Banco Popular de Puerto Rico

Brad Gewehr is a Director in the Municipal Products Group at Bank of America Merrill Lynch, where he specializes in advising issuer clients on credit structure and rating strategies.� He has over 25 years of experience in municipal finance, having served as a rating analyst, investment banker and director of both sell-side and buy-side municipal research teams.Brad works with BofAML’s issuer clients to help develop rating and investor relations strategies. �He has participated in the development and introduction of numerous new credits into the market.� A significant focus in recent years has been assisting issuers in analyzing and disclosing their retirement benefit obligations.Before joining Bank of America Merrill Lynch, Mr. Gewehr headed a fixed-income research team for UBS Wealth Management; prior to that, he was a municipal investment banker with UBS Securities, concentrating on pension, tobacco settlement, and special assessment credits.As a Managing Director in the Public Finance Group of Moody’s Investors Service, Mr. Gewehr supervised ratings on municipal tax-backed, utility and transportation revenue, and lease credits in 26 states.� As a senior member of Rating Committee, he participated in rating decisions for major municipal credits throughout the United States.Brad earned an MBA in Finance from New YorkUniversity and a BA from AmherstCollege.

Rob has been in Vallejo for 7 years and before that was Finance Director of Modesto. He has been involved in all aspects of governmental finance for over 30 years. He has been Chief Financial Officer for cities and a county in five different states. He has worked for several large accounting firms and was an original staff member of the Governmental Accounting Standards Board – the infamous GASB, and served on the Governmental Accounting Standards Advisory Committee. But, more importantly, he is a Past President of the Nevada Government Finance Officers Association, has served on the Executive Boards of the Government Finance Officers Association (GFOA) and the California, Connecticut and Florida government finance officers associations. He was served as Assistant to the Director of Governmental Services for Coopers & Lybrand. He has taught on a variety of governmental accounting and finance topics for the University of Georgia, Florida Atlantic University, the Government Finance Officers Association, the American Institute of Certified Public Accountants, the Association of Government Accountants and other organizations.He has specialized in improving financial and budgetary systems to provide more useful, accurate and timely information to decision makers.

�With more than 35 years of experience, Harriet Welch has her “finger on the pulse” in respect to public finance law. Harriet represents California bond issuers, investment bankers, direct placement banks and borrowers on tax-exempt financings. She has served as bond counsel for the California Educational Facilities Authority, the California Municipal Finance Authority, the California Statewide Communities Development Authority, the County of Los Angeles, the City of Los Angeles, the City of Oakland and the State Public Works Board.Harriet’s practice has focused extensively in recent years on engagements for colleges, universities, private schools and other nonprofit organizations. Since 1986 she has worked on more than 200 financings involving these entities in California.She has also served as Disclosure Counsel to the City of Los Angeles, the State Public Works Board, the County of San Bernardino and the City of Bakersfield.Harriet is a frequent speaker on tax-exempt financings, including most recently at the 2015 Bond Buyer California Public Finance Conference and 2010 National Association of Bond Lawyers Bond Attorneys Workshop. She has spoken on issues relating to Municipal Bankruptcy at the ABA Annual Meeting in San Francisco in 2013 and is a frequent speaker at webinars on this subject.In 2007, she was named a fellow of the American College of Bond Counsel. She is on the Advisory Board of the Sol Price School of Public Policy and is a member of the National Association of Bond Lawyers (NABL). She is past president of the California Association of Bond Lawyers and a former board member of the Women Lawyers Association of Los Angeles. She is a founding member of Women in Public Finance-Los Angeles.In 2013 Harriet received the Women in Public Finance “She’s Our Hero” award, which recognizes a woman’s successful management of career, self-development, family issues and civic involvement.�

Robert Doty is President and proprietor of AGFS, a private municipal bond consulting firm in Annapolis, Maryland. He received his law degree from Harvard Law School. He is a member of the California, New York, District of Columbia, Ohio and Texas bars. He has over 45 years of experience in the financial markets.Mr. Doty is Co-Chair of IMLA�s Section on Economic Development/Finance & Securities. He received IMLA�s Most Outstanding Associate Member Award. Mr. Doty served as General Counsel and member of the Disclosure Task Force of the Government Finance Officers Association and member of the Board of Governors of the National Federation of Municipal Analysts, which awarded Mr. Doty its Municipal Industry Contribution Award.Mr. Doty has participated as a member of national and regional committees in the preparation of numerous recognized market guidance publications, and is the author of books and articles on municipal finance and securities law, including seminal works on disclosure and due diligence. His most recent book is �The Bloomberg Visual Guide to Municipal Bonds,� and he has a publication pending with Bloomberg BNA on municipal securities regulation. Mr. Doty served on a U.S. delegation to China on municipal finance.Mr. Doty has served as a consultant to legal counsel representing numerous government jurisdictions and other market participants.

Rick Hiscocks has been a partner in the law firm of Orrick, Herrington & Sutcliffe LLP since 1984, resident in the San Francisco office. He is a co-leader of the Lease Finance Group within the Public Finance Department at Orrick, and specializes in tax-exempt financing for a variety of State and local clients, such as The Regents of the University of California, the California State University, the California State Public Works Board, Transmission Agency of Northern California, the Modesto Irrigation District, the M-S-R Public Power Agency and the cities of Pasadena, Redding, Sacramento and San Mateo. Mr. Hiscocks subspecialties include lease finance, higher education, public power, general infrastructure and redevelopment finance. He has participated in a variety of project financings, including university instructional and research facilities, state prison facilities, power generating plants and transmission facilities, city halls, traditional public infrastructure (streets, sewers, water and solid waste systems) and environmental projects.Rick is an alumnus of California State University, Northridge, and the University of Uppsala, Sweden, and earned law degrees from the University of San Francisco (where he was Managing Editor of the law review) and the University of London, London School of Economics and Political Science.

Mr. Galgano is a managing director for the Transportation and Infrastructure Sector of National Public Finance Guarantee Corporation. A seasoned professional with over 16 years of experience in municipal financings, his responsibilities include analyzing and structuring a wide variety of U.S. bonds in the airport, toll road, port, stadium and special revenue sectors. In addition, Mr. Galgano is a member of National’s Underwriting Committee where he reviews issues for insurance. Prior to joining National, Mr. Galgano was a managing director in MBIA’s Global Public Finance Division a position he held from December 2002 until January 2009. During that time, Mr. Galgano was instrumental in expanding the global footprint of MBIA in the areas of toll roads, ports and airports as well as Public Private Partnerships. From August of 2001 to December 2002, Mr. Galgano managed the Core Products Group, which focused on the enhancement of general obligation and utility bonds. Mr. Galgano joined MBIA in 1993 as an analyst in the Eastern Region of MBIA’s Public Finance Division.Mr. Galgano has an MBA in Finance from Iona College Hagen School of Business and a B.A. in Business Economics from State University of New York College at Oneonta.

Adam joined SMBC in 2008 as Group Head of the newly formed Public and Infrastructure Finance Group. The group originated in September 2008, and is devoted to providing letters of credit and direct loans to the municipal finance sector in addition to underwriting direct loans for infrastructure and PFI/PPP project finance in North America. More recently the group has joint ventured with SMBC Nikko to provide debt capital market execution in connection with infrastructure project bond offerings.Over the past seven years, SMBC's PIF group has provided letters of credit, direct loan purchases and liquidity totaling over $6.5 billion to municipal variable rate bond issuers nationally. The group's Infrastructure platform also supports the Bank's significant presence in the UK and Continental PFI markets and focuses on the debt needs of sponsors doing business in the US and Canada. The infrastructure team which Adam also heads has originated approximately $1.5 billion in direct loans to private sponsors and project companies for roads, tunnels, bridges, stadiums, schools and universities, parking and other government related projects. .Prior to SMBC, Adam worked for Goldman Sachs for twenty-three years in public and infrastructure finance as a Managing Director and departmental management committee member. Adam raised over $20 billion dollars in infrastructure, housing, and municipal and federal sector financings as an investment banker and group head at Goldman Sachs. Adam is also currently a principal under the auspices of SMBC Nikko and holds Series 79, Series 63 and Series 24 securities licenses.

George Miller is a partner in Mayer Brown’s top-ranked Global Projects and Infrastructure Groups.� He has worked on numerous “Deals of the Year” and other high-profile transactions in the projects and infrastructure space.� George has worked on the development and financing of infrastructure projects throughout the world.� Recently George has worked on the financing of the acquisition by John Laing Infrastructure Fund of Carlyle Infrastructure Fund’s concession over Connecticut highway service plazas in the U.S. and on the Kingston Container Terminal privatization in Jamaica.� George has been identified as a leading practitioner by Chambers and Partners, the International Who’s Who of Business Lawyers and The Best Lawyers in America.

Horacio G. Aldrete is a Director and Analytical Manager for the State and Local Government Ratings Group at the Dallas office of Standard & Poor�s Corp. In this position he is responsible for managing the team of analysts covering the Southwest region. Horacio is also one of Standard & Poor�s state sector leaders and the lead analyst for the state of Texas, the Commonwealth of Puerto Rico, and the Government of the U.S. Virgin Islands. In addition, he is responsible for analyzing and rating issuers and transactions primarily in the states of Texas, Oklahoma, Alabama, Mississippi, Kansas, Louisiana, Arkansas, and Tennessee. Prior to joining the Dallas office, Horacio was Team Leader for the Mexican Public Finance group in the Standard & Poor�s Mexico City office. In that position, Horacio was responsible for rating issuers in Mexico, Central America, and the north portion of South America. Horacio has participated in the ratings of several issuers in the United States including school districts, local governments, and water utilities. In Latin America Horacio has participated in the ratings of close to 90 Mexican state and local governments, including the first issuance of a municipal bond in the Mexican market, as well as the City of Bogot� in Colombia. Horacio joined Standard and Poor�s in 1999 after working two years for the Ministry of Finance of the Government of the State of San Luis Potos�, first as Deputy Director of Public Debt, and later as Director of Finance, Debt and Public Credit. Horacio holds a Master of Public Affairs from the University of Texas at Austin, and a B.S. in Public Accounting from the University of San Luis Potos�, Mexico.

Nicole Conley-Abram is the Chief Financial Officer (CFO) for the Austin Independent School District and is responsible for its over $1 billion annual operating funds (inclusive of the food and debt service fund) and the nearly $900 million Bond program. She has over ten years of financial management experience, seven of which serving in an executive role. She has a breadth of experience from serving in large complex urban systems, like the New York City Department of Education, the District of Columbia Public Schools, Fairfax County Public Schools and Atlanta Public Schools. Hence, she’s developed a reputation for, and deep expertise in turning around troubled financial systems. As CFO, Ms. Conley-Abram manages the District’s financial operations, which include more than 96 staff members inclusive of the Procurement and Warehouse Operations. The Austin Independent School District has secured some of the highest financial ratings in the State by multiple ratings agencies, including a Superior rating by the State of Texas. Previously, Nicole served as the Deputy Chief Financial Officer for Atlanta Public Schools. In this capacity, she strengthened internal controls and implemented immediate financial management and accountability approaches that led to dramatically reduced audit findings. She was awarded a Stellar Performance Award by the 2009 Superintendent of the Year, Beverly L. Hall for doing so. Prior to joining Atlanta public Schools, Mrs. Conley-Abram served as Budget Director for just over a year in Fairfax County Public Schools. Even though her time was brief in the nation’s 12th largest school system, she made an immediate and longstanding impact by developing and initiating the district’s deficit management plan which is still on-going today. Mrs. Conley-Abram spent the previous five years at the District of Columbia Public Schools. As the Director of Resource Allocation and Management for the District of Columbia Public Schools she reported directly to the Superintendent and was a member of the core Leadership Team. She was responsible for the oversight and development of DCPS’ $3 billion operating and capital budget and allocation of school system resources. She was the architect of DC school system’s budget strategy since FY 2006. Ms. Conley-Abram was highly instrumental in securing additional resources from City Council and Congress which was unprecedented for the District. She managed the re-engineering of the Weighted Student Formula, the methodology used to allocate resources to local schools, by introducing more advanced, research-based approaches that better align available funding in support of educational needs. In prior appointments, Ms. Conley-Abram served three years as the Director for Budget, Planning and Analysis for DCPS under the independent Chief Financial Officer. Prior to that, she held senior budget and fiscal management positions in New York City (NYC). At the NYC Department of Education, Conley-Abram served as the Director of Strategic Sourcing and was responsible for managing an enterprise-wide procurement initiative that impacted over $1.5 billion. As the lead negotiator on behalf of the department, the City was able to achieve over $65 million in annualized savings and realized significant operational efficiencies in a time of fiscal austerity. Prior to that, Ms. Conley-Abram held a senior position in the New York Council’s Finance Division playing an integral role in the financial management of the City’s S$42 billion budget. In this capacity, she developed operational and financial indicators and analyzed the fiscal and programmatic impacts of various budget proposals to prescribe well-designed policy recommendations and budget solutions for consideration by the New York City Council.Conley-Abram has a bachelor’s degree in sociology from the University of Colorado at Boulder and a master’s degree in urban policy analysis and management from the Robert J. Milano Graduate School of Management and Urban Policy.