messrs.&#160;Gottesman, Roman, and Lagrange hereby disclaims any
    beneficial ownership of any such shares, except for their
    pecuniary interest therein.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (14) </TD>
    <TD></TD>
    <TD valign="bottom">
    Goldman Sachs Investment Partners Master Fund, L.P. is an
    affiliate of Goldman, Sachs&#160;&#038; Co., a registered
    broker-dealer and a member of FINRA. We have been advised that
    the information reported by Goldman Sachs Investment Partners
    Master Fund, L.P. reflects the securities beneficially owned by
    certain operating units (collectively, the &#147;Goldman Sachs
    Reporting Units&#148;) of The Goldman Sachs Group, Inc. and its
    subsidiaries and affiliates (collectively, &#147;GSG&#148;) and
    does not reflect securities, if any, beneficially owned by any
    operating units of GSG whose ownership of securities is
    disaggregated from that of the Goldman Sachs Reporting Units in
    accordance with the Securities and Exchange Commission Release
    <FONT style="white-space: nowrap">No.&#160;34-39538</FONT>
    (January&#160;12, 1998). The Goldman Sachs Reporting Units
    disclaim beneficial ownership of the securities beneficially
    owned by (i)&#160;any client accounts with respect o which the
    Goldman Sachs Reporting Units or their employees have voting or
    investment discretion, or both and (ii)&#160;certain investment
    entities of which the Goldman Sachs Reporting Units act as the
    general partner, managing general partner or other manager, to
    the extent interests in such entities are held by persons other
    than the Goldman Sachs Reporting Units.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (15) </TD>
    <TD></TD>
    <TD valign="bottom">
    Daniel S. Och, as Chief Executive Officer of Och-Ziff Capital
    Management Group LLC, the sole shareholder of Och-Ziff Holding
    Corporation, the General Partner of OZ Management LP, the
    Investment Manager to Gordel Holdings Limited, may be deemed to
    have voting and/or investment control of the securities held by
    Gordel Holdings Limited. Mr.&#160;Och disclaims beneficial
    ownership of the shares, except to the extent of their direct
    pecuniary interest therein.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (16) </TD>
    <TD></TD>
    <TD valign="bottom">
    Waterstone Capital Management, L.P. (or an affiliate) is the
    investment manager of (i)&#160;Waterstone Market Neutral Master
    Fund, Ltd., (ii)&#160;Waterstone Market Neutral Mac51, Ltd.,
    (iii)&#160;Waterstone MF Fund, Ltd., (iv)&#160;IAM
    Mini-Fund&#160;21 Limited, (v)&#160;Prime Capital Master SPC,
    GOT WAT MAC Segregated Portfolio and (vi)&#160;Nomura Waterstone
    Market Neutral Fund and exercises voting and dispositive power
    over the shares being registered.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (17) </TD>
    <TD></TD>
    <TD valign="bottom">
    GLG Partners, which serves as the investment manager to
    Interfund SICAV:
    <FONT style="white-space: nowrap">Sub-fund&#160;Interfund</FONT>
    Equity USA (&#147;Interfund SICAV&#148;), may be deemed to be
    the beneficial owner of all shares owned by Interfund SICAV. GLG
    Partners exercises its investment authority directly or
    indirectly through various entities, including without
    limitation, GLG Limited, as general partner to GLG Partners, may
    be deemed to be the beneficial owner of all shares owned by
    Interfund SICAV. Each of Noam Gottesman, Emmanuel Roman, and
    Pierre Lagrange are Managing Directors of GLG Limited. GLG
    Partners, Inc., which indirectly wholly owns GLG Limited, may be
    deemed to be the beneficial owner of all shares owned by
    Interfund SICAV. Each of GLG Partners, GLG Limited, GLG
    Partners, Inc., GLG Inc., and Messrs.&#160;Gottesman, Roman, and
    Lagrange hereby disclaims any beneficial ownership of any such
    shares, except for their pecuniary interest therein.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (18) </TD>
    <TD></TD>
    <TD valign="bottom">
    Jefferies Dakota Master Fund, Ltd., a Cayman Islands exempted
    company (the &#147;Dakota Fund&#148;), is a private investment
    fund. The Dakota Fund&#146;s investment adviser, Jefferies Asset
    Management, LLC (&#147;JAM&#148;) is under the control of
    Jefferies Group, Inc. (&#147;Group&#148;). Group also controls
    Jefferies&#160;&#038; Company, Inc. (&#147;Jefferies&#148;), a
    registered broker-dealer and a member of FINRA. A majority of
    the Dakota Fund&#146;s feeder funds&#146; interests are owned by
    entities also under the common control of Group and employees of
    JAM, but the Dakota Fund&#146;s board of directors is
    independent from both JAM and Jefferies. Jefferies is not
    involved with (i)&#160;the day to day operations of the Dakota
    Fund or JAM, (ii)&#160;the investment strategies of the Dakota
    Fund, (iii)&#160;the operations of the Dakota Fund&#146;s feeder
    funds, (iv)&#160;or the Dakota Fund&#146;s board of directors.
    Further, other than the securities offered by the Dakota Fund
    under this prospectus, the securities were purchased by the
    Dakota Fund through an unaffiliated broker-dealer. Any sales of
    the </TD>
</TR>
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    <BR>
    19
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    securities by the Dakota Fund are expected to be through an
    unaffiliated broker-dealer. The Dakota fund acquired the
    securities as investments in the ordinary course of business.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (19) </TD>
    <TD></TD>
    <TD valign="bottom">
    (i)&#160;John Hancock Bank and Thrift Opportunities Fund,
    (ii)&#160;John Hancock Financial Industries Fund and
    (iii)&#160;John Hancock Regional Bank Fund, are managed by MFC
    Global Investment Management (US) LLC, which has investment
    power over the shares being registered.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (20) </TD>
    <TD></TD>
    <TD valign="bottom">
    Pursuant to an investment advisory agreement with JAM, JAM is
    responsible for the investment management of, and all trading
    decisions for the selling stockholder account including voting
    and selling power of the shares being registered.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (21) </TD>
    <TD></TD>
    <TD valign="bottom">
    Sandler O&#146;Neil Asset Management, LLC is the investment
    manager of (i)&#160;Malta Hedge Fund, L.P., (ii)&#160;Malta
    Hedge Fund&#160;II, L.P., (iii)&#160;Malta MLC Fund, L.P.,
    (iv)&#160;Malta MLC Offshore, Ltd., (v)&#160;Malta Offshore,
    Ltd., (vi)&#160;Malta Partners, L.P., (vii)&#160;Malta Titan
    Fund, L.P. and (viii)&#160;SOAM Capital Partners, L.P. and
    exercises voting and dispositive power over the shares being
    registered.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (22) </TD>
    <TD></TD>
    <TD valign="bottom">
    Tricadia Capital Management, LLC is the investment manager of
    (i)&#160;Mariner-Tricadia Credit Strategies Master Fund, Ltd.
    and (ii)&#160;Structured Credit Opportunities Fund&#160;II, L.P.
    and exercises voting and dispositive power over the shares being
    registered.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (23) </TD>
    <TD></TD>
    <TD valign="bottom">
    (i)&#160;MassMutual Select Small Cap Growth Equity Fund and
    (ii)&#160;MML Small Cap Growth Equity Fund, through its nominee,
    Aurora&#160;&#038; Co., are managed by Wellington, an investment
    advisor registered under the Investment Advisors Act of 1940, as
    amended. Wellington, in such capacity may be deemed to share
    beneficial ownership over the shares held by its client accounts.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (24) </TD>
    <TD></TD>
    <TD valign="bottom">
    Daniel S. Och, as Chief Executive Officer of Och-Ziff Capital
    Management Group LLC, the sole shareholder of Och-Ziff Holding
    LLC, the General Partner of OZ Advisors&#160;II LP, the General
    Partner of OZ Global Special Investments Master Fund, LP, may be
    deemed to have voting and/or investment control of the
    securities held by OZ Global Special Investments Master Fund,
    LP. Mr.&#160;Och disclaims beneficial ownership of the shares,
    except to the extent of their direct pecuniary interest therein.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (25) </TD>
    <TD></TD>
    <TD valign="bottom">
    Daniel S. Och, as Chief Executive Officer of Och-Ziff Capital
    Management Group LLC, the sole shareholder of Och-Ziff Holding
    Corporation, the General Partner of OZ Management LP, the
    Investment Manager to OZ Master Fund, Ltd., may be deemed to
    have voting and/or investment control of the securities held by
    OZ Master Fund, Ltd. Mr.&#160;Och disclaims beneficial ownership
    of the shares, except to the extent of their direct pecuniary
    interest therein.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (26) </TD>
    <TD></TD>
    <TD valign="bottom">
    Daniel S. Och, as Chief Executive Officer of Och-Ziff Capital
    Management Group LLC, the sole shareholder of Och-Ziff Holding
    Corporation, the General Partner of OZ Management LP, the
    Investment Manager to OZ Select Master Fund, Ltd., may be deemed
    to have voting and/or investment control of the securities held
    by OZ Master Fund, Ltd. Mr.&#160;Och disclaims beneficial
    ownership of the shares, except to the extent of their direct
    pecuniary interest therein.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (27) </TD>
    <TD></TD>
    <TD valign="bottom">
    QVT Financial LP is the investment manager for QVT Fund&#160;LP
    and Quintessence Fund&#160;L.P. and shares voting and investment
    control over the securities held by QVT Fund&#160;LP and
    Quintessence Fund&#160;L.P. QVT Financial GP LLC is the general
    partner of QVT Financial LP and as such has complete discretion
    in the management and control of the business affairs of QVT
    Financial LP. QVT Associates GP LLC is the general partner of
    QVT Fund&#160;LP and Quintessence Fund&#160;L.P. and may be
    deemed to beneficially own the securities held by QVT
    Fund&#160;LP and Quintessence Fund&#160;L.P. The managing
    members of QVT Associates GP LLC are Daniel Gold, Nicholas
    Brumm, Arthur Chu and Tracy Fu. Each of QVT Financial LP, QVT
    Financial GP LLC, Daniel Gold, Nicholas Brumm, Arthur Chu and
    Tracy Fu disclaims beneficial ownership of the securities held
    by QVT Fund&#160;LP and Quintessence Fund&#160;L.P. QVT
    Associates GP LLC disclaims beneficial ownership of the
    securities held by QVT Fund&#160;LP and Quintessence Fund L.P.,
    except to the extent of its pecuniary interest therein.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (28) </TD>
    <TD></TD>
    <TD valign="bottom">
    Senvest International LLC is a registered broker-dealer and a
    member of FINRA.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (29) </TD>
    <TD></TD>
    <TD valign="bottom">
    Vanguard Explorer Fund, through its nominee, Vanguard Explorer
    Fund
    <FONT style="white-space: nowrap">c/o&#160;Brown</FONT>
    Brothers Harriman&#160;&#038; Co., is managed by Wellington, an
    investment advisor registered under the Investment Advisors Act
    of 1940, as amended. Wellington, in such capacity may be deemed
    to share beneficial ownership over the shares held by its client
    accounts.</TD>
</TR>

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    <BR>
    20
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

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<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (30) </TD>
    <TD></TD>
    <TD valign="bottom">
    (i)&#160;Wellington Trust&#160;Company, National Association
    Multiple Collective Investment Funds Trust II, Active Small Cap
    Stock Portfolio, (ii)&#160;Wellington Trust&#160;Company,
    National Association Multiple Collective Investment Funds
    Trust&#160;II, Multi-Strategy Global Equity Portfolio,
    (iii)&#160;Wellington Trust&#160;Company, National Association
    Multiple Collective Investment Funds Trust&#160;II, Small Cap
    Opportunities Portfolio and (iv)&#160;Wellington
    Trust&#160;Company, National Association Multiple Common
    Trust&#160;Funds Trust, Small Cap Opportunities Portfolio,
    through its nominee, Finwell&#160;&#038; Co., are managed by
    Wellington, an investment advisor registered under the
    Investment Advisors Act of 1940, as amended. Wellington, in such
    capacity may be deemed to share beneficial ownership over the
    shares held by its client accounts.</TD>
</TR>

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    <BR>
    21
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='112'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PLAN OF
    DISTRIBUTION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are registering the common stock issued to the selling
    stockholders to permit the resale of these shares of common
    stock by the holders of the common stock from time to time after
    the date of this prospectus. We will not receive any of the
    proceeds from the sale by the selling stockholders of the common
    stock. We will bear all fees and expenses incident to our
    obligation to register the common stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The selling stockholders and their successors, including their
    transferees, may sell all or a portion the securities directly
    to purchasers or through underwriters, broker-dealers or agents,
    who may receive compensation in the form of discounts,
    concessions or commissions from the selling stockholders or the
    purchasers of the securities. These discounts, concessions or
    commissions as to any particular underwriter, broker-dealer or
    agent may be in excess of those customary in the types of
    transactions involved.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The securities may be sold in one or more transactions on any
    national securities exchange or quotation service on which the
    securities may be listed or quoted at the time of sale, in the
    over-the-counter market or in transactions otherwise than on
    these exchanges or systems or in the over-the-counter market and
    in one or more transactions at fixed prices, at prevailing
    market prices at the time of sale, at varying prices determined
    at the time of sale or at negotiated prices. These sales may be
    effected in transactions, which may involve crosses or block
    transactions. Additionally, the selling stockholders may enter
    into derivative transactions with third parties, or sell
    securities not covered by this prospectus to third parties in
    privately negotiated transactions. The selling stockholders may
    use any one or more of the following methods when selling shares:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    on any national securities exchange or quotation service on
    which the securities may be listed or quoted at the time of
    sale, including, as of the date of this prospectus, the NYSE in
    the case of the common stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    in the over-the-counter market;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    in transactions otherwise than on these exchanges or services or
    in the over-the-counter market;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    through the writing or settlement of options or other hedging
    transactions, whether the options are listed on an options
    exchange or otherwise;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    ordinary brokerage transactions and transactions in which the
    broker-dealer solicits purchasers;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    block trades in which the broker-dealer will attempt to sell the
    shares as agent but may position and resell a portion of the
    block as principal to facilitate the transaction;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    purchases by a broker-dealer as principal and resale by the
    broker-dealer for its account;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an exchange distribution in accordance with the rules of the
    applicable exchange;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    privately negotiated transactions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    settlement of short sales entered into after the effective date
    of the registration statement of which this prospectus forms a
    part;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    broker-dealers may agree with the selling stockholders to sell a
    specified number of such shares at a stipulated price per share;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a combination of any such methods of sale; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any other method permitted pursuant to applicable law.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, any securities that qualify for sale pursuant to
    Rule&#160;144 or Regulation&#160;S under the Securities Act or
    under Section&#160;4(1) under the Securities Act may be sold
    under such rules rather than pursuant to this prospectus,
    subject to any restriction on transfer contained in the Stock
    Purchase Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The selling stockholders may enter into hedging transactions
    with broker-dealers, which may in turn engage in short sales of
    the securities in the course of hedging the positions they
    assume. The selling stockholders may also sell short the
    securities and deliver common stock to close out short
    positions, or loan or pledge the securities to broker-dealers
    that in turn may sell these securities. The selling stockholders
    may
</DIV>
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    <BR>
    22
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    also enter into option or other transactions with broker-dealers
    or other financial institutions or the creation of one or more
    derivative securities that require the delivery to such
    broker-dealer or other financial institution of shares offered
    by this prospectus, which shares such broker-dealer or other
    financial institution may resell pursuant to this prospectus (as
    supplemented or amended to reflect such transaction). The
    selling stockholders also may transfer and donate the common
    stock in other circumstances in which case the transferees,
    donees, pledgees or other successors in interest will be the
    selling beneficial owners for purposes of this prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The aggregate proceeds to the selling stockholders from the sale
    of the securities will be the purchase price of the securities
    less discounts and commissions, if any.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In effecting sales, broker-dealers or agents engaged by the
    selling stockholders may arrange for other broker-dealers to
    participate. Broker-dealers or agents may receive commissions,
    discounts or concessions from the selling stockholders in
    amounts to be negotiated immediately prior to the sale; but,
    except as set forth in a supplement to this prospectus, in the
    case of an agency transaction will not be in excess of a
    customary brokerage commission in compliance with NASD
    Rule&#160;2440; and in the case of a principal transaction a
    markup or markdown in compliance with NASD IM-2440.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In offering the securities covered by this prospectus, the
    selling stockholders and any broker-dealers who execute sales
    for the selling stockholders may be deemed to be
    &#147;underwriters&#148; within the meaning of
    Section&#160;2(a)(11) of the Securities Act in connection with
    such sales. Any profits realized by the selling stockholders and
    the compensation of any broker-dealer may be deemed to be
    underwriting discounts and commissions. Selling stockholders who
    are &#147;underwriters&#148; within the meaning of
    Section&#160;2(a)(11) of the Securities Act will be subject to
    the prospectus delivery requirements of the Securities Act and
    may be subject to certain statutory and regulatory liabilities,
    including liabilities imposed pursuant to Sections&#160;11, 12
    and 17 of the Securities Act and
    <FONT style="white-space: nowrap">Rule&#160;10b-5</FONT>
    under the Exchange Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In order to comply with the securities laws of certain states,
    if applicable, the securities must be sold in such jurisdictions
    only through registered or licensed brokers or dealers. In
    addition, in certain states the securities may not be sold
    unless the securities are registered or qualified for sale in
    the applicable state or an exemption from the registration or
    qualification requirement is available and is complied with.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The anti-manipulation rules of Regulation&#160;M under the
    Exchange Act may apply to sales of the securities pursuant to
    this prospectus and to the activities of the selling
    stockholders. In addition, we will make copies of this
    prospectus available to the selling stockholders for the purpose
    of satisfying the prospectus delivery requirements of the
    Securities Act. To the extent applicable, Regulation&#160;M may
    also restrict the ability of any person engaged in the
    distribution of the common stock to engage in market-making
    activities with respect to the common stock. All of the
    foregoing may affect the marketability of the common stock and
    the ability of any person or entity to engage in market-making
    activities with respect to the common stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There can be no assurance that any selling stockholder will sell
    any or all of the common stock registered pursuant to the
    registration statement of which this prospectus forms a part.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have agreed to indemnify the selling stockholders against
    certain liabilities, including certain liabilities under the
    Securities Act. We have also agreed, among other things, to bear
    substantially all expenses (other than underwriting discounts
    and selling commissions) in connection with the registration and
    sale of the securities covered by this prospectus.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    23
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='113'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">LEGAL
    MATTERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The validity of the common stock and certain other legal matters
    relating to the offering will be passed upon for us by Enrique
    R. Ubarri, Executive Vice President and General Counsel of Doral
    Financial. As of the date of this prospectus, Mr.&#160;Ubarri
    does not own, directly or indirectly, any shares of common stock
    of the Company.
</DIV>

<A name='114'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EXPERTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The consolidated financial statements incorporated in this
    prospectus by reference from our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 2009, and the
    effectiveness of our internal control over financial reporting
    as of December&#160;31, 2009, have been audited by
    PricewaterhouseCoopers LLP, an independent registered public
    accounting firm, as stated in their report which is incorporated
    herein by reference. Such consolidated financial statements have
    been so incorporated in reliance upon the report of such firm
    given upon their authority as experts in accounting and auditing.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    24
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="g23500g2350021.gif" alt="(DORAL FINANCIAL CORPORATION LOGO)">
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 24pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DORAL
    FINANCIAL CORPORATION</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PART&#160;II<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INFORMATION
    NOT REQUIRED IN PROSPECTUS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;13.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Other
    Expenses of Issuance and Distribution.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth the various expenses to be
    incurred in connection with the sale and distribution of the
    securities being registered hereby, all of which will be borne
    by us (except any underwriting discounts and commissions and
    expenses incurred by the selling stockholders for brokerage,
    accounting, tax or legal services or any other expenses incurred
    by the selling stockholders in disposing of the shares). All
    amounts shown are estimates except the SEC registration fee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="88%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    SEC registration fee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    16,200.41
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Legal fees and expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Accounting fees and expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Miscellaneous expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total Expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;14.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of Directors and Officers.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Article&#160;1.02(B)(6) of the Puerto Rico General Corporation
    Law (the &#147;PR-GCL&#148;) provides that a corporation may
    include in its certificate of incorporation a provision
    eliminating or limiting the personal liability of members of its
    board of directors or governing body for breach of a
    director&#146;s fiduciary duty of care. However, no such
    provision may eliminate or limit the liability of a director for
    breaching his duty of loyalty, failing to act in good faith,
    engaging in intentional misconduct or knowingly violating a law,
    paying an unlawful dividend or approving an unlawful stock
    repurchase or obtaining an improper personal benefit. A
    provision of this type has no effect on the availability of
    equitable remedies, such as injunction or rescission, for breach
    of fiduciary duty. Article&#160;Seventh of Restated Certificate
    of Incorporation of Doral Financial Corporation contains such a
    provision.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Article&#160;4.08 of the PR-GCL authorizes a Puerto Rico
    Corporation to indemnify its officers and directors against
    liabilities arising out of pending or threatened actions, suits
    or proceedings to which such officers and directors may be made
    parties by reason of being officers or directors. Such rights of
    indemnification are not exclusive of any other rights to which
    such officers or directors may be entitled under any by-law,
    agreement, vote of stockholders or otherwise. Section&#160;5 of
    Article&#160;Sixth of the Company&#146;s Restated Certificate of
    Incorporation provides that the Company will indemnify its
    directors, officers and employees to the fullest extent
    permitted by law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Section&#160;1 of Article&#160;IX of the Company&#146;s By-laws
    (the &#147;By-laws&#148;) provides that the Company will
    indemnify any person who was or is a party or is threatened to
    be made a party to any threatened, pending or completed action,
    suit or proceeding, whether civil, criminal, administrative or
    investigative (other than an action by or in the right of the
    Company) by reason of the fact that he is or was a director,
    officer, employee or agent of the Company or is or was serving
    at the request of the Company as a director, officer, employer
    or agent of another corporation or enterprise, against expenses
    (including attorneys&#146; fees), judgments, fines and amounts
    paid in settlement actually and reasonably incurred by him in
    connection with such action, suit or proceeding if he acted in
    good faith and in a manner he reasonably believed to be in or
    not opposed to the best interests of the Company, and with
    respect to any criminal action or proceeding, had no reasonable
    cause to believe his conduct was unlawful.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Section&#160;2 of Article&#160;IX of the By-laws provides that
    the Company will indemnify any person who was or is a party or
    is threatened to be made a party to any threatened, pending or
    completed action or suit by or in the right of the Company to
    procure a judgment in its favor by reason of the fact that such
    person acted in any of the capacities set forth above, against
    expenses (including attorneys&#146; fees), judgments, fines and
    amounts paid in settlement actually and reasonably incurred by
    him in connection with the defense or settlement of such action
    or suit if he acted under similar standards set forth in the
    preceding paragraph, except that no
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    indemnification may be made in respect to any claim, issue or
    matter as to which such person will have been adjudged to be
    liable to the Company unless and only to the extent that the
    court in which such action or suit was brought will determine
    that despite the adjudication of liability, such person is
    fairly and reasonably entitled to be indemnified for such
    expenses which the court will deem proper.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Section&#160;3 of Article&#160;IX of the By-laws provides that
    to the extent a director or officer of the Company has been
    successful on the merits or otherwise in the defense of any
    action, suit or proceeding referred to in Sections&#160;1 and 2
    of Article&#160;IX of the By-laws or in the defense of any
    claim, issue, or matter therein, he will be indemnified against
    expenses (including attorneys&#146; fees) actually and
    reasonably incurred by him in connection therewith.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Section&#160;5 of Article&#160;IX of the By-laws provides that
    the Company will pay expenses incurred in defending a civil or
    criminal action, suit or proceeding in advance of the final
    disposition of such action, suit or proceeding. The Company must
    make such advanced payments if it received an undertaking by or
    on behalf of any person covered by Section&#160;1 of
    Article&#160;IX of the By-laws to repay such amounts, if it is
    ultimately determined that he is not entitled to be indemnified
    by the Company as authorized in Article&#160;IX of the
    <FONT style="white-space: nowrap">By-laws.</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Section&#160;6 and 7 of Article&#160;IX of the By-laws provide
    that indemnification provided for by Sections&#160;1 and 2 of
    Article&#160;IX of the By-laws will not be deemed exclusive of
    any other rights to which the indemnified party may be entitled;
    and that the Company may purchase and maintain insurance on
    behalf of a director or officer of the Company against any
    liability asserted against him or incurred by him in any such
    capacity or arising out of his status as such whether or not the
    Company would have the power to indemnify him against such
    liabilities under such Sections&#160;1 and 2 of Article&#160;IX
    of the By-laws.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company maintains a directors&#146; and officers&#146;
    liability insurance policy.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;15.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Recent
    Sales of Unregistered Securities</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On April&#160;21, 2010 and April&#160;22, 2010, the Company
    issued 278,260&#160;shares and 6,742&#160;shares, respectively,
    of its Mandatorily Convertible Non-Cumulative Non-Voting
    Preferred Stock, $1.00&#160;par value and
    $1,000&#160;liquidation preference per share in a private
    offering to accredited investors pursuant to Regulation&#160;D.
    The aggregate offering price was $180&#160;million. The Company
    paid $9&#160;million to Barclays Capital as sales commissions.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;16.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Exhibits</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="91%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Doral Financial, which
    incorporates the certificates of designation of Doral
    Financial&#146;s 7% Noncumulative Monthly Income Preferred
    Stock, Series&#160;A; Doral Financial&#146;s 8.35% Noncumulative
    Monthly Income Preferred Stock, Series&#160;B; Doral
    Financial&#146;s 7.25% Noncumulative Monthly Income Preferred
    Stock, Series&#160;C; and Doral Financial&#146;s 4.75% Perpetual
    Cumulative Convertible Preferred Stock. (Incorporated herein by
    reference to Exhibit&#160;3.1(j) of Doral Financial&#146;s
    Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2007 filed with the
    Commission on March&#160;19, 2008.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bylaws of Doral Financial, as amended on August&#160;2, 2007.
    (Incorporated herein by reference to Exhibit&#160;3.1 of Doral
    Financial&#146;s Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Commission on August&#160;6, 2007.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Amendment of the Certificate of Incorporation of
    Doral Financial dated March&#160;12, 2010. (Incorporated herein
    by reference to Exhibit&#160;3.1 of Doral Financial&#146;s
    Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Commission on March&#160;16, 2010.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Designation of Mandatorily Convertible
    Non-Cumulative Non-Voting Preferred Stock (including form of
    stock certificate). (Incorporated herein by reference to
    Exhibit&#160;3.1 of Doral Financial&#146;s Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Commission on April&#160;26, 2010.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Common Stock Certificate. (Incorporated herein by reference to
    Exhibit&#160;4.1 of Doral Financial&#146;s Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2007 filed with the
    Commission on March&#160;19, 2008.)
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="91%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Loan and Guaranty Agreement among Puerto Rico Industrial,
    Tourist, Educational, Medical and Environmental Control
    Facilities Financing Authority (&#147;AFICA&#148;), Doral
    Properties, Inc. and Doral Financial. (Incorporated herein by
    reference to exhibit number 4.1 of Doral Financial&#146;s
    Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended September&#160;30, 1999 filed with the
    Commission on November&#160;15, 1999.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Trust&#160;Agreement between AFICA and Citibank, N.A.
    (Incorporated herein by reference to exhibit number 4.2 of Doral
    Financial&#146;s Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended September&#160;30, 1999 filed with the
    Commission on November&#160;15, 1999.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Serial and Term Bond (included in Exhibit&#160;4.3
    hereof).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .5
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Deed of Constitution of First Mortgage over Doral Financial
    Plaza. (Incorporated herein by reference to exhibit number 4.4
    of Doral Financial&#146;s Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended September&#160;30, 1999 filed with the
    Commission on November&#160;15, 1999.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .6
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Mortgage Note secured by First Mortgage referred to in
    Exhibit&#160;4.5 hereto (included in Exhibit&#160;4.5 hereof).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .7
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Pledge and Security Agreement. (Incorporated herein by reference
    to exhibit number 4.6 of Doral Financial&#146;s Quarterly Report
    on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended September&#160;30, 1999 filed with the
    Commission on November&#160;15, 1999.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .8
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Indenture, dated May&#160;14, 1999, between Doral Financial and
    U.S. Bank National Association, as trustee, pertaining to senior
    debt securities. (Incorporated herein by reference to exhibit
    number 4.1 of Doral Financial&#146;s Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Commission on May&#160;21, 1999.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .9
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Indenture, dated May&#160;14, 1999, between Doral Financial and
    Bankers Trust&#160;Company, as trustee, pertaining to
    subordinated debt securities. (Incorporated herein by reference
    to exhibit number 4.3 of Doral Financial&#146;s Current Report
    on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Commission on May&#160;21, 1999.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .10
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Stock Certificate for 7% Noncumulative Monthly Income
    Preferred Stock, Series&#160;A. (Incorporated herein by
    reference to exhibit number 4(A)&#160;of Doral Financial&#146;s
    Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;S-3</FONT>
    filed with the Commission on October&#160;30, 1998.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .11
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Stock Certificate for 8.35% Noncumulative Monthly Income
    Preferred Stock, Series&#160;B. (Incorporated herein by
    reference to exhibit number 4.1 of Doral Financial&#146;s
    Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;8-A</FONT>
    filed with the Commission on August&#160;30, 2000.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .12
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    First Supplemental Indenture, dated as of March&#160;30, 2001,
    between Doral Financial and Deutsche Bank Trust&#160;Company
    Americas (formerly known as Bankers Trust&#160;Company), as
    trustee. (Incorporated herein by reference to exhibit number 4.9
    to Doral Financial&#146;s Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Commission on April&#160;2, 2001.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .13
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Stock Certificate for 7.25% Noncumulative Monthly Income
    Preferred Stock, Series&#160;C. (Incorporated herein by
    reference to exhibit number 4.1 of Doral Financial&#146;s
    Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;8-A</FONT>
    filed with the Commission on May&#160;30, 2002.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .14
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Stock Certificate for 4.75% Perpetual Cumulative
    Convertible Preferred Stock. (Incorporated herein by reference
    to Exhibit&#160;4 to Doral Financial&#146;s Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Commission on September&#160;30, 2003.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .15
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Stock Certificate for Mandatorily Convertible
    Non-Cumulative Non-Voting Preferred Stock (included in
    Exhibit&#160;3.4 hereof).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of opinion of Enrique R. Ubarri,&#160;Esq., Executive Vice
    President and General Counsel of the Company, regarding the
    validity of the common stock being registered.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Order to Cease and Desist issued to Doral Financial by the Board
    of Governors of the Federal Reserve System on March&#160;16,
    2006. (Incorporated herein by reference to Exhibit&#160;99.2 to
    Doral Financial&#146;s Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Commission on March&#160;17, 2006.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Stipulation and Agreement of Partial Settlement, dated as of
    April&#160;27, 2007. (Incorporated herein by reference to
    Exhibit&#160;10.1 of Doral Financial&#146;s Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2006 filed with the
    Commission on April&#160;30, 2007.)
</TD>
</TR>
</TABLE>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    II-3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="91%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Order to Cease and Desist issued to Doral Bank PR by the Federal
    Deposit Insurance Corporation, dated February&#160;19, 2008.
    (Incorporated herein by reference to exhibit number
    <FONT style="white-space: nowrap">99-2</FONT> of
    Doral Financial&#146;s Current Report of
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Commission on February&#160;21, 2008.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Purchase Agreement, dated September&#160;23, 2003, between Doral
    Financial Corporation and Wachovia Securities LLC, as
    Representative of the Initial Purchasers of Doral
    Financial&#146;s 4.75% Perpetual Cumulative Convertible
    Preferred Stock named therein. (Incorporated herein by reference
    to Exhibit&#160;1 to Doral Financial&#146;s Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Commission on September&#160;30, 2003.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .5
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Employment Agreement, dated as of May&#160;23, 2006, between
    Doral Financial and Glen Wakeman. (Incorporated herein by
    reference to Exhibit&#160;10.1 to Doral Financial&#146;s Current
    Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Commission on May&#160;30, 2006.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .6
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Employment Agreement, dated as of August&#160;14, 2006, between
    Doral Financial Corporation and Lesbia Blanco. (Incorporated
    herein by reference to Exhibit&#160;10.1 to Doral
    Financial&#146;s Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended September&#160;30, 2006 filed with the
    Commission on December&#160;29, 2006.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .7
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Employment Agreement, dated as of October&#160;2, 2006, between
    Doral Financial Corporation and Enrique R. Ubarri,&#160;Esq.
    (Incorporated herein by reference to Exhibit&#160;10.7 to Doral
    Financial&#146;s Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended September&#160;30, 2006 filed with the
    Commission on December&#160;29, 2006.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .8
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Employment Agreement, dated as of June&#160;25, 2007, between
    Doral Financial Corporation and Paul Makowski. (Incorporated
    herein by reference to Exhibit&#160;10.11 to Doral
    Financial&#146;s Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2007 filed with the
    Commission on March&#160;19, 2008.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .9
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Employment Agreement, dated as of June&#160;1, 2007, between
    Doral Financial Corporation and Christopher Poulton.
    (Incorporated herein by reference to Exhibit&#160;10.10 to Doral
    Financial&#146;s Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2007 filed with the
    Commission on March&#160;19, 2008.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .10
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Securityholders and Registration Rights Agreement dated as of
    July&#160;19, 2007, between Doral Financial Corporation and
    Doral Holdings Delaware, LLC. (Incorporated herein by reference
    to Exhibit&#160;10.1 to the Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Commission on July&#160;20, 2007.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .11
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Advisory Services Agreements, dated as of July&#160;19, 2007,
    between Doral Financial Corporation and Bear Stearns Merchant
    Manager III, L.P. (Incorporated herein by reference to
    Exhibit&#160;10.2 to the Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Commission on July&#160;20, 2007.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .12
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Doral Financial 2008 Stock Incentive Plan. (Incorporated herein
    by reference to Annex&#160;A to the Definitive Proxy Statement
    for the Doral Financial 2008 Annual Stockholders&#146; Meeting
    filed with the Commission on April&#160;11, 2008.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .13
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Employment Agreement, dated as of March&#160;24, 2009, between
    Doral Financial and Robert E. Wahlman. (Incorporated herein by
    reference to Exhibit&#160;99.2 to Doral Financial&#146;s Current
    Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Commission on March&#160;26, 2009.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .14
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Summary of Doral Financial Corporation 2007 Key Employee
    Incentive Plan. (Incorporated by reference to Exhibit&#160;10.15
    to Doral Financial&#146;s Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    filed with the Commission on September&#160;29, 2009.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .15
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Cooperation Agreement, dated as of April&#160;19, 2010, by and
    among Doral Financial Corporation, Doral Holdings Delaware, LLC,
    Doral Holdings, L.P., and Doral GP Ltd. (Incorporated herein by
    reference to Exhibit&#160;10.15 to Doral Financial&#146;s
    Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended March&#160;31, 2010 filed with the
    Commission on May&#160;10, 2010.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .16
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Stock Purchase Agreement, dated as of April&#160;19, 2010, by
    and among Doral Financial Corporation and the purchasers named
    therein. (Incorporated herein by reference to Exhibit&#160;10.16
    to Doral Financial&#146;s Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended March&#160;31, 2010 filed with the
    Commission on May&#160;10, 2010.)
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    II-4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="91%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    12
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Computation of Ratio of Earnings to Fixed Charges. (Incorporated
    herein by reference to Exhibit&#160;12.1 to Doral
    Financial&#146;s Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended March&#160;31, 2010 filed with the
    Commission on May&#160;10, 2010.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    12
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Computation of Ratio of Earnings to Fixed Charges and Preferred
    Stock Dividends. (Incorporated herein by reference to
    Exhibit&#160;12.2 to Doral Financial&#146;s Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended March&#160;31, 2010 filed with the
    Commission on May&#160;10, 2010.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    21
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    List of Doral Financial&#146;s subsidiaries. (Incorporated
    herein by reference to Exhibit 21 to Doral Financial&#146;s
    Annual Report on Form 10-K for the year ended December&#160;31,
    2009 filed with the Commission on February&#160;26, 2010.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Independent Registered Public Accounting Firm.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .2*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Enrique R. Ubarri,&#160;Esq. (included in
    Exhibit&#160;5.1 filed herewith).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    24
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Powers of Attorney (included in the signature pages to the
    Registration Statement).
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed herewith.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;17.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Undertakings.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned registrant hereby undertakes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;To file, during any period in which offers or sales are
    being made, a post-effective amendment to this registration
    statement:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;to include any prospectus required by
    Section&#160;10(a)(3) of the Securities Act;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;to reflect in the prospectus any facts or events
    arising after the effective date of this registration statement
    (or the most recent post-effective amendment thereof) which,
    individually or in the aggregate, represent a fundamental change
    in the information set forth in this registration statement.
    Notwithstanding the foregoing, any increase or decrease in the
    volume of securities offered (if the total dollar value of
    securities offered would not exceed that which was registered)
    and any deviation from the low or high end of the estimated
    maximum offering range may be reflected in the form of
    prospectus filed with the U.S.&#160;Securities and Exchange
    Commission (the &#147;Commission&#148;) pursuant to
    Rule&#160;424(b) if, in the aggregate, the changes in volume and
    price represent no more than 20&#160;percent change in the
    maximum aggregate offering price set forth in the
    &#147;Calculation of Registration Fee&#148; table in the
    effective registration statement;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;to include any material information with respect to
    the plan of distribution not previously disclosed in this
    registration statement or any material change to such
    information in this registration statement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;That, for the purposes of determining any liability
    under the Securities Act of 1933, each post-effective amendment
    shall be deemed to be a new registration statement relating to
    the securities offered therein, and the offering of such
    securities at the time shall be deemed to be the initial <I>bona
    fide </I>offering thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;To remove from registration by means of a
    post-effective amendment any of the securities being registered
    which remain unsold at the termination of the offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (4)&#160;That, for the purpose of determining liability under
    the Securities Act of 1933 to any purchaser:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;each prospectus filed by a registrant pursuant to
    Rule&#160;424(b)(3) shall be deemed to be part of the
    registration statement as of the date the filed prospectus was
    deemed part of and included in the registration
    statement;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;each prospectus required to be filed pursuant to Rule
    424(b)(2), (b)(5), or (b)(7) as part of a registration statement
    in reliance on Rule&#160;430B relating to an offering made
    pursuant to
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    II-5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Rule&#160;415(a)(1)(i), (vii)&#160;or (x)&#160;for the purpose
    of providing the information required by Section&#160;10(a) of
    the Securities Act of 1933 shall be deemed to be part of and
    included in the registration statement as of the earlier of the
    date such form of prospectus is first used after effectiveness
    or the date of the first contract of sale of securities in the
    offering described in the prospectus. As provided in
    Rule&#160;430B, for liability purposes of the issuer and any
    person that is at that date an underwriter, such date shall be
    deemed to be a new effective date of the registration statement
    relating to the securities in the registration statement to
    which that prospectus relates, and the offering of such
    securities at that time shall be deemed to be the initial bona
    fide offering thereof. Provided, however, that no statement made
    in a registration statement or prospectus that is part of the
    registration statement or made in a document incorporated or
    deemed incorporated by reference into the registration statement
    or prospectus that is part of the registration statement will,
    as to a purchaser with a time of contract of sale prior to such
    effective date, supersede or modify any statement that was made
    in the registration statement or prospectus that was part of the
    registration statement or made in any such document immediately
    prior to such effective date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (5)&#160;That, for the purpose of determining liability of a
    registrant under the Securities Act of 1933 to any purchaser in
    the initial distribution of the securities:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned registrant undertakes that in a primary offering
    of securities of the undersigned registrant pursuant to this
    registration statement, regardless of the underwriting method
    used to sell the securities to the purchaser, if the securities
    are offered or sold to such purchaser by means of any of the
    following communications the undersigned registrant will be a
    seller to the purchaser and will be considered to offer or sell
    such securities to such purchaser:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;any preliminary prospectus or prospectus of the
    undersigned registrant relating to the offering required to be
    filed pursuant to Rule 424;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;any free writing prospectus relating to the offering
    prepared by or on behalf of the undersigned registrant or used
    or referred to by the undersigned registrant;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;the portion of any other free writing prospectus
    relating to the offering containing material information about
    the undersigned registrant or its securities provided by or on
    behalf of the undersigned registrant;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;any other communication that is an offer in the
    offering made by the undersigned registrant to the purchaser.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Insofar as indemnification for liabilities arising under the
    Securities Act of 1933&#160;may be permitted to directors,
    officers and controlling persons of the registrant pursuant to
    the indemnification provisions described herein, or otherwise,
    the registrant has been advised that in the opinion of the
    Securities and Exchange Commission such indemnification is
    against public policy as expressed in the Securities Act of 1933
    and is, therefore, unenforceable. In the event that a claim for
    indemnification against such liabilities (other than the payment
    by the registrant of expenses incurred or paid by a director,
    officer or controlling person of the registrant in the
    successful defense of any action, suit or proceeding) is
    asserted by such director, officer or controlling person in
    connection with the securities being registered, the registrant
    will, unless in the opinion of its counsel the matter has been
    settled by controlling precedent, submit to a court of
    appropriate jurisdiction the question whether such
    indemnification by it is against public policy as expressed in
    the Securities Act of 1933 and will be governed by the final
    adjudication of such issue.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, Doral Financial Corporation has duly caused this
    Registration Statement to be signed on its behalf by the
    undersigned, thereunto duly authorized, in the City of
    San&#160;Juan, Commonwealth of Puerto Rico, on May&#160;21, 2010.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    DORAL FINANCIAL CORPORATION
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Glen
    R. Wakeman</FONT></DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;&#160;&#160;&#160;&#160;Glen R. Wakeman
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    Chief Executive Officer, President and Director
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Power of
    Attorney and Signatures</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    KNOW ALL MEN BY THESE PRESENTS, that each person whose signature
    appears below constitutes and appoints Glen R. Wakeman, Robert
    E. Wahlman, Enrique R. Ubarri, and Laura G. Vasquez, and each of
    them individually,
    <FONT style="white-space: nowrap">his/her</FONT> true
    and lawful attorneys-in-fact and agents, with full power and in
    any and all capacities, to sign this Registration Statement and
    any and all amendments (including post-effective amendments) to
    this Registration Statement, and to file such Registration
    Statement and all such amendments or supplements, with all
    exhibits thereto, and other documents in connection therewith,
    with the Securities and Exchange Commission, granting unto said
    attorneys-in-fact and agents, and each of them, full power and
    authority to do and perform each and every act and thing
    requisite or necessary to be done in and about the premises, as
    fully to all intents and purposes as he might or could do in
    person, thereby ratifying and confirming all that said
    attorneys-in-fact and agents or any of them, or their or his
    substitutes or substitute, may lawfully do or cause to be done
    by virtue thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, this Registration Statement has been signed by the
    following persons in the capacities indicated, on May&#160;21,
    2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="37%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="56%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Glen
    R. Wakeman</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Glen
    R. Wakeman
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Chief Executive Officer, President and Director
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Robert
    E. Wahlman</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Robert
    E. Wahlman
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Executive Vice President and Chief Financial Officer
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Dennis
    G. Buchert</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Dennis
    G. Buchert
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">James
    E. Gilleran</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>James
    E. Gilleran
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Douglas
    L. Jacobs</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Douglas
    L. Jacobs
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">David
    E. King</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>David
    E. King
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Mark
    Kleinman</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Mark
    Kleinman
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="37%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="56%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Howard
    M. Levkowitz</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Howard
    M. Levkowitz
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Frank
    W. Baier</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Frank
    W. Baier
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Raymond
    J. Quinlan</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Raymond
    J. Quinlan
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Gerard
    L. Smith</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Gerard
    L. Smith
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Laura
    G. Vazquez</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Laura
    G. Vazquez
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Senior Vice President, Controller and <BR>
    Principal Accounting Officer
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EXHIBIT&#160;INDEX</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="91%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Doral Financial, which
    incorporates the certificates of designation of Doral
    Financial&#146;s 7% Noncumulative Monthly Income Preferred
    Stock, Series&#160;A; Doral Financial&#146;s 8.35% Noncumulative
    Monthly Income Preferred Stock, Series&#160;B; Doral
    Financial&#146;s 7.25% Noncumulative Monthly Income Preferred
    Stock, Series&#160;C; and Doral Financial&#146;s 4.75% Perpetual
    Cumulative Convertible Preferred Stock. (Incorporated herein by
    reference to Exhibit&#160;3.1(j) of Doral Financial&#146;s
    Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2007 filed with the
    Commission on March&#160;19, 2008.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bylaws of Doral Financial, as amended on August&#160;2, 2007.
    (Incorporated herein by reference to Exhibit&#160;3.1 of Doral
    Financial&#146;s Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Commission on August&#160;6, 2007.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Amendment of the Certificate of Incorporation of
    Doral Financial dated March&#160;12, 2010. (Incorporated herein
    by reference to Exhibit&#160;3.1 of Doral Financial&#146;s
    Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Commission on March&#160;16, 2010.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Designation of Mandatorily Convertible
    Non-Cumulative Non-Voting Preferred Stock (including form of
    stock certificate). (Incorporated herein by reference to
    Exhibit&#160;3.1 of Doral Financial&#146;s Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Commission on April&#160;26, 2010.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Common Stock Certificate. (Incorporated herein by reference to
    Exhibit&#160;4.1 of Doral Financial&#146;s Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2007 filed with the
    Commission on March&#160;19, 2008.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Loan and Guaranty Agreement among Puerto Rico Industrial,
    Tourist, Educational, Medical and Environmental Control
    Facilities Financing Authority (&#147;AFICA&#148;), Doral
    Properties, Inc. and Doral Financial. (Incorporated herein by
    reference to exhibit number 4.1 of Doral Financial&#146;s
    Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended September&#160;30, 1999 filed with the
    Commission on November&#160;15, 1999.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Trust&#160;Agreement between AFICA and Citibank, N.A.
    (Incorporated herein by reference to exhibit number 4.2 of Doral
    Financial&#146;s Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended September&#160;30, 1999 filed with the
    Commission on November&#160;15, 1999.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Serial and Term Bond (included in Exhibit&#160;4.3
    hereof).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .5
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Deed of Constitution of First Mortgage over Doral Financial
    Plaza. (Incorporated herein by reference to exhibit number 4.4
    of Doral Financial&#146;s Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended September&#160;30, 1999 filed with the
    Commission on November&#160;15, 1999.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .6
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Mortgage Note secured by First Mortgage referred to in
    Exhibit&#160;4.5 hereto (included in Exhibit&#160;4.5 hereof).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .7
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Pledge and Security Agreement. (Incorporated herein by reference
    to exhibit number 4.6 of Doral Financial&#146;s Quarterly Report
    on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended September&#160;30, 1999 filed with the
    Commission on November&#160;15, 1999.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .8
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Indenture, dated May&#160;14, 1999, between Doral Financial and
    U.S. Bank National Association, as trustee, pertaining to senior
    debt securities. (Incorporated herein by reference to exhibit
    number 4.1 of Doral Financial&#146;s Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Commission on May&#160;21, 1999.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .9
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Indenture, dated May&#160;14, 1999, between Doral Financial and
    Bankers Trust&#160;Company, as trustee, pertaining to
    subordinated debt securities. (Incorporated herein by reference
    to exhibit number 4.3 of Doral Financial&#146;s Current Report
    on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Commission on May&#160;21, 1999.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .10
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Stock Certificate for 7% Noncumulative Monthly Income
    Preferred Stock, Series&#160;A. (Incorporated herein by
    reference to exhibit number 4(A)&#160;of Doral Financial&#146;s
    Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;S-3</FONT>
    filed with the Commission on October&#160;30, 1998.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .11
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Stock Certificate for 8.35% Noncumulative Monthly Income
    Preferred Stock, Series&#160;B. (Incorporated herein by
    reference to exhibit number 4.1 of Doral Financial&#146;s
    Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;8-A</FONT>
    filed with the Commission on August&#160;30, 2000.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .12
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    First Supplemental Indenture, dated as of March&#160;30, 2001,
    between Doral Financial and Deutsche Bank Trust&#160;Company
    Americas (formerly known as Bankers Trust&#160;Company), as
    trustee. (Incorporated herein by reference to exhibit number 4.9
    to Doral Financial&#146;s Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Commission on April&#160;2, 2001.)
</TD>
</TR>
</TABLE>
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<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="91%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .13
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Stock Certificate for 7.25% Noncumulative Monthly Income
    Preferred Stock, Series&#160;C. (Incorporated herein by
    reference to exhibit number 4.1 of Doral Financial&#146;s
    Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;8-A</FONT>
    filed with the Commission on May&#160;30, 2002.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .14
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Stock Certificate for 4.75% Perpetual Cumulative
    Convertible Preferred Stock. (Incorporated herein by reference
    to Exhibit&#160;4 to Doral Financial&#146;s Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Commission on September&#160;30, 2003.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .15
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Stock Certificate for Mandatorily Convertible
    Non-Cumulative Non-Voting Preferred Stock (included in
    Exhibit&#160;3.4 hereof).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of opinion of Enrique R. Ubarri,&#160;Esq., Executive Vice
    President and General Counsel of the Company, regarding the
    validity of the common stock being registered.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Order to Cease and Desist issued to Doral Financial by the Board
    of Governors of the Federal Reserve System on March&#160;16,
    2006. (Incorporated herein by reference to Exhibit&#160;99.2 to
    Doral Financial&#146;s Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Commission on March&#160;17, 2006.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Stipulation and Agreement of Partial Settlement, dated as of
    April&#160;27, 2007. (Incorporated herein by reference to
    Exhibit&#160;10.1 of Doral Financial&#146;s Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2006 filed with the
    Commission on April&#160;30, 2007.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Order to Cease and Desist issued to Doral Bank PR by the Federal
    Deposit Insurance Corporation, dated February&#160;19, 2008.
    (Incorporated herein by reference to exhibit number
    <FONT style="white-space: nowrap">99-2</FONT> of
    Doral Financial&#146;s Current Report of
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Commission on February&#160;21, 2008.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Purchase Agreement, dated September&#160;23, 2003, between Doral
    Financial Corporation and Wachovia Securities LLC, as
    Representative of the Initial Purchasers of Doral
    Financial&#146;s 4.75% Perpetual Cumulative Convertible
    Preferred Stock named therein. (Incorporated herein by reference
    to Exhibit&#160;1 to Doral Financial&#146;s Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Commission on September&#160;30, 2003.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .5
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Employment Agreement, dated as of May&#160;23, 2006, between
    Doral Financial and Glen Wakeman. (Incorporated herein by
    reference to Exhibit&#160;10.1 to Doral Financial&#146;s Current
    Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Commission on May&#160;30, 2006.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .6
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Employment Agreement, dated as of August&#160;14, 2006, between
    Doral Financial Corporation and Lesbia Blanco. (Incorporated
    herein by reference to Exhibit&#160;10.1 to Doral
    Financial&#146;s Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended September&#160;30, 2006 filed with the
    Commission on December&#160;29, 2006.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .7
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Employment Agreement, dated as of October&#160;2, 2006, between
    Doral Financial Corporation and Enrique R. Ubarri,&#160;Esq.
    (Incorporated herein by reference to Exhibit&#160;10.7 to Doral
    Financial&#146;s Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended September&#160;30, 2006 filed with the
    Commission on December&#160;29, 2006.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .8
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Employment Agreement, dated as of June&#160;25, 2007, between
    Doral Financial Corporation and Paul Makowski. (Incorporated
    herein by reference to Exhibit&#160;10.11 to Doral
    Financial&#146;s Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2007 filed with the
    Commission on March&#160;19, 2008.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .9
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Employment Agreement, dated as of June&#160;1, 2007, between
    Doral Financial Corporation and Christopher Poulton.
    (Incorporated herein by reference to Exhibit&#160;10.10 to Doral
    Financial&#146;s Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2007 filed with the
    Commission on March&#160;19, 2008.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .10
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Securityholders and Registration Rights Agreement dated as of
    July&#160;19, 2007, between Doral Financial Corporation and
    Doral Holdings Delaware, LLC. (Incorporated herein by reference
    to Exhibit&#160;10.1 to the Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Commission on July&#160;20, 2007.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .11
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Advisory Services Agreements, dated as of July&#160;19, 2007,
    between Doral Financial Corporation and Bear Stearns Merchant
    Manager III, L.P. (Incorporated herein by reference to
    Exhibit&#160;10.2 to the Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Commission on July&#160;20, 2007.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .12
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Doral Financial 2008 Stock Incentive Plan. (Incorporated herein
    by reference to Annex&#160;A to the Definitive Proxy Statement
    for the Doral Financial 2008 Annual Stockholders&#146; Meeting
    filed with the Commission on April&#160;11, 2008.)
</TD>
</TR>
</TABLE>
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<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
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<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .13
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Employment Agreement, dated as of March&#160;24, 2009, between
    Doral Financial and Robert E. Wahlman. (Incorporated herein by
    reference to Exhibit&#160;99.2 to Doral Financial&#146;s Current
    Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Commission on March&#160;26, 2009.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .14
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Summary of Doral Financial Corporation 2007 Key Employee
    Incentive Plan. (Incorporated by reference to Exhibit&#160;10.15
    to Doral Financial&#146;s Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    filed with the Commission on September&#160;29, 2009)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .15
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Cooperation Agreement, dated as of April&#160;19, 2010, by and
    among Doral Financial Corporation, Doral Holdings Delaware, LLC,
    Doral Holdings, L.P., and Doral GP Ltd. (Incorporated herein by
    reference to Exhibit&#160;10.15 to Doral Financial&#146;s
    Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended March&#160;31, 2010 filed with the
    Commission on May&#160;10, 2010.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .16
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Stock Purchase Agreement, dated as of April&#160;19, 2010, by
    and among Doral Financial Corporation and the purchasers named
    therein. (Incorporated herein by reference to Exhibit&#160;10.16
    to Doral Financial&#146;s Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended March&#160;31, 2010 filed with the
    Commission on May&#160;10, 2010.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    12
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Computation of Ratio of Earnings to Fixed Charges. (Incorporated
    herein by reference to Exhibit&#160;12.1 to Doral
    Financial&#146;s Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended March&#160;31, 2010 filed with the
    Commission on May&#160;10, 2010.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    12
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Computation of Ratio of Earnings to Fixed Charges and Preferred
    Stock Dividends. (Incorporated herein by reference to
    Exhibit&#160;12.2 to Doral Financial&#146;s Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended March&#160;31, 2010 filed with the
    Commission on May&#160;10, 2010.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    21
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    List of Doral Financial&#146;s subsidiaries. (Incorporated
    herein by reference to Exhibit 21 of Doral Financial Annual
    Report on Form 10-K for the year ended December&#160;31, 2009
    filed with the Commission on February&#160;26,2010.)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Independent Registered Public Accounting Firm.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .2*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Enrique R. Ubarri,&#160;Esq. (included in
    Exhibit&#160;5.1 filed herewith).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    24
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Powers of Attorney (included in the signature pages to the
    Registration Statement).
</TD>
</TR>
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    * </TD>
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    Filed herewith.</TD>
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[{"type": "S-1", "sequence": "1", "filename": "g23500sv1.htm", "description": "FORM S-1", "secsgml_size_bytes": 422090}]
{"company-data": {"conformed-name": "DORAL FINANCIAL CORP", "cik": "0000840889", "assigned-sic": "6029", "irs-number": "660312162", "state-of-incorporation": "PR", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-1", "act": "33", "file-number": "333-167012", "film-number": "10851370"}, "business-address": {"street1": "1451 FRANKLIN D ROOSEVELT AVENUE", "city": "SAN JUAN", "state": "PR", "zip": "00920-2717", "phone": "787-474-6700"}, "mail-address": {"street1": "1451 FRANKLIN D ROOSEVELT AVE", "street2": "AVENUE F D ROOSEVELT 1159", "city": "SAN JUAN", "state": "PR", "zip": "00920-2717"}, "former-company": {"former-conformed-name": "FIRST FINANCIAL CARIBBEAN CORP", "date-changed": "19920703"}}
sv1
Table of Contents
As filed with the Securities and Exchange Commission on
    May 21, 2010
Registration
    No. 333-
UNITED STATES SECURITIES AND
    EXCHANGE COMMISSION
Washington, D.C.
    20549
Form S-1
REGISTRATION STATEMENT
    UNDER
THE SECURITIES ACT OF
    1933
DORAL FINANCIAL
    CORPORATION
(Exact name of registrant as
    specified in its charter)
Puerto Rico
6029
66-0312162
(State or other jurisdiction
    of
incorporation or organization
(Primary Standard Industrial
Classification Code Number)
(I.R.S. Employer
Identification Number)
1451 Franklin D. Roosevelt Avenue
San Juan, Puerto Rico 00920-2717
(787) 474-6700
(Address, including zip code,
    and telephone number, including area code, of registrant's
    principal executive offices)
Enrique R. Ubarri, Esq.
Executive Vice President and General Counsel
Doral Financial Corporation
1451 Franklin D. Roosevelt Avenue
San Juan, Puerto Rico 00920-2717
(787) 474-6700
(Name, address, including zip
    code, and telephone number, including area code, of agent for
    service)
Copy to:
Victor Lewkow, Esq.
Leslie N. Silverman, Esq.
Cleary, Gottlieb, Steen & Hamilton LLP
One Liberty Plaza
New York, New York 10006
(212) 225-2000
Approximate date of commencement of proposed sale to the
    public:
From time to time after this Registration
    Statement becomes effective.
If any of the securities being registered on this Form are to be
    offered on a delayed or continuous basis pursuant to
    Rule 415 under the Securities Act of 1933, check the
    following
    box:
þ
If this Form is filed to register additional securities for an
    offering pursuant to Rule 462(b) under the Securities Act,
    check the following box and list the Securities Act registration
    statement number of the earlier effective registration statement
    for the same
    offering:
o
If this Form is a post-effective amendment filed pursuant to
    Rule 462(c) under the Securities Act, check the following
    box and list the Securities Act registration statement number of
    the earlier effective registration statement for the same
    offering:
o
If this Form is a post-effective amendment filed pursuant to
    Rule 462(d) under the Securities Act, check the following
    box and list the Securities Act registration statement number of
    the earlier effective registration statement for the same
    offering:
o
Indicate by check mark whether the registrant is a large
    accelerated filer, an accelerated filer, a non-accelerated
    filer, or a smaller reporting company. See definitions of
    "large accelerated filer," "accelerated
    filer" and "smaller reporting company" in
    Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated
    filer
o
Accelerated
    filer
o
Non-accelerated
filer
þ
Smaller reporting
    company
o
(Do not check if a smaller
    reporting company)
CALCULATION OF REGISTRATION FEE
Proposed Maximum
Proposed Maximum
Title of Each Class of
Amount to be
Offering Price
Aggregate Offering
Amount of
Securities to be Registered
Registered
Per Unit(1)
Price(1)
Registration Fee
Common Stock, $0.01 par value per share
93,504,020 shares
$2.43
$227,214,768.60
$16,200.41
(1)
Estimated solely for the purpose of calculating the registration
    fee and based on the average of the high and low sales prices of
    our common stock on May 20, 2010 on the New York Stock
    Exchange pursuant to Rule 457(c) under the Securities Act
    of 1933, as amended.
The Registrant hereby amends this Registration Statement on
    such date or dates as may be necessary to delay its effective
    date until the Registrant shall file a further amendment which
    specifically states that this Registration Statement shall
    thereafter become effective in accordance with Section 8(a)
    of the Securities Act of 1933 or until the Registration
    Statement shall become effective on such date as the Commission,
    acting pursuant to said Section 8(a), may determine.
Table of Contents
The
information in this preliminary prospectus is not complete and
may be changed. These securities may not be sold until the
registration statement filed with the Securities and Exchange
Commission is effective. This preliminary prospectus is not an
offer to sell these securities and is not soliciting an offer to
buy these securities in any state where the offer or sale is not
permitted.
SUBJECT TO COMPLETION, DATED
    MAY 21, 2010
PRELIMINARY PROSPECTUS
DORAL FINANCIAL
    CORPORATION
Shares of Common
    Stock
This prospectus relates to the potential resale from time to
    time by selling stockholders of shares of Doral Financial
    Corporation common stock, $0.01 par value per share. In
    this prospectus, we also refer to the shares of common stock as
    the securities.
The selling stockholders may offer the securities from time to
    time directly or through underwriters, broker-dealers or agents
    and in one or more public or private transactions and at fixed
    prices, prevailing market prices, at prices related to
    prevailing market prices or at negotiated prices. If the
    securities are sold through underwriters, broker-dealers or
    agents, the selling stockholders will be responsible for
    underwriting discounts or commissions or agents'
    commissions.
We will not receive any proceeds from the sale of the securities
    by the selling stockholders.
Our common stock trades on the New York Stock Exchange under the
    symbol "DRL." On May 20, 2010, the closing price
    of our common stock on the New York Stock Exchange was $2.28 per
    share. You are urged to obtain current market quotations of our
    common stock.
Our principal executive offices are located at 1451 Franklin D.
    Roosevelt Avenue, San Juan, Puerto Rico
00920-2717,
and our telephone number is
(787) 474-6700.
Investing in our securities involves a high degree of risk.
    You should consider carefully the risks and uncertainties in the
    section entitled "Risk Factors" on page 4 of this
    prospectus and in the documents we file with the Securities and
    Exchange Commission before investing in our securities.
The securities offered hereby are our unsecured obligations
    and are not savings accounts, deposits, or other obligations of
    any bank or non-bank subsidiary of ours and are not insured by
    the Federal Deposit Insurance Corporation or any other
    governmental agency.
Neither the Securities and Exchange Commission, any state
    securities commission, the Federal Deposit Insurance
    Corporation, the Board of Governors of the Federal Reserve
    System, nor any other regulatory body has approved or
    disapproved of these securities or passed upon the adequacy or
    accuracy of this prospectus. Any representation to the contrary
    is a criminal offense.
The date of this prospectus
    is          ,
    2010.
TABLE OF
    CONTENTS
ABOUT THIS PROSPECTUS
ii
SUMMARY
1
RISK FACTORS
4
FORWARD-LOOKING STATEMENTS
4
WHERE YOU CAN FIND MORE INFORMATION
5
INCORPORATION OF CERTAIN DOCUMENTS BY
    REFERENCE
6
USE OF PROCEEDS
7
MARKET FOR COMMON STOCK, RELATED STOCKHOLDER
    MATTERS, PURCHASES OF EQUITY SECURITIES AND STOCK-BASED
    COMPENSATION PLANS
7
DIVIDEND POLICY
7
DESCRIPTION OF OUR CAPITAL STOCK
8
SELLING STOCKHOLDERS
13
PLAN OF DISTRIBUTION
22
LEGAL MATTERS
24
EXPERTS
24
EX-5.1
EX-23.1
Table of Contents
ABOUT
    THIS PROSPECTUS
This prospectus is part of a registration statement we filed
    with the Securities and Exchange Commission, or the SEC, using a
    "shelf" registration process. Under this shelf
    registration process, the selling stockholders may, from time to
    time, offer and sell, in one or more offerings, the securities
    described in this prospectus.
We may provide a prospectus supplement containing specific
    information about the terms of a particular offering by the
    selling stockholders. The prospectus supplement may add, update
    or change information in this prospectus. If the information in
    this prospectus is inconsistent with a prospectus supplement,
    you should rely on the information in that prospectus
    supplement. You should read both this prospectus and, if
    applicable, any prospectus supplement as well as any
    post-effective amendments to the registration statement of which
    this prospectus forms a part, together with the additional
    information described under "Where You Can Find More
    Information" before you make any investment decision.
In this prospectus, "the Company," "Doral
    Financial," "we," "our,"
    "ours," and "us" refer to Doral Financial
    Corporation, which is a bank holding company headquartered in
    San Juan, Puerto Rico, and its subsidiaries on a
    consolidated basis, unless the context otherwise requires.
ii
Table of Contents
SUMMARY
This summary highlights information contained elsewhere in,
    or incorporated by reference into, this prospectus. As a result,
    it may not contain all of the information that may be important
    to you or that you should consider before making a decision as
    to whether or not to invest in our securities and is qualified
    in its entirety by the more detailed information included in and
    incorporated by reference into this prospectus. You should
    carefully read this entire prospectus, including the "Risk
    Factors" section and the documents incorporated by
    reference, which are described under "Where You Can Find
    More Information" and "Incorporation of Certain
    Documents by Reference," before making your decision. For a
    more complete description of our business, see the
    "Business" section of our Annual Report on
Form 10-K
for the fiscal year ended December 31, 2009, which is
    incorporated by reference herein.
Business
Doral Financial Corporation was organized in 1972 under the laws
    of the Commonwealth of Puerto Rico. We presently operate as a
    bank holding company. Our operations are principally conducted
    in Puerto Rico. We also operate in mainland United States,
    principally in the New York metropolitan area. We continue to
    explore opportunities for growth and expansion both organically
    and by acquisition, including Federal Deposit Insurance
    Corporation ("FDIC") assisted acquisitions for banks
    that fail and are placed in receivership. Our principal
    executive offices are located at 1451 Franklin D. Roosevelt
    Avenue, San Juan, Puerto Rico
00920-2717,
and our telephone number is
(787) 474-6700.
We manage our business through three operating segments that are
    organized by legal entity and aggregated by line of business:
    banking (including thrift operations), mortgage banking and
    insurance agency. In the past the Company operated a fourth
    segment: institutional securities.
Banking
Through our principal banking subsidiary, Doral Bank, a Puerto
    Rico commercial bank ("Doral Bank PR"), we accept
    deposits from the general public and institutions, obtain
    borrowings, originate and invest in loans (primarily residential
    real estate mortgage loans), invest in mortgage-backed
    securities as well as in other investment securities, and offer
    traditional banking services. Approximately 92% of Doral Bank
    PR's loan portfolio was secured by real estate as of
    March 31, 2010. Doral Bank PR operates 35 branch offices in
    Puerto Rico. Loans are primarily originated through the branch
    office network and centralized loan departments. Internal
    mortgage loan originations are also supplemented by wholesale
    loan purchases from third parties.
This segment also includes the operations conducted through
    Doral Bank PR's subsidiaries, Doral Money, Inc.
    ("Doral Money"), which engages in commercial and
    construction lending in the New York City metropolitan area, and
    CB, LLC, a Puerto Rico limited liability company organized in
    connection with the receipt, in lieu of foreclosure, of the real
    property securing an interim construction loan and our decision
    to continue the development of the related residential housing
    project on a temporary basis. During the third quarter of 2009,
    Doral Money organized a new middle market syndicated lending
    unit that is engaged in purchasing participations in senior
    credit facilities in the U.S. syndicated leverage loan
    market.
We also operate a federal savings bank in New York, New York
    under the name of Doral Bank, FSB ("Doral Bank NY")
    that, following the sale of its 11 retail branches in July 2007,
    operates through a single branch. Doral Bank NY gathers deposits
    primarily through an internet-based platform and originates and
    invests in loans, consisting primarily of interim loans secured
    by multifamily apartment buildings and other commercial
    properties, and also invests in investment securities.
Mortgage
    banking
Our mortgage origination business is conducted by Doral Mortgage
    LLC ("Doral Mortgage"), a wholly-owned subsidiary of
    Doral Bank PR, and our mortgage servicing business is operated
    by Doral Bank PR.
1
Table of Contents
Insurance
    agency
Our wholly-owned subsidiary, Doral Insurance Agency, Inc.
    ("Doral Insurance Agency"), offers property, casualty,
    life and title insurance as an insurance agency, primarily to
    its mortgage loan customers.
Summary
    of the Offering
Issuer
Doral Financial Corporation, a Puerto Rico corporation.
Seller
One or more selling stockholders, see "Selling
    Stockholders." We are not selling any of the securities.
Common Shares Offered
93,504,020 shares of common stock, par value $0.01.
Use of Proceeds
All securities sold pursuant to this prospectus will be offered
    and sold by the selling stockholders. We will not receive any of
    the proceeds from such sales.
Risk Factors
For a discussion of risks and uncertainties involved with an
    investment in our securities, see "Risk Factors" on
    page 4 of this prospectus.
NYSE Symbol
"DRL."
Summary
    of the Underlying Transactions
Private
    Placement of Mandatorily Convertible Non-Cumulative Non-Voting
    Preferred Stock
On April 19, 2010, we entered into a definitive Stock
    Purchase Agreement (the "Stock Purchase Agreement")
    with various investors to raise new equity capital for the
    Company through a private placement. In the private placement,
    we issued to certain accredited investors, including certain
    direct and indirect investors in Doral Holdings LLC, a Delaware
    limited liability company ("Doral Holdings"), our
    parent company, the following securities: 180,000 shares of
    our Mandatorily Convertible Non-Cumulative Non-Voting Preferred
    Stock, $1.00 par value and $1,000 liquidation preference
    per share (the "Mandatorily Convertible Preferred
    Stock"); and 105,002 shares of Mandatorily Convertible
    Preferred Stock with a liquidation value of approximately
    $105 million, which were deposited into escrow pending the
    result of our bids for potential FDIC-assisted transactions, and
    which were released to investors on May 3, 2010. After
    giving effect to the release of shares of Mandatorily
    Convertible Preferred Stock from escrow, the shares of
    Mandatorily Convertible Preferred Stock issued in the capital
    raise in the aggregate had an effective sale price of $3.00 per
    common share equivalent.
The Mandatorily Convertible Preferred Stock of each holder will
    mandatorily convert into shares of our common stock at an
    initial conversion price of $4.75 per share (or up to
    60,000,421 shares of common stock), subject to adjustment,
    following the latest of: (1) the receipt by the Company of
    stockholder approval (described below); (2) if applicable
    to the holder's conversion, the expiration or termination
    of any waiting period under the
Hart-Scott-Rodino
Antitrust Improvement Act of 1976, as amended (the "HSR
    Act"); and (3) in the case of an investor that is a
    direct or indirect investor in Doral Holdings, the earlier of
    (a) the date on which the registration statement of which
    this prospectus forms a part has been declared effective and
    (b) October 18, 2010 (the 180th day after the
    date of first issue of the Mandatorily Convertible Preferred
    Stock), provided that such investor may delay conversion until
    after the dissolution of Doral Holdings referred to below.
However, if a holder owns or would own following conversion,
    directly or indirectly, in excess of 9.9% of the Company's
    outstanding voting securities (4.9% for a purchaser that is
    subject to the Bank Holding Company Act of 1956, as amended),
    Mandatorily Convertible Preferred Stock owned by such holder
    will not be converted on the mandatory conversion date to the
    extent it would exceed this threshold.
We agreed in the Stock Purchase Agreement to seek stockholder
    approval of the issuance of common stock into which the
    Mandatorily Convertible Preferred Stock is convertible in
    accordance with the requirements of the New York Stock Exchange
    (the "NYSE"). On May 21, 2010, we filed with the SEC a
    proxy statement in preliminary form with respect to a special
    meeting of stockholders to seek approval of the
2
Table of Contents
issuance of up to 60,000,421 shares of our common stock
    upon conversion of the 285,002 issued shares of the Mandatorily
    Convertible Preferred Stock. If stockholder approval has not
    been given for the conversion by October 18, 2010
    (180 days after the date of first issue of the Mandatorily
    Convertible Preferred Stock), the conversion price will be
    reduced by 1.0% every 90 days thereafter until stockholder
    approval is obtained, subject to a maximum reduction of 10%.
Current
    Company Structure and Expected Dissolution of Principal
    Shareholder
Doral Financial is a "controlled company" under rules
    and regulations of the NYSE. Doral Holdings, our principal
    shareholder, owned approximately 72% of our outstanding common
    stock as of March 31, 2010. Doral Holdings is in turn
    controlled by its managing member, Doral Holdings, L.P., which
    is controlled by its general partner, Doral GP Ltd.
In connection with the Stock Purchase Agreement, we entered into
    a Cooperation Agreement with Doral Holdings, Doral Holdings,
    L.P. and Doral GP Ltd. (collectively, the "Holdings
    Parties") (the "Cooperation Agreement"). Under
    the Cooperation Agreement, the Holdings Parties agreed that
    Doral Holdings will vote its shares of common stock in favor of
    authorizing the issuance of common stock upon the conversion of
    the Mandatorily Convertible Preferred Stock and against any
    action that would compete with or impede or interfere with the
    conversion. Additionally, Doral GP Ltd. agreed to cause the
    dissolution of each of Doral Holdings and Doral Holdings, L.P.
    after receipt of the stockholder approval, promptly following
    the earlier of the effectiveness of this registration statement
    and October 17, 2010 (the 180th day after the funding
    date under the Stock Purchase Agreement), and not to transfer
    any of its shares of common stock or voluntarily dissolve prior
    to that time.
In connection with the dissolution of Doral Holdings and Doral
    Holdings, L.P., the assets of each of Doral Holdings and Doral
    Holdings, L.P., including the shares of our common stock
    currently held by Doral Holdings, will be distributed to the
    direct and indirect investors in Doral Holdings, L.P.
Assuming that Doral Holdings is dissolved, it will no longer
    have rights under the Securityholders and Registration Rights
    Agreement, dated July 17, 2007; however, the registration
    rights provided under the Securityholders and Registration
    Rights Agreement will be assignable to the limited partners of
    Doral Holdings, L.P. We agreed in the Cooperation Agreement to
    include in the registration statement of which this prospectus
    is a part all shares of our common stock held by Doral Holdings
    (or such lesser amount as requested by Doral Holdings).
Upon the dissolution of Doral Holdings, we will no longer be a
    "controlled company" under rules and regulations of
    the NYSE, and thus will be required to comply with the NYSE
    corporate governance rules, including requirements that at the
    end of a one year transition period a majority of our board of
    directors consist of independent directors (as defined under the
    rules of the NYSE), we have a corporate governance and
    nominating committee composed entirely of independent directors
    and we have a compensation committee composed entirely of
    independent directors. We currently meet all such requirements,
    except with respect to our compensation committee, which is not
    composed entirely of independent directors.
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RISK
    FACTORS
An investment in our securities involves a high degree of risk.
    Before making an investment decision, you should read carefully
    and consider all of the information contained in or incorporated
    by reference into this prospectus, as well as all of the
    information contained in or incorporated by reference into any
    applicable prospectus supplement. You should also refer to the
    risk factors incorporated by reference herein from our Quarterly
    Report on
Form 10-Q
for the quarter ended March 31, 2010 filed with the SEC on
    May 10, 2010. Those risks are not the only risks we face.
    Additional risks and uncertainties we do not yet know of or we
    currently judge to be immaterial may also impair our business,
    financial condition or results of operations. If any of the
    events or circumstances described in these risks or other
    material actually occurs, our business, financial condition or
    results of operations could be materially and adversely affected.
DISCLOSURE
    REGARDING FORWARD-LOOKING STATEMENTS
This prospectus contains or incorporates statements that we
    believe are "forward-looking statements" within the
    meaning of Section 27A of the Securities Act of 1933, as
    amended (the "Securities Act"), and Rule 175
    promulgated thereunder, and Section 21E of the Securities
    Exchange Act of 1934, as amended (the "Exchange Act"),
    and
Rule 3b-6
promulgated thereunder, and the Private Securities Litigation
    Reform Act of 1995. These forward-looking statements may relate
    to the Company's financial condition, results of
    operations, plans, objectives, future performance and business,
    including, but not limited to, statements with respect to the
    adequacy of the allowance for loan and lease losses, market risk
    and the impact of interest rate changes, capital markets
    conditions, capital adequacy and liquidity, and the effect of
    legal proceedings and new accounting standards on the
    Company's financial condition and results of operations.
    Forward-looking statements can be identified by the fact that
    they do not relate strictly to historical or current facts, and
    are generally identified by the use of words or phrases such as
    "believes," "expects,"
    "anticipates," "plans," "trend,"
    "objective," "continue," "remain,"
    "pattern" or similar expressions or future conditional
    verbs such as "will," "would,"
    "should," "could," "might,"
    "can," "may" or similar expressions.
We caution readers not to place undue reliance on any of these
    forward-looking statements since they speak only as of the date
    made and represent Doral Financial's expectations of future
    conditions or results and are not guarantees of future
    performance. The Company does not undertake and specifically
    disclaims any obligation to update any forward-looking
    statements to reflect occurrences or unanticipated events or
    circumstances after the date of those statements.
Forward-looking statements are, by their nature, subject to
    risks and uncertainties. While there is no assurance that any
    list of risks and uncertainties or risk factors is complete,
    below are certain important factors that could cause actual
    results to differ materially from those contained in any
    forward-looking statement:
•
the continued recessionary conditions of the Puerto Rico and the
    United States economies and the continued weakness in the
    performance of the United States capital markets leading to,
    among other things, (i) a deterioration in the credit
    quality of our loans and other assets, (ii) decreased
    demand for our products and services and lower revenue and
    earnings, (iii) reduction in our interest margins, and
    (iv) decreased availability and increased pricing of our
    funding sources, including brokered certificates of deposit;
•
the strength or weakness of the real estate markets and of the
    consumer and commercial credit sectors and their respective
    impact in the credit quality of our loans and other assets,
    which may lead to, among other things, an increase in our
    non-performing loans, charge-offs and loan loss provisions;
•
a decline in the market value and estimated cash flows of our
    mortgage-backed securities and other assets may result in the
    recognition of other-than-temporary impairment of such assets
    under generally accepted accounting principles in the United
    States ("GAAP");
•
our ability to derive sufficient income to realize the benefit
    of our deferred tax assets;
•
uncertainty about the legislative and other measures adopted by
    the Puerto Rico government in response to its fiscal situation
    and the impact of such measures on several sectors of the Puerto
    Rico economy;
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•
uncertainty about the effectiveness of the various actions
    undertaken to stimulate the United States economy and stabilize
    the United States financial markets, and the impact of such
    actions on our business, financial condition and results of
    operations;
•
changes in interest rates, which may result from changes in the
    fiscal and monetary policy of the federal government, and the
    potential impact of such changes in interest rates on our net
    interest income and the value of our loans and investments;
•
the commercial soundness of our various counterparties of
    financing and other securities transactions, which could lead to
    possible losses when the collateral held by us to secure the
    obligations of the counterparty is not sufficient or to possible
    delays or losses in recovering any excess collateral belonging
    to us held by the counterparty;
•
our ability to collect payment of a receivable from Lehman
    Brothers, Inc. ("LBI"), which results from the excess
    of the value of securities owned by Doral Financial that were
    held by LBI above the amounts owed by Doral Financial under
    certain terminated repurchase agreements and forward agreement;
•
higher credit losses because of federal or state legislation or
    regulatory action that either (i) reduces the amount that
    our borrowers are required to pay us, or (ii) limits our
    ability to foreclose on properties or collateral or makes
    foreclosures less economically feasible;
•
developments in the regulatory and legal environment for
    financial services companies in Puerto Rico and the United
    States as a result of, among other things, recent legislative
    and regulatory proposals made by the federal government, which
    may lead to various changes in bank regulatory requirements,
    including required levels and components of capital;
•
changes in our accounting policies or in accounting standards,
    and changes in how accounting standards are interpreted or
    applied;
•
general competitive factors and industry consolidation;
•
to the extent we make acquisitions, including FDIC-assisted
    acquisitions of assets and liabilities of failed banks, risks
    and difficulties relating to the acquired operations and to
    combining the acquired operations with our existing operations;
•
potential adverse outcome in the legal or regulatory actions or
    proceedings described in "Legal matters" in the
    Company's Quarterly Report on
Form 10-Q
for the quarter ended March 31, 2010, as updated from time
    to time in the Company's subsequent filings with the SEC;
    and
•
the other risks and uncertainties incorporated by reference into
    "Risk factors" in this prospectus.
You should refer to our periodic and current reports filed with
    the SEC for further information on other factors that could
    cause actual results to be significantly different from those
    expressed or implied by these forward-looking statements. See
    "Where You Can Find More Information" in this
    prospectus.
WHERE YOU
    CAN FIND MORE INFORMATION
We file annual, quarterly, and current reports, proxy statements
    and other information with the SEC. Our SEC filings are
    available to the public over the Internet at the SEC's web
    site at www.sec.gov and on the Investor Relations page of our
    website at
http://www.doralbank.com/en/.
Information contained in or linked to our website is not a part
    of this prospectus. You may also read and copy any document we
    file with the SEC at its public reference facilities at
    100 F Street N.E., Washington, D.C. 20549. You
    can also obtain copies of the documents upon the payment of a
    duplicating fee to the SEC. Please call the SEC at
1-800-SEC-0330
for further information on the operation of the public reference
    facilities.
This prospectus omits some information contained in the
    registration statement in accordance with SEC rules and
    regulations. You should review the information and exhibits
    included in the registration statement for further information
    about us and the securities we are offering. Statements in this
    prospectus concerning any
5
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document we filed as an exhibit to the registration statement or
    that we otherwise filed with the SEC are not intended to be
    comprehensive and are qualified by reference to these filings.
    You should review the complete document to evaluate these
    statements.
INCORPORATION
    OF CERTAIN DOCUMENTS BY REFERENCE
The SEC allows us to "incorporate by reference"
    information we file with it, which means that we can disclose
    important information to you by referring you to other
    documents. The information incorporated by reference is
    considered to be a part of this prospectus.
We incorporate by reference the documents listed below, except
    to the extent that any information contained in such filings is
    deemed "furnished" in accordance with SEC rules:
•
Our Annual Report on
Form 10-K
for the fiscal year ended December 31, 2009 filed with the
    SEC on February 26, 2010;
•
Our Quarterly Report on
Form 10-Q
for the fiscal quarter ended March 31, 2010, filed with the
    SEC on May 10, 2010.
•
Our Current Report on
Form 8-K
filed with the SEC on May 13, 2010;
•
The information specifically incorporated by reference in our
    Annual Report on
Form 10-K
for the fiscal year ended December 31, 2009 from our
    Definitive Proxy Statement on Schedule 14A filed with the
    SEC on April 9, 2010; and
•
The description of our common stock, which is registered under
    Section 12 of the Exchange Act, contained and incorporated
    by reference in our
Form 8-A
filed with the SEC on December 27, 2002, including any
    subsequently filed amendments and reports updating such
    description.
These documents contain important information about us and our
    financial condition. Information contained in this prospectus
    supersedes information incorporated by reference that we have
    filed with the SEC prior to the date of this prospectus, while
    information included in any prospectus supplement or
    post-effective amendment will supersede this information.
Our filings are available on the Investor Relations page of our
    website at
http://www.doralbank.com/en/.
Information contained in or linked to our website is not a part
    of this prospectus. You may also request a copy of these
    filings, at no cost, by writing or telephoning us at:
Doral Financial Corporation
Attention: Investor Relations
1451 Franklin D. Roosevelt Avenue
San Juan, Puerto Rico
00920-2717
Telephone number:
(787) 474-6683
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USE OF
    PROCEEDS
All securities sold pursuant to this prospectus will be offered
    and sold by the selling stockholders. We will not receive any of
    the proceeds from such sales.
MARKET
    FOR COMMON STOCK, RELATED STOCKHOLDER MATTERS, PURCHASES OF
    EQUITY SECURITIES AND STOCK-BASED COMPENSATION PLANS
Our common stock, $0.01 par value per share, is traded and
    quoted on the NYSE under the symbol "DRL." As of
    May 18, 2010, we had 67,283,370 shares of our common
    stock outstanding and 155 registered holders of our common stock.
The table below sets forth, for the calendar quarters indicated,
    the high and low closing sales prices.
Calendar
Price Range
Year
Quarter
High
Low
2010 (2
nd
quarter through May 20, 2010)
2nd
$
6.47
$
2.28
1st
5.22
3.08
2009
4th
$
3.80
$
2.63
3rd
4.26
1.83
2nd
5.21
1.74
1st
8.44
1.80
2008
4th
$
11.48
$
5.10
3rd
17.80
10.90
2nd
24.03
13.54
1st
22.42
17.53
As of May 20, 2010, the closing price for the common stock
    as quoted on the NYSE was $2.28 per share. Doral Financial has
    not paid quarterly dividends on common stock since
    April 25, 2006. For additional information regarding our
    dividend policy, please see "Dividend Policy" in this
    prospectus.
For additional information regarding our common stock, related
    stockholder matters, the Company's purchases of equity
    securities, and the Company's stock-based compensation
    plans, please see our Annual Report on
Form 10-K
for the fiscal year ended December 31, 2009.
DIVIDEND
    POLICY
Doral Financial has not paid quarterly dividends on its common
    stock since April 25, 2006, when the Company announced
    that, as a prudent capital management decision designed to
    preserve and strengthen the Company's capital, our board of
    directors had suspended the quarterly dividend on the common
    stock.
Our ability to pay dividends in the future is limited by various
    regulatory requirements and policies of bank regulatory agencies
    having jurisdiction over Doral Financial and its banking
    subsidiaries, its earnings, cash resources and capital needs,
    general business conditions and other factors deemed relevant by
    our board of directors.
Under an existing consent order with the Federal Reserve, Doral
    Financial is restricted from paying dividends on its capital
    stock without the prior written approval of the Federal Reserve.
    Doral Financial is required to request permission for the
    payment of dividends on its common stock and preferred stock not
    less than 30 days prior to a proposed dividend declaration
    date. For the years ended December 31, 2008 and 2007, Doral
    Financial received permission from the Federal Reserve to pay
    all of the regular monthly cash dividends on the noncumulative
    preferred stock and the quarterly cash dividends on the
    perpetual convertible preferred stock, but cannot provide
    assurance that it would receive approval for the payment of such
    dividends in the future.
On March 20, 2009, our board of directors announced that it
    had suspended the declaration and payment of all dividends on
    all of Doral Financial's outstanding series of cumulative
    and noncumulative preferred
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stock. The suspension of dividends was effective and commenced
    with the dividends for the month of April 2009 for Doral
    Financial's three then outstanding series of noncumulative
    preferred stock, and the dividends for the second quarter of
    2009 for Doral Financial's one outstanding series of
    cumulative preferred stock. We will be unable to pay dividends
    on the common stock unless and until we resume payments of
    dividends on our preferred stock.
If we do not pay dividends in full on our noncumulative
    preferred stock for 18 consecutive monthly periods, or pay
    dividends in full on our perpetual convertible preferred stock
    for consecutive dividend periods containing in the aggregate a
    number of days equivalent to six fiscal quarters, the holders of
    our preferred stock, all acting together as a single class,
    would have the right to elect two additional members of our
    board of directors.
DESCRIPTION
    OF OUR CAPITAL STOCK
Set forth below is a description of the material terms of our
    capital stock. However, this description is not complete and is
    qualified by reference to our certificate of incorporation
    (including our certificates of designation) and bylaws. Copies
    of our certificate of incorporation (including our certificates
    of designation) and bylaws are available from us upon request.
    These documents have also been filed with the SEC. Please see
    "Where You Can Find More Information" in this
    prospectus.
Authorized
    And Outstanding Capital Stock
Our authorized capital stock consists of 300,000,000 shares
    of common stock, $0.01 par value per share, and
    40,000,000 shares of preferred stock, $1.00 par value
    per share. As of May 18, 2010, there were
    67,283,370 shares of common stock outstanding and
    6,096,393 shares of preferred stock outstanding, comprised
    of 950,166 shares of our 7.00% Noncumulative Monthly Income
    Preferred Stock, Series A, 1,331,694 shares of our
    8.35% Noncumulative Monthly Income Preferred Stock,
    Series B, 2,716,005 shares of our 7.25% Noncumulative
    Monthly Income Preferred Stock, Series C,
    813,526 shares of our 4.75% Perpetual Cumulative
    Convertible Preferred Stock and 285,002 shares of our
    Mandatorily Convertible Preferred Stock.
Common
    Stock
Holders of our common stock are entitled to one vote for each
    share held of record on all matters submitted to a vote of
    shareholders. Subject to preferences that may be applicable to
    any outstanding preferred stock, holders of our common stock are
    entitled to receive ratably such dividends as may be declared by
    our board of directors out of funds legally available for
    dividends. In the event of our liquidation or dissolution,
    holders of our common stock are entitled to share ratably in all
    assets remaining after payment of liabilities and the
    liquidation preference of any outstanding preferred stock. All
    of the outstanding shares of common stock are duly authorized,
    validly issued, fully paid and nonassessable. As of May 18,
    2010, there were 67,283,370 shares of common stock
    outstanding.
Preferred
    Stock
As of May 18, 2010, we had 33,538,609 shares of
    authorized but unissued preferred stock, which are undesignated.
    Our board of directors has the authority, without further
    shareholder approval, to issue shares of preferred stock from
    time to time in one or more series, with such voting powers or
    without voting powers, and with such designations, preferences
    and relative, participating, optional or other special rights,
    and qualifications, limitations or restrictions, as will be set
    forth in the resolutions providing therefor.
While providing desirable flexibility for possible acquisitions
    and other corporate purposes, and eliminating delays associated
    with a shareholder vote on specific issuances, the issuance of
    preferred stock could adversely affect the voting power of
    holders of common stock, as well as dividend and liquidation
    payments on both common and preferred stock. It also could have
    the effect of delaying, deferring or preventing a change in
    control.
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General
Under our certificate of incorporation, our board of directors
    is authorized, without further stockholder action, to issue up
    to 40,000,000 shares of preferred stock, $1.00 par
    value per share, in one or more series, and to determine the
    designations, preferences, limitations and relative or other
    rights of the preferred stock or any series thereof. For each
    series, the board of directors will determine the designations,
    preferences, limitations and relative or other rights thereof,
    including but not limited to the following relative rights and
    preferences, as to which there may be variations among different
    series:
(a) the rate or rates (which may be floating, variable or
    adjustable), or the method of determining such rate or rates and
    the times and manner of payment of dividends, if any (and
    whether such payment should be in cash or securities);
(b) whether shares may be redeemed or purchased, in whole
    or in part, at the option of the holder or the Company and, if
    so, the price or prices and the terms and conditions of such
    redemption or purchase;
(c) the amount payable upon shares in the event of
    voluntary or involuntary liquidation, dissolution or other
    winding up of the Company;
(d) sinking fund provisions, if any, for the redemption or
    purchase of shares;
(e) the terms and conditions, if any, on which shares may
    be converted or exchanged into shares of common stock or other
    capital stock or securities of the Company;
(f) voting rights, if any; and
(g) any other rights and preferences of such shares, to the
    full extent now or hereafter permitted by the laws of the
    Commonwealth of Puerto Rico.
All shares of preferred stock (i) will rank senior to the
    common stock in respect of the right to receive dividends and
    the right to receive payments out of the assets of the Company
    upon voluntary or involuntary liquidation, dissolution or
    winding up of the Company, (ii) will be of equal rank,
    regardless of series, and (iii) will be identical in all
    respects except as provided in (a) through (g) above.
    The shares of any series of preferred stock will be identical
    with each other in all respects except as to the dates from and
    after which dividends thereof will be cumulative. In case the
    stated dividends or the amounts payable on liquidation are not
    paid in full, the shares of all series of preferred stock will
    share ratably in the payment of dividends, including
    accumulations, if any, in accordance with the sums which would
    be payable on said shares if all dividends were declared and
    paid in full, and in any distribution of assets other than by
    way of dividends in accordance with the sums which would be
    payable on such distribution if all sums payable were discharged
    in full.
The board of directors will have the authority to determine the
    number of shares that will comprise each series. Unless
    otherwise provided in the resolution establishing such series,
    all shares of preferred stock redeemed, retired by sinking fund
    payment, repurchased by the Company or converted into common
    stock will have the status of authorized but unissued shares of
    preferred stock undesignated as to series.
No holder of shares of preferred stock will be entitled as a
    matter of right to subscribe for or purchase, or have any
    preemptive right with respect to, any part of any new or
    additional issue of stock of any class whatsoever, or of
    securities convertible into any stock of any class whatsoever,
    whether now or hereafter authorized and whether issued for cash
    or other consideration or by way of dividend.
Outstanding
    Preferred Stock
On February 22, 1999, the Company issued
    1,495,000 shares of its Series A preferred stock at a
    price of $50.00 per share, its liquidation preference. During
    2008, the Company paid dividends of $3.50 per share (an
    aggregate of $5.2 million). The Series A preferred
    stock may be redeemed at the option of the Company beginning
    February 28, 2004, at varying redemption prices that start
    at $51.00 per share. As of May 18, 2010, there were
    950,166 shares of the Series A preferred stock
    outstanding.
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On August 31, 2000, the Company issued
    2,000,000 shares of its Series B preferred stock at a
    price of $25.00 per share, its liquidation preference. During
    2008, the Company paid dividends of $2.0875 per share (an
    aggregate of $4.2 million). The 8.35% preferred stock may
    be redeemed at the option of the Company beginning on
    September 30, 2005, at varying redemption prices that start
    at $25.50 per share. As of May 18, 2010, there were
    1,331,694 shares of the Series B preferred stock
    outstanding.
During the second quarter of 2002, the Company issued
    4,140,000 shares of its Series C preferred stock at a
    price of $25.00 per share, its liquidation preference. During
    2008, the Company paid dividends of $1.8125 per share (an
    aggregate of $7.5 million). The Series C preferred
    stock may be redeemed at the option of the Company beginning on
    May 31, 2007, at varying redemption prices starting at
    $25.50 per share. As of May 18, 2010, there were 2,716,005
    of the Series C preferred stock outstanding.
On September 29, 2003 and October 8, 2003, the Company
    issued 1,200,000 shares and 180,000 shares,
    respectively, of its perpetual convertible preferred stock
    having a liquidation preference of $250 per share in a private
    offering to qualified institutional buyers pursuant to
    Rule 144A. Each share of perpetual convertible preferred
    stock is currently convertible into 0.31428 shares of
    common stock, subject to adjustment under specific conditions.
    During 2008, the Company paid dividends of $11.875 per share (an
    aggregate of $16.4 million), on the perpetual convertible
    preferred stock. As of May 18, 2010, there were
    813,526 shares of the perpetual convertible preferred stock
    outstanding.
On April 21, 2010 and April 22, 2010, the Company
    issued 278,260 shares and 6,742 shares, respectively,
    of its Mandatorily Convertible Preferred Stock in a private
    offering to accredited investors pursuant to Regulation D.
    Each share of Mandatorily Convertible Preferred Stock is
    currently convertible into 210.52631 shares of common
    stock, subject to adjustment under specific conditions. The
    Mandatorily Convertible Preferred Stock ranks on parity with the
    Company's Series A preferred stock, Series B
    preferred stock, Series C preferred stock and perpetual
    convertible preferred stock, with respect to dividend rights and
    rights upon liquidation, winding up or dissolution. As of
    May 18, 2010, there were 285,002 shares of our
    Mandatorily Convertible Preferred Stock outstanding.
The Mandatorily Convertible Preferred Stock of each holder will
    mandatorily convert into shares of our common stock at an
    initial conversion price of $4.75 per share (or up to
    60,000,421 shares of common stock), subject to adjustment,
    following the latest of: (1) the receipt by the Company of
    stockholder approval (described below); (2) if applicable
    to the holder's conversion, the expiration or termination
    of any waiting period under the HSR Act applicable to such
    holder; and (3) in the case of an investor that is a direct
    or indirect investor in Doral Holdings, the earlier of
    (a) the date on which the registration statement of which
    this prospectus forms a part has been declared effective and
    (b) October 18, 2010 (the 180th day after the
    date of first issue of the Mandatorily Convertible Preferred
    Stock), provided that such investor may delay conversion until
    after the dissolution of Doral Holdings and Doral Holdings, L.P.
    However, if a holder owns or would own following conversion,
    directly or indirectly, in excess of 9.9% of the Company's
    outstanding voting securities (4.9% for a purchaser that is
    subject to the Bank Holding Company Act of 1956, as amended),
    Mandatorily Convertible Preferred Stock owned by such holder
    will not be converted on the mandatory conversion date to the
    extent it would exceed this threshold.
We agreed in the Stock Purchase Agreement to seek stockholder
    approval of the issuance of common stock into which the
    Mandatorily Convertible Preferred Stock is convertible in
    accordance with the requirements of the NYSE. On May 21,
    2010, we filed with the SEC a proxy statement in preliminary
    form with respect to a special meeting of stockholders to seek
    approval of the issuance of up to 60,000,421 shares of our
    common stock upon conversion of the 285,002 shares of the
    Mandatorily Convertible Preferred Stock. If stockholder approval
    has not been given for the conversion by October 18, 2010
    (180 days after the date of first issue of the Mandatorily
    Convertible Preferred Stock), the conversion price will be
    reduced by 1.0% every 90 days thereafter until stockholder
    approval is obtained, subject to a maximum reduction of 10%.
    However, under the Cooperation Agreement, the Holdings Parties
    agreed that Doral Holdings, our principal shareholder, will vote
    its shares of common stock in favor of authorizing the issuance
    of common stock upon the conversion of the Mandatorily
    Convertible Preferred Stock and against any action that would
    compete with or impede or interfere with the conversion.
    Additionally, Doral GP Ltd. agreed to cause the dissolution of
    each of
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Doral Holdings and Doral Holdings, L.P. after receipt of the
    stockholder approval, promptly following the earlier of the
    effectiveness of this registration statement and
    October 17, 2010 (the 180th day after the funding date
    under the Stock Purchase Agreement), and not to transfer any of
    its shares of common stock or voluntarily dissolve prior to that
    time.
The terms of the Company's preferred stock do not permit
    the Company to declare, set apart or pay any dividends or make
    any other distribution of assets, or redeem, purchase, set apart
    or otherwise acquire shares of the common stock, or any other
    class of the Company's stock ranking junior to the
    preferred stock, unless all accrued and unpaid dividends on the
    preferred stock and any parity stock, at the time those
    dividends are payable, have been paid and the full dividend on
    the preferred stock for the current dividend period is
    contemporaneously declared and paid or set aside for payment.
    The terms of the preferred stock provide that if the Company is
    unable to pay in full dividends on the preferred stock and other
    shares of stock of equal rank as to the payment of dividends,
    all dividends declared upon the preferred stock and such other
    shares of stock be declared pro rata.
On March 20, 2009, our board of directors announced that it
    had suspended the declaration and payment of all dividends on
    all of the Company's outstanding series of cumulative and
    noncumulative preferred stock. The suspension of dividends was
    effective and commenced with the dividends for the month of
    April 2009 for the Company's three then outstanding series
    of noncumulative preferred stock, and the dividends for the
    second quarter of 2009 for the Company's one outstanding
    series of cumulative preferred stock (See "Dividend
    Policy" in this prospectus).
The ability of the Company to pay dividends in the future is
    limited by the consent order entered into with the Federal
    Reserve and by various restrictive covenants contained in the
    debt agreements of the Company, the earnings, cash position and
    capital needs of the Company, general business conditions and
    other factors deemed relevant by the Company's board of
    directors.
Current regulations limit the amount in dividends that Doral
    Bank PR and Doral Bank NY may pay. Payment of such dividends is
    prohibited if, among other things, the effect of such payment
    would cause the capital of Doral Bank PR or Doral Bank NY to
    fall below the regulatory capital requirements. The Federal
    Reserve Board has issued a policy statement that provides that
    insured banks and financial holding companies should generally
    pay dividends only out of current operating earnings. In
    addition, the Company's consent order with the Federal
    Reserve does not permit the Company to receive dividends from
    Doral Bank PR unless the payment of such dividends has been
    approved by the FDIC. Dividends paid from a U.S. subsidiary
    to certain qualifying corporations such as the Company are
    generally subject to a 10% withholding tax under the provisions
    of the U.S. Internal Revenue Code.
Stockholder
    Action
Except as otherwise provided by law or in our certificate of
    incorporation or bylaws, all questions submitted to stockholders
    will be decided by a majority of the votes cast.
Transfer
    Agent And Registrar
Mellon Investor Services LLC is the transfer agent and registrar
    for our common stock, our four outstanding series of
    noncumulative preferred stock and our perpetual convertible
    preferred stock.
Anti-Takeover
    Provisions
Our certificate of incorporation, bylaws and banking laws
    include a number of provisions which may have the effect of
    encouraging persons considering unsolicited tender offers or
    other unilateral takeover proposals to negotiate with our board
    of directors rather than pursue non-negotiated takeover attempts.
These provisions include an authorized blank check preferred
    stock and the availability of authorized but unissued common
    stock.
11
Table of Contents
Regulatory
    Restrictions under Banking Laws
The regulatory restrictions described in the
    "Business — Regulation and Supervision"
    section of our Annual Report on
Form 10-K
for the fiscal year ended December 31, 2009, which is
    incorporated by reference herein, may have the effect of
    discouraging takeover attempts against the Company and may limit
    the ability of persons, other than the Company directors duly
    authorized by the Company's board of directors, to solicit
    or exercise proxies, or otherwise exercise voting rights, in
    connection with matters submitted to a vote of the
    Company's stockholders.
12
Table of Contents
SELLING
    STOCKHOLDERS
This prospectus covers 93,504,020 shares of our common
    stock consisting of 60,000,386 shares of our common stock
    to be issued by us upon conversion of 285,002 shares of
    Mandatorily Convertible Preferred Stock and
    33,503,634 shares of our common stock currently held by
    Doral Holdings, which will be distributed to the direct and
    indirect investors in Doral Holdings, L.P. in connection with
    the dissolution of Doral Holdings and Doral Holdings, L.P. (the
    "Doral Holdings Shares"). The shares of Mandatorily
    Convertible Preferred Stock were issued on April 21, 2010
    and April 22, 2010 in a private placement at a purchase
    price of $1,000 per share pursuant to the Stock Purchase
    Agreement. The Doral Holdings Shares were issued and sold to
    Doral Holdings in a private sale on July 19, 2007 for an
    aggregate purchase price of $610 million, or approximately
    $12.60 per share. In the Stock Purchase Agreement and
    Cooperation Agreement, we agreed to file a registration
    statement covering the resale of common stock, including common
    stock into which the Mandatorily Convertible Preferred Stock is
    convertible and the Doral Holdings Shares. We are registering
    the securities on a registration statement on
Form S-1,
of which this prospectus forms a part. The securities are being
    registered to permit public secondary trading of the securities,
    and the selling stockholders may offer the securities for resale
    from time to time after the effective date of the registration
    statement.
The table below reads as follows:
•
The first column lists the selling stockholders and other
    information regarding the stock ownership of each of the selling
    stockholders.
•
The second column lists the number of shares of common stock
    owned by each selling stockholder as of May 18, 2010, and
    includes (i) the shares of common stock to be issued to the
    selling stockholder upon conversion of the Mandatorily
    Convertible Preferred Stock (assuming the conversion of all
    shares of the Mandatorily Convertible Preferred Stock),
    (ii) the shares of common stock to be distributed by Doral
    Holdings to the selling stockholder in connection with the
    dissolution of Doral Holdings and Doral Holdings, L.P., and
    (iii) any other shares of Doral Financial Corporation
    common stock held by the selling stockholder (none of which are
    being offered by this prospectus).
•
The third column lists the shares of common stock being offered
    under this prospectus by each of the selling stockholders and
    assumes the conversion of all shares of the Mandatorily
    Convertible Preferred Stock and the dissolution of Doral
    Holdings.
•
The fourth column lists the shares of common stock owned
    following the offering pursuant to this prospectus and assumes
    the selling stockholders sell all the common stock offered by
    this prospectus.
•
The fifth column indicates the percentage of common stock to be
    owned by each selling stockholder after completion of the
    offering pursuant to this prospectus based on the number of
    shares of common stock outstanding as of May 18, 2010 plus
    60,000,421 shares of common stock (the maximum number of
    shares to be issued upon conversion of 285,002 shares of
    Mandatorily Convertible Preferred Stock, the
    60,000,386 shares covered by this prospectus represents the
    number of shares of common stock to be issued after giving
    effect to rounding).
The amounts set forth below are based upon information provided
    to us by representatives of the selling stockholders, or on our
    records, and are accurate to the best of our knowledge as of the
    date specified below. It is possible, however, that the selling
    stockholders may acquire or dispose of additional shares of
    common stock from time to time after the date of this
    prospectus. We cannot assure you that the selling stockholders
    will sell all or any portion of the securities offered hereby.
Irving Place Capital, Perry Capital, LLC, Marathon Special
    Opportunity Master Fund, Ltd., Tennenbaum Capital Partners, LLC
    and D. E. Shaw & Co. LP each serve as one of the five
    designating members of Doral GP Ltd., which is the general
    partner of Doral Holdings, L.P., which is the managing member of
    Doral Holdings, our principal shareholder. Each entity (or
    affiliates of each entity) will receive shares of our common
    stock upon the dissolution of Doral Holdings and Doral Holdings,
    L.P. and Perry Capital, LLC, Marathon Asset Management and
    Tennenbaum Capital Partners, LLC participated in the private
    placement. David E. King, Mark I. Kleinman and Howard
    M. Levkowitz are each members of our board of directors and
    senior managing
13
Table of Contents
directors of Irving Place Capital, Marathon Asset Management
    L.P. and Tennenbaum Capital Partners, LLC, respectively. None of
    Mr. King, Mr. Kleinman or Mr. Levkowitz has
    voting or dispositive power over the applicable shares of
    preferred or common stock and each disclaims beneficial
    ownership of such shares. Additionally, an employee of each of
    D. E. Shaw & Co. LP and Perry Capital, LLC has in the
    past served as a member of our board of directors. Irving Place
    Capital also provides various advisory services to the Company
    under an advisory services agreement, for which Irving Place
    Capital is compensated.
Lesbia Blanco, Douglas L. Jacobs, Christopher C. Poulton, Robert
    E. Wahlman and Glen R. Wakeman are each one of our executive
    officers
and/or
a
    member of our board of directors.
No other selling stockholder has, or within the past three years
    has had, any position, office, or other material relationship
    with us.
The majority of the shares of common stock to be issued upon the
    conversion of the Mandatorily Convertible Preferred Stock will
    be issued to existing stockholders or to stockholders whose
    investments are under common control or management with existing
    stockholders.
Total of All
Shares of
Shares of
Shares of
Percentage of
Common Stock
Common Stock
Common Stock
Common Stock
Owned by
Offered by this
Owned Post-
Owned Post-
Name of Selling Stockholder
Holder(1)
Prospectus(1)
Offering(2)
Offering(3)
Alden Global Distressed Opportunities Fund, L.P.
1,000,000
1,000,000
0
*
Anchorage Capital Master Offshore, Ltd.
6,460,066
6,460,066
0
*
Ari Capital Partners, L.L.L.P.
353,745
353,745
0
*
Bay Pond Investors (Bermuda) L.P.(5)
837,263
837,263
0
*
Bay Pond Partners, L.P.(5)
1,412,631
1,412,631
0
*
Berggruen Holdings Ltd.(6)
2,880,941
2,880,941
0
*
Canyon Balanced Master Fund, Ltd.
623,219
623,219
0
*
Canyon-GRF Master Fund, L.P.
305,052
305,052
0
*
Canyon Value Realization Fund, L.P.
1,480,199
1,480,199
0
*
Capital Ventures International
500,000
500,000
0
*
Christopher C. Poulton
11,605
10,105
1,500
*
Citadel Equity Fund Ltd.(4)(7)
3,264,076
2,000,000
1,264,076
*
Deferred Compensation Plan for Employees of the City of New York
    and Related Agencies and Instrumentalities (Nominee:
    MAC & Co.)(8)
82,105
82,105
0
*
D. E. Shaw Laminar Acquisition Holdings 2, L.L.C. and certain
    affiliates(4)(9)
4,530,816
4,454,734
76,082
*
Douglas L. Jacobs
3,936
3,936
0
*
Eton Park Fund, L.P.(10)
2,955,482
2,955,482
0
*
Eton Park Master Fund, Ltd.(10)
5,488,872
5,488,872
0
*
Financial Stocks Capital Partners V L.P.(11)
1,800,000
1,800,000
0
*
Finvest Capital Limited
1,569,107
1,569,107
0
*
First Opportunity Fund, Inc. (Nominee: Hare & Co.)(12)
194,736
194,736
0
*
FSI Skyline Fund OC, Ltd.(11)
200,000
200,000
0
*
Future Fund Board of Guardians
232,210
232,210
0
*
Glen R. Wakeman
349,401
316,272
33,129
*
GLG North America Opportunity Fund(13)
500,000
500,000
0
*
GN3 SIP Ltd.
274,947
274,947
0
*
GoldenTree Master Fund, Ltd.
1,510,105
1,510,105
0
*
GoldenTree Master Fund II, Ltd.
214,947
214,947
0
*
14
Table of Contents
Total of All
Shares of
Shares of
Shares of
Percentage of
Common Stock
Common Stock
Common Stock
Common Stock
Owned by
Offered by this
Owned Post-
Owned Post-
Name of Selling Stockholder
Holder(1)
Prospectus(1)
Offering(2)
Offering(3)
Goldman Sachs Investment Partners Master Fund, L.P.(4)(14)
4,573,822
4,573,822
0
*
Gordel Holdings Limited(15)
42,526
42,526
0
*
IAM Mini-Fund 21 Limited(16)
97,684
97,684
0
*
Interfund SICAV:
Sub-fund Interfund
Equity USA(17)
500,000
500,000
0
*
IPC Advisors III, L.P.
76,541
76,541
0
*
Irving Place Capital III Feeder Fund, L.P.
42,622
42,622
0
*
Irving Place Capital Partners III (Cayman), L.P.
1,817,461
1,817,461
0
*
Ithan Creek Master Investment Partnership (Cayman) II, L.P.(5)
104,631
104,631
0
*
Ithan Creek Master Investors (Cayman) L.P.(5)
1,028,842
1,028,842
0
*
James D. Marver
21,912
21,912
0
*
Jefferies Dakota Master Fund, Ltd.(4)(18)
1,048,597
1,031,368
17,229
*
John Hancock Bank and Thrift Opportunities Fund(19)
609,684
609,684
0
*
John Hancock Financial Industries Fund(19)
518,105
518,105
0
*
John Hancock Regional Bank Fund(19)
1,167,157
1,167,157
0
*
Juggernaut Fund, L.P.
2,250,105
2,250,105
0
*
LaM Financial Holdings, Ltd, L.L.L.P.
369,488
369,488
0
*
Leo R. Jalenak, Jr.
18,947
18,947
0
*
Lerner Enterprises, LLC
29,894
29,894
0
*
Lesbia Blanco
11,559
10,105
1,454
*
LICR Fund, Inc. (Nominee: MAC & Co.)(8)
11,368
11,368
0
*
Lion De Leeuw Investments, LLC
12,073
12,073
0
*
LMA SPC for and on behalf of MAP 69 Segregated Portfolio(20)
2,007,955
1,968,631
39,324
*
MACvest 1, Ltd.
76,542
76,542
0
*
Malta Hedge Fund, L.P. (Sandler O'Neil Asset Management,
    LLC)(21)
113,052
113,052
0
*
Malta Hedge Fund II, L.P. (Sandler O'Neil Asset
    Management, LLC)(21)
648,631
648,631
0
*
Malta MLC Fund, L.P. (Sandler O'Neil Asset Management,
    LLC)(21)
332,421
332,421
0
*
Malta MLC Offshore, Ltd. (Sandler O'Neil Asset Management,
    LLC)(21)
74,947
74,947
0
*
Malta Offshore, Ltd. (Sandler O'Neil Asset Management,
    LLC)(21)
224,000
224,000
0
*
Malta Partners, L.P. (Sandler O'Neil Asset Management,
    LLC)(21)
32,000
32,000
0
*
Malta Titan Fund, L.P. (Sandler O'Neil Asset Management,
    LLC)(21)
825,052
825,052
0
*
Marathon Special Opportunity Master Fund, Ltd
7,839,991
7,839,991
0
*
Mariner-Tricadia Credit Strategies Master Fund, Ltd.(22)
350,105
350,105
0
*
MassMutual Select Small Cap Growth Equity Fund (Nominee:
    Aurora & Co.)(23)
42,526
42,526
0
*
15
Table of Contents
Total of All
Shares of
Shares of
Shares of
Percentage of
Common Stock
Common Stock
Common Stock
Common Stock
Owned by
Offered by this
Owned Post-
Owned Post-
Name of Selling Stockholder
Holder(1)
Prospectus(1)
Offering(2)
Offering(3)
MML Small Cap Growth Equity Fund
    (Nominee: Aurora & Co.)(23)
27,368
27,368
0
*
Nomura Waterstone Market Neutral Fund(16)
22,315
22,315
0
*
Oak Hill Credit Opportunities Financing, Ltd.
443,578
443,578
0
*
O'Connor Global Multi-Strategy Alpha Master Limited
500,000
500,000
0
*
OHA Strategic Credit Master Fund, L.P.
475,368
475,368
0
*
OHA Strategic Credit Master Fund II, L.P.
133,263
133,263
0
*
OHSF Financing, Ltd.
685,684
685,684
0
*
OZ Global Special Investments Master Fund, LP(24)
68,631
68,631
0
*
OZ Master Fund, Ltd.(25)
1,366,736
1,366,736
0
*
OZ Select Master Fund, Ltd.(26)
22,105
22,105
0
*
Perry Partners International, Inc.
4,524,499
4,436,974
87,525
*
Perry Partners LP
1,516,963
1,479,488
37,475
*
PM Manager Fund, SPC., on behalf of and for the account of
    Segregated Portfolio 23(11)
500,000
500,000
0
*
Prime Capital Master SPC, GOT WAT MAC Segregated Portfolio(16)
67,368
67,368
0
*
Public Employees' Retirement System of Mississippi
    (Nominee: MAC & Co.)(8)
112,000
112,000
0
*
Quintessence Fund L.P.(27)
49,263
49,263
0
*
QVT Fund LP(27)
450,736
450,736
0
*
Randall C. Bassett
2,966
2,966
0
*
Randolph Street Ventures, L.P. —
2006-3B
73,692
73,692
0
*
Randolph Street Ventures, L.P. —
2006-3C
4,631
4,631
0
*
Robert E. Wahlman
50,105
50,105
0
*
Samlyn Offshore Master Fund, Ltd
1,426,947
1,426,947
0
*
Samlyn Onshore Fund, LP
1,573,052
1,573,052
0
*
Scott R. Royster
18,610
18,610
0
*
Senvest International LLC(4)(28)
2,041,048
1,500,000
541,048
*
Senvest Master Fund LP
2,203,102
1,500,000
703,102
*
SOAM Capital Partners, L.P. (Sandler O'Neil Asset
    Management, LLC)(21)
500,000
500,000
0
*
Special Value Continuation Partners, LP
1,077,795
1,077,795
0
*
Special Value Expansion Fund, LLC
401,799
401,799
0
*
Special Value Opportunities Fund, LLC
1,849,598
1,849,598
0
*
Stan Makson
2,315
2,315
0
*
Structured Credit Opportunities Fund II, L.P.(22)
149,894
149,894
0
*
Tennenbaum Opportunities Partners V, LP
2,410,796
2,410,796
0
*
The Canyon Value Realization Master Fund, L.P.
1,624,842
1,624,842
0
*
Timothy R. Chrisman
14,041
14,041
0
*
Vanguard Explorer Fund (Nominee: Vanguard Explorer Fund
c/o Brown
Brothers Harriman & Co.)(29)
604,631
604,631
0
*
Waterstone Market Neutral Mac51, Ltd.(16)
283,157
283,157
0
*
16
Table of Contents
Total of All
Shares of
Shares of
Shares of
Percentage of
Common Stock
Common Stock
Common Stock
Common Stock
Owned by
Offered by this
Owned Post-
Owned Post-
Name of Selling Stockholder
Holder(1)
Prospectus(1)
Offering(2)
Offering(3)
Waterstone Market Neutral Master Fund, Ltd.(16)
2,162,315
2,162,315
0
*
Waterstone MF Fund, Ltd.(16)
367,157
367,157
0
*
Wellington Trust Company, National Association Multiple
    Collective Investment Funds Trust II, Active Small Cap
    Stock Portfolio (Nominee: Finwell & Co.)(30)
120,842
120,842
0
*
Wellington Trust Company, National Association Multiple
    Collective Investment Funds Trust II, Multi-Strategy Global
    Equity Portfolio (Nominee: Finwell & Co.)(30)
5,894
5,894
0
*
Wellington Trust Company, National Association Multiple
    Collective Investment Funds Trust II, Small Cap
    Opportunities Portfolio (Nominee: Finwell &
    Co.)(30)
85,473
85,473
0
*
Wellington Trust Company, National Association Multiple
    Common Trust Funds Trust, Small Cap Opportunities Portfolio
    (Nominee: Finwell & Co.)(30)
45,684
45,684
0
*
Wolf Creek Investors (Bermuda) L.P.(5)
284,000
284,000
0
*
*
Represents less than 1%.
(1)
Assumes the conversion of all shares of the Mandatorily
    Convertible Preferred Stock and the dissolution of Doral
    Holdings.
(2)
Assumes that each selling stockholder will sell all shares
    offered by it under this prospectus. Any values contained in
    this column represent shares owned by the selling stockholder
    that are not being offered pursuant to this prospectus.
(3)
This number represents the percentage of common stock to be
    owned by the selling stockholder after completion of the
    offering pursuant to this prospectus and based on the number of
    shares of common stock outstanding as of May 18, 2010 plus
    60,000,421 shares of common stock (the maximum number of
    shares to be issued upon conversion of 285,002 shares of
    Mandatorily Convertible Preferred Stock). See the corresponding
    number of shares in the column titled "Shares of Common
    Stock Owned Post-Offering."
(4)
This selling stockholder is a registered broker-dealer or
    affiliate of a registered broker-dealer, as indicated below.
(5)
(i) Bay Pond Investors (Bermuda) L.P., (ii) Bay Pond
    Partners, L.P., (iii) Ithan Creek Master Investment
    Partnership (Cayman) II, L.P., (iv) Ithan Creek Master
    Investors (Cayman) L.P. and (v) Wolf Creek Investors
    (Bermuda) L.P. are managed by Wellington Management Company, LLP
    ("Wellington"), an investment adviser registered under
    the Investment Advisors Act of 1940, as amended. Wellington, in
    such capacity may be deemed to share beneficial ownership over
    the shares held by its client accounts.
(6)
All of the shares of Berggruen Holdings Ltd. ("Berggruen
    Holdings") are owned by Tarragona Trust, a British Virgin
    Islands trust ("Tarragona"). The trustee of Tarragona
    is Maitland Trustees Limited, a British Virgin Islands
    corporation acting as an institutional trustee in the ordinary
    course of business without the purpose or effect of changing or
    influencing control of the registrant. Nicolas Berggruen is a
    director of Berggruen Holdings and may be considered to have
    beneficial ownership of Berggruen Holdings' interests in
    the registrant.
(7)
Citadel Equity Fund Ltd. is the non-managing member of
    Palafox Trading LLC, a registered broker-dealer and a member of
    Financial Industry Regulatory Authority, Inc.
    ("FINRA").
17
Table of Contents
(8)
(i) Deferred Compensation Plan for Employees of the City of
    New York and Related Agencies and Instrumentalities,
    (ii) LICR Fund, Inc. and (iii) Public Employees'
    Retirement System of Mississippi, through its nominee,
    MAC & Co., are managed by Wellington, an investment
    advisor registered under the Investment Advisors Act of 1940, as
    amended. Wellington, in such capacity may be deemed to share
    beneficial ownership over the shares held by its client accounts.
(9)
D. E. Shaw Laminar Acquisition Holdings 2, L.L.C.
    ("Laminar") is an affiliate of D. E. Shaw Securities,
    L.L.C, a registered broker-dealer and a member of FINRA. Laminar
    holds 4,454,734 shares (the "Laminar Shares") of
    the Company's common stock. D. E. Shaw Valence Portfolios,
    L.L.C. ("Valence") and D. E. Shaw Synoptic Portfolios
    2, L.L.C. ("Synoptic"), affiliates of Laminar, hold
    76,030 shares (the "Valence Shares") of the
    Company's common stock and 52 shares (the
    "Synoptic Shares"; together with the Laminar Shares
    and the Valence Shares, the "Subject Shares") of the
    Company's common stock, respectively, acquired through
    other transactions. The additional 76,082 shares of the
    Company's common stock are included in the table of selling
    stockholders above. Laminar has the power to vote or to direct
    the vote of (and the power to dispose or direct the disposition
    of) the Laminar Shares. Valence has the power to vote or to
    direct the vote of (and the power to dispose or direct the
    disposition of) the Valence Shares. Synoptic has the power to
    vote or to direct the vote of (and the power to dispose or
    direct the disposition of) the Synoptic Shares. D. E.
    Shaw & Co., L.P., a Delaware limited partnership
    ("DESCO LP"), as investment adviser to Laminar,
    Valence, and Synoptic and as Valence's managing member, may
    be deemed to have the shared power to vote or direct the vote of
    (and the shared power to dispose or direct the disposition of)
    the Subject Shares. D. E. Shaw Laminar Portfolios, L.L.C., a
    Delaware limited liability company ("Laminar
    Portfolios"), as Laminar's managing member, may be
    deemed to have the shared power to vote or direct the vote of
    (and the shared power to dispose or direct the disposition of)
    the Laminar Shares. D. E. Shaw & Co., L.L.C., a
    Delaware limited liability company ("DESCO LLC"), as
    Laminar Portfolios's and Synoptic's managing member,
    may be deemed to have the shared power to vote or direct the
    vote of (and the shared power to dispose or direct the
    disposition of) the Laminar Shares and the Synoptic Shares. As
    managing member of DESCO LLC, D. E. Shaw & Co. II,
    Inc., a Delaware corporation ("DESCO II, Inc.") may be
    deemed to have the shared power to vote or to direct the vote of
    (and the shared power to dispose or direct the disposition of)
    the Laminar Shares and the Synoptic Shares. As general partner
    of DESCO LP, D. E. Shaw & Co., Inc., a Delaware
    corporation ("DESCO, Inc."), may be deemed to have the
    shared power to vote or to direct the vote of (and the shared
    power to dispose or direct the disposition of) the Subject
    Shares. None of DESCO LP, Laminar Portfolios, DESCO LLC, DESCO,
    Inc., or DESCO II, Inc., owns any shares of the Company's
    common stock directly, and each such entity disclaims beneficial
    ownership of the Subject Shares. David E. Shaw does not own any
    shares of the Company's common stock directly. By virtue of
    David E. Shaw's position as president and sole shareholder
    of DESCO, Inc., which is the general partner of DESCO LP, and by
    virtue of David E. Shaw's position as president and sole
    shareholder of DESCO II, Inc., which is the managing member of
    DESCO LLC, David E. Shaw may be deemed to have the shared power
    to vote or direct the vote of (and the shared power to dispose
    or direct the disposition of) the Subject Shares, and,
    therefore, David E. Shaw may be deemed to be the indirect
    beneficial owner of the Subject Shares. David E. Shaw disclaims
    beneficial ownership of the subject shares.
(10)
Eton Park Capital Management, L.P. is the investment manager of
    (i) Eton Park Fund, L.P. and (ii) Eton Park Master
    Fund, Ltd. and exercises voting and dispositive power over the
    shares being registered.
(11)
Affiliates of (i) Financial Stocks Capital Partners V L.P.,
    (ii) FSI Skyline Fund OC, Ltd. and (iii) the
    subadviser to PM Manager Fund, SPC., on behalf of and for the
    account of Segregated Portfolio 23, hold 300,000 shares of
    the Company's common stock acquired through other
    transactions. The additional 300,000 shares of the
    Company's common stock are not included in the table of
    selling stockholders above.
(12)
First Opportunity Fund, Inc., through its nominee,
    Hare & Co., is managed by Wellington, an investment
    advisor registered under the Investment Advisors Act of 1940, as
    amended. Wellington, in such capacity may be deemed to share
    beneficial ownership over the shares held by its client accounts.
(13)
GLG Partners LP ("GLG Partners"), which serves as the
    investment manager to GLG North American Opportunity Fund
    ("GLG NAOF"), may be deemed to be the beneficial owner
    of all shares owned by
18
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GLG NAOF. GLG Partners exercises its investment authority
    directly or indirectly through various entities, including
    without limitation, GLG Inc. GLG Partners Limited ("GLG
    Limited"), as general partner to GLG Partners, may be
    deemed to be the beneficial owner of all shares owned by GLG
    NAOF. Each of Noam Gottesman, Emmanuel Roman, and Pierre
    Lagrange are Managing Directors of GLG Limited. GLG Partners,
    Inc., which indirectly wholly owns GLG Limited, may be deemed to
    be the beneficial owner of all shares owned by GLG NAOF. Each of
    GLG Partners, GLG Limited, GLG Partners, Inc., GLG Inc., and
    Messrs. Gottesman, Roman, and Lagrange hereby disclaims any
    beneficial ownership of any such shares, except for their
    pecuniary interest therein.
(14)
Goldman Sachs Investment Partners Master Fund, L.P. is an
    affiliate of Goldman, Sachs & Co., a registered
    broker-dealer and a member of FINRA. We have been advised that
    the information reported by Goldman Sachs Investment Partners
    Master Fund, L.P. reflects the securities beneficially owned by
    certain operating units (collectively, the "Goldman Sachs
    Reporting Units") of The Goldman Sachs Group, Inc. and its
    subsidiaries and affiliates (collectively, "GSG") and
    does not reflect securities, if any, beneficially owned by any
    operating units of GSG whose ownership of securities is
    disaggregated from that of the Goldman Sachs Reporting Units in
    accordance with the Securities and Exchange Commission Release
No. 34-39538
(January 12, 1998). The Goldman Sachs Reporting Units
    disclaim beneficial ownership of the securities beneficially
    owned by (i) any client accounts with respect o which the
    Goldman Sachs Reporting Units or their employees have voting or
    investment discretion, or both and (ii) certain investment
    entities of which the Goldman Sachs Reporting Units act as the
    general partner, managing general partner or other manager, to
    the extent interests in such entities are held by persons other
    than the Goldman Sachs Reporting Units.
(15)
Daniel S. Och, as Chief Executive Officer of Och-Ziff Capital
    Management Group LLC, the sole shareholder of Och-Ziff Holding
    Corporation, the General Partner of OZ Management LP, the
    Investment Manager to Gordel Holdings Limited, may be deemed to
    have voting and/or investment control of the securities held by
    Gordel Holdings Limited. Mr. Och disclaims beneficial
    ownership of the shares, except to the extent of their direct
    pecuniary interest therein.
(16)
Waterstone Capital Management, L.P. (or an affiliate) is the
    investment manager of (i) Waterstone Market Neutral Master
    Fund, Ltd., (ii) Waterstone Market Neutral Mac51, Ltd.,
    (iii) Waterstone MF Fund, Ltd., (iv) IAM
    Mini-Fund 21 Limited, (v) Prime Capital Master SPC,
    GOT WAT MAC Segregated Portfolio and (vi) Nomura Waterstone
    Market Neutral Fund and exercises voting and dispositive power
    over the shares being registered.
(17)
GLG Partners, which serves as the investment manager to
    Interfund SICAV:
Sub-fund Interfund
Equity USA ("Interfund SICAV"), may be deemed to be
    the beneficial owner of all shares owned by Interfund SICAV. GLG
    Partners exercises its investment authority directly or
    indirectly through various entities, including without
    limitation, GLG Limited, as general partner to GLG Partners, may
    be deemed to be the beneficial owner of all shares owned by
    Interfund SICAV. Each of Noam Gottesman, Emmanuel Roman, and
    Pierre Lagrange are Managing Directors of GLG Limited. GLG
    Partners, Inc., which indirectly wholly owns GLG Limited, may be
    deemed to be the beneficial owner of all shares owned by
    Interfund SICAV. Each of GLG Partners, GLG Limited, GLG
    Partners, Inc., GLG Inc., and Messrs. Gottesman, Roman, and
    Lagrange hereby disclaims any beneficial ownership of any such
    shares, except for their pecuniary interest therein.
(18)
Jefferies Dakota Master Fund, Ltd., a Cayman Islands exempted
    company (the "Dakota Fund"), is a private investment
    fund. The Dakota Fund's investment adviser, Jefferies Asset
    Management, LLC ("JAM") is under the control of
    Jefferies Group, Inc. ("Group"). Group also controls
    Jefferies & Company, Inc. ("Jefferies"), a
    registered broker-dealer and a member of FINRA. A majority of
    the Dakota Fund's feeder funds' interests are owned by
    entities also under the common control of Group and employees of
    JAM, but the Dakota Fund's board of directors is
    independent from both JAM and Jefferies. Jefferies is not
    involved with (i) the day to day operations of the Dakota
    Fund or JAM, (ii) the investment strategies of the Dakota
    Fund, (iii) the operations of the Dakota Fund's feeder
    funds, (iv) or the Dakota Fund's board of directors.
    Further, other than the securities offered by the Dakota Fund
    under this prospectus, the securities were purchased by the
    Dakota Fund through an unaffiliated broker-dealer. Any sales of
    the
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securities by the Dakota Fund are expected to be through an
    unaffiliated broker-dealer. The Dakota fund acquired the
    securities as investments in the ordinary course of business.
(19)
(i) John Hancock Bank and Thrift Opportunities Fund,
    (ii) John Hancock Financial Industries Fund and
    (iii) John Hancock Regional Bank Fund, are managed by MFC
    Global Investment Management (US) LLC, which has investment
    power over the shares being registered.
(20)
Pursuant to an investment advisory agreement with JAM, JAM is
    responsible for the investment management of, and all trading
    decisions for the selling stockholder account including voting
    and selling power of the shares being registered.
(21)
Sandler O'Neil Asset Management, LLC is the investment
    manager of (i) Malta Hedge Fund, L.P., (ii) Malta
    Hedge Fund II, L.P., (iii) Malta MLC Fund, L.P.,
    (iv) Malta MLC Offshore, Ltd., (v) Malta Offshore,
    Ltd., (vi) Malta Partners, L.P., (vii) Malta Titan
    Fund, L.P. and (viii) SOAM Capital Partners, L.P. and
    exercises voting and dispositive power over the shares being
    registered.
(22)
Tricadia Capital Management, LLC is the investment manager of
    (i) Mariner-Tricadia Credit Strategies Master Fund, Ltd.
    and (ii) Structured Credit Opportunities Fund II, L.P.
    and exercises voting and dispositive power over the shares being
    registered.
(23)
(i) MassMutual Select Small Cap Growth Equity Fund and
    (ii) MML Small Cap Growth Equity Fund, through its nominee,
    Aurora & Co., are managed by Wellington, an investment
    advisor registered under the Investment Advisors Act of 1940, as
    amended. Wellington, in such capacity may be deemed to share
    beneficial ownership over the shares held by its client accounts.
(24)
Daniel S. Och, as Chief Executive Officer of Och-Ziff Capital
    Management Group LLC, the sole shareholder of Och-Ziff Holding
    LLC, the General Partner of OZ Advisors II LP, the General
    Partner of OZ Global Special Investments Master Fund, LP, may be
    deemed to have voting and/or investment control of the
    securities held by OZ Global Special Investments Master Fund,
    LP. Mr. Och disclaims beneficial ownership of the shares,
    except to the extent of their direct pecuniary interest therein.
(25)
Daniel S. Och, as Chief Executive Officer of Och-Ziff Capital
    Management Group LLC, the sole shareholder of Och-Ziff Holding
    Corporation, the General Partner of OZ Management LP, the
    Investment Manager to OZ Master Fund, Ltd., may be deemed to
    have voting and/or investment control of the securities held by
    OZ Master Fund, Ltd. Mr. Och disclaims beneficial ownership
    of the shares, except to the extent of their direct pecuniary
    interest therein.
(26)
Daniel S. Och, as Chief Executive Officer of Och-Ziff Capital
    Management Group LLC, the sole shareholder of Och-Ziff Holding
    Corporation, the General Partner of OZ Management LP, the
    Investment Manager to OZ Select Master Fund, Ltd., may be deemed
    to have voting and/or investment control of the securities held
    by OZ Master Fund, Ltd. Mr. Och disclaims beneficial
    ownership of the shares, except to the extent of their direct
    pecuniary interest therein.
(27)
QVT Financial LP is the investment manager for QVT Fund LP
    and Quintessence Fund L.P. and shares voting and investment
    control over the securities held by QVT Fund LP and
    Quintessence Fund L.P. QVT Financial GP LLC is the general
    partner of QVT Financial LP and as such has complete discretion
    in the management and control of the business affairs of QVT
    Financial LP. QVT Associates GP LLC is the general partner of
    QVT Fund LP and Quintessence Fund L.P. and may be
    deemed to beneficially own the securities held by QVT
    Fund LP and Quintessence Fund L.P. The managing
    members of QVT Associates GP LLC are Daniel Gold, Nicholas
    Brumm, Arthur Chu and Tracy Fu. Each of QVT Financial LP, QVT
    Financial GP LLC, Daniel Gold, Nicholas Brumm, Arthur Chu and
    Tracy Fu disclaims beneficial ownership of the securities held
    by QVT Fund LP and Quintessence Fund L.P. QVT
    Associates GP LLC disclaims beneficial ownership of the
    securities held by QVT Fund LP and Quintessence Fund L.P.,
    except to the extent of its pecuniary interest therein.
(28)
Senvest International LLC is a registered broker-dealer and a
    member of FINRA.
(29)
Vanguard Explorer Fund, through its nominee, Vanguard Explorer
    Fund
c/o Brown
Brothers Harriman & Co., is managed by Wellington, an
    investment advisor registered under the Investment Advisors Act
    of 1940, as amended. Wellington, in such capacity may be deemed
    to share beneficial ownership over the shares held by its client
    accounts.
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(30)
(i) Wellington Trust Company, National Association
    Multiple Collective Investment Funds Trust II, Active Small Cap
    Stock Portfolio, (ii) Wellington Trust Company,
    National Association Multiple Collective Investment Funds
    Trust II, Multi-Strategy Global Equity Portfolio,
    (iii) Wellington Trust Company, National Association
    Multiple Collective Investment Funds Trust II, Small Cap
    Opportunities Portfolio and (iv) Wellington
    Trust Company, National Association Multiple Common
    Trust Funds Trust, Small Cap Opportunities Portfolio,
    through its nominee, Finwell & Co., are managed by
    Wellington, an investment advisor registered under the
    Investment Advisors Act of 1940, as amended. Wellington, in such
    capacity may be deemed to share beneficial ownership over the
    shares held by its client accounts.
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PLAN OF
    DISTRIBUTION
We are registering the common stock issued to the selling
    stockholders to permit the resale of these shares of common
    stock by the holders of the common stock from time to time after
    the date of this prospectus. We will not receive any of the
    proceeds from the sale by the selling stockholders of the common
    stock. We will bear all fees and expenses incident to our
    obligation to register the common stock.
The selling stockholders and their successors, including their
    transferees, may sell all or a portion the securities directly
    to purchasers or through underwriters, broker-dealers or agents,
    who may receive compensation in the form of discounts,
    concessions or commissions from the selling stockholders or the
    purchasers of the securities. These discounts, concessions or
    commissions as to any particular underwriter, broker-dealer or
    agent may be in excess of those customary in the types of
    transactions involved.
The securities may be sold in one or more transactions on any
    national securities exchange or quotation service on which the
    securities may be listed or quoted at the time of sale, in the
    over-the-counter market or in transactions otherwise than on
    these exchanges or systems or in the over-the-counter market and
    in one or more transactions at fixed prices, at prevailing
    market prices at the time of sale, at varying prices determined
    at the time of sale or at negotiated prices. These sales may be
    effected in transactions, which may involve crosses or block
    transactions. Additionally, the selling stockholders may enter
    into derivative transactions with third parties, or sell
    securities not covered by this prospectus to third parties in
    privately negotiated transactions. The selling stockholders may
    use any one or more of the following methods when selling shares:
•
on any national securities exchange or quotation service on
    which the securities may be listed or quoted at the time of
    sale, including, as of the date of this prospectus, the NYSE in
    the case of the common stock;
•
in the over-the-counter market;
•
in transactions otherwise than on these exchanges or services or
    in the over-the-counter market;
•
through the writing or settlement of options or other hedging
    transactions, whether the options are listed on an options
    exchange or otherwise;
•
ordinary brokerage transactions and transactions in which the
    broker-dealer solicits purchasers;
•
block trades in which the broker-dealer will attempt to sell the
    shares as agent but may position and resell a portion of the
    block as principal to facilitate the transaction;
•
purchases by a broker-dealer as principal and resale by the
    broker-dealer for its account;
•
an exchange distribution in accordance with the rules of the
    applicable exchange;
•
privately negotiated transactions;
•
settlement of short sales entered into after the effective date
    of the registration statement of which this prospectus forms a
    part;
•
broker-dealers may agree with the selling stockholders to sell a
    specified number of such shares at a stipulated price per share;
•
a combination of any such methods of sale; and
•
any other method permitted pursuant to applicable law.
In addition, any securities that qualify for sale pursuant to
    Rule 144 or Regulation S under the Securities Act or
    under Section 4(1) under the Securities Act may be sold
    under such rules rather than pursuant to this prospectus,
    subject to any restriction on transfer contained in the Stock
    Purchase Agreement.
The selling stockholders may enter into hedging transactions
    with broker-dealers, which may in turn engage in short sales of
    the securities in the course of hedging the positions they
    assume. The selling stockholders may also sell short the
    securities and deliver common stock to close out short
    positions, or loan or pledge the securities to broker-dealers
    that in turn may sell these securities. The selling stockholders
    may
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also enter into option or other transactions with broker-dealers
    or other financial institutions or the creation of one or more
    derivative securities that require the delivery to such
    broker-dealer or other financial institution of shares offered
    by this prospectus, which shares such broker-dealer or other
    financial institution may resell pursuant to this prospectus (as
    supplemented or amended to reflect such transaction). The
    selling stockholders also may transfer and donate the common
    stock in other circumstances in which case the transferees,
    donees, pledgees or other successors in interest will be the
    selling beneficial owners for purposes of this prospectus.
The aggregate proceeds to the selling stockholders from the sale
    of the securities will be the purchase price of the securities
    less discounts and commissions, if any.
In effecting sales, broker-dealers or agents engaged by the
    selling stockholders may arrange for other broker-dealers to
    participate. Broker-dealers or agents may receive commissions,
    discounts or concessions from the selling stockholders in
    amounts to be negotiated immediately prior to the sale; but,
    except as set forth in a supplement to this prospectus, in the
    case of an agency transaction will not be in excess of a
    customary brokerage commission in compliance with NASD
    Rule 2440; and in the case of a principal transaction a
    markup or markdown in compliance with NASD IM-2440.
In offering the securities covered by this prospectus, the
    selling stockholders and any broker-dealers who execute sales
    for the selling stockholders may be deemed to be
    "underwriters" within the meaning of
    Section 2(a)(11) of the Securities Act in connection with
    such sales. Any profits realized by the selling stockholders and
    the compensation of any broker-dealer may be deemed to be
    underwriting discounts and commissions. Selling stockholders who
    are "underwriters" within the meaning of
    Section 2(a)(11) of the Securities Act will be subject to
    the prospectus delivery requirements of the Securities Act and
    may be subject to certain statutory and regulatory liabilities,
    including liabilities imposed pursuant to Sections 11, 12
    and 17 of the Securities Act and
Rule 10b-5
under the Exchange Act.
In order to comply with the securities laws of certain states,
    if applicable, the securities must be sold in such jurisdictions
    only through registered or licensed brokers or dealers. In
    addition, in certain states the securities may not be sold
    unless the securities are registered or qualified for sale in
    the applicable state or an exemption from the registration or
    qualification requirement is available and is complied with.
The anti-manipulation rules of Regulation M under the
    Exchange Act may apply to sales of the securities pursuant to
    this prospectus and to the activities of the selling
    stockholders. In addition, we will make copies of this
    prospectus available to the selling stockholders for the purpose
    of satisfying the prospectus delivery requirements of the
    Securities Act. To the extent applicable, Regulation M may
    also restrict the ability of any person engaged in the
    distribution of the common stock to engage in market-making
    activities with respect to the common stock. All of the
    foregoing may affect the marketability of the common stock and
    the ability of any person or entity to engage in market-making
    activities with respect to the common stock.
There can be no assurance that any selling stockholder will sell
    any or all of the common stock registered pursuant to the
    registration statement of which this prospectus forms a part.
We have agreed to indemnify the selling stockholders against
    certain liabilities, including certain liabilities under the
    Securities Act. We have also agreed, among other things, to bear
    substantially all expenses (other than underwriting discounts
    and selling commissions) in connection with the registration and
    sale of the securities covered by this prospectus.
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LEGAL
    MATTERS
The validity of the common stock and certain other legal matters
    relating to the offering will be passed upon for us by Enrique
    R. Ubarri, Executive Vice President and General Counsel of Doral
    Financial. As of the date of this prospectus, Mr. Ubarri
    does not own, directly or indirectly, any shares of common stock
    of the Company.
EXPERTS
The consolidated financial statements incorporated in this
    prospectus by reference from our Annual Report on
Form 10-K
for the fiscal year ended December 31, 2009, and the
    effectiveness of our internal control over financial reporting
    as of December 31, 2009, have been audited by
    PricewaterhouseCoopers LLP, an independent registered public
    accounting firm, as stated in their report which is incorporated
    herein by reference. Such consolidated financial statements have
    been so incorporated in reliance upon the report of such firm
    given upon their authority as experts in accounting and auditing.
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Table of Contents
DORAL
    FINANCIAL CORPORATION
Table of Contents
PART II
INFORMATION
    NOT REQUIRED IN PROSPECTUS
Item 13.
Other
    Expenses of Issuance and Distribution.
The following table sets forth the various expenses to be
    incurred in connection with the sale and distribution of the
    securities being registered hereby, all of which will be borne
    by us (except any underwriting discounts and commissions and
    expenses incurred by the selling stockholders for brokerage,
    accounting, tax or legal services or any other expenses incurred
    by the selling stockholders in disposing of the shares). All
    amounts shown are estimates except the SEC registration fee.
SEC registration fee
$
16,200.41
Legal fees and expenses
$
Accounting fees and expenses
$
Miscellaneous expenses
$
Total Expenses
$
Item 14.
Indemnification
    of Directors and Officers.
Article 1.02(B)(6) of the Puerto Rico General Corporation
    Law (the "PR-GCL") provides that a corporation may
    include in its certificate of incorporation a provision
    eliminating or limiting the personal liability of members of its
    board of directors or governing body for breach of a
    director's fiduciary duty of care. However, no such
    provision may eliminate or limit the liability of a director for
    breaching his duty of loyalty, failing to act in good faith,
    engaging in intentional misconduct or knowingly violating a law,
    paying an unlawful dividend or approving an unlawful stock
    repurchase or obtaining an improper personal benefit. A
    provision of this type has no effect on the availability of
    equitable remedies, such as injunction or rescission, for breach
    of fiduciary duty. Article Seventh of Restated Certificate
    of Incorporation of Doral Financial Corporation contains such a
    provision.
Article 4.08 of the PR-GCL authorizes a Puerto Rico
    Corporation to indemnify its officers and directors against
    liabilities arising out of pending or threatened actions, suits
    or proceedings to which such officers and directors may be made
    parties by reason of being officers or directors. Such rights of
    indemnification are not exclusive of any other rights to which
    such officers or directors may be entitled under any by-law,
    agreement, vote of stockholders or otherwise. Section 5 of
    Article Sixth of the Company's Restated Certificate of
    Incorporation provides that the Company will indemnify its
    directors, officers and employees to the fullest extent
    permitted by law.
Section 1 of Article IX of the Company's By-laws
    (the "By-laws") provides that the Company will
    indemnify any person who was or is a party or is threatened to
    be made a party to any threatened, pending or completed action,
    suit or proceeding, whether civil, criminal, administrative or
    investigative (other than an action by or in the right of the
    Company) by reason of the fact that he is or was a director,
    officer, employee or agent of the Company or is or was serving
    at the request of the Company as a director, officer, employer
    or agent of another corporation or enterprise, against expenses
    (including attorneys' fees), judgments, fines and amounts
    paid in settlement actually and reasonably incurred by him in
    connection with such action, suit or proceeding if he acted in
    good faith and in a manner he reasonably believed to be in or
    not opposed to the best interests of the Company, and with
    respect to any criminal action or proceeding, had no reasonable
    cause to believe his conduct was unlawful.
Section 2 of Article IX of the By-laws provides that
    the Company will indemnify any person who was or is a party or
    is threatened to be made a party to any threatened, pending or
    completed action or suit by or in the right of the Company to
    procure a judgment in its favor by reason of the fact that such
    person acted in any of the capacities set forth above, against
    expenses (including attorneys' fees), judgments, fines and
    amounts paid in settlement actually and reasonably incurred by
    him in connection with the defense or settlement of such action
    or suit if he acted under similar standards set forth in the
    preceding paragraph, except that no
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indemnification may be made in respect to any claim, issue or
    matter as to which such person will have been adjudged to be
    liable to the Company unless and only to the extent that the
    court in which such action or suit was brought will determine
    that despite the adjudication of liability, such person is
    fairly and reasonably entitled to be indemnified for such
    expenses which the court will deem proper.
Section 3 of Article IX of the By-laws provides that
    to the extent a director or officer of the Company has been
    successful on the merits or otherwise in the defense of any
    action, suit or proceeding referred to in Sections 1 and 2
    of Article IX of the By-laws or in the defense of any
    claim, issue, or matter therein, he will be indemnified against
    expenses (including attorneys' fees) actually and
    reasonably incurred by him in connection therewith.
Section 5 of Article IX of the By-laws provides that
    the Company will pay expenses incurred in defending a civil or
    criminal action, suit or proceeding in advance of the final
    disposition of such action, suit or proceeding. The Company must
    make such advanced payments if it received an undertaking by or
    on behalf of any person covered by Section 1 of
    Article IX of the By-laws to repay such amounts, if it is
    ultimately determined that he is not entitled to be indemnified
    by the Company as authorized in Article IX of the
By-laws.
Section 6 and 7 of Article IX of the By-laws provide
    that indemnification provided for by Sections 1 and 2 of
    Article IX of the By-laws will not be deemed exclusive of
    any other rights to which the indemnified party may be entitled;
    and that the Company may purchase and maintain insurance on
    behalf of a director or officer of the Company against any
    liability asserted against him or incurred by him in any such
    capacity or arising out of his status as such whether or not the
    Company would have the power to indemnify him against such
    liabilities under such Sections 1 and 2 of Article IX
    of the By-laws.
The Company maintains a directors' and officers'
    liability insurance policy.
Item 15.
Recent
    Sales of Unregistered Securities
On April 21, 2010 and April 22, 2010, the Company
    issued 278,260 shares and 6,742 shares, respectively,
    of its Mandatorily Convertible Non-Cumulative Non-Voting
    Preferred Stock, $1.00 par value and
    $1,000 liquidation preference per share in a private
    offering to accredited investors pursuant to Regulation D.
    The aggregate offering price was $180 million. The Company
    paid $9 million to Barclays Capital as sales commissions.
Item 16.
Exhibits
Exhibit
Number
Description
3
.1
Certificate of Incorporation of Doral Financial, which
    incorporates the certificates of designation of Doral
    Financial's 7% Noncumulative Monthly Income Preferred
    Stock, Series A; Doral Financial's 8.35% Noncumulative
    Monthly Income Preferred Stock, Series B; Doral
    Financial's 7.25% Noncumulative Monthly Income Preferred
    Stock, Series C; and Doral Financial's 4.75% Perpetual
    Cumulative Convertible Preferred Stock. (Incorporated herein by
    reference to Exhibit 3.1(j) of Doral Financial's
    Annual Report on
Form 10-K
for the year ended December 31, 2007 filed with the
    Commission on March 19, 2008.)
3
.2
Bylaws of Doral Financial, as amended on August 2, 2007.
    (Incorporated herein by reference to Exhibit 3.1 of Doral
    Financial's Current Report on
Form 8-K
filed with the Commission on August 6, 2007.)
3
.3
Certificate of Amendment of the Certificate of Incorporation of
    Doral Financial dated March 12, 2010. (Incorporated herein
    by reference to Exhibit 3.1 of Doral Financial's
    Current Report on
Form 8-K
filed with the Commission on March 16, 2010.)
3
.4
Certificate of Designation of Mandatorily Convertible
    Non-Cumulative Non-Voting Preferred Stock (including form of
    stock certificate). (Incorporated herein by reference to
    Exhibit 3.1 of Doral Financial's Current Report on
Form 8-K
filed with the Commission on April 26, 2010.)
4
.1
Common Stock Certificate. (Incorporated herein by reference to
    Exhibit 4.1 of Doral Financial's Annual Report on
Form 10-K
for the year ended December 31, 2007 filed with the
    Commission on March 19, 2008.)
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Exhibit
Number
Description
4
.2
Loan and Guaranty Agreement among Puerto Rico Industrial,
    Tourist, Educational, Medical and Environmental Control
    Facilities Financing Authority ("AFICA"), Doral
    Properties, Inc. and Doral Financial. (Incorporated herein by
    reference to exhibit number 4.1 of Doral Financial's
    Quarterly Report on
Form 10-Q
for the quarter ended September 30, 1999 filed with the
    Commission on November 15, 1999.)
4
.3
Trust Agreement between AFICA and Citibank, N.A.
    (Incorporated herein by reference to exhibit number 4.2 of Doral
    Financial's Quarterly Report on
Form 10-Q
for the quarter ended September 30, 1999 filed with the
    Commission on November 15, 1999.)
4
.4
Form of Serial and Term Bond (included in Exhibit 4.3
    hereof).
4
.5
Deed of Constitution of First Mortgage over Doral Financial
    Plaza. (Incorporated herein by reference to exhibit number 4.4
    of Doral Financial's Quarterly Report on
Form 10-Q
for the quarter ended September 30, 1999 filed with the
    Commission on November 15, 1999.)
4
.6
Mortgage Note secured by First Mortgage referred to in
    Exhibit 4.5 hereto (included in Exhibit 4.5 hereof).
4
.7
Pledge and Security Agreement. (Incorporated herein by reference
    to exhibit number 4.6 of Doral Financial's Quarterly Report
    on
Form 10-Q
for the quarter ended September 30, 1999 filed with the
    Commission on November 15, 1999.)
4
.8
Indenture, dated May 14, 1999, between Doral Financial and
    U.S. Bank National Association, as trustee, pertaining to senior
    debt securities. (Incorporated herein by reference to exhibit
    number 4.1 of Doral Financial's Current Report on
Form 8-K
filed with the Commission on May 21, 1999.)
4
.9
Indenture, dated May 14, 1999, between Doral Financial and
    Bankers Trust Company, as trustee, pertaining to
    subordinated debt securities. (Incorporated herein by reference
    to exhibit number 4.3 of Doral Financial's Current Report
    on
Form 8-K
filed with the Commission on May 21, 1999.)
4
.10
Form of Stock Certificate for 7% Noncumulative Monthly Income
    Preferred Stock, Series A. (Incorporated herein by
    reference to exhibit number 4(A) of Doral Financial's
    Registration Statement on
Form S-3
filed with the Commission on October 30, 1998.)
4
.11
Form of Stock Certificate for 8.35% Noncumulative Monthly Income
    Preferred Stock, Series B. (Incorporated herein by
    reference to exhibit number 4.1 of Doral Financial's
    Registration Statement on
Form 8-A
filed with the Commission on August 30, 2000.)
4
.12
First Supplemental Indenture, dated as of March 30, 2001,
    between Doral Financial and Deutsche Bank Trust Company
    Americas (formerly known as Bankers Trust Company), as
    trustee. (Incorporated herein by reference to exhibit number 4.9
    to Doral Financial's Current Report on
Form 8-K
filed with the Commission on April 2, 2001.)
4
.13
Form of Stock Certificate for 7.25% Noncumulative Monthly Income
    Preferred Stock, Series C. (Incorporated herein by
    reference to exhibit number 4.1 of Doral Financial's
    Registration Statement on
Form 8-A
filed with the Commission on May 30, 2002.)
4
.14
Form of Stock Certificate for 4.75% Perpetual Cumulative
    Convertible Preferred Stock. (Incorporated herein by reference
    to Exhibit 4 to Doral Financial's Current Report on
Form 8-K
filed with the Commission on September 30, 2003.)
4
.15
Form of Stock Certificate for Mandatorily Convertible
    Non-Cumulative Non-Voting Preferred Stock (included in
    Exhibit 3.4 hereof).
5
.1*
Form of opinion of Enrique R. Ubarri, Esq., Executive Vice
    President and General Counsel of the Company, regarding the
    validity of the common stock being registered.
10
.1
Order to Cease and Desist issued to Doral Financial by the Board
    of Governors of the Federal Reserve System on March 16,
    2006. (Incorporated herein by reference to Exhibit 99.2 to
    Doral Financial's Current Report on
Form 8-K
filed with the Commission on March 17, 2006.)
10
.2
Stipulation and Agreement of Partial Settlement, dated as of
    April 27, 2007. (Incorporated herein by reference to
    Exhibit 10.1 of Doral Financial's Annual Report on
Form 10-K
for the year ended December 31, 2006 filed with the
    Commission on April 30, 2007.)
II-3
Table of Contents
Exhibit
Number
Description
10
.3
Order to Cease and Desist issued to Doral Bank PR by the Federal
    Deposit Insurance Corporation, dated February 19, 2008.
    (Incorporated herein by reference to exhibit number
99-2
of
    Doral Financial's Current Report of
Form 8-K
filed with the Commission on February 21, 2008.)
10
.4
Purchase Agreement, dated September 23, 2003, between Doral
    Financial Corporation and Wachovia Securities LLC, as
    Representative of the Initial Purchasers of Doral
    Financial's 4.75% Perpetual Cumulative Convertible
    Preferred Stock named therein. (Incorporated herein by reference
    to Exhibit 1 to Doral Financial's Current Report on
Form 8-K
filed with the Commission on September 30, 2003.)
10
.5
Employment Agreement, dated as of May 23, 2006, between
    Doral Financial and Glen Wakeman. (Incorporated herein by
    reference to Exhibit 10.1 to Doral Financial's Current
    Report on
Form 8-K
filed with the Commission on May 30, 2006.)
10
.6
Employment Agreement, dated as of August 14, 2006, between
    Doral Financial Corporation and Lesbia Blanco. (Incorporated
    herein by reference to Exhibit 10.1 to Doral
    Financial's Quarterly Report on
Form 10-Q
for the quarter ended September 30, 2006 filed with the
    Commission on December 29, 2006.)
10
.7
Employment Agreement, dated as of October 2, 2006, between
    Doral Financial Corporation and Enrique R. Ubarri, Esq.
    (Incorporated herein by reference to Exhibit 10.7 to Doral
    Financial's Quarterly Report on
Form 10-Q
for the quarter ended September 30, 2006 filed with the
    Commission on December 29, 2006.)
10
.8
Employment Agreement, dated as of June 25, 2007, between
    Doral Financial Corporation and Paul Makowski. (Incorporated
    herein by reference to Exhibit 10.11 to Doral
    Financial's Annual Report on
Form 10-K
for the year ended December 31, 2007 filed with the
    Commission on March 19, 2008.)
10
.9
Employment Agreement, dated as of June 1, 2007, between
    Doral Financial Corporation and Christopher Poulton.
    (Incorporated herein by reference to Exhibit 10.10 to Doral
    Financial's Annual Report on
Form 10-K
for the year ended December 31, 2007 filed with the
    Commission on March 19, 2008.)
10
.10
Securityholders and Registration Rights Agreement dated as of
    July 19, 2007, between Doral Financial Corporation and
    Doral Holdings Delaware, LLC. (Incorporated herein by reference
    to Exhibit 10.1 to the Current Report on
Form 8-K
filed with the Commission on July 20, 2007.)
10
.11
Advisory Services Agreements, dated as of July 19, 2007,
    between Doral Financial Corporation and Bear Stearns Merchant
    Manager III, L.P. (Incorporated herein by reference to
    Exhibit 10.2 to the Current Report on
Form 8-K
filed with the Commission on July 20, 2007.)
10
.12
Doral Financial 2008 Stock Incentive Plan. (Incorporated herein
    by reference to Annex A to the Definitive Proxy Statement
    for the Doral Financial 2008 Annual Stockholders' Meeting
    filed with the Commission on April 11, 2008.)
10
.13
Employment Agreement, dated as of March 24, 2009, between
    Doral Financial and Robert E. Wahlman. (Incorporated herein by
    reference to Exhibit 99.2 to Doral Financial's Current
    Report on
Form 8-K
filed with the Commission on March 26, 2009.)
10
.14
Summary of Doral Financial Corporation 2007 Key Employee
    Incentive Plan. (Incorporated by reference to Exhibit 10.15
    to Doral Financial's Registration Statement on
Form S-4
filed with the Commission on September 29, 2009.)
10
.15
Cooperation Agreement, dated as of April 19, 2010, by and
    among Doral Financial Corporation, Doral Holdings Delaware, LLC,
    Doral Holdings, L.P., and Doral GP Ltd. (Incorporated herein by
    reference to Exhibit 10.15 to Doral Financial's
    Quarterly Report on
Form 10-Q
for the quarter ended March 31, 2010 filed with the
    Commission on May 10, 2010.)
10
.16
Stock Purchase Agreement, dated as of April 19, 2010, by
    and among Doral Financial Corporation and the purchasers named
    therein. (Incorporated herein by reference to Exhibit 10.16
    to Doral Financial's Quarterly Report on
Form 10-Q
for the quarter ended March 31, 2010 filed with the
    Commission on May 10, 2010.)
II-4
Table of Contents
Exhibit
Number
Description
12
.1
Computation of Ratio of Earnings to Fixed Charges. (Incorporated
    herein by reference to Exhibit 12.1 to Doral
    Financial's Quarterly Report on
Form 10-Q
for the quarter ended March 31, 2010 filed with the
    Commission on May 10, 2010.)
12
.2
Computation of Ratio of Earnings to Fixed Charges and Preferred
    Stock Dividends. (Incorporated herein by reference to
    Exhibit 12.2 to Doral Financial's Quarterly Report on
Form 10-Q
for the quarter ended March 31, 2010 filed with the
    Commission on May 10, 2010.)
21
.1
List of Doral Financial's subsidiaries. (Incorporated
    herein by reference to Exhibit 21 to Doral Financial's
    Annual Report on Form 10-K for the year ended December 31,
    2009 filed with the Commission on February 26, 2010.)
23
.1*
Consent of Independent Registered Public Accounting Firm.
23
.2*
Consent of Enrique R. Ubarri, Esq. (included in
    Exhibit 5.1 filed herewith).
24
.1*
Powers of Attorney (included in the signature pages to the
    Registration Statement).
*
Filed herewith.
Item 17.
Undertakings.
The undersigned registrant hereby undertakes:
(1) To file, during any period in which offers or sales are
    being made, a post-effective amendment to this registration
    statement:
(i) to include any prospectus required by
    Section 10(a)(3) of the Securities Act;
(ii) to reflect in the prospectus any facts or events
    arising after the effective date of this registration statement
    (or the most recent post-effective amendment thereof) which,
    individually or in the aggregate, represent a fundamental change
    in the information set forth in this registration statement.
    Notwithstanding the foregoing, any increase or decrease in the
    volume of securities offered (if the total dollar value of
    securities offered would not exceed that which was registered)
    and any deviation from the low or high end of the estimated
    maximum offering range may be reflected in the form of
    prospectus filed with the U.S. Securities and Exchange
    Commission (the "Commission") pursuant to
    Rule 424(b) if, in the aggregate, the changes in volume and
    price represent no more than 20 percent change in the
    maximum aggregate offering price set forth in the
    "Calculation of Registration Fee" table in the
    effective registration statement; and
(iii) to include any material information with respect to
    the plan of distribution not previously disclosed in this
    registration statement or any material change to such
    information in this registration statement.
(2) That, for the purposes of determining any liability
    under the Securities Act of 1933, each post-effective amendment
    shall be deemed to be a new registration statement relating to
    the securities offered therein, and the offering of such
    securities at the time shall be deemed to be the initial
bona
    fide
offering thereof.
(3) To remove from registration by means of a
    post-effective amendment any of the securities being registered
    which remain unsold at the termination of the offering.
(4) That, for the purpose of determining liability under
    the Securities Act of 1933 to any purchaser:
(i) each prospectus filed by a registrant pursuant to
    Rule 424(b)(3) shall be deemed to be part of the
    registration statement as of the date the filed prospectus was
    deemed part of and included in the registration
    statement; and
(ii) each prospectus required to be filed pursuant to Rule
    424(b)(2), (b)(5), or (b)(7) as part of a registration statement
    in reliance on Rule 430B relating to an offering made
    pursuant to
II-5
Table of Contents
Rule 415(a)(1)(i), (vii) or (x) for the purpose
    of providing the information required by Section 10(a) of
    the Securities Act of 1933 shall be deemed to be part of and
    included in the registration statement as of the earlier of the
    date such form of prospectus is first used after effectiveness
    or the date of the first contract of sale of securities in the
    offering described in the prospectus. As provided in
    Rule 430B, for liability purposes of the issuer and any
    person that is at that date an underwriter, such date shall be
    deemed to be a new effective date of the registration statement
    relating to the securities in the registration statement to
    which that prospectus relates, and the offering of such
    securities at that time shall be deemed to be the initial bona
    fide offering thereof. Provided, however, that no statement made
    in a registration statement or prospectus that is part of the
    registration statement or made in a document incorporated or
    deemed incorporated by reference into the registration statement
    or prospectus that is part of the registration statement will,
    as to a purchaser with a time of contract of sale prior to such
    effective date, supersede or modify any statement that was made
    in the registration statement or prospectus that was part of the
    registration statement or made in any such document immediately
    prior to such effective date.
(5) That, for the purpose of determining liability of a
    registrant under the Securities Act of 1933 to any purchaser in
    the initial distribution of the securities:
The undersigned registrant undertakes that in a primary offering
    of securities of the undersigned registrant pursuant to this
    registration statement, regardless of the underwriting method
    used to sell the securities to the purchaser, if the securities
    are offered or sold to such purchaser by means of any of the
    following communications the undersigned registrant will be a
    seller to the purchaser and will be considered to offer or sell
    such securities to such purchaser:
(i) any preliminary prospectus or prospectus of the
    undersigned registrant relating to the offering required to be
    filed pursuant to Rule 424;
(ii) any free writing prospectus relating to the offering
    prepared by or on behalf of the undersigned registrant or used
    or referred to by the undersigned registrant;
(iii) the portion of any other free writing prospectus
    relating to the offering containing material information about
    the undersigned registrant or its securities provided by or on
    behalf of the undersigned registrant; and
(iv) any other communication that is an offer in the
    offering made by the undersigned registrant to the purchaser.
Insofar as indemnification for liabilities arising under the
    Securities Act of 1933 may be permitted to directors,
    officers and controlling persons of the registrant pursuant to
    the indemnification provisions described herein, or otherwise,
    the registrant has been advised that in the opinion of the
    Securities and Exchange Commission such indemnification is
    against public policy as expressed in the Securities Act of 1933
    and is, therefore, unenforceable. In the event that a claim for
    indemnification against such liabilities (other than the payment
    by the registrant of expenses incurred or paid by a director,
    officer or controlling person of the registrant in the
    successful defense of any action, suit or proceeding) is
    asserted by such director, officer or controlling person in
    connection with the securities being registered, the registrant
    will, unless in the opinion of its counsel the matter has been
    settled by controlling precedent, submit to a court of
    appropriate jurisdiction the question whether such
    indemnification by it is against public policy as expressed in
    the Securities Act of 1933 and will be governed by the final
    adjudication of such issue.
II-6
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as
    amended, Doral Financial Corporation has duly caused this
    Registration Statement to be signed on its behalf by the
    undersigned, thereunto duly authorized, in the City of
    San Juan, Commonwealth of Puerto Rico, on May 21, 2010.
DORAL FINANCIAL CORPORATION
By:
/s/
Glen
    R. Wakeman
Name:     Glen R. Wakeman
Title:
Chief Executive Officer, President and Director
Power of
    Attorney and Signatures
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature
    appears below constitutes and appoints Glen R. Wakeman, Robert
    E. Wahlman, Enrique R. Ubarri, and Laura G. Vasquez, and each of
    them individually,
his/her
true
    and lawful attorneys-in-fact and agents, with full power and in
    any and all capacities, to sign this Registration Statement and
    any and all amendments (including post-effective amendments) to
    this Registration Statement, and to file such Registration
    Statement and all such amendments or supplements, with all
    exhibits thereto, and other documents in connection therewith,
    with the Securities and Exchange Commission, granting unto said
    attorneys-in-fact and agents, and each of them, full power and
    authority to do and perform each and every act and thing
    requisite or necessary to be done in and about the premises, as
    fully to all intents and purposes as he might or could do in
    person, thereby ratifying and confirming all that said
    attorneys-in-fact and agents or any of them, or their or his
    substitutes or substitute, may lawfully do or cause to be done
    by virtue thereof.
Pursuant to the requirements of the Securities Act of 1933, as
    amended, this Registration Statement has been signed by the
    following persons in the capacities indicated, on May 21,
    2010.
Signature
Title
/s/
Glen
    R. Wakeman
Glen
    R. Wakeman
Chief Executive Officer, President and Director
/s/
Robert
    E. Wahlman
Robert
    E. Wahlman
Executive Vice President and Chief Financial Officer
/s/
Dennis
    G. Buchert
Dennis
    G. Buchert
Director
/s/
James
    E. Gilleran
James
    E. Gilleran
Director
/s/
Douglas
    L. Jacobs
Douglas
    L. Jacobs
Director
/s/
David
    E. King
David
    E. King
Director
/s/
Mark
    Kleinman
Mark
    Kleinman
Director
II-7
Table of Contents
Signature
Title
/s/
Howard
    M. Levkowitz
Howard
    M. Levkowitz
Director
/s/
Frank
    W. Baier
Frank
    W. Baier
Director
/s/
Raymond
    J. Quinlan
Raymond
    J. Quinlan
Director
/s/
Gerard
    L. Smith
Gerard
    L. Smith
Director
/s/
Laura
    G. Vazquez
Laura
    G. Vazquez
Senior Vice President, Controller and
Principal Accounting Officer
II-8
Table of Contents
EXHIBIT INDEX
Exhibit
Number
Description
3
.1
Certificate of Incorporation of Doral Financial, which
    incorporates the certificates of designation of Doral
    Financial's 7% Noncumulative Monthly Income Preferred
    Stock, Series A; Doral Financial's 8.35% Noncumulative
    Monthly Income Preferred Stock, Series B; Doral
    Financial's 7.25% Noncumulative Monthly Income Preferred
    Stock, Series C; and Doral Financial's 4.75% Perpetual
    Cumulative Convertible Preferred Stock. (Incorporated herein by
    reference to Exhibit 3.1(j) of Doral Financial's
    Annual Report on
Form 10-K
for the year ended December 31, 2007 filed with the
    Commission on March 19, 2008.)
3
.2
Bylaws of Doral Financial, as amended on August 2, 2007.
    (Incorporated herein by reference to Exhibit 3.1 of Doral
    Financial's Current Report on
Form 8-K
filed with the Commission on August 6, 2007.)
3
.3
Certificate of Amendment of the Certificate of Incorporation of
    Doral Financial dated March 12, 2010. (Incorporated herein
    by reference to Exhibit 3.1 of Doral Financial's
    Current Report on
Form 8-K
filed with the Commission on March 16, 2010.)
3
.4
Certificate of Designation of Mandatorily Convertible
    Non-Cumulative Non-Voting Preferred Stock (including form of
    stock certificate). (Incorporated herein by reference to
    Exhibit 3.1 of Doral Financial's Current Report on
Form 8-K
filed with the Commission on April 26, 2010.)
4
.1
Common Stock Certificate. (Incorporated herein by reference to
    Exhibit 4.1 of Doral Financial's Annual Report on
Form 10-K
for the year ended December 31, 2007 filed with the
    Commission on March 19, 2008.)
4
.2
Loan and Guaranty Agreement among Puerto Rico Industrial,
    Tourist, Educational, Medical and Environmental Control
    Facilities Financing Authority ("AFICA"), Doral
    Properties, Inc. and Doral Financial. (Incorporated herein by
    reference to exhibit number 4.1 of Doral Financial's
    Quarterly Report on
Form 10-Q
for the quarter ended September 30, 1999 filed with the
    Commission on November 15, 1999.)
4
.3
Trust Agreement between AFICA and Citibank, N.A.
    (Incorporated herein by reference to exhibit number 4.2 of Doral
    Financial's Quarterly Report on
Form 10-Q
for the quarter ended September 30, 1999 filed with the
    Commission on November 15, 1999.)
4
.4
Form of Serial and Term Bond (included in Exhibit 4.3
    hereof).
4
.5
Deed of Constitution of First Mortgage over Doral Financial
    Plaza. (Incorporated herein by reference to exhibit number 4.4
    of Doral Financial's Quarterly Report on
Form 10-Q
for the quarter ended September 30, 1999 filed with the
    Commission on November 15, 1999.)
4
.6
Mortgage Note secured by First Mortgage referred to in
    Exhibit 4.5 hereto (included in Exhibit 4.5 hereof).
4
.7
Pledge and Security Agreement. (Incorporated herein by reference
    to exhibit number 4.6 of Doral Financial's Quarterly Report
    on
Form 10-Q
for the quarter ended September 30, 1999 filed with the
    Commission on November 15, 1999.)
4
.8
Indenture, dated May 14, 1999, between Doral Financial and
    U.S. Bank National Association, as trustee, pertaining to senior
    debt securities. (Incorporated herein by reference to exhibit
    number 4.1 of Doral Financial's Current Report on
Form 8-K
filed with the Commission on May 21, 1999.)
4
.9
Indenture, dated May 14, 1999, between Doral Financial and
    Bankers Trust Company, as trustee, pertaining to
    subordinated debt securities. (Incorporated herein by reference
    to exhibit number 4.3 of Doral Financial's Current Report
    on
Form 8-K
filed with the Commission on May 21, 1999.)
4
.10
Form of Stock Certificate for 7% Noncumulative Monthly Income
    Preferred Stock, Series A. (Incorporated herein by
    reference to exhibit number 4(A) of Doral Financial's
    Registration Statement on
Form S-3
filed with the Commission on October 30, 1998.)
4
.11
Form of Stock Certificate for 8.35% Noncumulative Monthly Income
    Preferred Stock, Series B. (Incorporated herein by
    reference to exhibit number 4.1 of Doral Financial's
    Registration Statement on
Form 8-A
filed with the Commission on August 30, 2000.)
4
.12
First Supplemental Indenture, dated as of March 30, 2001,
    between Doral Financial and Deutsche Bank Trust Company
    Americas (formerly known as Bankers Trust Company), as
    trustee. (Incorporated herein by reference to exhibit number 4.9
    to Doral Financial's Current Report on
Form 8-K
filed with the Commission on April 2, 2001.)
Table of Contents
Exhibit
Number
Description
4
.13
Form of Stock Certificate for 7.25% Noncumulative Monthly Income
    Preferred Stock, Series C. (Incorporated herein by
    reference to exhibit number 4.1 of Doral Financial's
    Registration Statement on
Form 8-A
filed with the Commission on May 30, 2002.)
4
.14
Form of Stock Certificate for 4.75% Perpetual Cumulative
    Convertible Preferred Stock. (Incorporated herein by reference
    to Exhibit 4 to Doral Financial's Current Report on
Form 8-K
filed with the Commission on September 30, 2003.)
4
.15
Form of Stock Certificate for Mandatorily Convertible
    Non-Cumulative Non-Voting Preferred Stock (included in
    Exhibit 3.4 hereof).
5
.1*
Form of opinion of Enrique R. Ubarri, Esq., Executive Vice
    President and General Counsel of the Company, regarding the
    validity of the common stock being registered.
10
.1
Order to Cease and Desist issued to Doral Financial by the Board
    of Governors of the Federal Reserve System on March 16,
    2006. (Incorporated herein by reference to Exhibit 99.2 to
    Doral Financial's Current Report on
Form 8-K
filed with the Commission on March 17, 2006.)
10
.2
Stipulation and Agreement of Partial Settlement, dated as of
    April 27, 2007. (Incorporated herein by reference to
    Exhibit 10.1 of Doral Financial's Annual Report on
Form 10-K
for the year ended December 31, 2006 filed with the
    Commission on April 30, 2007.)
10
.3
Order to Cease and Desist issued to Doral Bank PR by the Federal
    Deposit Insurance Corporation, dated February 19, 2008.
    (Incorporated herein by reference to exhibit number
99-2
of
    Doral Financial's Current Report of
Form 8-K
filed with the Commission on February 21, 2008.)
10
.4
Purchase Agreement, dated September 23, 2003, between Doral
    Financial Corporation and Wachovia Securities LLC, as
    Representative of the Initial Purchasers of Doral
    Financial's 4.75% Perpetual Cumulative Convertible
    Preferred Stock named therein. (Incorporated herein by reference
    to Exhibit 1 to Doral Financial's Current Report on
Form 8-K
filed with the Commission on September 30, 2003.)
10
.5
Employment Agreement, dated as of May 23, 2006, between
    Doral Financial and Glen Wakeman. (Incorporated herein by
    reference to Exhibit 10.1 to Doral Financial's Current
    Report on
Form 8-K
filed with the Commission on May 30, 2006.)
10
.6
Employment Agreement, dated as of August 14, 2006, between
    Doral Financial Corporation and Lesbia Blanco. (Incorporated
    herein by reference to Exhibit 10.1 to Doral
    Financial's Quarterly Report on
Form 10-Q
for the quarter ended September 30, 2006 filed with the
    Commission on December 29, 2006.)
10
.7
Employment Agreement, dated as of October 2, 2006, between
    Doral Financial Corporation and Enrique R. Ubarri, Esq.
    (Incorporated herein by reference to Exhibit 10.7 to Doral
    Financial's Quarterly Report on
Form 10-Q
for the quarter ended September 30, 2006 filed with the
    Commission on December 29, 2006.)
10
.8
Employment Agreement, dated as of June 25, 2007, between
    Doral Financial Corporation and Paul Makowski. (Incorporated
    herein by reference to Exhibit 10.11 to Doral
    Financial's Annual Report on
Form 10-K
for the year ended December 31, 2007 filed with the
    Commission on March 19, 2008.)
10
.9
Employment Agreement, dated as of June 1, 2007, between
    Doral Financial Corporation and Christopher Poulton.
    (Incorporated herein by reference to Exhibit 10.10 to Doral
    Financial's Annual Report on
Form 10-K
for the year ended December 31, 2007 filed with the
    Commission on March 19, 2008.)
10
.10
Securityholders and Registration Rights Agreement dated as of
    July 19, 2007, between Doral Financial Corporation and
    Doral Holdings Delaware, LLC. (Incorporated herein by reference
    to Exhibit 10.1 to the Current Report on
Form 8-K
filed with the Commission on July 20, 2007.)
10
.11
Advisory Services Agreements, dated as of July 19, 2007,
    between Doral Financial Corporation and Bear Stearns Merchant
    Manager III, L.P. (Incorporated herein by reference to
    Exhibit 10.2 to the Current Report on
Form 8-K
filed with the Commission on July 20, 2007.)
10
.12
Doral Financial 2008 Stock Incentive Plan. (Incorporated herein
    by reference to Annex A to the Definitive Proxy Statement
    for the Doral Financial 2008 Annual Stockholders' Meeting
    filed with the Commission on April 11, 2008.)
Table of Contents
Exhibit
Number
Description
10
.13
Employment Agreement, dated as of March 24, 2009, between
    Doral Financial and Robert E. Wahlman. (Incorporated herein by
    reference to Exhibit 99.2 to Doral Financial's Current
    Report on
Form 8-K
filed with the Commission on March 26, 2009.)
10
.14
Summary of Doral Financial Corporation 2007 Key Employee
    Incentive Plan. (Incorporated by reference to Exhibit 10.15
    to Doral Financial's Registration Statement on
Form S-4
filed with the Commission on September 29, 2009)
10
.15
Cooperation Agreement, dated as of April 19, 2010, by and
    among Doral Financial Corporation, Doral Holdings Delaware, LLC,
    Doral Holdings, L.P., and Doral GP Ltd. (Incorporated herein by
    reference to Exhibit 10.15 to Doral Financial's
    Quarterly Report on
Form 10-Q
for the quarter ended March 31, 2010 filed with the
    Commission on May 10, 2010.)
10
.16
Stock Purchase Agreement, dated as of April 19, 2010, by
    and among Doral Financial Corporation and the purchasers named
    therein. (Incorporated herein by reference to Exhibit 10.16
    to Doral Financial's Quarterly Report on
Form 10-Q
for the quarter ended March 31, 2010 filed with the
    Commission on May 10, 2010.)
12
.1
Computation of Ratio of Earnings to Fixed Charges. (Incorporated
    herein by reference to Exhibit 12.1 to Doral
    Financial's Quarterly Report on
Form 10-Q
for the quarter ended March 31, 2010 filed with the
    Commission on May 10, 2010.)
12
.2
Computation of Ratio of Earnings to Fixed Charges and Preferred
    Stock Dividends. (Incorporated herein by reference to
    Exhibit 12.2 to Doral Financial's Quarterly Report on
Form 10-Q
for the quarter ended March 31, 2010 filed with the
    Commission on May 10, 2010.)
21
.1
List of Doral Financial's subsidiaries. (Incorporated
    herein by reference to Exhibit 21 of Doral Financial Annual
    Report on Form 10-K for the year ended December 31, 2009
    filed with the Commission on February 26,2010.)
23
.1*
Consent of Independent Registered Public Accounting Firm.
23
.2*
Consent of Enrique R. Ubarri, Esq. (included in
    Exhibit 5.1 filed herewith).
24
.1*
Powers of Attorney (included in the signature pages to the
    Registration Statement).
*
Filed herewith.