Banco Popular de Puerto Rico

Mr. Ramirez is a Managing Director with Hilltop Securities Inc. (formerly First Southwest Company) and is based in Austin, Texas. Mr. Ramirez is a 28 year veteran of the public finance industry. He has been involved in all forms of debt issuance for many issuers across the country. Prior to joining his present firm in 2008, Mr. Ramirez worked at Goldman Sachs and JP Morgan. His professional career began in public accounting with Arthur Andersen in Houston in 1975 and his public finance career began in 1987 as co-founder, president and CEO of Apex Securities. Although Mr. Ramirez has worked in all sectors of Public Finance, since joining Hilltop he has been primarily focused on transportation infrastructure financings. He represents four Regional Mobility Authorities in Texas as well as a transit issuer and a city base development.Mr. Ramirez has served on various boards and commissions at the request of two former Houston Mayors and a former Governor. He presently sits on the Williamson County CASA Board. Mr. Ramirez has also served on the Municipal Advisory Council (MAC) of Texas board and served as its first Hispanic Chairman in 1999-2000.�

Ron Mangus was appointed as the Executive Director of the Indiana Bond Bank in February 2015.� He has served in various capacities with the Bond Bank for the past 20 years including Compliance Analyst, Program Director and Deputy Director.� During his 20 year tenure, the Bond Bank has assisted approximately 550 units of government by issuing debt of $18 billion in 280 series.Ron began his career in public service with the Indiana Department of Revenue as an analyst.� He holds a Master’s in Public Affairs from Indiana University, Indianapolis and B.A. in Political Science from Purdue University, West Lafayette.��

Gail Marshall is Associate General Counsel – Enforcement Coordination for the Municipal Securities Rulemaking Board (MSRB). She manages the MSRB’s relationship with regulatory authorities and collaborates on rulemaking and regulatory policy functions and legal projects in connection with market price transparency, trade reporting and uniform practice rules. Prior to this role, Ms. Marshall was the Associate General Counsel at the MSRB where she provided legal expertise and support associated with the development of regulations governing municipal market professionals, including dealers and municipal advisors.�Prior to joining the MSRB, Ms. Marshall served as of counsel at Bingham McCutchen LLP from 2000-2015 where she advised broker-dealers and investment advisers on compliance with federal and state securities laws and regulations and rules of self-regulatory organizations, such as the MSRB. Prior to 2000, she was an attorney with the Securities and Exchange Commission (SEC) where she served as special counsel to Commissioner Isaac C. Hunt, Jr. as well as special counsel in the Division of Trading and Markets and Division of Enforcement.Ms. Marshall received a bachelor’s degree in business management, from Westfield State University, a juris doctor from New England School of Law, and a masters of laws in Securities and Financial Regulation from Georgetown University Law Center.�

Ignacio Barandiaran is a Principal at Arup’s San Francisco, California office.� He heads Arup’s Transaction Advice business in North and South America, leading a team of financial and technical transaction specialists delivering procurement strategy and management, due diligence, and project financing advice.�Ignacio’s expertise has provided a notable impact to a variety of projects in the US and abroad. Within the last six years Ignacio has undertaken over sixty Transaction Advisory assignments representing over $60 Billion in aggregate project value, such as the Presidio Parkway, the Long Beach Civic Center, and the City of Rialto Water Utility.�Ignacio is a graduate of Oxford University, England (B.A. Physics) and the University of California at Berkeley (M.Arch., M.S., and MBA).

Stephanie Dumont is Senior Vice President and Director of Capital Markets Policy for FINRA’s Office of General Counsel, where she is responsible for developing and interpreting FINRA rules and providing legal and policy advice to FINRA management and staff.� In particular, Ms. Dumont is responsible for managing the policy and rulemaking legal team in areas relating to trading practices, market integrity, order audit trails, and market structure for equity, options and fixed income securities.� This includes order and trade reporting requirements, order handling and display rules, market-making requirements, trading halts, circuit breakers, SEC Rule 17d-2 agreements, Regulation NMS and short selling.� In this role, she also supports the policy, rulemaking and regulatory reporting (e.g, Regulation SCI compliance) functions relating to FINRA’s quoting and trading mechanisms including the Alternative Display Facility (ADF), Trade Reporting Facilities (TRFs), the OTC Bulletin Board (OTCBB), the OTC Reporting Facility (ORF) and Trade Reporting and Compliance Engine (TRACE).� With respect to the operation of these facilities, she also provides legal support for FINRA’s participation in several NMS Plans, including Limit Up/Limit Down and Tick-Size Pilot Plans.� Ms. Dumont has served in the same role at NASD before its 2007 consolidation with NYSE Member Regulation, which resulted in the formation of FINRA.�Prior to joining FINRA’s Office of General Counsel in 1999, Ms. Dumont was Director of Compliance for a broker-dealer compliance consulting firm. �Prior to that position, Ms. Dumont conducted investigations for NASD’s Market Regulation Department in areas such as insider trading, fraud, short selling and options.� Ms. Dumont earned her B.S. in Finance and Management from the University of Virginia and her J.D. from the University of Virginia School of Law. She also earned her LL.M, with distinction, in Securities and Financial Regulation from Georgetown University Law Center.�

Keith Kolb currently oversees the activities of all of the Baird Public Finance offices. Keith is responsible for maintaining a variety of client relationships and recruiting senior level public finance professionals to add to Baird’s sector and regional presence . Under his direction, Baird has become a leading municipal financial advisor and bond underwriter in the nation and grown to over 70 professionals, becoming one of the largest middle-market public finance departments in the country. Keith has experience in the structuring and restructuring of virtually all types of tax-exempt and taxable financings. He has extensive experience working with state, state authorities, local governments, school districts, special districts, health care providers and higher educational institutions. Keith currently serves on the board of Bond Dealers of America as well as several community organizations in Wisconsin.�Before joining Baird, Keith practiced municipal bond law for three years, specializing in federal taxation and general finance areas. He received a JD degree from Marquette University Law School and a BS degree in Business Administration from Marquette University.

Judy is the Director of Credit Research and is a member of the Investment Committee at Fiera Capital Inc. where she is responsible for the credit approval and oversight process for the firm’s $7 billion tax-exempt and taxable fixed income AUM. Fiera’s tax-exempt investment strategies emphasize preservation of capital and tax efficiency, so her credit analyses focus on state and local governments and investment grade revenue bond issuers including transportation, health care, higher education and utilities.� She was a founding principal of Samson Capital Advisors which was acquired by Fiera Capital in 2015.� Judy is the author of The Fundamentals of Municipal Bonds, 5th Edition (John Wiley and Sons, 2001), and has lectured and written extensively about municipal credit and other aspects of the market. Prior to being a principal of Samson she was with Goldman Sachs, Lehman Brothers and the New York City Comptroller.� She is currently a member of the New York Metropolitan Transportation Authority Inspector General Management Advisory Board and has also served as a Board Member of the New York City Municipal Water Finance Authority.�Judy received a B.S. from Cornell University, and�an M.P.A. from New York University.

John Gallagher is Head of Municipal Bonds and U.S. High Grade Product Management at MarketAxess, responsible for managing Municipal Bond and U.S. High Grade product development.�Mr. Gallagher joined MarketAxess in 2002 following the acquisition of TradingEdge, Inc. which he had joined in 2000 with the responsibility for high yield and distressed debt sales. At MarketAxess, Mr. Gallagher was initially responsible for electronic trading product development for U.S. high-grade, high yield, U.S. Agency and emerging market debt markets. Mr. Gallagher also piloted the development and sales for MarketAxess’ first inter-dealer trading platform, DealerAxess�, as well as the launch of the firm’s credit derivatives trading platform in 2005. Mr. Gallagher began his career as a fixed income and mortgage-backed securities (MBS) trader and has an established track record in MBS sales and trading with senior roles at various broker-dealers such as Merrill Lynch and Nomura. Mr. Gallagher received a B.A. in Economics with a Minor in German Language from Fairfield University.

Lee Bressler is a 30 year veteran of the municipal bond business and is the only pubic finance professional to be with three firms and has never had to change his phone number!��Lee started his career with Scharff & Jones, which was later bought by Morgan Keegan.� More recently, Raymond James bought the “rights to him” through its acquisition of Morgan Keegan.His experience includes working with most of Louisiana’s local and state level issuers on small private placements to issues over $100 million as sole manager.Lee received a BA and an MBA degree from Tulane University. He currently serves on many volunteer boards and is a member of the Neighborhood Conservation District Advisory Committee which reviews strategic demolitions of blighted houses as well as requests for demolitions in historic neighborhoods.

Mr. Lee Mehrkens has served since May 2009 as Chief Financial Officer with Ramsey County, Minnesota, with responsibility for providing strategic financial management services and directing financial operations for the county (pop. 523,000. $645 million annual budget. 3,900 county employees). He holds a Bachelor’s Degree in Public Administration from St. Cloud State University and a Masters Degree in Public Policy Administration from the University of Wisconsin – Madison.� His experience includes 25 years in public sector finance working for state, county and city government including previous positions of CFO with the Minnesota Supreme Court and Senior Executive Budget Officer with the Minnesota Department of Finance.�