Banco Popular de Puerto Rico

Ted Chapman is a Director in the Dallas, Texas office of S&P�s U.S. Public Finance Infrastructure Group. He is part of the team that specializes in utilities, including municipal water and sewer systems, public power, rural electric cooperatives, stormwater, natural gas and telecommunications systems.Additionally, Ted is a primary contributor to the development of municipal utility revenue bond criteria, methodology and assumptions and thought leadership commentaries and speeches on infrastructure financing hot topics. Ted has also been the lead credit analyst for U.S. territories and commonwealths, governmental-sponsored entities, and local general governments across the United States.Ted joined Standard & Poor�s in 2000. Before that, he served as the budget officer for the City of El Paso, Texas� Water Utilities, and has also taught part-time at the University of Texas at El Paso and New Mexico State University, and worked as a junior staffer for a U.S. Senator from Arizona.Ted remains an active member of the American Water Works Association, American Public Power Association, Council on Infrastructure Financing Authorities, National Federation of Municipal Analysts, and Government Finance Officers Association.Ted has a Bachelor of Arts degree in political science from the University of Arizona and a Master of Public Administration degree from the University of Texas at El Paso. He and his wife Sandra are proud parents of Elijah and Jocelyn.

Mr. Leiber has been the Chief Financial Officer at the Los Angeles Department of Water and Power since February� 2012.� He is responsible for accounting, budget, financial planning, rates, internal audit, and the finance/treasury functions at the nation�s largest municipal utility.� Mr. Leiber previously served as the Chief Financial Officer for Seattle City Light from 2009 through 2012, and as the Chief Financial Officer and Treasurer for the California Independent System Operator, where he was employed from 1997 to 2009.� Mr. Leiber also served as a manager with PricewaterhouseCoopers in the Financial Advisory Services area.� He is a California CPA and a certified treasury professional.� He holds a bachelor�s degree in business administration and a master�s degree in accounting from the University of Michigan, and a master�s degree in Computer Information Systems from the University of Phoenix.

Robert E. Dailey is executive vice president and managing director of PNC Public Finance. In this role, he is responsible for public finance banking and public finance capital markets activities.Dailey joined PNC from J.P. Morgan, where he spent 18 years, recently as a manager of the firm's public finance investment banking efforts in the East Region. Previously, he worked at Kidder, Peabody & Co. and for a member of the U.S. House of Representatives.In his public finance career he has gained substantive experience in the full range of banking and investment banking products and services for governments, higher education institutions and non-profits. He has assisted clients in financing general government, transportation, education, water and utilities projects in the Eastern and Midwest states, with an emphasis on state level financing and large governmental issuers.Dailey received an MBA in Finance from New York University and a BA inGovernment and Economics from Georgetown University.

Marc Greenough is a member of the Seattle law firm of Foster Pepper PLLC. He serves as bond counsel, underwriters' counsel, and disclosure counsel on general obligation, revenue, and special obligation financings by state, local, and tribal governments. In addition, Marc has extensive experience in structuring municipal and public/private ventures and in providing representation in administrative proceedings and litigation.

Edward Cebron is an Economist with the Cascade Water Alliance, a regional water utility located in Bellevue, WA. Prior to that, he was co-founder and Vice President of FCS Group, Inc., a financial and management consulting firm serving municipal utilities throughout the western United States. He is also an elected Commissioner for Woodinville Water District, a AAA-rated water and sewer utility serving 50,000 people. Ed has over 30 years of experience in the municipal utility field, focusing on forecasting, rates and charges, fiscal policies, and capital funding strategies. He has a B.S. in Engineering Science from Harvard and a M.S. in Infrastructure Planning and Management from Stanford University.

Professor Moldogaziev�s primary research and teaching interests in public finance are in matters of financial intermediation, municipal securities pricing and liquidity, municipal debt market regulation, and market-building & access to capital for subnational governments. �In public management he conducts research on organizational empowerment, performance, and innovativeness. �Professor Moldogaziev is a coauthor of State and Local Financial Instruments: Policy Changes and Management (2014). �His most current work has been published in peer reviewed journals such as Public Budgeting & Finance, Public Administration Review, Municipal Finance Journal, and the Journal of Public Administration Research and Theory.�