Banco Popular de Puerto Rico

Gary Krellenstein is nationally recognized in the infrastructure, energy finance and alternative energy fields, and is a frequent speaker on energy and finance issues. He has given numerous presentations to utilities, environmental groups, and energy and financial organizations He has also lectured and testified at Harvard University, the U.S. Congress (House Science and Technology Committee), Carnegie Mellon University, the Electric Power Research Institute (EPRI), the National Governors Association, the American Public Power Association (APPA), and the New York Academy of Science. For the past 16 years he has hosted and coordinated one of the premiere annual power and gas conferences in the nation for both utilities and investors. Gary is a Managing Director at Kroll Bond Ratings where he specializes in Public Finance and infrastructure analysis. Prior to coming to Kroll’s in 2011, he spent 11 years as a Managing Director and Investment Banker in J.P.Morgan’s Energy and Environmental Group - specializing in utilities, alternative energy technologies and project financing. Gary has also worked as the Director of Municipal Research at First Albany Corporation, a Senior Vice President at Lehman Brothers and a Vice president and Research Analyst at Merrill Lynch. He holds degrees in Nuclear Engineering and Computer Science, as well as an MBA from Cornell University, and started his career as a nuclear engineer and environmental/licensing analyst for the Envirosphere Company, the U.S. Department of Energy and the U.S. Nuclear Regulatory Commission.Prior to becoming an investment banker, Gary took top honors in the national polls of financial analysts conducted by Institutional Investor Magazine (1st team for 11 consecutive years). He has also been elected to All-American Research Teams (first place in the Utilities, Industrial Development and Pollution Control categories) by the Bond Buyer, Global Guaranty, and Smith’s Research and Rating Review. In addition, the National Federation of Municipal Analysts (NFMA) presented Mr. Krellenstein the “1998 Award for Excellence” for his work in credit research and analysis.He recently served on the Board of Directors of the Climate Response Fund, an NGO which focuses on technologies to address climate change; was a contributing author on two books on Public Finance; and taught the NFMA’s “Intro to Public Power” course for the past decade. Gary is also the former chairman of The Bond Marketing Association’s (now SIFMA*) Municipal Credit Committee as well as the former co-chairman of the NFMA’s “Best Practices” committee for utilities and also sat on the Advisory Committee for Public Utilities Fortnightly magazine.

Dean Kaplan is a Managing Director with Public Financial Management (PFM), and a leader of the firm�s Strategic Consulting practice. At PFM he has worked on multi-year planning, budgeting and budget oversight, and operations improvement efforts for cities and counties around the United States. His clients at PFM have included Austin, Texas; Baltimore, Maryland; Cleveland, Ohio; Aurora, Colorado; and the Commonwealth of Pennsylvania�s Department of Community & Economic Development.Pennsylvania has appointed Mr. Kaplan recovery plan coordinator for the cities of Pittsburgh, Reading and New Castle, which are in the state�s distressed municipalities program. Mr. Kaplan has also developed multi-year financial plans for other financially stressed governments, including Gary, Indiana and (under Pennsylvania�s Early Intervention Program) Luzerne County and the cities of Allentown; Easton; York; and Wilkes-Barre. In 2010 he led PFM�s work in support of Cuyahoga County, Ohio, in its transition to a new form of government.Mr. Kaplan joined PFM after a year at the University of Birmingham in the United Kingdom with the Atlantic Fellowships in Public Policy. Before being awarded the fellowship, Mr. Kaplan was Budget Director for the City/County of Philadelphia. His professional experience also includes service as Deputy Commissioner of the Philadelphia Water Department, Government Affairs Manager for both the Philadelphia Water Department and the Philadelphia Streets Department, and Legislative Director for a U.S. Representative.Mr. Kaplan holds a Master in Public Administration degree from the John F. Kennedy School of Government at Harvard University and a Bachelor of Arts degree with honors from Haverford College. He has also attended the London School of Economics & Political Science and has taught at the Fels Center of Government at the University of Pennsylvania. Mr. Kaplan has served as an evaluator for the Ford Foundation�s Innovations in American Government Awards.

Stull specializes in the areas of transportation and toll financing ; cities; counties; water, sewer and stormwater utilities; special assessments; CRAs; and not-for-profit organizations. He has more than 26 years experience in banking and public finance, completing over $14 billion in financings, and has provided services for some of the largest toll road issuers in the US as well as numerous Florida cities and counties such as Sarasota County, the City of Miami and the Florida Ports Financing Commission. Prior to joining FirstSouthwest, Ed served as a relationship manager with SunTrust Bank where he specialized in providing direct bank loans, letters of credit, liquidity facilities, investments, cash management and interest rate hedging products to a variety of clients in the governmental and institutional markets.He has a Bachelor of Science in Finance from University of Florida.

Karl Jacob is a Senior Director in the Boston office of Standard and Poor's Ratings Services. Karl is the primary analyst for New York City, Philadelphia and the Pennsylvania Intergovernmental Cooperation Authority (PICA) and as well as an Analytical Manager overseeing the State and Local Government East Region. Karl serves as a rating committee chairperson and spearheads internal analytic training in the Corporate and Government Ratings Department.Karl is Standard & Poor�s national analytic spokesperson for credit issues affecting local and regional governments and currently serves on the executive committee of the Governmental Accounting Standards Board (GASB) Advisory Council.�Prior to joining Standard & Poor�s in 1997, Karl was a municipal research analyst at Colonial Mutual Fund Group in Boston and Moody�s Investor Services. Karl also has experience in municipal government working for the City of New York in several departments including the Department of Environmental Protection and Corporation Counsel.Karl is a member of the National Federation of Municipal Analysts (NFMA) and the Boston Municipal Analyst Forum (BMAF).Karl holds a bachelor�s degree in Liberal Arts from City University of New York and a master�s degree in Public Administration from New York University.�

Barrick graduated from the Georgia Institute of Technology and was hired as East Orange’s manager of comprehensive planning. In 2003, she took a job with Public Financial Management, a Philadelphia-based firm.Barrick, 33, was lauded by East Orange Mayor Robert Bowser. He said Barrick was chosen for the administrator position based on her previous experience with in East Orange and on her budgetary consulting with Newark, Camden, New Orleans and other cities through Public Financial Management. About five years ago, Barrick helped Philadelphia formulate a shared services program, consolidating the government’s housing services into one entity.  “She understands how to work with distressed cities,” Bowser said.

Mr. Reddig currently serves as Special Assistant for Act 47 and Local Government Affairs in the PA Department of Community and Economic Development (DCED)..� Prior to his appointment as Special Assistant he served for 8 years as the Executive Director of the Governor's Center for Local Government Services DCED.� Mr. Reddig is responsible for the administration of the Center�s broad range of local government, planning and policy development services.� He has over 26 years of service with the Commonwealth, having served in the Department of Community Affairs and now with DCED.� He has administered the Municipalities Financial Recovery Program since its inception and has coordinated recovery activities under the Act 47 program including extensive work in the Cities of Pittsburgh, Scranton, Johnstown, New Castle, Reading and Chester as well as communities in the Beaver, Shenango and Mon Valley areas.�� He has also directed the coordination of the Act 47 and Chapter 9 bankruptcy process in Westfall Township, Pike County.� More recently he has had extensive involvement with the Act 47 process in the development of a recovery plan for Harrisburg including facilitating consent agreement discussions, serving as the Administrator for the Office of the Receiver and now Coordinator for the City.�He has been a strong proponent of shared service approaches as a cost effective way to provide municipal services. �He led the Department�s efforts to implement legislation that established the statewide 9-1-1 system and administered the Shared Municipal Services Program and other intergovernmental programs within the Center.� He also has been involved in research and development of major policy initiatives that impact on local governments including taxation, fiscal management, governance and intergovernmental issues and led a Center based team with the policy review and recommendations for the consolidation of Earned Income Tax Collection, now Act 32 of 2008 and further led the Center�s work to implement this successful legislation.� He has also played a key role with land use planning policy issues in the Center�s role of staffing the State Planning Board since its reactivation and coordinated the update of the Commonwealth�s 5 year Land Use and Growth Management Report released in 2011.�� �Prior to his joining the Department in 1987, Mr. Reddig had more than 14 years of varied local government experience including service as a municipal manager.� Mr. Reddig is a graduate of Shippensburg University and a member of the Association of Pennsylvania Municipal Managers and represents the Center on its Professional Development Committee. He is also a gubernatorial appointee to the South Mountain Restoration Center Board of Trustees and has served on the Board for 28 years. He previously served as a member of the Center for Local and State Government Advisory Board at Shippensburg University, the Shippensburg Redevelopment Corporation, Shippensburg Planning Commission, Cumberland County Planning Commission, and as a member of the State College and University Board of Directors as well as various community organizations.

Craig A. Noble was named Managing Director and Head of the Retail Fixed Income Group for Wachovia Securities now Wells Fargo Advisors in 1999. In this capacity he is responsible for all taxable and tax-exempt trading. He serves on the firm’s Brokerage Risk, Trading Oversight, Best Execution and Commitment committees. Prior to this, he was an Executive Vice President and Co-Director of the Municipal Securities Group of the Tax-Exempt Fixed Income Sales and Trading department at EVEREN. Preceding his time with EVEREN, Craig was with Lehman Brothers, from 1991 to 1993, where he was First Vice President and Manager of the retail sales liaisons of the western region. During his 11-year career at Shearson Lehman Hutton, he served as manager of several of the firm's municipal bond and trading liaison desks. Craig began his career in the securities brokerage industry in 1981 as an investment broker for E.F. Hutton. In addition to the aforementioned, Craig was the past Chairman of the Securities Industry and Financial Markets Association’s Regional Advisory Committee and on their Municipal Executive Committee. He is currently the Chairman of the Regional Bond Dealers Associations’ Retail Trading Committee. He is series 7, 8, 24, 53 and 63 registered.

Richard L. Sigal, a native of Hartford, Connecticut, joined Hawkins Delafield & Wood LLP in 1964 and was elected to the partnership in 1971. His excellence in developing financing program plans, as well as his expertise in providing legal counsel and assistance once the plan has been instituted, has been demonstrated throughout his career including drafting significant financing legislation in Alaska, California, Connecticut, Indiana, Montana, New Jersey, New York and Wyoming and for the Commonwealth of Puerto Rico and the District of Columbia. He is a graduate of Phillips Academy (Andover), Yale University, and University of Chicago Law School, where he was chairman of the Hinton Moot Court Committee. In addition to his full time partnership practice, he is an adjunct professor at the University of Connecticut Law School where he teaches a fall semester public finance seminar.

Administration and Pro Bono Assistance

Mr. Sigal has served a ten year term as a member of the firm’s Management Committee. Mr. Sigal is a member of the American Bar Association and the New York State Bar Association where he served a two year term as Chairman of its Municipal Law Section. He has been a long time Trustee of the Citizens Budget Commission contributing to several special committee reports and has chaired several Bond Buyer and other public finance conferences. During the Presidency of Jimmy Carter, Mr. Sigal served as an unpaid consultant to the Department of Treasury meeting every Saturday one year during the summer months regarding the establishment of the centerpiece of the President’s urban agenda, the Urban Infrastructure Bank, the predecessor concept to the various proposals currently for a National Development Bank.

Distressed State, Local and Programmatic Restructuring

Mr. Sigal has managed and structured a variety of (tax exempt, taxable, general obligation, revenue based, private activity, credit enhanced) bond and securitization issues as bond or finance counsel for various States, public authorities and local governments and as counsel for various investment banking firms, including extensive experience in working with state treasurers and budget officials, rating agencies, financial advisors and underwriters on complex and innovative new programs such as, state regulatory, financing and oversight statutes for its distressed municipalities, such as the City of Yonkers Budget Act, Municipal Assistance Corporation for the City of New York and years later for the City of Troy and the Nassau County Interim Finance Authority in New York and the Bridgeport and Waterbury State-controlled review boards in Connecticut, each of which included successfully structured finance solutions rather than recourse to, and work out under, the Federal Bankruptcy Act. Mr. Sigal was the partner in charge of the firm’s participation in the New York State Local Government Assistance Corporation financings which permanently funded (rather than relying on annual renewals of notes) the $5 billion Spring Borrowing requirements of the State of New York and multi-billion dollar tax-exempt refundings for the Municipal Assistance Corporation for the City of New York.

Mr. Sigal’s expertise in working through these structured solutions benefitted from his experiences serving as general obligation bond counsel for many municipal issuers for many years, particularly in New York such as Westchester, Rockland and Erie Counties, the Cities of Buffalo and Binghamton and many towns and villages.

Mr. Sigal also served as underwriter’s counsel in connection with the taxable $2.8 billion New Jersey Economic Development Authority, State Pension Funding Bonds, one of several efforts by the various states to address the issue of unfunded pension funds and other employee benefits.

Housing Finance

Mr. Sigal has served as bond counsel to the Connecticut Housing Finance Authority since its inception in 1973 and as bond or underwriter’s counsel for the many state housing finance agencies listed below. Mr. Sigal is responsible for drafting a unique bond reserve fund credit enhancement of the State of Connecticut available upon approval of the State Treasurer by the enabling legislation of various state authorities, such as the Connecticut Housing Finance Authority, upon a finding of self sufficiency from revenues generated from the facilities or loans to support the bonds issued therefor and which recently was credited with the upgrading of several Connecticut authorities’ bond ratings to the equivalent of the State's rating.

Tim Blake is a Managing Director in the public finance group at Moody�s Tim�s responsibilities cover state and local government ratings analysis and surveillance, and he is a point person for Moody�s on government pension analysis.� Tim has over twenty years experience in the municipal market and worked previously as a credit risk manager and ratings advisor at an investment bank and as a letter of credit and liquidity facility banker for a commercial bank. He is a graduate of the State University of New York at Albany, and is a Chartered Financial Analyst.