Banco Popular de Puerto Rico

Drew Masterson joined First Southwest Company in 1996 as a result of the combination of Masterson Moreland Sauer Whisman, Inc. and the firm. Mr. Masterson joined MMSW at the company's inception after being in New York City in Public Finance with Shearson Lehman Brothers Inc. After a two-year leave of absence to attend the Wharton Graduate School of Business, he rejoined MMSW in May of 1989.Mr. Masterson's responsibilities at First Southwest Company include developing and maintaining financial advisory relationships for issuers of tax-exempt bonds in Texas including: transit agencies, cities, convention centers/hotels, tax increment zones, parking systems, universities, private schools, not-for-profits, school districts, utility districts and others. He is also Co-Manager of Public Finance in Houston.His community activities include serving as a board member for the YES Prep Public Schools an inner-city, public, charter school system. He is also a board member of the Neighborhood Recovery Community Development Corporation operating in Houston’s Third Ward. Additionally, Mr. Masterson is Immediate Past Chairman of the board of the Municipal Advisory Council of Texas.Mr. Masterson graduated Summa Cum Laude and Phi Beta Kappa from Vanderbilt University in 1984 with a Bachelor of Science in Mathematics and Economics. He received a Masters of Business Administration with honors with a major in Finance from the Wharton School of the University of Pennsylvania in May of 1989.Mr. Masterson is a Registered Representative of the National Association of Securities Dealers, licensed as a General Securities Representative (Series 7), General Securities Principal (Series 24), Uniform Securities Agent (Series 63), and a Municipal Securities Principal (Series 53).

Mr. Estrada, an attorney at law, is Chairman of the Board of Estrada Hinojosa & Company, Inc., an investment banking firm he co-founded in 1992 with Noe Hinojosa, Jr., and also serves as the Chief Compliance Officer and a Senior Managing Director. In addition to its Dallas, Texas headquarters, Estrada Hinojosa has offices in Austin, Chicago, Houston, Miami, New York City, Phoenix, San Antonio, and San Diego. From 1997-2000, Bob served on the Municipal Securities Rulemaking Board (“MSRB”) and was Chairman in 2000. He is a past Chairman of the Municipal Advisory Council of Texas (the “MAC”). He has also served on the National Association of Securities Dealers (now “FINRA”) Fixed Income Committee and currently serves on the FINRA Dallas District Committee. Mr. Estrada served on the Board of Directors of the Federal Reserve Bank of Dallas from 2004 to 2010. From 1990 to 1994, Mr. Estrada served on the Board of Directors for the Student Loan Marketing Association ("Sallie Mae") in Washington, D.C., and was a member of the Board's Executive Committee. He continues to serve on the boards of numerous other business, cultural arts and civic organizations. Mr. Estrada received his Bachelor of Science degree and his Doctor of Jurisprudence degree from the University of Texas at Austin, and served on the University of Texas System Board of Regents from 2001 until 2008, where he chaired the Board’s Audit Committee.

Leininger serves Dallas Area Rapid Transit (DART) as Executive Vice President and Chief Financial Officer.� He oversees all financial activities for the Agency with additional oversight of Information Technology, Marketing & Communications, Procurement, and Risk Management.� DART is a 13-city multi-modal transit system spanning over a 700-square mile area with bus, light rail, commuter rail, paratransit, and other services with a current annual budget of $975.5 million and approximately 3,700 employees.� DART currently operates the longest light rail system in the nation.� An estimated $1.5 billion of new real estate investment near DART light rail stations has occurred from 1995 through 2013.� An additional $2.8 billion has been subsequently completed or is under construction.Prior to joining DART, Leininger was associated with the City of Irving for five years, serving initially in the capacity of CFO and subsequently as Managing Director of Development Services and Economic Initiatives. �He also spent nearly 25 years in the private sector in a variety of real estate development roles, including Chief Executive Officer of ClubCorp Realty, Chief Operating Officer of Triland International, Senior Vice President and Managing Director of the Recreational Real Estate practice of Economics Research Associates, and Vice President/General Manager of the Las Colinas Association which serves the 6,500-acre Las Colinas development in Irving, Texas.In 2011 Leininger was recognized by the Dallas Business Journal as CFO of the Year for Governmental Agencies.� He is Immediate Past Chair of the American Public Transportation Association Financial Management Committee and current Chairman of the Transit Finance Learning Exchange (TFLEx), a transit industry association of transit CFOs and other transit financial professionals.� He is also an active member of the Urban Land Institute, currently serving as a member of ULI’s TOD Product Council, and a former member of the National Program Committee as Vice-Chair Public Policy.� He has served on eleven Advisory Services panels, six as Chair.

Tim Coffin is vice president and manager, Municipal Finance for Fidelity Capital Markets (FCM) the brokerage and trading division of Fidelity Investments. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and other financial products and services to more than 20 million individuals, institutions and financial intermediaries. Mr. Coffin joined FCM in early 2007 and is responsible for establishing and managing the firm�s presence in the municipal banking market to help meet the growing investment needs of Fidelity�s brokerage clients. Prior to joining Fidelity in 2007 with over 20 years of municipal bond experience, Mr. Coffin was president of the New England regional municipal bond firm, Corby Capital Markets � a fully disclosed correspondent of National Financial Services LLC (�NFS�), Fidelity�s clearing firm. In addition to his background working with municipal issuers, Mr. Coffin acted as vice president, Institutional Sales with both RBC Dain Rauscher and Donaldson Lufkin & Jenrette. Mr. Coffin received his bachelors degree from Hobart College and acts as a Governor of the Municipal Bond Club of Boston. He currently holds FINRA (formerly NASD) Series 7 Series 63, 65 and 24 certifications.

Alex Fraser heads the Standard and Poor’s office in Dallas, Texas.  Previously, he led the state and local government ratings team serving the southwestern region with an analytical focus on bonds secured by tax pledges or dedicated revenues.  He has served on the rating committees for the states of Texas, California, Louisiana, Tennessee, Mississippi, and Arkansas, among others.  Alex has been a board member of the Southern Municipal Finance Society since 2003 and served on the Board of Governors of the National Federation of Municipal Analysts from 2004-2009.Before joining Standard & Poor’s in 1992, Mr. Fraser was a Senior Budget Analyst with the City of New York where he oversaw the city’s Economic Development capital plan and the operating budgets of several related agencies.  Mr. Fraser holds a Master of Public Administration degree from Columbia University and a B.A. in Government from Hamilton College in Clinton, NY.

John F. Dragovits serves as Executive Vice President and Chief Financial Officer of Parkland Health & Hospital System.Before joining Parkland, he served as Vice President of the Cerner Corporation in Kansas City, Missouri. Prior to that, Dragovits was with Children's Medical Center of Dallas. From 1992 to 2003, he served as Executive Vice President and Chief Operating Officer. In addition, he served as Senior Vice President and Chief Financial Officer at Children's from 1986 to 1992. Prior to that, Dragovits worked at Deloitte in Dallas from 1981 to 1986.He served in the U.S. Navy from 1977 to 1981 as a Naval Officer. He is a Certified Public Accountant and holds a master's degree in accounting and a bachelor's degree in economics from Rice University in Houston.He is a member of several professional organizations, including Healthcare Financial Management Association, Healthcare Information and Management Systems Society, Dallas Chapter of Texas Society of CPAs, Texas Society of Certified Public Accountants and American Institute of Certified Public Accountants.

William “Bill” Gimson is the Executive Director of the Cancer Prevention and Research Institute of Texas (CPRIT). Mr. Gimson brings 35 years of program and administrative experience with the Centers for Disease Control and Prevention (CDC) in Atlanta, Georgia, from where he recently retired as the Chief Operating Officer. At the CDC he had oversight for more than 15,000 employees and an annual budget in excess of $10 billion and worked in partnership with the CDC director and executive leadership to implement a number of strategic initiatives, including re-engineering CDC’s administrative and organizational structure. Gimson, among other accomplishments, developed the first ever performance measures of CDC’s business indicators, executed an almost 4 million square foot capital improvement plan totaling $1.6 billion dollars, improved agency security and continuity of operations following 9/11, and assisted CDC and the Nation in preparing for an outbreak of pandemic influenza. Mr. Gimson was one of the first CDC employees to travel to Iraq in 2005, and then later in early 2007 under a USAID-funded project to provide technical assistance to the Ministry of Health in strengthening performance management for the Government of Iraq. He subsequently volunteered to serve from December 2007 through May 2008 on a U.S. Department of State Provincial Reconstruction Team (PRT) as the health section team lead and was assigned to Contingency Operating Base, Speicher (100 miles northeast of Baghdad). The PRT was paired with the 1st Brigade Combat Team of the 101st Airborne Division (the Screaming Eagles). As the only civilian assigned to the health section, he lead a team of Civil Affairs Army Reservists working closely with the Iraqi Directorate of Health for the Province of Salah ad Din increasing access to healthcare for Iraqi citizens, forming a province-wide coalition to prevent cholera and helping cosponsor the largest conference of Iraq and U.S. health professionals to be held in the northern provinces of Iraq up to that time.As CPRIT’s executive director, Mr. Gimson is responsible for working with the CPRIT Oversight Committee to create and implement a strategic vision designed to enable the Institute to make its mark in the fight against cancer. He is also charged with developing and managing a new team – a dream team – of scientific, executive and operational staff that will develop the processes for soliciting, awarding and monitoring the performance of the very best prevention and research projects in the field. Mr. Gimson and the CPRIT team are currently focusing on an impartial review process directed by top scientists from outside of Texas to distribute taxpayer dollars; funded projects will be innovative and critically important to the field; the entire research spectrum will be supported – basic, translational, clinical and prevention – with the goal of fundamental discoveries that can be put into practice; ten percent of all funding will be directed at innovative and unique prevention services to help Texans; and new, superb talent will be recruited to the state.Mr. Gimson, who spent his formative years in Texas (Dallas & Houston), holds a master’s degree in business administration from Duke University and a bachelor’s degree from the University of Wisconsin-Milwaukee. Bill and his wife, Susana have three children, William, Alex, and Gabrielle.

Doug joined the San Antonio Water System (SAWS) in 2005 after holding key management positions with UtiliCorp United, United Energy in Australia, and Black and Veatch.� SAWS is a $5 billion utility which provides water and wastewater services to over one million consumers in the San Antonio area. As Sr. VP/CFO, Doug is responsible for the overall financial operations of the organization including direct responsibility of the company�s treasury, finance, accounting, purchasing, supply, and information systems activities.He is a CPA and holds an MBA from the University of Missouri-Kansas City and a BS from the University of Kansas.� Doug has previously served on a number of Boards including the San Antonio Chapter of Financial Executives International and the Greater San Antonio YMCA.

Bob Griffo is a Supervisory Tax Law Specialist in Compliance and Program Management for Tax Exempt Bonds at the Internal Revenue Service. He is involved in the Voluntary Compliance Program and the Technical Education Program for tax-advantaged bonds. He is a Group Manager and the Team Leader of the Financial Restructuring Compliance Team. Prior to joining the Service in June 2009, he was in private law practice for over twenty seven years with a special emphasis on federal income tax matters related to public finance. His prior law firm experience in Washington, D.C. and Dallas included obtaining legislative provisions, regulation provisions, and private letter rulings for public finance clients.He received his J.D. from Case Western Reserve University School of Law and his LL.M. in Taxation from New York University.