Banco Popular de Puerto Rico

Dave Johnson is a senior managing director in the Institutional Sales and Trading group atMesirow Financial. He has more than 35 years of experience in the municipal markets�industry.�Dave spent two years as head of the Public Finance group at Mesirow Financial before�rejoining the Institutional Sales and Trading group in 2016. Prior to joining Mesirow Financial�in 2008, Dave was a manager of sales and trading for Cabrera Capital Markets. Prior to that,�he worked at Van Kampen Investments, where he managed the investment process for their�tax-exempt mutual funds, overseeing approximately $13 billion in assets in more than 50�funds. He has held senior positions on both the investment and broker-dealer side, and hasextensive experience with investment-grade credits in addition to below investment-gradecredits.Dave is a frequent speaker at municipal industry conferences. He is frequently quoted in�publications such as the The Wall Street Journal and The Bond Buyer.�Dave earned a BA from Lewis University and an MBA from Loyola University in Chicago. He�also holds FINRA Series 7, 53 and 63 licenses.�He and his wife recently built a house on a stable property and live with their 44 horses on the�property.

Mr. Hartman joined J.P. Morgan in August, 2010. He has over 21 years of public finance experience both as an underwriter and financial advisor, primarily covering issuers in the State of Texas. Some of his general municipal clients in Texas include the Cities of Austin, Dallas and El Paso, Dallas-Fort Worth International Airport, the Texas Public Finance Authority and the Texas Higher Education Coordinating Board.During his career, Mr. Hartman has served as financial advisor and senior managing underwriter to numerous Texas independent school districts around the state. Mr. Hartman also has significant experience in the surface transportation sector. His transportation clients include the North Texas Tollway Authority, the Texas Department of Transportation, Dallas Area Rapid Transit, the Central Texas Regional Mobility Authority and the New Mexico Finance Authority.Mr. Hartman graduated from The University of Texas at Austin with a B.S. in Electrical Engineering and an M.B.A. in Finance. He has FINRA Series 7. 63 and 53 licenses.

Ritta McLaughlin is Senior Director of Market Leadership for the Municipal Securities Rulemaking Board (MSRB). In this position, she facilitates discussion and problem-solving among market stakeholders to address challenges in the municipal market, advocate solutions where appropriate and influence positive market practices. Ms. McLaughlin oversees external affairs of the MSRB including intergovernmental relations, legislative affairs, and all education, outreach and communication activities.Prior to joining the MSRB, Ms. McLaughlin was associate treasurer for the District of Columbia, where she handled the District’s multi-billion dollar debt management program. During her career, Ms. McLaughlin was also an executive director of J.P. Morgan, an associate director at Bear Stearns and a senior banker for a number of states and municipalities. Ms. McLaughlin’s extensive market knowledge benefits the MSRB by providing strategic thought leadership for the industry in an effort to understand trends and anticipate future needs.She received a bachelor's degree in urban policy from Vassar College and a master’s degree in urban policy and management from Milano The New School for Social Research.

David Woodcock is the Regional Director of the Securities and Exchange Commission’s Fort Worth Regional Office, which oversees the enforcement and examination activities in Texas, Oklahoma, Arkansas, and Kansas.Prior to joining the SEC, David was a partner at Vinson & Elkins LLP, specializing in securities litigation, SEC enforcement, and accounting/auditing litigation. Before beginning his legal career, David practiced public accounting for several years at Price Waterhouse LLP and Ernst & Young LLP. He earned his bachelor’s degree in accounting from Louisiana State University and a JD from the University of Texas School of Law. David also served as a law clerk to federal district judge Howell Cobb.

Ellen Erenbaum is the Assistant Aviation Director – Finance and Administration for the San Antonio Airport System. She is responsible for the finance, properties, procurement and administration for the Airport System which operates San Antonio International Airport and Stinson Field, a general aviation and reliever airport. Ellen has nearly 28 years of experience in airport management. She has held the position of Assistant Aviation Director in San Antonio since June 2010. Prior to joining San Antonio, she was with the Houston Airport System as the Assistant Director of Finance and the Deputy Assistant Director for Business Services. While at Houston, Ellen was responsible for securing approximately $3.8 billion in airport bonds sales, airline rates and charges, CIP funding, Passenger Facility Charge programs, and project feasibility analysis.Ellen has also served the Piedmont Triad Airport Authority in Greensboro, NC as Finance Leasing Services Officer, KPMG Peat Marwick Airport Consulting Services as Senior Consultant in San Mateo, California; and the City of Atlanta, Georgia as the lead Financial Analyst with oversight over airport financial matters.Ellen is an active member of the ACI-NA Economic Committee and the ACI-NA CFO Forum.Ellen earned her MBA in Real Estate and Urban Affairs from George State University and her BBA in Accounting from Oglethorpe University. She is currently a candidate for International Airport Professional designation.

Kirk G. Rummel, Jr., CPA, is the Chief Financial Officer and Deputy Director for the Houston Airport System. Rummel is responsible for the fiscal management of the fourth largest airport system in the United States, including capital investment funding, debt management, oversight of the aviation department's budget, accounting, financial analysis and strategic planning. Rummel worked for 17 years at Continental Airlines in numerous finance and accounting positions. He most recently served as managing director of finance where he directed the financial health of several key areas within the airlines' operation, including flight operations, inflight, safety, catering and fuel.From 1987 to 1994, Rummel worked as a senior auditor for Audit Bureau of Circulations and performed audits of all major newspapers and magazines in North America, including top markets such as Houston, Dallas, Denver and publications in California and Florida.Rummel is a Certified Public Accountant and Certified Fraud Examiner with a Bachelor's Degree in Finance from Texas Christian University and a Masters of Business Administration from the University of Texas at Austin. He is involved extensively with NextGen avionics business case analysis for various Federal Aviation Administration-related committees including:FAA (ATMAC) NextGen Task Force 5 Business Case Subgroup leader 2009 – 2010 RTCA NextGen Implementation Work Group (NGWIP) member - 2010 JPDO / FAA NextGen Flight Prioritization Workshop Airline Representative – 2010 ·RTCA Business Case and Performance Metrics Work Group – 2010-present

Mark Arnold is a Partner in the Houston office of Andrews Kurth. Mark represents and advises clients in public and private project development and financing transactions, with an emphasis on sports, recreation and entertainment facilities, convention centers, hotels and educational facilities. He also has extensive experience in structuring and implementing creative economic development techniques such as Chapter 380/381 grants, 4A/4B financings, tax increment financing and tax abatements. Mark received his J.D. from Columbia University School of Law, where he was a Harlan Fisk Stone Scholar. He received his A.B. in economics, with distinction, from Cornell University, where he graduated Phi Beta Kappa.

Tim Peterson is an Executive Director in the Houston Public Finance office of J.P. Morgan Securities LLC. Mr. Peterson has over 16 years of public finance experience consisting of investment banking, financial advisory, arbitrage rebate and refunding/cash flow verification. He has a wide range of experience with state and local issuers both in Texas and across the country including clients such as the Texas Water Development Board, Texas Public Finance Authority, Harris County and City of Houston. Such experience includes General Obligation and Revenue debt, fixed and variable rate financings, new money and refunding transactions, as well as pooled loan financing and State Revolving Funds. Mr. Peterson holds a Master of Science degree in finance from Texas A&M University and is a licensed Series 7, 53, 63 and 79 with FINRA.

Bart is a founder and Co-President for Trident Municipal Research and has 25 years experience in the fixed-income markets. Formerly, Bart was a Managing Director and Head of the Municipal Proprietary Trading Desk at UBS (2004-2008).Prior to that he was a senior trader on Citi�s proprietary trading desk (1994-2004) and was responsible for the firm�s Tender Option Bond program. Bart received a BS in Physics from the University of Texas at Dallas. Bart also contributed the chapter on Municipal Arbitrage and Tender Option Bonds in The Handbook of Municipal Bonds, Feldstein & Fabozzi, Editors (John Wiley & Sons, Inc., 2008).

Cavanal Hill Investment Management is an affiliate of financial holding company BOK Financial Corporation (BOKF), a $24 billion regional financial services company. BOKF is the parent company of BOKF, NA, which offers full service corporate trust services through the Bank of Texas. Douglas Benton joined Cavanal Hill in 2010 as senior municipal credit manager and a member of the fixed income management team. Mr. Benton is responsible for the company’s tax-exempt credit research function and supports the tax-exempt fixed income and cash management strategies. Prior to joining Cavanal Hill, Mr. Benton served as the leader of a municipal bond ratings team for one of the nation’s largest credit rating agencies. Douglas holds a M.B.A. in Accounting from Rice University’s Jones Graduate School of Administration, as well as a B.B.A. in Finance from Baylor University. Additionally, Douglas is a Certified Public Accountant and a member of the AICPA and the Texas Society of CPAs.