Banco Popular de Puerto Rico

Mark Morehouse is a Managing Director and head of the P3 Investment Banking group at William Blair, based in Chicago.� He joined the firm in April 2012� and has� over 13 years industry experience, with a focus on transportation infrastructure.��As head of P3 Investment Banking, Mr. Morehouse is responsible for originating and executing P3 advisory and capital raising engagements in the transportation, social infrastructure and water sub-sectors in the US and globally.�� He is currently leading the execution teams on parking and bridge P3 assignments for both public- and private-sector clients.�Mr. Morehouse previously worked as Director at Credit Suisse, where he was head of coverage for airlines and airports throughout the Americas.He led the P3 financial advisory efforts on two groundbreaking airport transactions under the FAA Pilot Program: the long-term concessions of Chicago Midway International Airport and San Juan Luis Munoz Marin International Airport. His airport transaction experience also includes engagements throughout Latin America, most notably Mexico, Argentina and Brazil. �Mr. Morehouse�s global airlines expertise includes sell-side and buy-side M&A advisory, debt and equity financings for major carriers, start-ups and aircraft lessors.�He received his B.S. in Chemical Engineering and his M.B.A. from Rice University.�

One might think that having broad responsibility for more than $78 billion in assets under management would keep Tim Leach awake at night. Usually, he�s more focused on how clients are sleeping. �The last decade has been stressful for investors. Our job is to help clients understand what�s happening today and what�s likely to happen in the future, and to offer well informed, forward looking investment advice so that they can sleep better.�With approximately 175 Portfolio Managers and 60 Specialty Asset Managers, Tim directs investment policy and manages all investment services provided through U.S. Bank�s Asset Management Group.Tim�s more than 30 years of experience in investments and wealth management includes senior positions at Wells Fargo Private Client Services, U.S. Trust Company and Qualivest Capital Management. Having managed investments under a variety of economic and market conditions, Tim is a sought after guest on CNBC and a source to The Wall Street Journal, Barron�s and other national financial publications. He travels the country, meeting with clients and colleagues to discuss strategies, risks and opportunities. That�s a part of the job he particularly loves. �Our clients have fascinating family stories about how they acquired their wealth and what they want to achieve with it. I find great satisfaction in helping clients solve challenges or take advantage of opportunities.�PHILOSOPHY AND PERSPECTIVETim likens his role to that of an orchestra conductor leading a group of accomplished professionals as they blend their individual talents to create a high quality, dynamic experience. �Global economies and capital markets today are far too complex to rely on any one investment professional. I encourage robust discussion among our investment experts so that we derive the soundest possible advice for our clients. Many heads are always better than one.�EDUCATION AND COMMUNITY INVOLVEMENTTim earned a Bachelor�s degree from the University of California, Davis and an MBA in finance from the University of California, Berkeley. In Minneapolis, he served on the board of the MacPhail Center for Music. Now relocated to San Francisco, Tim is exploring opportunities to give back to his Bay Area community.

Rob joined National in early 2009, when it was established as a separate subsidiary of MBIA. He is a Director in the Portfolio Surveillance Department (Western Region), working primarily with higher education, non-profit and tax-backed credits. Previously, over a ten-year period at MBIA, Rob focused on new business in the student loan sector.Prior to MBIA, Rob had been with Sallie Mae since 1985, most recently providing credit enhancement for non-profit issuers of student loan revenue bonds.Rob holds an MBA from The University of Texas and a BA from Marquette University.�

Jo Ivey Boufford, MD, is President of The New York Academy of Medicine. Dr. Boufford is Professor of Public Service, Health Policy and Management at the Robert F. Wagner Graduate School of Public Service and Clinical Professor of Pediatrics at New York University School of Medicine. She served as Dean of the Robert F. Wagner Graduate School of Public Service at New York University from June 1997 to November 2002. Prior to that, she served as Principal Deputy Assistant Secretary for Health in the U.S. Department of Health and Human Services (HHS) from November 1993 to January 1997, and as Acting Assistant Secretary from January 1997 to May 1997. While at HHS, she served as the U.S. representative on the Executive Board of the World Health Organization (WHO) from 1994�1997. Dr. Boufford currently serves on the board of the United Hospital Fund, Public Health Solutions and the NYC Health and Hospitals Corporation and chairs the Public Health Committee of the State Public Health and Health Planning Council. She was elected to membership in the Institute of Medicine (IOM) in 1992 and is a member of its Board on Global Health, Board on African Science Academy Development and serves as its Foreign Secretary. She has received honorary degrees from the State University of New York- Brooklyn, New York Medical College, Pace University, and the University of Toledo. She has been a Fellow of The New York Academy of Medicine since 1988. Dr. Boufford received her BA from the University of Michigan, and her MD with distinction from the University of Michigan Medical School. She is board certified in pediatrics.

Brian King has over 20 years of public finance experience in Illinois and the Midwest. He focuses on expanding our presence to Illinois and Midwest issuers. He previously served as head of the public finance department at Cabrera Capital Markets. Prior to that, he was Deputy Comptroller of the City of Chicago where he prepared cash flow analysis for the City and worked on several groundbreaking transactions such as the Chicago Skyway privatization and several leveraged lease transactions, and also worked for the City of Chicago Department of Housing and Bank of America. He has a B.A. from Knox College and M.M. from The Kellogg School of Management at Northwestern University.

Doug is a Staff Attorney* with the Natural Resources Defense Council, where he has worked since 2008. For the past several years he has represented NRDC in federal court litigation over protections for endangered species in the Bay-Delta estuary, as well as working on implementation of the San Joaquin River Restoration Program, development of the Bay Delta Conservation Plan, the update of the Bay-Delta Water Quality Control Plan, and regulatory and planning processes regarding improvements in urban and agricultural water efficiency.Mr. Obegi is a member of the Bar of the State of California and is admitted to practice in United States district court for the Eastern District of California. In 2006, Mr. Obegi graduated magna cum laude from the University of California, Hastings College of the Law, where he also worked as a research assistant for Professor John Leshy, focusing on water law.*Admitted in California

Joseph Plonski, Vice President, is a credit research analyst on the municipal credit research team at BlackRock, which oversees $120 billion in municipal assets. Joe is the sector lead for the education related credits. Mr. Plonski's service with the firm dates back to 1999, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. At MLIM, he was responsible for tax-backed and derivative credit sector research. Mr. Plonski began his career at Merrill Lynch in 1999 as a trading assistant. Mr. Plonski earned a BA degree in finance from the College of New Jersey in 1999, and a MBA degree in finance from Rutgers University in 2005.�

Eric has been in the municipal bond field for over 30 years.� He is currently a Principal Administrative Analyst, in the Office of the Chief Financial Officer of The Metropolitan Water District of Southern California, involved in Metropolitan’s large and diverse bond and swap program. ��Eric has been with Metropolitan since 1998. Prior to joining Metropolitan, Eric worked for Moody’s Investor Service, as an analyst in Moody’s municipal department.� Eric has a Bachelor of Science degree in Business Administration from Lehigh University.

Chris Roberts is a Director in the Los Angeles office of Barclays Capital Inc. and leads the firm�s coverage of western region utilities.� Chris has over 22 years of municipal finance experience in providing solutions to his clients in meeting both short and long-term fiscal objectives on their new money, refunding, restructuring, cash flow and interest rate/commodity hedging transactions. He has primarily focused on public power, water and wastewater issues during his career and has assisted his clients; including Los Angeles Department of Water and Power, Sacramento Municipal Utility District, San Francisco Public Utilities Commission and The Metropolitan Water District of Southern California with gaining access to capital to fund projects to meet an ever-changing regulatory, environmental and economic landscape.Chris received a B.S. in Finance from the University of Arizona.