Banco Popular de Puerto Rico

R. Mark Epstein co-founded California Financial Services after spending almost a decade in public finance at Smith Barney. Leaving the firm as Vice President after three years leading the California K-12 Education group, he became a partner in his own firm, California Financial Services (CFS) in 1990. Today, he is the managing partner of CFS and oversees the Northern California Region, including the firm�s Sacramento and Santo Rosa offices. In his 29 year career in public finance, he has participated in more than $5 billion in municipal funding programs -- including $3 billion in public education and related borrowings. In addition to his background in finance, Mr. Epstein served for seven years on the Rincon Valley School District Board of Trustees in Sonoma County, where he expanded his understanding of the operations, culture and political realities of running a California school district. While at Rincon Valley, Mr. Epstein was the lead board member in conducting the district�s G.O. Bond election and one of two board members with lead responsibility for the two parcel tax measures passed by the district during his tenure. Through this and other experiences in his three decades serving schools, he has developed a multi-disciplinary approach to providing financial/facility planning services, including the evaluation and preparation of facility master plans, demographic studies, development projections, debt management software and State of California school construction grant programs. Mr. Epstein has an A.B. degree in Humanities from Stanford University.

Sarah Sullivant is an Associate in Standard & Poor�s Ratings Services� State and Local Government Ratings Group. Based in San Francisco, Sarah covers a variety of local government credits in the Western US. She has published commentaries on the credit impact on California schools of state budget and policy changes and produces a quarterly update on economic and credit conditions in the Mountain and Western states. Sarah is a member of the National Federation of Municipal Analysts (NFMA) and the California Society of Municipal Analysts (CSMA). She holds a B.A. from Rice University and a Master of Public Policy (MPP) from the University of California, Berkeley�s Goldman School of Public Policy.

Mary Colby is a Managing Director and the Head of the Municipal Fixed Income Research Group for Charles Schwab Investment Management Inc. (CSIM") in San Francisco, California. Ms. Colby joined the fixed income research group at CSIM in 1996 as a senior analyst and achieved her current position in 2004. Her team of eleven analysts and staff provide research and support for two municipal bond funds and seven municipal money market funds whose assets total over $28 billion. Prior to joining CSIM, she spent six years as a public finance analyst at Standard & Poor's Corp. in New York in the infrastructure and local government groups. Ms. Colby holds a Bachelor of Arts and a Master of Arts in European History from Northwestern University, Evanston, Ill. She sits on several advisory committees for the Investment Company Institute, including those for the municipal market and for money market funds. She is a past President of the California Society of Municipal Analysts, a past member of the Executive Committee of the Board of Governors of the National Federation of Municipal Analysts and is a member of the Society of Municipal Analysts."

Turello is Senior Director, Evaluated Services Operations for Interactive Data. He oversees a team of professionals that support the evaluations process for municipal bonds, corporate bonds, structured/pass-through securities, OTC Derivatives, and InteractiveData�s Fair Value Information Service.He also developed the Company�s interest rate swap valuation service. Turello has also served in a variety of program and project management roles for FX rate initiatives, fixed income evaluation projects, and municipal bond evaluated pricing models. Turello holds a B.S. in finance (minor in economics) from St. John�s University.

Ron Rumack has recently joined Stern Brothers & Co. as a Managing Director, and is focused on providing investment banking and financial advisory services to VRDO and Commercial Paper issuers across the country. Mr. Rumak has 29 years of banking experience, including over 25 years dedicated to public finance, where he worked closely with a broad range of issuers across the country providing Letters of Credit and Liquidity Facilities to support Variable Rate Demand Obligations and Commercial Paper Notes. Mr. Rumack has substantial experience with Credit Enhancement and Bank Credit Products used by State and Local government issuers, and has spoken at numerous Bond Buyer conferences. Prior to joining Stern Brothers & Co., Mr. Rumack was the Senior Vice President and Team Leader for Sumitomo Mitsui Banking Corporation's Municipal Credit Enhancement group, where he reconstituted SMBC's public finance business. While at SMBC, Mr. Rumack also developed the bank�s Direct Purchase Loan product. Prior to joining SMBC, Mr. Rumack was the Managing Director and Head of Public Finance at Bayerische Hypo-und Vereinsbank (now part of Unicredit) for 10 years, where he built a multi-billion dollar credit enhancement portfolio and oversaw the development of a Tender Option Bond program. Throughout Mr. Rumack�s career, he has developed substantive experience in essential government service sectors, including transit, transportation, water and sewer. He has worked extensively with States, Counties, Cities, School Districts, Governmental Enterprises and Authorities across the nation to facilitate their access to the short term markets. Mr. Rumack spent the early part of his career in California, and began his public finance career in Security Pacific�s Capital Markets Group. He holds a Finance degree from the University of Texas at Austin, and is active in his community, serving as Treasurer for the West Windsor (New Jersey) Parking Authority, and sitting on the board of numerous local youth sports programs, including acting as a Trustee for the Central Jersey Pop Warner Conference and the Football Commissioner of the West Windsor Plainsboro Wildcats.

Larry J. Kosmont, CRE�, is President and CEO of Kosmont Companies, an industry leader in public/private real estate transactions, economic development and public finance. He is also Managing Partner of Renaissance Community Fund, which invests and develops mixed use, residential and commercial projects, and is a Principal of California Golden Fund, an approved EB-5 Regional Center.His 38-year career encompasses public/private financial structuring and negotiations, development, and management of real estate and public finance transactions exceeding $12 billion. He has an extensive track record as a public/private real estate consultant and public finance advisor.�

Mary Lewis is the Chief Financial Officer for the San Diego City Employees� Retirement System (SDCERS), which administers the retirement plans for the City of San Diego, the Unified Port District and the San Diego County Regional Airport Authority. SDCERS manages $6 billion in trust fund assets and serves 20,500 active and retired members. Prior to her current position, Mary was the Chief Financial Officer for the City of San Diego from 2008-2012, and the City�s Financial Management Director from 2006-2008. Previous executive positions include the CFO/COO of Alliance Healthcare Foundation, and positions at Columbia University Health Sciences and for-profit and non-profit healthcare companies. She holds a Master�s Degree in Business from Columbia University and an MA in English Literature from the University of Missouri.

Jose Vera has 14 years of public finance experience and over his investment banking career, he has negotiated numerous bond issues for public agencies in California and Nevada. Jose's public financing experience includes land-secured / development finance, utility enterprise revenue finance, general obligation bonds and lease revenue financings for cities, counties and special districts. Jose is the Vice President of the Rotary Club of Los Angeles, one of the largest community service clubs in the United States. Jose earned his degree in Economics and a Minor in Mechanical Engineering from Massachusetts Institute of Technology and maintains FINRA Series 7 and 63 licenses. Jose serves on Stifel's internal Credit Review Committee tasked with reviewing all non-rated and below investment grade municipal bond issues prior to sale.

Tom Weyl, Director, Barclays Municipal Research, is responsible for the municipal credit strategy and research efforts of the firm. He recently joined Barclays after sixteen years at Eaton Vance Management where he served as Director of Municipal Research overseeing a staff of ten analysts. Weyl has served in several prominent industry roles such as Chairperson of the National Federation of Municipal Analysts, the Investment Company Institute�s representative to the Government Accounting Standards Advisory Council (�GASAC�) and as a member of the invitation-only Society of Municipal Analysts.Prior to Eaton Vance, he has municipal market experience in Commercial Banking, Bond Insurance, Investment Banking and Portfolio Management. Tom holds a B.S. and an M.B.A. from the University at Albany.