Banco Popular de Puerto Rico

Howard Cure is the Director of municipal bond credit research for Evercore Wealth Management. �He joined the firm in 2009 and has over 30 years of experience in analyzing municipal securities.�Prior to joining Evercore, Mr. Cure was a Director at Financial Guaranty Insurance Company, a Vice President with the investment banking firm of Prager & Co. and served as a Vice President at Moody’s Investors Service. �Mr. Cure began his career as an economist with the New York State Senate Finance Committee. He has also written topical credit pieces and has been quoted in such publications as The Wall Street Journal, Bloomberg News/Business Week, Barron’s, Reuters, The Financial Times and The Bond Buyer and appeared on CNBC, National Public Radio and Bloomberg News. �Mr. Cure received a bachelors’ degree in Economics from the State University of New York at Albany in 1982 and he earned a joint masters’ degree in Public Affairs from the Lyndon B. Johnson School of Public Affairs and Business from the McCombs School of Business in 1985.

Fred Silva is California Forward's senior fiscal policy advisor. Having spent 40 years in the development of public policy in state and local government, Fred is an expert in state and local finance, government operations, and the history of the state and local fiscal relationship in California. Prior to working with California Forward, Fred was a fiscal policy advisor to New California Network and previously senior advisor on governmental relations for the Public Policy Institute of California. From 1994 to 1996, Fred was executive secretary to the California Constitution Revision Commission, where he directed the staff work and wrote the final report of the Commission. He was chief fiscal advisor to the President Pro Tempore of the California State Senate from 1981 to 1994. He also was chief consultant to the Senate Local Government Committee from 1975 to 1981. He has authored nearly two dozen publications and commentaries regarding government fiscal issues in California. Fred holds a bachelor's degree in public administration from San Jose State University.

A 10+-year Employee of Southwest, Michael joined the Company as a Properties Manager, where he worked for 4 years prior to joining the General Counsel Department.  Michael’s last major undertaking in Properties was the management of Southwest’s startup efforts at PHL in 2004.  In his role as a corporate transactional attorney at Southwest, Michael has worked with his primary inhouse clients (the Properties and Facilities Departments) on the following representative projects/transactions: EWR Slots & Gates.  Most recently, the negotiation/drafting of the operative documents providing Southwest access to the slots and facilities necessary to commence service at EWR in March, 2011. Love Field Modernization Program (“LFMP”)/Wright Amendment Reform Act (“WARA”).  Completion of all implementation documents flowing from the WARA, including ongoing negotiations with the City of Dallas and other parties relating to development/construction of the $520m LFMP.  Michael also served on Southwest’s negotiating team during the negotiation of the “Five-Party Agreement” (to seek the Wright Amendment’s repeal in the U.S. Congress).   St. Joe Company/ECP Strategic Alliance.  Worked with St. Joe on the primary Strategic Alliance Agreement for Air Service, which guarantees Southwest’s breakeven performance at ECP for the first 3 years of service.  Also worked with the local tourism development councils to secure hotel bed tax revenue to help fund Southwest’s Northwest Florida marketing efforts. MDW Privatization.  Worked with the City of Chicago on the negotiation/drafting of the operative documents used in the bidding process to privatize MDW (transaction wasn’t consummated due to meltdown of credit markets but will work with Properties on any renewed privatization efforts). Overall, Michael works with Southwest’s Properties and Facilities Departments to negotiate airport lease agreements and coordinate various construction projects, respectively.  Michael’s inhouse client list also includes the Communications Department (Public Relations/Employee Communications/Emergency Response), and he serves as a member of Southwest’s Go-Team.  Michael represents the Legal Department on Southwest’s Airport Planning Committee.

Kurt E. Forsgren is the Managing Director and head of Standard & Poor�s office in Boston. In his general management role, Kurt oversees Standard & Poor�s business activities in New England, Puerto Rico and the USVI for the Corporate and Government sectors. Kurt is also a member of Standard & Poor�s Key Investor Program.Kurt�s expertise and experience at Standard & Poor�s includes Public Finance and Project Finance, encompassing public utilities, higher education, and a variety of special tax-backed areas and non-recourse financings. His most recent experience and primary focus has been as a Managing Director and Team Leader in the transportation infrastructure sectors of airports, aviation special facility projects, surface and toll facilities, mass transit, maritime ports and public-private partnerships.Before joining Standard & Poor�s in 1992, Kurt was a management consultant with KPMG/Leigh Fisher Associates. In this role, he worked directly with United States airport operators to support aviation infrastructure financing and feasibility analysis.Kurt is a member of the National Federation of Municipal Analysts, Boston Municipal Analyst Forum and the Boston Security Analysts Society.Kurt earned a bachelor�s degree in Economics and Political Science from theUniversity ofMaine and a master of government administration from the Fels Institute of Government at theUniversity ofPennsylvania.

Michael Likosky directs the Center on Law & Public Finance and is Senior Fellow at New York University’s Institute for Public Knowledge. He holds a doctorate from the Oxford University Law Faculty. Likosky has written five books on infrastructure, energy, as well as manufacturing and high technology growth strategies, including three with Cambridge University Press. His most recent book, Obama's Bank: Financing a Durable New Deal, looks at the proposed National Infrastructure Bank and P3s.Likosky has held visiting posts and fellowships at Oxford University, New York University School of Law, Fordham Law School, University of Wisconsin Law School, and the University of Bonn. He has been a tenured professor of International Economic Law at the University of London Law School. Likosky is an Expert to the United Nations and the Organization for Economic Cooperation and Development on P3s. He is a legal expert to the United Nations World Investment Reports and World Development Reports on infrastructure, oil, gas, minerals, and clean energy P3s. He advises federal and state officials, leading financial institutions, major broadcasters such as ABC, CBS, ESPN, and NBC, and intergovernmental organizations. His work is supported by the Rockefeller Foundation, Ford Foundation, Markle Foundation, Institute for a New Reflection on Governance, World Affairs and the Global Economy, and also the Arts and Humanities Research Council. He appears regularly in the New York Times, Wall Street Journal, Bond Buyer, Associated Press, CNN Money, American Public Radio, and other leading outlets.

Ms. Mullins joined JPMorgan in June 2001 and has 19 years experience in the municipal finance industry focused primarily on issuers in the Northeast and in the transportation sector. Ms. Mullins most recently spent two years as an institutional client advisor for J.P. Morgan Asset Management where she advised corporate and public pension plan clients on investment strategy. Prior to working in asset management, Ms. Mullins’ was co-head of J. P. Morgan tax-exempt Transportation Finance Group where she lead airport financings for the Cities of Atlanta, Cleveland, Dallas-Fort Worth, Chicago, Denver, Philadelphia and many others. Ms. Mullins served as lead banker on the industry’s first long-term stand-alone passenger facility charge-secured bond issue for Little Rock, AR National Airport and was selected by U.S. Transportation Security Agency (“TSA” a division of the U.S. Department of Homeland Security) to serve as part of working group composed of industry leaders to study financing of airport security requirements with final report submitted to Congress during 2006 federal fiscal year. Ms. Mullins has also worked on a number of new money and refunding issues for the City of New York, State of New York and the New York Local Government Assistance Corporation. Ms. Mullins holds a B.S. in Engineering from the University of Pennsylvania and a M.B.A from the University of Pennsylvania’s Wharton School of Business.

Mike Parker serves as Managing Director of Jeffrey A. Parker & Associates (JPA), a leading, independent advisor on finance, public-private partnerships and business planning for public infrastructure. Mr. Parker is a recognized expert on the growing US P3 market. His experience includes recent and ongoing work on over $10 billion of domestic transportation projects, and his active clients include the Port Authority of NY & NJ, the Bay Area�s Metropolitan Transportation Commission, and the departments of transportation for Florida, Illinois and Ohio. Previously, he assisted Florida in establishing its P3 program and in realizing the $1.65b I-595 Corridor Improvements and Express Lanes project and the $950m Port of Miami Tunnel. Mr. Parker holds a BA from the University of Pennsylvania and an MBA from its Wharton School of Business.

David Tyeryar currently serves as the Deputy Secretary of Transportation for the Commonwealth of Virginia. From 2001 until 2010, he served as the Prince William County Budget Director. He was the County’s Budget Director when the County’s bond rating was upgraded to AAA in 2004 and helped guide the organization through $143 million of budget cutting over the last 4 years. Prior to his appointment as Budget Director, Mr. Tyeryar served as the County’s Accounting Division Chief for 10 years; each year he received an unqualified audit from the County’s external auditors. Mr. Tyeryar’s professional experience includes serving as Accounting Manager for Fairfax County, VA where he also received unqualified audit opinions from the external auditors. He has worked in Public Accounting in Auditing, Consulting, and as a Tax Advisor. Mr. Tyeryar is a Certified Public Accountant and holds a Bachelor’s Degree in Business Administration from Roanoke College. He also has served on the faculty of Northern Virginia Community College as an adjunct professor.

Mr. O’Brien leads Bank of America Merrill Lynch’s Municipal Markets Group P3 efforts and has served as lead banker for the firm’s role as joint lead manager for the $397 million Denver RTD Eagle P3 transit concession PABs issue in August of 2010, the $663.75 million Midtown Tunnel Toll Road concession PABs issue in April of 2012, the $676,805 million Indiana Finance Authority availability concession PABs issue priced in March of 2013 and the $460.915 million Goethals Bridge Replacement Project Concession that priced in November of 2013.� Mr. O’Brien also served as an advisor and senior manager to the Orange County Transportation Authority for its acquisition of the SR 91 Toll Lanes concession in November of 2003.� Mr. O’Brien also served as lead banker to the Riverside County Transportation Commission’s (RCTC) financing of the extension of the SR 91 toll lanes into Riverside County, which is a managed lanes project..� Mr. OBrien has over 27 years of municipal finance experience and brings extensive experience in advising and structuring public/private partnerships and private concession transactions.