Banco Popular de Puerto Rico

Areas of Focus Specializes in higher education and not-for-profit public finance Profile Joined FirstSouthwest in 2009 Responsible for client and project management as well as analytical and technical support for engagements including bond sizing, spreadsheet models, refunding analyses, lease-purchase analyses and debt offering documentation Responsible for conducting competitive bond sales and structures for both tax-exempt and taxable new money as well as refunding bond issues Previously worked for Public Financial Management for more than 12 years Prior to that worked three years as a financial analyst with the Municipal Advisory Council of Texas (MAC), a trade association of bond underwriters and financial advisors Worked with numerous Texas municipal entities including Bastrop County, Texas Public Finance Authority, the cities of Austin, Arlington, Hutto, Elgin, New Braunfels and Granger as well as Austin Independent School District, Lumberton Independent School District, Burnet Consolidated ISD, Granger ISD and Temple Junior College Involved in the structuring and sale of nearly $4 billion of new money and refunding bond issues Experienced in taxable and tax-exempt commercial paper programs, cash defeasance programs, escrow restructuring, credit enhancements and rating presentations Education Bachelor of Business Administration in Accounting, Texas State University Southwest School of Government Finance, Texas Tech University Licenses Held Registered Representative of the Financial Industry Regulatory Authority (FINRA)General Securities Representative, Series 7Uniform Securities Agent, Series 63Investment Advisory Representative, Series 65

Lance Etcheverry manages JPMorgan’s municipal natural gas franchise, providing investment banking services to municipal gas and electric utilities across the United States. He has advised clients on a range of transactions, including natural gas prepayments, new project financings, cash and derivative market restructurings, asset reinvestment strategies and broad strategic opportunities.Mr. Etcheverry joined JPMorgan’s municipal energy and environmental team in 1995 and then rejoined JPMorgan in 2004 after almost 3 years at an affiliate of Hunt Oil Company where he was responsible for middle-market energy related equity investments. From 1990-1993 Mr. Etcheverry served as a legislative assistant to U.S. Congressman Mike Andrews and as a research assistant to U.S. Senator Lloyd Bentsen. Mr. Etcheverry was responsible for federal legislation and regulatory policies relating to energy, environment, interior and the economy.Mr. Etcheverry earned an MBA from the University of Texas at Austin and a BS in Economics and BA in Political Science from Southern Methodist University.

Danielle Fox is a director and investment consultant for Fidelity Capital Markets (FCM), the institutional trading arm of Fidelity Investments providing trading, products and services to a wide array of clients and Fidelity businesses. Fidelity Investments is the largest mutual fund company in the United States, the No. 1provider of workplace retirement savings plans, a leading online brokerage firm and one of the largest providers of custody and clearing services to financial professionals. Ms. Fox assumed her current position as a member of the High Net Worth Bond Desk within FCM in May 2007. In her role, she is responsible for providing individual fixed income security guidance to retail high net worth clients with at least $3 million in fixed income assets at Fidelity Investments. Through consultative discussions surrounding investment objectives and risk tolerance, she assists customers in building and maintaining fixed income portfolios. Ms. Fox joined Fidelity Investments in July 1998 as a Brokerage Service representative at Fidelity Personal Investments in Blue Ash, Ohio and then served as a Retail Sales liaison for FCM in Boston, Massachusetts. From February 2004 until May 2007, Ms. Fox supported Fidelity's retail representative population with any fixed income inquiries. Ms. Fox received her bachelor of science degree in marketing from the Miami University (Ohio). She currently holds her Series 7 and 63 licenses. Fidelity unaudited data as of December 30, 2009Fidelity Capital Markets is a division of National Financial Services LLC, Member NYSE, SIPC.

Paige received a BS with a concentration in finance from the University of Pennsylvania and an MBA with distinction from Harvard Business School.