Banco Popular de Puerto Rico

Susana Carbajal serves as Assistant Director for Austin-Bergstrom International Airport.� Susana strategically manages the airport’s business development, tenant management, advertising and marketing, business assurance, administration, legal services, and governmental affairs.� Susana also serves as the executive liaison for the Airport Advisory Commission.�Prior to working at Austin-Bergstrom International Airport, Susana served as Chief Counsel for the 2008 Democratic National Convention in Denver, Colorado where she was responsible for all legal matters necessary for the organization, planning, and production of a national political convention. She began her legal career as an attorney at the law firm of Brown McCarroll, LLP (now Husch Blackwell, LLP) in Austin, Texas where she focused on corporate reorganization, bankruptcy, and commercial litigation. During law school, she clerked for The Honorable John K. Dietz at the Travis County District Courthouse.Susana’s extensive experience in government and politics began by working with Texas Congressman Ruben Hinojosa in Washington, D.C. She then served at The White House for President Bill Clinton in the Office of Presidential Personnel where she recruited and recommended the nomination of diverse candidates for executive appointment in various federal agencies, boards, and commissions. Susana also assisted in campaign fundraising for Vice President Al Gore during his 2000 presidential campaign.Susana graduated magna cum laude from American University in Washington, D.C. and The University of Texas School of Law.

Kevyn is the Partner-in-Charge of Jones Day’s Washington office.� He returned to the firm in May 2015 after being appointed as the Emergency Manager for the City of Detroit by Michigan Governor Rick Snyder and serving in that role from March 2013 until December 2014.�Kevyn led the City through the largest municipal bankruptcy ever filed where he rose to the unprecedented challenges and delivered superb results.� The Detroit News editorialized that Gov. Snyder "won the lottery when he found Kevyn Orr to carry out his restructuring blueprint for Detroit," adding that Mr. Orr had "the right mix of brains, charm, compassion and persistence to deftly pull off the imposing task of working the many levers of a complicated bankruptcy." Judge Steven Rhodes similarly made note of Mr. Orr's contribution in November 2014 when confirming the City's Plan of Adjustment: "And here I want to single out Kevyn Orr for special recognition and appreciation.� His task was perhaps the most challenging of all of us.� Yet he met that challenge with skill, determination and commitment, and at great personal sacrifice. I hope that someday soon, this City will recognize the singular contribution that he made to its fresh start and give him the credit he truly deserves."Kevyn has been named to Fortune magazine's "50 World's Greatest Leaders" (2015), selected as "Newsmaker of the Year 2014" by Crain's Detroit Business, named to Worth magazine's "Fourth Annual Power 100" (2013), named by The National Law Journal as one of "The 100 Most Influential Lawyers in America" (2013), honored by Chambers USA (2011-2013) as "leader in their field" in restructuring/insolvency and bankruptcy law, included by Washingtonian magazine's December 2011 list of "Washington's Best Legal Minds-Stars of the Bar — Bankruptcy."� He was previously awarded outstanding service and performance awards from the U.S. Department of Justice, Federal Deposit Insurance Corporation, and Resolution Trust Corporation.Kevyn practices all aspects of business restructuring, financial institution regulation, government investigations, and commercial litigation.� Throughout his career he has demonstrated the ability to handle all aspects of complex and precedent-setting matters and has provided strategic advice regarding crisis management situations.Kevyn graduated from the University of Michigan in 1979 with a B.A. in Political Science and received his J.D. from the University of Michigan Law School in 1983.�

Jeff Leuschel joined the law firm of McCall, Parkhurst & Horton L.L.P. upon his graduation from The University of Texas School of Law in 1980, and became a partner in the firm in January 1985.� Mr. Leuschel specializes in the practice of public finance law.�Mr. Leuschel currently represents numerous entities in Texas and Oklahoma in the financing of public projects.� In 2009, the State Bar of Texas published�Essentials of Texas Water Resources, and Mr. Leuschel authored the chapter on Financing Water Projects in Texas.��Essentials of Texas Water Resources�is now in its third edition, and Mr. Leuschel updated the Financing Water Projects chapter in both the second and third editions.�Mr. Leuschel has worked closely with legislators in drafting legislation on matters affecting public finance in the State of Texas, including the Public Funds Investment Act, the Public Securities Title of the Texas Government Code, including rewriting the provisions in Texas law pertaining to the financing of waterworks and wastewater facilities by Texas cities, provisions of the Texas Uniform Commercial Code affecting public securities, and amendments to the Texas Water Code affecting the financial assistance programs administered by the Texas Water Development Board.�In 2011, Mr. Leuschel was recognized in the publication�Texas' Best Lawyers, published by ALM, Integrated Media Company, as the Public Finance Lawyer of the Year in Dallas.� Mr. Leuschel acted as bond counsel on the Love Field Airport Modernization Corporation financing for the re-development of Dallas Love Field, which was selected by�The Bond Buyer�as the Southwest Region Deal of the Year, for bonds issued between October 1, 2010 through September 30, 2011.�Mr. Leuschel has been a panelist at numerous sessions of the Bond Lawyers' Workshops sponsored by the National Association of Bond Lawyers, and has been a frequent speaker at Public Funds Investment Act seminars and workshops sponsored by The University of North Texas Center for Public Management, the Texas Association of Counties and the Government Treasurers Organization of Texas.� In 1999, Mr. Leuschel was made an honorary lifetime member of the Government Treasurers Organization of Texas for his dedicated service and commitment to the treasury profession.� In 2002, Mr. Leuschel was elected by his peers as a Regular Fellow of the American College of Bond Counsel.�In 2013, Mr. Leuschel was recognized by The University of Texas at Arlington as a Distinguished Alumnus, and on December 18, 2015, Mr. Leuschel delivered the Commencement Address at the graduation ceremonies of the College of Liberal Arts at The University of Texas at Arlington.

James K. Galbraith holds the Lloyd M. Bentsen Jr. Chair in Government/Business Relations and a professorship of Government at the Lyndon B. Johnson School of Public Affairs, The University of Texas at Austin. He holds degrees from Harvard and Yale (Ph.D. in economics, 1981).He studied as a Marshall Scholar at King's College, Cambridge in 1974-1975, and then served in several positions on the staff of the U.S. Congress, including executive director of the Joint Economic Committee. He directed the LBJ School's Ph.D. Program in Public Policy from 1995 to 1997. He directs the University of Texas Inequality Project, an informal research group based at the LBJ School.Galbraith's new book is Inequality and Instability: A Study of the World Economy Just Before the Great Crisis (Oxford University Press, 2012). Previous books include The Predator State: How Conservatives Abandoned the Free Market and Why Liberals Should Too (Free Press, 2008), Created Unequal: The Crisis in American Pay (Free Press, 1998) and Balancing Acts: Technology, Finance and the American Future (Basic Books, 1989). Inequality and Industrial Change: A Global View (Cambridge University Press, 2001), is co-edited with Maureen Berner. He has co-authored two textbooks, The Economic Problem with the late Robert L. Heilbroner and Macroeconomics with William Darity, Jr. He is a managing editor of Structural Change and Economic Dynamics.Galbraith is a member of the Lincean Academy, the oldest honorary scientific society in the world. He is a senior scholar of the Levy Economics Institute and chair of the Board of Economists for Peace and Security, a global professional network. He writes frequently for policy magazines and the general press.

Tripp Kaiser joined Municipal Market Analytics (MMA), the leading independent research and strategy firm in the municipal industry, as a Director in May, 2012 to lead the firm’s business development efforts as well as spur specific research projects.� He regularly presents the dynamics of the municipal market to the firm’s client base, as well as defining and executing the firms’ growth strategy, business development and sales efforts. ��He is based in Austin TX.At MMA, Mr. Kaiser is also responsible for the daily production and distribution of MMA’s triple-A municipal benchmarks.� He is a consistent contributor to MMA’s intraday market INSIGHT report, and utilizes the firm’s market research and indicators to facilitate the efficient flow of capital necessary to fund innovative transportation projects.� Mr. Kaiser also regularly educates the state and local issuer community on the impacts of market activity on debt management programs.��In 2016, Mr. Kaiser’s team will introduce MMA’s Market Journal designed specifically for municipal issuers to inform them of current market conditions.Tripp received his Bachelors of Business Administration from The George Washington University, is a CFA Charterholder and member of the CFA Society of Austin, TX.���

Gedale B. Horowitz is a Senior Managing Director of Citi’s Institutional Clients Group. He has been with Citi for a total of 60 years, having joined predecessor firm Salomon Brothers in November 1955.� He was admitted as a General Partner in 1967.� Mr. Horowitz served on the Executive Committee of Salomon Brothers and was a member of the Board of its holding company Salomon Inc. from its incorporation in 1981 until the sale of the firm to Travelers Group in 1997.Mr. Horowitz was a member of the U.S. Treasury Borrowing Advisory Committee from 1979 to 1991 and from 1996 to 2000 and served as its Chairman in 1986 and 1987.� He was a founder in 1976 of the Public Securities Association (also known as the Bond Market Association) and served as its Chairman in 1979.� Mr. Horowitz also served as Chairman of the Securities Industry Association in 1991.� These organizations have now merged to form the Securities Industry and Financial Markets Association (SIFMA).�Mr. Horowitz was appointed by the Securities and Exchange Commission as a member of the original Municipal Securities Rulemaking Board, and was its Chairman in 1977.Mr. Horowitz served as Chairman of the New York State Local Government Assistance Corporation from 1991 to 1994 and was a Director of the Municipal Assistance Corporation for the City of New York from 1988 to 1994.� Mr. Horowitz was directly involved in the financial rescue of New York City and New York State from 1974 onward.� He served as lead banker for the Municipal Assistance Corporation and to the State of New York in returning them to the public market in 1976 and 1977.In addition, Mr. Horowitz led the Salomon Brothers group that advised and assisted Orange County, California from 1994 to 1996 to ultimately exit bankruptcy and return to the capital markets.Mr. Horowitz was a Trustee of Barnard College for 34 years and is now a Trustee Emeritus.� He is Trustee, Chairman Emeritus and emeritus member of the Executive Committee of the Board of Trustees of North Shore-Long Island Jewish Health System; past-President of the Jewish Community Relations Council of New York, Inc.; a member of the Board of Visitors of Columbia Law School, and a Vice Chairman of the Board of Trustees of The Statue of Liberty-Ellis Island Foundation, Inc.In addition, Mr. Horowitz serves as a member of the investment committees of the Conference of Presidents of Major Jewish Organizations, Conference on Jewish Material Claims against Germany, and Phi Beta Kappa.Mr. Horowitz is a graduate of Bronx High School of Science and of Columbia University and Columbia Law School.� He is a member of the New York State Bar Association and the American Bar Association.

Wally Kulakowski is a managing director in the Public Finance group at Mesirow Financial. He specializes in a wide variety of infrastructure financing.Wally has over 25 years of public finance experience, including municipal debt financings in water and sewer, state revolving fund, power, waste-to-energy, public-private infrastructure and project finance transactions.� Prior to joining Mesirow Financial in 2015, he served as a managing director at Guggenheim Securities, where he developed P3 infrastructure projects and engineered a buy-side asset acquisition structure using an innovative municipal special purpose vehicle.� Wally was a 20-year veteran of Citigroup where he headed the solid waste and state revolving fund finance practices and co-headed the water and sewer finance practice.� He also worked at Stone & Youngberg and Roosevelt & Cross. Previously, Wally administered air pollution control programs for the State of Indiana and the City of Indianapolis, and was a Washington DC based energy and environmental consultant.Wally earned a BSc from McGill University.�

Andy is an Assistant Vice President �– Analyst on the Southwest Local Government Ratings Team located in Dallas Texas. He is responsible for a variety of credits in Texas, Louisiana, Missouri, and Arkansas, ranging from cities, counties, school districts, water and sewer enterprise systems, municipal utility districts, other special districts, and economic development enterprises. Andy recently published “Ten Years After Katrina, New Orleans Better Prepared for Future Storms,” and “Recent Missouri Floods a Credit Negative for Local Governments.” �Prior to joining Moody’s, Andy was an Officer in the US Coast Guard dedicated primarily to law enforcement and port security related missions. Andy is also a graduate of the US Navy’s prestigious Naval Dive and Salvage Training Center. He holds a B.A. in History from the University of North Carolina at Greensboro and is a graduate of the LBJ School of Public Affairs at the University of Texas at Austin where he attained a Master of Public Affairs degree.�

Bola Kushimo is an analyst on the Southwest Local Government Ratings Team located in Dallas.� She is responsible for credits in Oklahoma and Texas.Prior to joining Moody’s , Bola worked for AmeriCredit Financial Services in Arlington TX. Bola holds a Masters in Public Administration from the University of North Texas, and a Honors B.S. in Psychology from University of Texas, Arlington. �

Michael Imber is a Senior Director in Alvarez & Marsal’s Public Sector practice in New York, specializing in municipal distress and performance improvement. He has 25+ years of experience counseling clients on bankruptcies, workouts and municipal consulting assignments. Michael has also co-authored several white papers in the municipal restructuring sector including his most recent publication, Taking the Fiscal Pulse of Local Government.Michael has deep municipal chapter 9 bankruptcy experience:� he represented major unsecured creditors in the City of Detroit bankruptcy.� He generated 100% recoveries for the largest unsecured creditor claimants in the Jefferson County and the Mammoth Lakes chapter 9 cases.For the Nassau County Interim Finance Authority, Michael led an engagement that identified more than $300 million of opportunities in the Nassau County budget. He also represented the New York Metropolitan Transportation Authority, NJ Transit, and other major municipal transit authorities in a successful out-of-court workout of a major advertising vendor contract that resulted in $125 million in senior lender and equity concessions and $80 million in concessions from the transit authorities.�Prior to joining A&M, Michael was a Senior Vice President at the Centre Insurance Company where he monitored, restructured and developed the exit strategy for a multi-billion dollar credit surety portfolio. His work included the disposition of Section 8 public housing and other real estate related assets. Previously, Michael served as a Director at PricewaterhouseCoopers Business Recovery Services Practice, where he represented creditors committees, banks and debtors in and out of the chapter 11 bankruptcy process.Michael has a BA in Finance from University of Illinois and an M.B.A. from Columbia Business School, Columbia University.