Banco Popular de Puerto Rico

�Shamoil T. Shipchandler is the Regional Director forthe U.S. Securities and Exchange Commission’s Fort Worth Regional Office, wherehe is responsible for leading the SEC’s enforcement and examination activitiesin Texas, Oklahoma, Arkansas, and Kansas. Shamoil was previously DeputyCriminal Chief with the U.S. Attorney’s Office for the Eastern District ofTexas, where he led the Plano Office, the district’s asset forfeiture program,and prosecuted complex fraud cases. Shamoil received the Department ofJustice’s Director’s Award and the DHS Secretary’s Silver Medal for hisprosecutorial efforts. Shamoil was a partner with Bracewell & Giulianiprior to joining the Commission, and an associate with Covington & Burlingbefore joining the U.S. Attorney’s Office. Shamoil graduated from MiddleburyCollege and Cornell Law School, and clerked for Judge Roger B. Andewelt of theU.S. Court of Federal Claims.�

Mr. Paolicelli was appointed Executive Director of the New York City Municipal Water Finance Authority in August 2008.� Prior to joining the Authority, Mr. Paolicelli was a Vice President/Senior Analyst for Moody’s Investors Service in their U.S. Public Infrastructure Team.� Mr. Paolicelli also previously worked at the Authority for nearly 5 years where he served in several capacities, including Treasurer. During his professional career, he has also worked as an engineering consultant. He has a Master’s in Public Administration from the University of Albany and a Bachelor’s in Civil Engineering from the University of Buffalo.

Areas of Emphasis and Related Experience.�Practice includes all aspects of public law with an emphasis on tax exempt finance, urban development, and water districts. Mr. Robinson is particularly active in the representation of regional water authorities, tax increment reinvestment zones, municipal utility districts, cities, ports, and other special districts. He serves as general counsel to numerous political subdivisions and acts as bond counsel for local government tax exempt financings. He also negotiates with various local government officials and developers regarding land development, infrastructure projects, and stadium projects.Education and Professional Background.�Louisiana State University (B.S., with honors, 1987); Phi Kappa Phi; Omicron Delta Kappa; Tulane University (J.D.,�cum laude, 1991).Member.�State Bar of Texas; Houston Bar Association; American Bar Association; National Association of Bond Lawyers; Admitted to Practice in Louisiana.

Peter Key is the Chief Financial Officer for the Harris County Toll Road Authority (HCTRA).� Over the previous decade, Peter has served roles as HCTRA’s Director and as HCTRA’s Chief Operating Officer. HCTRA is responsible for operating over 100 miles of toll roads in Harris, Fort Bend, and Montgomery Counties, and is one of the most successful urban-turnpike systems in the United States.� HCTRA processes over 1 million toll transactions a day, employs over 1000 people, maintains an annual operating budget in excess of $500 million, and a multi-year, multi-billion dollar capital improvement program.� Furthermore, as an enterprise fund of Harris County, HCTRA is self-supporting, receiving no funding through local or federal tax dollars.Peter is a native Houstonian and holds degrees from The University of North Carolina at Chapel Hill, and from The University of the South, popularly known as Sewanee.

JAMES A. HERNANDEZ, Partner, Houston and Dallas Offices. James practices in the public law area and also has experience in corporate and securities and real estate law. His focus in the public law area primarily has been serving as bond counsel, disclosure counsel and underwriters’ counsel on a variety of public finance transactions for cities, counties and special authorities throughout Texas.� James has extensive experience in the area of transportation development and financing, including representation advising the Harris County Toll Road Authority on project development and financing matters, as well as operations, contracting and legislative matters. James has also worked in various capacities on transactions for several other transportation issuers, including the North East Texas Regional Mobility Authority, Houston METRO, the Houston Airport System, the San Antonio Airport System, the Hidalgo County Regional Mobility Authority and the North Texas Tollway Authority. He has also been involved in a number of public/private development projects, including the development and financing of sports and convention facilities, among others. He earned his J.D. in 1995 from Columbia University and his B.A. from The University of Texas at Austin in 1991.

�Sherri R. Greenberg is a Clinical Professor and Fellow of the Max�Sherman Chair in State and Local Government at the LBJ School of Public�Affairs. �Also, she is a Senior Advisor to Austin Mayor Steve Adler, and she serves on the�Board of Managers of Central Health, and the City’s Housing Bond Review�Committee. Greenberg was a Texas State Representative from 1991 to�2001. Previously, she was the City of Austin Capital Finance Manager,�and a Public Finance Officer at Standard & Poor’s. �She holds an MSc in�Public Administration and Policy from the London School of Economics.�Her current teaching and research interests are: housing, transit, healthcare,�finance, innovation, and engagement. Currently, she has a research project�with 15 students to advance equitable access to quality of life for all of�Austin including: housing, mobility, public engagement, wellness and�workforce. Her recent publications are: Using Innovation and Technology to�Improve City Services, and Austin Anchors & The Innovation Zone:�Building�Collaborative Capacity.Greenberg served for 10 years as a member of the Texas House of Representatives, completing her final term in January 2001. In 1999, the Speaker of the House appointed her to chair the House Pensions and Investments Committee and to chair the Select Committee on Teacher Health Insurance. She served two terms on the House Appropriations Committee, and served on the Appropriations Committee’s Education, and Major Information Systems Subcommittees. Other committee assignments included the House Economic Development Committee, Elections Committee, and Science and Technology Committee.As a public finance professional, Greenberg served as the Manager of Capital Finance for the City of Austin from 1985 to 1989, overseeing the City’s debt management, capital budgeting, and capital improvement programs. Prior to that she was a Public Finance Officer at Standard & Poor’s Corporation in New York, where she analyzed and assigned bond ratings to public projects across the country.Professor Greenberg received an M.Sc. in Public Administration and Public Policy from the London School of Economics and a B.A. in Government from the University of Texas at Austin. Currently, she serves on the national board for the American Society for Public Administration and is a board member for the Section on Women in Public Administration, as well as a CenTex Chapter board member. Also, Greenberg is a board member of the Jewish Community Relations Council of Austin and an appointed member of the City of Austin General Obligation Housing Bond Review Committee.

Ms. Jones joined Raymond James in 2005 to head the Firm’s Houston based Public Finance operation. She has over 30 years of experience with municipal issuers including cities, counties, tollroad authorities, regional mobility authorities, school districts, charter schools, public power agencies, higher education entities and state agencies. She has structured a multitude of transactions for general obligations bonds backed by ad valorem taxes as well as revenue bonds secured by a wide range of revenues such as utility system fees, sales taxes, hotel occupancy taxes, vehicle registration fees, student fees, toll fees and parking fees. �Ms. Jones is a highly seasoned senior investment banker experienced with various municipal issuers throughout the State of Texas and the Southwest. Ms. Jones is a graduate of Valparaiso University with a Bachelor of Science degree in Business Administration, with a concentration in Finance. Ms. Jones is a founding Board Member of the Texas Chapter of Women in Public Finance. She is a past Board Member of the Greater Houston Convention and Visitors Bureau as well as a past member of the Board of Directors for The Municipal Advisory Council of Texas.�

Mr. Gordon is a managing director in the Dallas headquarters of Estrada Hinojosa with 30 years of professional experience including twelve years in public finance. He is the Lead or Co-Lead Banker to numerous municipal clients including airports, cities, counties, higher education institutions, school districts, toll road authorities, and transit authorities. He has served as a Lead Banker on approximately 400 financial advisory or underwriting transactions with a combined par value of nearly $20 Billion.Mr. Gordon serves as the lead financial advisory banker for the firm to DFW International Airport and previously served as the lead banker to Denver International Airport and the Houston Airport System.� He has helped complete over 70 fixed and variable rate airport financial advisory transactions for a combined par value of over $12 billion. Other transportation clients where Mr. Gordon serves as the lead financial advisor banker include Cameron County Regional Mobility Authority, Dallas Area Rapid Transit (DART) and the Metropolitan Transit Authority of Harris County (Houston Metro).Prior to joining Estrada Hinojosa, Mr. Gordon served as a senior vice president and chief technology officer at a commercial real estate and construction company where he managed the development of financial and project management software to support the company’s clients and was on the company’s executive committee. He has also held other business, technology and engineering leadership positions in the financial software, manufacturing and logistics industries.In addition to his business experience, Mr. Gordon served five years in the U.S. Army as a commissioned officer and Army helicopter pilot in the U.S., Honduras and Korea. His duty assignments included tours as Flight Operations Officer, Logistics Officer and Budget Officer.Mr. Gordon received his B.S. degree in Engineering Management with a minor in Civil Engineering from the United States Military Academy at West Point and his M.B.A. from Savannah State College. He has also conducted additional postgraduate work at Southern Methodist University and Portland State University.� He is a Registered Representative and Registered Municipal Principal of FINRA as well as a Registered Investment Advisor.� He is actively involved with a number of charitable and civic organizations and serves on a number of boards including the Municipal Advisory Council of Texas (MAC).

Daryl L. Fowler was re-elected to a second term as the constitutional county judge of DeWitt County in 2014 without opposition. He entered public service in 2011 following a career in the insurance and financial services industry that began in 1982 as an account executive at E. F. Hutton & Company in Fort Worth.Texas Railroad Commissioner David Porter appointed him to the Eagle Ford Shale Task Force in 2011 and in 2012 he was appointed to the TxDOT Energy Solutions Task Force where he served on the Finance Subcommittee.During the 83rd and 84th sessions of the Texas Legislature he organized a coalition of counties in the Eagle Ford Shale that advocated funding solutions to pay for the damages to county roads caused by oil and gas exploration. His efforts led to the passing of landmark legislation including SB 1747 (83-R), HJR 1 and Proposition 1 (83-S1), and HB 2521 (84-R) that redirect state revenues toward state and county road construction efforts in the energy sector.Under his leadership as chief budget officer, the commissioner’s court has adopted tax and budget policies that lowered the property tax rate by 28 percent, appropriated more than $78 million toward road and bridge efforts, and authorized the early redemption of two series of county-issued debt.His formal education includes a BBA degree from Texas Christian University in 1982 and a certificate in Petroleum Land Practices from TCU in 2008.In addition to being a constitutional county judge, he manages a family-owned cattle ranch south of Yoakum and is a deacon in his church. He and his wife, Lisa, have three children.

Jeff is a Principal and Managing Director of the firm and serves as a voting member of the investment committee. He joined Sage in 2003 and is the senior portfolio manager and trader for the tax-exempt fixed income strategies. He began his career in the Municipal market at MFS Investment Management in Boston in 1999 and has extensive experience in portfolio management, municipal credit analysis and security trading.� During his time at Sage, several of the Firm’s municipal strategies have been ranked in the Top 10 by both PrimaGuide SMA and Lipper Universes.� Jeff received his B.S. in Business Administration from Villanova University in 1997, is a Chartered Financial Analyst, and is a Chartered Market Technician.� �He is a member of the CFA Institute, the Market Technicians Association, the National Federation of Municipal Analysts and the Southern Municipal Finance Society.