Banco Popular de Puerto Rico

Gary Yaquinto was named President of Arizona Investment Council in December 2006. Prior to AIC, Mr. Yaquinto served as a member of Governor Janet Napolitano’s cabinet, serving as Budget Director. Previously, Mr. Yaquinto was Chief Economist, Arizona Attorney General’s Office. Between 1984 and 1997, Mr. Yaquinto served on the staff of the Arizona Corporation Commission where he was Director, Utilities Division for eight years. Mr. Yaquinto also served as Vice President, Government & Regulatory Affairs with a telecommunications company and has worked as an independent consultant in the areas of utility regulation, economic and demographic forecasting and public affairs. Gary also served as Chief Economist with the Arizona House of Representatives from 1977 to 1980. Mr. Yaquinto received B.S. and M.S degrees in Economics from Arizona State University and his M.B.A. from the University of Phoenix.

Kathy Masterson is a Senior Director in Fitch Ratings’ U.S. Public Finance Department. Kathy is a senior credit analyst with responsibilities in the public power and water/waste-water utility sectors. In her current role, she is the primary analyst on a portfolio of over 60 public power and water and sewer issuers including wholesale and retail utilities. Kathy is also responsible for providing senior analytical oversight and training to junior analysts, participation on credit committees across sectors, and presenting Fitch’s research to institutional investors, lenders and other financial intermediaries. Kathy joined Fitch in 2006 and is based in Austin, Texas.Prior to Fitch, Kathy worked as a financial advisor with Public Financial Management in San Francisco. She began her career at Standard & Poor’s in 1997, where she covered the public power, water and transportation sectors inDallas and San Francisco.Kathy has a Masters in Public Policy from the Lyndon Baines Johnson School of Public Policy at the University of Texas and a B.A. in History from the University of Arizona. She is a member of the National Federation ofMunicipal Analysts.

Anastasia G. Khokhryakova is an experienced public finance attorney with a practice focus on public and project finance, serving as bond counsel, disclosure counsel, or issuer's counsel to the State of Colorado, state authorities, higher education and health care institutions, counties and municipalities, special districts, and other governmental issuers.�Ms. Khokhryakova has represented a number of investment banking institutions nationally in their underwriting and advisory activities, as well as commercial banks in direct purchase transactions and credit enhancements. She also serves as general counsel to the Colorado Health Facilities Authority, advising it on financing transactions and federal and state law issues.Ms. Khokhryakova handles a range of financing transactions, including general obligation bond financings, lease-purchase financings, and revenue-backed financings involving revenue obligations secured by property taxes, sales taxes, tax increments, public improvement fees, system revenues, and tolls. She has been engaged as bond counsel on numerous development and redevelopment projects throughout Colorado. She has also been involved in several project finance/P3 transactions, serving as bond counsel and as underwriter�s counsel.

Bhala Mehendale is a Managing Director at US Bank NA in the Government Banking Group focusing on Public Power. Bhala joined US Bank in October 2012 and is responsible for providing liquidity and loan products to U.S. Public Power issuers.Bhala has nearly fifteen years of U.S. and International experience in the power sector covering financial analysis & risk management. Prior to joining US Bank, Bhala worked for Fitch Ratings in the Public Power Group and was responsible for providing analysis, research and ratings on U.S. Public Power and Electric Cooperative issuers. Prior to that he worked for Customized Energy Solutions Ltd, a consulting firm in Philadelphia specializing in regulatory and financial risk management in deregulated electric markets and for Crisil Ltd (a subsidiary of Standard and Poor's) in Mumbai, India.He holds a Bachelor’s degree in Mechanical Engineering and a Masters in Management from the University of Mumbai, India. He has also earned an MBA in Finance, Investment & Banking from The University of Wisconsin-Madison.

Scott joined U.S. Bancorp�s Municipal Securities Group in May 2011 after previously working in the Bank�s Government Banking Division heading the banking coverage of the public power and transportation sectors.� Scott has over 25 years of experience within the public finance markets primarily as a relationship banker offering debt capital markets financing executions, credit and liquidity support, and interest rate and commodity derivatives. Since joining the Municipal Securities Group in 2011, Scott has been responsible for managing the firm�s bond underwriting activities with public power issuers across the country.Prior to joining U.S. Bank, Scott was Head of Public Finance for two international banks - Calyon, the corporate and investment bank for the Credit Agricole Group from 2005 through 2008, and Bayerische Landesbank, the Munich, Germany-based state bank of Bavaria from 1995 � 2004. Prior to these two firms, Scott held positions in public finance at other international banks after beginning his career in Charlotte, NC with First Union National Bank. Scott is a 1986 graduate of Clemson University with a BS in Financial Management and holds FINRA Series 7, and 66 licenses.

Vivek Kagzi is a Director in Citi's Municipal Securities Division, having worked there since 2005. Through the course of his career, Vivek has been a structured products and municipal derivatives specialist, now concentrating on arranging financing solutions for tax‐exempt clients, making renewable energy and energy efficiency investments, and working on new product initiatives across the division.Vivek's broad‐based experience and extensive product knowledge allows Citi to provide integrated capital market solutions to the firm’s clients seeking specialized finance solutions. Vivek is also currently involved in the firm’s efforts to raise capital and invest in $50 billion in renewable and energy efficiency assets and has closed transactions that will generate over 250MW of solar and wind energy when completed. In his time at Citi, Vivek has also been instrumental in the development of various products, including municipal credit index tranches and credit linked notes, structuring an over $500mm portfolio of FX‐denominated fund‐linked notes, and managing a $3.5bn tax credit investment book. Vivek has also structured financing alternatives for a variety of infrastructure projects, including a water pipeline, a bridge, wind farms and various photovoltaic systems.Finally, Vivek is also an active member of Citi's global Citi for Cities effort, supporting the world's cities in their ambition to transform, modernize infrastructure, improve efficiency, and foster sustainable growth and prosperity. Mr. Kagzi has an undergraduate degree in Economics and an undergraduate degree in Computer Science Engineering from the University of Pennsylvania in Philadelphia.

Mr. Fowler, a partner in the firm's Austin office, has been licensed to practice law in Texas since 1998 and has practiced law in the area of public finance since 2002.� Mr. Fowler joined McCall Parkhurst & Horton L.L.P. as an associate attorney in the firm's Austin office in February, 2004.� He is a graduate of the University of Oklahoma (BBA, 1994) and the University of Texas School of Law (JD, 1998).� Prior to joining the firm, Mr. Fowler served for the Texas Attorney General as an Assistant Attorney General in the Public Finance Division and was responsible for reviewing bond issuances by all forms of political subdivisions for compliance with Texas law and issuing legal opinions approving and confirming the validity of the bond issuances.Mr. Fowler's experience with McCall includes working with traditional bond transactions for cities, counties, school districts, water districts, regional water authorities and other political subdivisions in Texas including as lead Bond Counsel to many school districts, as well as transactions for various state agencies including the Office of the Governor, Texas Economic Development and Tourism, the Texas Public Finance Authority and the Texas Department of Transportation and serves as disclosure counsel for several water districts in Central Texas.� Mr. Fowler also represents underwriters in the purchase of public debt for all types of issuers, notably school districts, cities and water districts.�Mr. Fowler's professional affiliations include membership in the Texas State Bar Association, Oklahoma Bar Association, Austin Bar Association and the National Association of Bond Lawyers.