Banco Popular de Puerto Rico

Manager of FirstSouthwest�s Santa Monica office; more than 19 years experience in public financeProvided financial advisory services on more than 70 debt issues totaling in excess of $17.0 billion in par, prepared debt affordability reports and financial feasibility analyses, and developed financing plans for large scale, multi-year capital improvement plansWhile at FirstSouthwest, provided financial advisory services to: the Cities of Big Bear Lake, Imperial Beach, Montebello, Oxnard, South Gate, San Diego, San Francisco, San Jose and Turlock; Los Angeles Unified School District; Los Angeles Community College District; Santa Monica Community College District; Baldwin Park Unified School District; California School Finance Authority; Quantification Settlement Agreement Joint Powers Authority; Modesto Irrigation District; Nevada Irrigation District; South Feather Water and Power Agency; Bay Area Air Quality Management District; Alameda Corridor-East Construction Authority; Unified Port District of San Diego; County of Sacramento; Sacramento County Airport System; Sacramento County Water Agency; Sacramento Area Flood Control Agency; Municipality of Anchorage; and Alaska International Airport SystemWorked previously at PRAG as project manager to the Los Angeles World Airports, Burbank-Glendale-Pasadena Airport Authority, City of Los Angeles Wastewater System, Santa Clara Valley Water District, City of San Jose, Los Angeles County Metropolitan Transportation Authority, Redevelopment Agency of the City of San Diego, City and Redevelopment Agency of Santa Monica, and California School Finance AuthorityPrior to his employment with PRAG, Mr. Kremer was employed by Los Angeles public finance department of RBC Dain Rauscher, formerly Sutro and Co. IncorporatedBegan his public finance career in the New York and Los Angeles offices of the National Westminster Bank Plc.

Irena Asmundson joined the California Department of Finance as Chief Economist in April 2013. Prior to joining the department, she was a Senior Economist at the International Monetary Fund. In addition to covering policy issues such as global macroeconomic and financial imbalances, crises, and interconnectedness, she provided forecasts and policy advice on a range of countries, including the United Kingdom and Afghanistan. She has also served as a Staff Economist on the President's Council of Economic Advisers, focusing on international trade. A second-generation California native, Ms. Asmundson received her PhD in Economics from Stanford University, and her bachelor's degrees in Mathematics and Economics from the Massachusetts Institute of Technology.

Tim Coffin is a Senior Vice President with Breckinridge Capital Advisors, and has over 25 years of experience in public finance and the fixed income markets. Previous to Breckinridge, Tim was with Fidelity Investments where he launched and managed the firm's Municipal Finance Group within Fidelity Capital Markets. Prior to Fidelity, he spent over 10 years with Corby Capital Markets where he managed sales and marketing and served his last 3 years as the firm's President.�

David A. Abel is a Managing Director in the Infrastructure Investment Banking Group of William Blair & Company.� In this capacity he leads the firm�s efforts relating to debt management and the custom debt affordability needs of large and frequent issuers.� Mr. Abel joined William Blair & Company in 2007 after four years of service as the Director of Debt Management of the State of Illinois, and twelve years at UBS Financial Services, First Chicago Capital Markets/Bank One, and George K. Baum and Co., serving in similar specialty capacities.Mr. Abel�s underwriting sector approach has become known for its applied software engineering for custom debt management tools needed by large and frequent issuers.� Among the specialty assignments for custom work have included mortgage revenue bond program audit and reconstruction as well as system-wide re-investment tax and regulatory compliance.�� Specialized assignments aside, Mr. Abel has also structured several hundred bond issues, many of which have offered unusual tax exemption or security problem-solving opportunities.Mr. Abel holds a B.A. in Economics with public finance emphasis from the University of Colorado at Boulder, in concert with extensive additional elective coursework in applied physics and mathematics of electrical engineering.

Dr. Bart Hildreth is professor and former dean at the Andrew Young School of Policy Studies at Georgia State University in Atlanta. Previously, Bart spent 30 years as a business school professor at Wichita State University (including interim business dean), LSU, and Kent State. His expertise is state and local finance, with a specific focus on municipal securities and tax policy.He is a public member of the Board of Directors of the Municipal Securities Rulemaking Board (2012-2015). He has served on the National Advisory Council on State and Local Budgeting and the Governmental Accounting Standards Advisory Council, received two gubernatorial appointments to serve on the board of the Kansas Development Finance Authority, chaired a state-wide tax review committee, served on several GFOA national committees (including the disclosure task forces), and held the position of Director of Finance for the City of Akron, Ohio where he had financial responsibility for the successful workout of a technical default on a waste-to-energy facility.Since 1989, he has served as the editor-in-chief of the only refereed journal devoted to municipal securities, the Municipal Finance Journal. In addition to numerous journal articles and books, his publications include State and Local Government Debt Issuance and Management, the Handbook on Taxation, and Budgeting: Politics and Power (Oxford University Press, 2010).A Fulbright Scholar (at McGill University, Montreal), he also received the 2008 national award for lifetime scholarly achievement in the field of public budgeting and financial management. Bart�s degrees are from the University of Alabama (B.A.), Auburn University at Montgomery (M.P.A) and the University of Georgia (Ph.D.).

After 13 years in the capital markets working as an institutional financial advisor, investment banker, and risk management professional, Peter Orr founded Intuitive Analytics in March 2005. Most recently he was employed at JPMorgan Securities where his responsibilities included swaps and derivative strategies in the housing, healthcare and local government sectors. He also designed and developed analytics that were used broadly within JPMorgan public finance investment banking, swaps, and risk management.Mr. Orr was vice chair of the Bond Market Association's New Products Committee in 2004 and chair of its Financial Products Committee in 2005-2006. Mr. Orr holds a BA in economics from the University of Florida and a Masters of Science in Mathematics from the University of Chicago.

Jason Falzon is Director of Pricing and Market Research at Assured Guaranty. Jason joined Assured Guaranty in 2008 following seven years at Radian Asset Assurance in their Public Finance Secondary Markets Group. Jason’s career began with six years at Merrill Lynch in their Money Markets Group where he most recently served as a Vice President on their Commercial Paper Trading Desk. At Assured Guaranty, Jason is responsible for setting premiums on new issue business, monitoring trading value and assisting in the firm’s new business origination effort. Mr. Falzon earned a Bachelors of Arts (BA) degree in Business and Economics with a Minor in Anthropology and Sociology from Lafayette College in Easton, Pennsylvania and a Master’s degree in Business Administration (MBA) from the Yale School of Management in New Haven, Connecticut.

Colin MacNaught is the Assistant Treasurer for Debt Management in the Massachusetts State Treasurer�s Office. Colin is responsible for all of the Commonwealth�s short-term and long-term borrowing needs, and is responsible for the accounting and timely repayment of debt service to investors. Prior to joining the Massachusetts State Treasury in January 2008, Colin worked as an Associate Director for Standard & Poor�s. Colin evaluated and rated a number of states along the east coast, and was a specialist in Standard & Poor�s interest rate swap sector.Colin is a board member of the Massachusetts State Finance & Governance Board. He is also on the executive committee of the State Debt Management Network. In 2010, he was the recipient of the SIFMA Municipal Division Honor Roll Award for his contributions to the municipal bond market. In 2011, one of the financings Colin structured and priced was named �The Deal of the Year� by The Bond Buyer newspaper for its complexity and innovation. And in 2013, the new Massachusetts investor website was given the 2013 Industry Contribution award by the National Federation of Municipal Analysts.Colin earned his Master in Public Policy degree from the Harvard Kennedy School of Government. Shortly after graduation, his thesis on reforming the Massachusetts School Building Program was used as the basis for the creation of the new independent authority.