Banco Popular de Puerto Rico

Lisa A. Smith has over 20 years of experience as a municipal investment banker and financial advisor focusing on issuers in California. Ms. Smith started her career at First Interstate Bank working in their Public Finance and Corporate Banking Divisions. After attending business school, she ventured back into the municipal finance field working as an investment banker in the Los Angeles offices of Donaldson, Lufkin and Jenrette and Stone & Youngberg. In 2002, she co-founded and served as the day to day managing partner of financial advisory firm Gardner, Underwood & Bacon LLC. In January 2011, Ms. Smith negotiated the sale of Gardner, Underwood & Bacon LLC to Loop Capital Markets. She recently served as a Managing Director and Co-Head of the Western Region for Loop and was responsible for the managing and marketing of the firm’s resources on the west coast.Throughout her career, Ms. Smith has managed over $20 billion in transactions, structured numerous innovative financings and provided complex technical and analytical expertise for a variety of issuers. She has utilized virtually every type of debt instrument in assisting clients in the structuring of new money and refunding issues including general obligation, pension obligation bonds, tax and revenue anticipation notes, revenue, lease backed financings, multi-family housing bonds and tax allocation bonds. Ms. Smith has worked with a variety of issuers including the State of California, the cities of Chicago, Long Beach, Los Angeles, Oakland and Phoenix, as well as Alameda County, Cook County, Los Angeles County, San Bernardino County, Los Angeles Unified School District, Chicago Public Schools, UC Regents, California State University and the Metropolitan Water District of Southern California.Ms. Smith has a B.A. from Amherst College in Economics and a MBA in Finance from UCLA, Anderson School of Management. She holds Series 52, 53 and 63 licenses as well as is a 2008 graduate of Leadership LA. In January 2012, Ms. Smith was honored by her peers with the 2012 “She’s Our Hero” Award given by the national organization of Women in Public Finance.In addition to her professional career, she currently serves on the Los Angeles Advisory Board of the Posse Foundation, is a Finance Committee Member and Board Member for the Campaign for College Opportunity, is the Technology Chair for Women in Public Finance.�

Kelsi Spurgeon is a Principal of Columbia Capital Management, having joined the firm in 2004. She advises clients in both financial and investment advisory activities. She has extensive experience in financial modeling and quantitative analysis.Prior to joining Columbia Capital Management, Ms. Spurgeon was a financial advisor for a national financial advisory firm where she developed financial models and conducted cash flow analysis for a variety of debt transactions. In South Dakota she worked for the Department of Revenue on the development and progress of the National Streamlined Sales Tax Project.Among her accomplishments, Ms. Spurgeon developed a financial model of a complex multi-district economic development program involving multiple series of bonds with different repayment securities, one dozen different sources of revenue and an extremely complex and inter-related series of expenditures from those various revenues. Her models also include analysis of future potential retirement liabilities for a large city in Kansas related to the impacts of its contractual obligations for certain employee groups on its payments to the state retirement system and structuring many different types of general obligation and revenue bond issues. She also authored a cost/benefit model for a community demonstrating the net fiscal impact of property tax abatements on city, county and school district governments.Ms. Spurgeon holds a BS in Business Administration in Economics from the University of South Dakota. Her undergraduate thesis consisted of creating a model capable of examining sub-national tax structures and their impact on corporate returns. She presented this research at several national conferences. Ms. Spurgeon has completed one year of coursework toward a Ph.D. in Economics at the University of Kansas.Ms. Spurgeon recently advised the State of Missouri on two large refunding transactions of State general obligation bonds producing more than $33.6 million in combined savings. Ms. Spurgeon developed the plan of finance for each transaction, identifying the opportunity for economic and budgetary savings, working with State Department of Administration Staff to obtain gubernatorial approval of the transactions, and subsequently advising on the successful pricing and closing of each transaction. Columbia serves as the State�s on-going financial advisor.

Suzanne Mayes, chair of Cozen O’Connor’s Public & Project Finance Practice Group and vice chair of the Business Law Department, focuses her practice on municipal and project finance, with an emphasis on economic development, transportation, public works, education, senior living and housing. She serves as bond counsel, underwriter’s counsel, borrower’s counsel and disclosure counsel to a range of public, for-profit and not-for-profit organizations in Pennsylvania, New Jersey and Delaware. Suzanne is a founding member of the board of directors of Ladies First, a nonprofit organization dedicated to providing educational and networking opportunities to female public finance professionals in the mid-Atlantic region.

Monika Suarez is Senior Vice President, Municipal Finance Manager for Western Alliance Public Finance. Ms. Suarez, a public finance professional for 18 years, specializes in debt and financial management for local governments. She has been involved with hundreds of financings for local governments and not-for-profit (NFP) organizations as an independent financial advisor, rating agency analyst, investment banker and issuer.Ms. Suarez joined Western Alliance in 2013 to expand the bank’s California municipal and NFP business, and has helped grow the portfolio to more than $1 billion of municipal and NFP direct-placement bonds. Prior to joining Western Alliance, Ms. Suarez had primary responsibility for planning future debt insurances and developing innovative financing solutions for Los Angeles County Metropolitan Transportation Authority. She serves as Vice President–Programming for Women in Public Finance, Los Angeles Chapter. Ms. Suarez graduated from the University of Arizona with a B.A. in Political Science and earned an M.P.A. with a concentration in State and Local Public Finance from The George Washington University.

Barbara Byron is a registered Landscape Architect with has a Master’s Degree in Landscape Architecture from the University of Virginia and is an AICP.Between 1986 and 2007, Ms. Byron was the Director of the Fairfax County, Virginia, Zoning Evaluation Division in the Department of Planning and Zoning.� In that position, she was responsible for direction and oversight of the 400 to 500 rezoning, special exception, special permit, and variance applications that are presented to and decided by the Board of Supervisors, Planning Commission and Board of Zoning Appeals each year.�In 2007, she assumed responsibility for a new office that was created in Fairfax County – the Office of Community Revitalization.� In that capacity, she heads an office charged with the revitalization of the County’s older commercial and mixed use areas, including leading the County’s efforts to redevelop Tysons from an auto-oriented edge city into a pedestrian oriented urban environment.� In addition, she has a primary role in the County’s public/private partnerships including the formulation of Community Development Authorities and Tax Increment Financing initiatives, including leading the County’s efforts on the Mosaic at Merrifield development.��Prior to her experience in FairfaxCounty, Ms. Byron was an associate at EDAW, Inc., an international landscape architecture and planning firm.

Laura Parrott is a Senior Director and heads TIAA-CREF’s Investment Grade Private Placements Team.� She is based in North Carolina and oversees all new investment activities related to the firm’s $15 billion investment-grade corporate debt private placement portfolio.� She joined the TIAA-CREF organization in 2005 and had held several roles, including: private placement originations, private equity portfolio management and portfolio research.� She has more than 15 years of industry experience. Prior to joining TIAA-CREF, Mrs. Parrott worked at JPMorgan where she was an Assistant Vice President and held various roles in Private Equity, International Equities, and Private Wealth.� Mrs. Parrott earned a B.S. in business administration from Wake Forest University and an M.B.A. from Duke University’s Fuqua School of Business.

Brian McGough, Managing Director and Head of Healthcare Group, has over 20 years of healthcare and public finance investment banking experience. Mr. McGough has been involved in over $25 billion of tax-exempt and taxable financings, project financings, derivative structures, pooled financings, mergers, acquisition and divestitures for healthcare entities ranging from multistate systems and academic medical centers to community hospitals across the U.S. The U.S. Bank healthcare banking practice is focused on asset liability management, strategic capital planning and capital raising, debt restructuring, credit analytics and investor strategies.�Mr. McGough received his B.S. from Bradley University and his law degree from Northern Illinois University. He remains admitted to practice law in a variety of jurisdictions including the United States Tax Court and United States Supreme Court. Mr. McGough has served on the boards of a variety of corporations and previously served as a member of the Board of Trustees of Bradley University.

DAVE SANCHEZ is counsel in Sidley’s San Francisco and Los Angeles offices. Dave has more than 20 years of experience in municipal finance.Previously, he was an attorney-fellow in the Office of Municipal Securities at the SEC from 2010-2013. During this time, he was a principal drafter of both the final Municipal Advisor rule, and the 2012 Commission Report on the State of the Municipal Securities Market which outlined the Commission’s agenda with respect to disclosure matters in municipal finance.�A former adjunct professor at the Georgetown Law Center where he taught “The Securities Law of Public Finance,” Dave continues to lecture on the disclosure laws applicable in municipal finance.� Mr. Sanchez was also formerly general counsel at the investment bank De La Rosa & Co. and associate general counsel at Assured Guaranty.��Dave earned his J.D. from Harvard in 1992.

Mr. Sahrbeck joined Ponder & Co. in 2014 and is primarily responsible for advising clients on all aspects of capital formation.� He has worked in the industry for more than 15 years and has extensive experience with a wide variety of structures, clients and products.� Mr. Sahrbeck has executed transactions that included fixed and variable rate, tax-exempt and taxable, public and private offerings, as well as more specialized products including RFLOATs, Total Return Swaps and Puttable Trust Securities.� He has worked with some of the largest multi-state systems in the country as well as single site community hospitals, academic medical centers, public hospitals and specialty care hospitals.Prior to joining Ponder, Mr. Sahrbeck was employed for 15 years in the investment banking sector specializing in tax-exempt structured financings for healthcare providers at both BofA Merrill Lynch and Goldman, Sachs & Co.Mr. Sahrbeck graduated with honors from Harvard College in Cambridge, Massachusetts.