Banco Popular de Puerto Rico

Mr. Pitts currently is Vice Chairman of Vanguard Health Systems. Vanguard is aprivately held company founded by senior healthcare executives in 1997 and owned byThe Blackstone Group, management and Morgan Stanley Capital Partners. Currently,Vanguard owns and operates 15 acute-care hospitals and related outpatient businessesin five primary markets. Keith Pitts has over 25 years of health care experience, withvarying responsibilities across multiple industry sectors. Mr. Pitts has significant experience in the acute care and managed care sectors of the health care industry. Inaddition, he has experience in the long-term care, physician practice management andspecialty services sectors. Mr. Pitts' experience covers the functional areas of mergersand acquisitions, development, strategic planning, organizational development,operations, finance and information systems. Prior to joining Vanguard, Keith was theChairman and CEO of Mariner Post-Acute Network and its predecessor, ParagonHealth Network. His career includes serving as OrNda HealthCorp's Executive VicePresident and Chief Financial Officer as well as over 15 years as a consultant to healthcare organizations, most recently as a Partner in Ernst & Young's HealthcareConsulting practice. Mr. Pitts has served on the Boards of Directors of several publicand private companies. More recently he has served as the Chairman of the Federationof American Hospitals (FAH), a post he held for two years.

Raul Amezcua, is a Partner and Head of Investment Banking at De La Rosa & Co. Mr. Amezcua has 20 years of experience in the California Public Finance industry, including eight years at De La Rosa & Co. and twelve years with New York-based firms. In his career, he has completed almost 100 senior-managed debt financings with an aggregate par value exceeding $18 billion. He has served as the lead banker on numerous financings for many California cities and counties including the cities of Long Beach, Los Angeles, Anaheim, Santa Ana, Chula Vista, Riverside and Moreno Valley, and the counties of Los Angeles, Riverside, Orange, Sacramento, San Bernardino and San Diego. He has also senior managed financings for large revenue bond issuers including MWD, LADWP, Sacramento Sanitation District, and transportation issuers such as the Ports of Long Beach and Los Angeles, the LAMTA, SANDAG, SANBAG, RCTC and OCTA. Raul, a native of Los Angeles, received an MBA degree from the Anderson School at UCLA and a Bachelors degree in Finance from the USC. He holds the Series 7, 24, 27, 53 and 63 licenses and is a past board member of the California Public Securities Association (Cal PSA). Raul has also served on the Board of the PUENTE Learning Center, a non-for-profit entity that provides educational programs to underprivileged children in east and south Los Angeles, for the past ten years, including serving as Chairman for the past four years.

Mark Adler joined Piper Jaffray & Co. in 2008 as a Managing Director of Piper’s California Public Finance Group. Mr. Adler joined Piper with a dozen colleagues from UBS Securities LLC where he was the Manager of the Western Region Municipal Investment Banking Group. Mr. Adler had been with UBS and its predecessor, PaineWebber, for eighteen years. During that period, UBS (and PaineWebber) was consistently among the leading firms in underwriting California municipal issues.As a twenty eight year veteran of the industry, Mr. Adler has a broad range of experience in local finance. This includes education, city, redevelopment agency, water district and county finance. On two separate occasions, Institutional Investor featured deals as Deals of the Year in which he acted as lead banker. This includes the innovative Disney financing for its second theme park in Anaheim.Mr. Adler serves on the Board of the California Public Securities Association including serving as Chairperson in 2004. Mr. Adler is a frequent speaker at industry forums including the most recent Bond Buyer California Public Finance Conference.Mr. Adler is a graduate of the Wharton School Graduate Division (M.B.A. - Finance and Public Management) and the Wharton School Undergraduate Division where he graduated summa cum laude.

Carol L. Lew is a shareholder of Stradling, Yocca, Carlson & Rauth, Newport Beach, California. She is nationally recognized with respect to tax issues relating to municipal finance. Her practice focuses on tax issues relating to a broad range of different types of State and local municipal finance, including 501(c)(3) borrowings, K-12 and higher education, IRS audits, and post issuance compliance.Ms. Lew is Past President of the National Association of Bond Lawyers, having served as President. She also served as Editor in Chief of the National Association of Bond Lawyers’ five volume treatise, Federal Taxation of Municipal Bonds, as a member of Steering Committee for the Bond Attorneys’ Workshop, and on numerous panels.Ms. Lew has served as Chair of the American Bar Association, Taxation Section, Tax-Exempt Financing Committee for the 2001-2003 term, in addition to serving on numerous committees and serving as author on comment projects on private activity bond restrictions, including those applicable to public/private partnerships.Ms. Lew has been a member of the Executive Committee of the State Bar of California, Taxation Section, and currently serves as a member of the Technical Advisory Committee of the California Debt and Investment Advisory Commission. She was Co-Author of the California Debt and Investment Advisory Commission – California Investment Primer.Carol Lew is a graduate of Hastings College of the Law (J.D., Magna Cum Laude, Order of the Coif).

Lakshmi Kommi serves as the Director of Debt Management for the City of San Diego, and has over 20 years experience in municipal finance in the issuer capacity.� She has overseen numerous public and private bond transactions and manages the City�s debt portfolio of roughly $3.4 billion. In addition to implementing complex financing plans while keeping the City�s costs low, her department ensures through a citywide Formal Compliance Monitoring Program that the City is in compliance with respect to all city bond offerings.Ms. Kommi is currently serving as a public member on the Municipal Securities Rulemaking Board and is on the San Diego Board for Women in Public Finance. She serves on the City of San Diego�s Disclosure Practices Working Group and the Capital Improvement Program Review Advisory Committee. �

As a senior manager within Tax Exempt Bonds, Steve leads the IRS’s voluntary compliance, educational guidance, and compliance analysis and review programs with respect to tax-exempt bonds, tax credit bonds, and Build America Bonds. In this capacity, he directs the resolution of tax violations voluntarily brought forward by governmental issuers, the review of claims for recovery of overpayments of arbitrage rebate, the planning and implementation of compliance activities within segments of the municipal bond market, and the implementation of new legislation impacting IRS programs. Steve is also responsible for providing technical assistance to the Director and the Field Operations staff, coordinating formal guidance projects with Chief Counsel and Treasury offices, and developing education and compliance initiatives. He joined Tax Exempt Bonds as a Tax Law Specialist through the Presidential Management Fellows Program. Steve received both a Juris Doctor and Master of Science in public policy and management from the University of Oregon as well as a Bachelor of Arts from the University of Puget Sound. He is currently a member of the Missouri State Bar.

Cindy McKim was appointed as the Director of the California Department of Transportation on May 27, 2010.  As Director, Ms. McKim is responsible for the maintenance and operations of more than 50,000 lane miles of roadway in the State Highway System, a budget of more than $13.8 billion, and providing leadership to more than 22,000 employees.Prior to this appointment, Ms. McKim served as the Chief Deputy Director where she advised and assisted the Department Director regarding all aspects in the policy and operation of the Department of Transportation.  She represented the Department in meetings, hearings, boards, commissions and committees and had responsibility related to the overall operation and management of the Department.Ms. McKim has been with the Department for more than 30 years, serving in a number of high profile management positions including the Chief Financial Officer, Deputy Director for Rail, Transportation and Aeronautics; Deputy Director for Policy and Administration; Assistant Director of the Administrative Service Center; Accounting Division Chief; Rail Division Chief; Mass Transportation Division Chief; and Assistant Director for Management and Policy Planning.As the Chief Financial Officer, Ms. McKim was responsible for the Department’s financial management and policy, including oversight of an annual operating budget of nearly $13.8 billion. She was also responsible for programming State and federal transportation funds.During her assignments with the Rail and Mass Transportation programs, Ms. McKim oversaw implementation of an expanded intercity rail program in California. She chaired two groups of local representatives and business interests responsible for evaluating the feasibility of rail service along important transportation corridors in the State. She represented the Department in Congressional hearings on the Department’s Rail Program, and in dealings with the Legislature and the California Transportation Commission.As Division Chief for Accounting and Assistant Director of the Administrative Service Center, Ms. McKim was responsible for implementing business process improvements that streamlined delivery of administrative services. The Transportation Research Board has recognized several innovations developed during Ms. McKim’s tenure.Ms. McKim earned her bachelor’s degree in Human Resources and Organizational Behavior from the University of San Francisco. She also holds a Certificate in Public Administration from the California State University, Sacramento.

Sean L. Spear is currently the Executive Director of the California Debt Limit Allocation Committee (CDLAC) for the California State Treasurer’s Office, which administers the private activity bond program for California.  Each year, CDLAC distributes this allocation to privately-controlled projects and programs with a public purpose under  six program pools: Qualified Residential Rental (Multifamily Housing Development), Single Family Housing, Extra Credit Teacher Home Purchase, Industrial Development Bonds, Exempt Facility Bonds and Student Loan Bonds.  With more than $3.3 Billion in tax-exempt bond authority for California in 2009, this represents the largest allocation in the country.  Mr. Spear has over twenty years of experience in community development and housing finance.  Prior to joining the State Treasurer’s Office in August 2009, he previously served as the Director of Major Projects for the City of Los Angeles Housing Department; overseeing the operation of the five rental housing production-related units; including the $100 Million Affordable Housing Trust Fund.  He also served as the LAHD’s point person on public-private lending partnerships; leveraging the City’s capital funds for additional affordable housing development resources.  In this capacity, he lead the City’s effort to create the $100 Million New Generation Fund; an affordable housing acquisition and predevelopment loan fund which closed in May 2008.Prior to joining the LAHD, Mr. Spear was a Community Development Manager with Fannie Mae’s Housing and Community Development Unit, based in their Western Regional Office in Pasadena.  Responsible for Fannie Mae’s short-term direct community development financing business throughout California and other parts of the West, he closed important transactions such as a $30 million Line of Credit for the Housing Authority of the City of Los Angeles and a $1.5 million construction bridge loan for the Blackfeet Nation; Fannie Mae’s first direct affordable housing loan to a Tribal Entity.  Before joining Fannie Mae, Mr. Spear was a Senior Development Specialist (Housing) with the San Francisco Redevelopment Agency, and a Project Manager (HOPE VI/New Construction) with the San Francisco Housing Authority.  With the Redevelopment Agency, he implemented and oversaw San Francisco’s innovative Affordable Housing Preservation Program, which saved more than 1,700 units of low-income housing from conversion to market in San Francisco’s high-pressure real estate market.  He began his career with the New York City Department of City Planning, where he served as the City Planner for the Crown Heights and Bedford-Stuyvesant neighborhoods of Brooklyn.Mr. Spear holds both a Bachelor’s degree and a Master’s degree from Cornell University.