Banco Popular de Puerto Rico

As RBC Capital Markets’ Chief U.S. Economist, Tom Porcelli tracks and analyses U.S. macro economic data to develop forecasts around the country’s growth and prosperity.� He also closely monitors and provides commentary on the U.S. fiscal outlook and the monetary policy decisions made by the Federal Reserve.�Mr. Porcelli’s views are sought globally as he travels extensively to present on the U.S. economy and U.S. markets.�Prior to joining RBC, Mr. Porcelli worked as an economist at Merrill Lynch, where he was a member of the team responsible for economic forecasting and Fed watching. �Mr. Porcelli began his career at the Federal Reserve Bank of New York, working on the Open Market Desk.� In this capacity, Mr. Porcelli was closely involved with the implementation of monetary policy.�In addition, he was responsible for disseminating pertinent economic and market analysis to policy makers in an effort to provide them with critical information used in the policy making process.He appears regularly on CNBC, CNN and Bloomberg, and is quoted widely in the global press.�Mr. Porcelli holds a Masters degree from Columbia University.

Jeff Hughes is the Director of the Environmental Finance Center (EFC) housed at the School of Government at the University of North Carolina at Chapel Hill. The EFC (www.efc.unc.edu) provides applied research, educational programs and advising services to local governments, utilities, non-profit organizations, consulting firms and state and federal agencies. Jeff has twenty-five years of environmental finance and governance experience as an educator, researcher, policy analyst, consultant, and utility practitioner. Jeff is also a faculty member with the School of Government where he teaches courses on environmental finance and policy for university students and practitioners. Jeff’s research and teaching interests include service pricing, economic regulation, and public finance. Jeff is an expert witness for the USEPA Environmental Finance Advisory Board and is an active member of the Council of Infrastructure Financing Authorities.Prior to joining the university, Jeff worked as a finance specialist for RTI International where he managed utility finance and governance projects throughout Central Europe and Africa including a yearlong position as an infrastructure finance advisor to the Polish government. Jeff also worked briefly as a utility director for a small rural community in North Carolina. He received a master’s degree in environmental engineering from the University of North Carolina at Chapel Hill and a bachelor’s degree in engineering from Duke University.

Mr. Durkin was appointed Treasurer of the Massachusetts Water Resources Authority in January 2008. Prior to his appointment, Mr. Durkin was the Deputy City Manager for the City of Chelsea, Massachusetts serving as chief financial officer. Mr. Durkin also served as Finance Director for the City Beverly, Massachusetts and as Treasurer for the City of Peabody, Massachusetts. Mr. Durkin holds a Master of Science in Corporate Finance from Bentley College graduating with High Distinction and a Bachelor of Arts from the University of Massachusetts, Lowell.

Marcela Navarrete has been named El Paso Water Utilities' vice president of strategic, financial and management services.Navarrete presently serves as EPWU's chief financial officer.Navarrete's current responsibilities include managing cash flow, assets and investments under the utility's $235 million annual budget. As a member of the executive team, she helped the utility increase efficiency and maintain its AA+ bond rating while keeping El Paso water and wastewater rates among the lowest in Texas and the Southwest.A native El Pasoan, Navarrete holds an accounting degree from The University of Texas at El Paso. She joined the utility in 1993 as an accountant, worked her way up through the Accounting Department and in 2003 was appointed the first female CFO in the utility's history.Navarrete is a member of the Texas Society of CPAs, the Government Finance Officers Association and the current class of Leadership Texas. She replaces Nick Costanzo, who is retiring after 31 years of service at EPWU. Costanzo's retirement and Navarrete's new assignment are effective Jan. 2, 2012.

Seth started in corporate trust in 2003 at JPMorgan, following careers in public finance (healthcare and higher education) from 1987 to 2003 and public accounting (audit, tax, and management consulting) from 1978 to 1987.� �His experience with project finance began in 1982 as a feasibility consultant at Peat Marwick. �A holder of the CFA charter and a CPA license, Seth is a Fellow with the HFMA and has been a Diplomate in the ACHE. Appointed to the board of the Teacher Retirement System of Texas,�Seth received his MBA from New York University and his BA from Amherst College.

Dwight V. Denison is professor of public and nonprofit finance at the Martin School of Public Policy and Administration and current director of graduate studies for the master�s degree programs in public administration and public policy at the University of Kentucky.��� His research interests include bond finance, financial management, investment management and tax administration.� He has authored or coauthored more than 70 publications as journal articles, book chapters, and reports and he served as the 2010 chair of the Association for Budgeting and Financial Management. Denison is a graduate of the University of Kentucky, earning a Ph.D. from the Martin School of Public Policy and Administration in 1997.� He became a tenured professor at the New York University Wagner Graduate School of Public Service before returning to Kentucky in 2005 as a faculty member.� ��

Sharon N. Kioko is an Associate Professor of Public Administration at the Maxwell School of Syracuse University and Senior Research Associate at the Center for Policy. Her research interests include state and local government finance, the municipal securities market, and governmental and non-profit accounting. Dr. Kioko�s research focuses on the role of financial information in the primary and secondary municipal securities market, the role of fiscal rules and limitations on the size and structure of government�s revenues, expenditures, and debt and assessing the financial condition of state and local governments. Her research work appears in Public Budgeting and Finance, Public Finance Review, and Municipal Finance Journal.