Banco Popular de Puerto Rico

Craig Underwood serves as the President and Chief Executive Officer of BLX Group LLC ("BLX") and chairs BLX�s management committee. In these capacities, Mr. Underwood is responsible for the overall management of and strategic planning at BLX.Mr. Underwood joined BLX�s predecessor organization, the Financial Services Group (FSG) of Orrick, Herrington & Sutcliffe in 1989. From 1989 through 1993, he was FSG�s senior quantitative analyst, responsible for managing FSG�s analyst staff and the production of all technical analytics.Mr. Underwood assumed chief executive responsibility for FSG in 1998. Since 1998, he has continued to head FSG/BLX�s expansion, highlighted by the acquisitions of Funds Services Advisors, a California based investment advisory firm and Dain Rauscher�s arbitrage practice and the openings of offices in Dallas, Tampa, Phoenix, Boston, and Denver. Under Mr. Underwood�s leadership, BLX expanded its scope of services to include investment, debt and derivative advisory services, continuing disclosure services, and program administrative services for complex securitizations. In addition to his chief executive responsibilities, Mr. Underwood is the head of BLX�s advisory services practice, overseeing the firm�s debt, derivative and capital market practices.Mr. Underwood is a frequent lecturer on debt, investment and arbitrage-related matters, having addressed various industry organizations on such matters on dozens of occasions. Mr. Underwood is a co-author of the California Debt and Investment Advisory Commission�s Debt Issuance Primer and a member of the Government Finance Officers Association, California Municipal Treasurer�s Association, California Society of Municipal Finance Officers and several other industry organizations.Mr. Underwood is a graduate of Princeton University where he received a BA in Politics.Mr. Underwood is a registered investment advisor representative, holding the FINRA Series 65 license.

Ms. Barvin has 18 years of public finance experience, including 14 years at Bank of America Merrill Lynch, the first 12 of which she served as a public finance banker. In her current position, Ms. Barvin serves as lead credit banker on bank financings throughout California, including both traditional and direct purchase transactions. Grace has a strong background in California public finance, having served as bank purchaser or senior manager for a wide range of municipal issuers throughout California and the Western States.�Prior to joining Merrill Lynch in 2001, Ms. Barvin had four years of experience on the post-issuance side of the municipal industry, including positions with BLX and Fund Services Advisors.�Ms. Barvin holds a Bachelor of Arts from UCLA and a Master�s in Public Administration from Syracuse University�s Maxwell School; registered FINRA Series 7 and 63.

Whitney Henry is the Director of Capital Budget and Finance at Princeton University where she helps manage the University�s $3 billion ten-year Capital Plan and the University�s debt portfolio, which consists of more than $3 billion in long-term debt and two CP programs.� Prior to her role at Princeton, Ms. Henry worked as the Senior Financial Analyst at the University of Texas System where she aided with the management of the U. T. System�s debt and swap portfolios and at Bear Stearns on the municipal derivatives trading desk. Ms. Henry holds a BA from Harvard University.