Banco Popular de Puerto Rico

Stephen Howard, Director and Head of Infrastructure Project Finance. �Mr. Howard has 30 years of experience financing a broad range of infrastructure projects for public and private clients. �Mr. Howard’s non-recourse project finance experience spans all sectors, including transportation, water, and social infrastructure. �Most recently, Mr. Howard and his team acted as joint bookrunner on the $494 million bond refinancing for Barclays Center Project, $272 million private activity bond transaction for SH-288 Project in Harris County, Texas and as co-senior manger on the marquee $2.4 billion bond issuance for the LaGuardia Airport Terminal B Redevelopment Project in May 2016. �In 2015, Mr. Howard’s team acted as financial advisor to ACS/TIAA-led consortium for the $826 million I-595 Refinancing, which was the first major P3 transportation project in the U.S. to be refinanced into long-term bond market port-construction, as senior bookrunner to the private concessionaire for the $557 million Portsmouth Bypass Project in Ohio and as joint bookrunner for the first U.S. broadband P3 project – Next Generation Kentucky Information Highway. �Under Mr. Howard’s direction, the Barclays team served as advisor or senior underwriter for projects such as the State Route-91 in California, the North Tarrant Expressway II in Texas, Goethals Bridge Replacement Project connecting Staten Island and New Jersey, Midtown Tunnel/Elizabeth River Crossing Project in Virginia, Denver FasTracks Eagle P3 Light Rail Project, Terminal 4 Redevelopment Project at John F. Kennedy Airport and Carlsbad Desalination Plant Project in California, among others.Mr. Howard is a graduate of the Columbia University Graduate School of Business Administration and University of New Hampshire Whittemore School of Business and Economics. Mr. Howard’s certifications include the FINRA Series 7 and 63 examinations.

Richard Harnish is the Executive Director of the Midwest High Speed Rail Association, a membership-based non-profit organization advocating for fast, frequent and dependable trains linking the entire Midwest.Harnish graduated from Elmhurst College in 1986 with a Bachelor of Arts degree in transportation management. After leaving Elmhurst, Harnish was a logistics manager at American President Lines and JB Hunt and managed industrial real estate on Chicago's west side.Harnish helped found the Midwest High Speed Rail Association in 1991. He became the first paid executive director of the Association in February 2001 after leading a successful fundraising campaign.While at the Association, Harnish has lead several successful grass roots campaigns including winning a doubling of Amtrak service linking downstate Illinois to Chicago.

Tim has ten years experience in the Infrastructure sector globally, and is currently a Director in RBC’s Infrastructure Finance team in New York, having moved to the US from London in early 2007. He is primarily responsible for advising on, structuring and arranging finance for P3 and infrastructure acquisition projects, focusing on the transportation sector.Tim has gained broad experience in both the European and North American infrastructure markets advising parties or structuring finance on over 20 closed projects, including recently advising the Port of Oakland, California on their groundbreaking P3 maritime concession, the first Public Private Partnership in the US ports space. Prior to joining RBC, Tim worked for five years in the Infrastructure & Project Finance team at Dexia Credit Local, London. Tim holds a Bachelors of Arts degree in Economics and Finance from the University of Nottingham. He holds the CIMA qualification and is Series 63 licensed

������������� On April 26, 1994, the Commissioners of the Port of Corpus Christi Authority unanimously selected John P. LaRue as Executive Director.� Mr. LaRue’s appointment follows a career of public service that spans more than 37 years.����������� As Executive Director of the Port of Corpus Christi, he oversees the day-to-day operations of the Port, one of the largest in the United States and the largest economic generator of the region.� This oversight includes the Departments of Engineering, Finance & Administration, Government Affairs, Security, Operations, Human Resources, and Trade Development.� He reports to a seven member Commission appointed by Nueces (3) and San Patricio (1) Counties and the City Council of Corpus Christi (3).������������ Mr. LaRue is a member of the Port Industries of Corpus Christi, a coalition of major port-related entities in Corpus Christi concerned with advancing the quality of life.� In addition, he is Chairman of the State of Texas Department of Transportation Port Advisory Committee; he serves on the board of the International Refrigerated Transport Association; the San Antonio Free Trade Alliance Board; and the Board of Directors of the American Association of Port Authorities.����������� Among his many local community activities he also serves as Board Member and Past Chairman of the Gulf of Mexico Foundation; and the United Way Board of Directors.����������� Immediately prior to assuming his duties at the Port of Corpus Christi, Mr. LaRue was Executive Director of the Philadelphia Regional Port Authority.������������ A native of Reading, Pennsylvania, Mr. LaRue received his BA and MA in Political Science from Villanova University.� He and his wife, Diane, enjoy their life in Corpus Christi.� They have four sons and four grandchildren.

Drew Masterson joined First Southwest Company in 1996 as a result of the combination of Masterson Moreland Sauer Whisman, Inc. and the firm. Mr. Masterson joined MMSW at the company's inception after being in New York City in Public Finance with Shearson Lehman Brothers Inc. After a two-year leave of absence to attend the Wharton Graduate School of Business, he rejoined MMSW in May of 1989.Mr. Masterson's responsibilities at First Southwest Company include developing and maintaining financial advisory relationships for issuers of tax-exempt bonds in Texas including: transit agencies, cities, convention centers/hotels, tax increment zones, parking systems, universities, private schools, not-for-profits, school districts, utility districts and others. He is also Co-Manager of Public Finance in Houston.His community activities include serving as a board member for the YES Prep Public Schools an inner-city, public, charter school system. He is also a board member of the Neighborhood Recovery Community Development Corporation operating in Houston’s Third Ward. Additionally, Mr. Masterson is Immediate Past Chairman of the board of the Municipal Advisory Council of Texas.Mr. Masterson graduated Summa Cum Laude and Phi Beta Kappa from Vanderbilt University in 1984 with a Bachelor of Science in Mathematics and Economics. He received a Masters of Business Administration with honors with a major in Finance from the Wharton School of the University of Pennsylvania in May of 1989.Mr. Masterson is a Registered Representative of the National Association of Securities Dealers, licensed as a General Securities Representative (Series 7), General Securities Principal (Series 24), Uniform Securities Agent (Series 63), and a Municipal Securities Principal (Series 53).

Mr. Estrada, an attorney at law, is Chairman of the Board of Estrada Hinojosa & Company, Inc., an investment banking firm he co-founded in 1992 with Noe Hinojosa, Jr., and also serves as the Chief Compliance Officer and a Senior Managing Director. In addition to its Dallas, Texas headquarters, Estrada Hinojosa has offices in Austin, Chicago, Houston, Miami, New York City, Phoenix, San Antonio, and San Diego. From 1997-2000, Bob served on the Municipal Securities Rulemaking Board (“MSRB”) and was Chairman in 2000. He is a past Chairman of the Municipal Advisory Council of Texas (the “MAC”). He has also served on the National Association of Securities Dealers (now “FINRA”) Fixed Income Committee and currently serves on the FINRA Dallas District Committee. Mr. Estrada served on the Board of Directors of the Federal Reserve Bank of Dallas from 2004 to 2010. From 1990 to 1994, Mr. Estrada served on the Board of Directors for the Student Loan Marketing Association ("Sallie Mae") in Washington, D.C., and was a member of the Board's Executive Committee. He continues to serve on the boards of numerous other business, cultural arts and civic organizations. Mr. Estrada received his Bachelor of Science degree and his Doctor of Jurisprudence degree from the University of Texas at Austin, and served on the University of Texas System Board of Regents from 2001 until 2008, where he chaired the Board’s Audit Committee.

Leininger serves Dallas Area Rapid Transit (DART) as Executive Vice President and Chief Financial Officer.� He oversees all financial activities for the Agency with additional oversight of Information Technology, Marketing & Communications, Procurement, and Risk Management.� DART is a 13-city multi-modal transit system spanning over a 700-square mile area with bus, light rail, commuter rail, paratransit, and other services with a current annual budget of $975.5 million and approximately 3,700 employees.� DART currently operates the longest light rail system in the nation.� An estimated $1.5 billion of new real estate investment near DART light rail stations has occurred from 1995 through 2013.� An additional $2.8 billion has been subsequently completed or is under construction.Prior to joining DART, Leininger was associated with the City of Irving for five years, serving initially in the capacity of CFO and subsequently as Managing Director of Development Services and Economic Initiatives. �He also spent nearly 25 years in the private sector in a variety of real estate development roles, including Chief Executive Officer of ClubCorp Realty, Chief Operating Officer of Triland International, Senior Vice President and Managing Director of the Recreational Real Estate practice of Economics Research Associates, and Vice President/General Manager of the Las Colinas Association which serves the 6,500-acre Las Colinas development in Irving, Texas.In 2011 Leininger was recognized by the Dallas Business Journal as CFO of the Year for Governmental Agencies.� He is Immediate Past Chair of the American Public Transportation Association Financial Management Committee and current Chairman of the Transit Finance Learning Exchange (TFLEx), a transit industry association of transit CFOs and other transit financial professionals.� He is also an active member of the Urban Land Institute, currently serving as a member of ULI’s TOD Product Council, and a former member of the National Program Committee as Vice-Chair Public Policy.� He has served on eleven Advisory Services panels, six as Chair.

Tim Coffin is vice president and manager, Municipal Finance for Fidelity Capital Markets (FCM) the brokerage and trading division of Fidelity Investments. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and other financial products and services to more than 20 million individuals, institutions and financial intermediaries. Mr. Coffin joined FCM in early 2007 and is responsible for establishing and managing the firm�s presence in the municipal banking market to help meet the growing investment needs of Fidelity�s brokerage clients. Prior to joining Fidelity in 2007 with over 20 years of municipal bond experience, Mr. Coffin was president of the New England regional municipal bond firm, Corby Capital Markets � a fully disclosed correspondent of National Financial Services LLC (�NFS�), Fidelity�s clearing firm. In addition to his background working with municipal issuers, Mr. Coffin acted as vice president, Institutional Sales with both RBC Dain Rauscher and Donaldson Lufkin & Jenrette. Mr. Coffin received his bachelors degree from Hobart College and acts as a Governor of the Municipal Bond Club of Boston. He currently holds FINRA (formerly NASD) Series 7 Series 63, 65 and 24 certifications.