Banco Popular de Puerto Rico

Ms. Kurtz Baxter has fifteen years of investment banking and financial advisory experience in the public finance industry serving 501(c)3 borrowers.� Ms. Kurtz Baxter leads Fairmount’s education and non-profit advisory practice as well as the firm’s compliance efforts.She focuses on plan of finance development, transaction advisory management and provides credit analysis, covenant calculations, debt restructuring, refinancing analysis, rating agency and credit enhancement strategies and presentations for higher education, health care, and other non-profit clients. Ms. Kurtz Baxter has a BS in business administration from The College of New Jersey and an MBA in finance and management of information systems from Drexel University. Ms. Kurtz Baxter has been a licensed Municipal Securities Principal (Series 53) as well as Series 7 and 66 licensee and has successfully completed the Uniform Certified Public Accountant (CPA) examination program.

Greg Dawley is a Managing Director in the Los Angeles office of RBC Capital Markets.Mr. Dawley has served over 23 years in the municipal finance and governmental industries.� He focuses on a wide range of issuers throughout the Western Region, including those in the general government, utilities, public power, transportation, higher education and K-14 sectors.Before his career in public finance, Mr. Dawley served as Assistant Chief of Staff to Los Angeles Mayor Richard Riordan.� Previous firms include Morgan Stanley, Merrill Lynch, Banc One Capital Markets and J.P. Morgan Securities.He is active in his community, serving on the Advisory Board of the Taubman Center at Harvard University’s JFK School of Government.Mr. Dawley graduated with an M.P.P. from the University of Southern California and a B.A. in Political Science from the University of Michigan

Leonard I. Nakamura is vice president and economist, and head of the Regional and Applied Microeconomics Section of the Research Department of the Federal Reserve Bank of Philadelphia. The Regional Section is responsible for producing the Philly Fed’s Business Outlook Survey andState Coincident Indexes. �He has written numerous scholarly articles on real estate economics, banking, economic measurement, and investment in intangible assets.��Previously, Nakamura was an economist at Citibank and a senior economic consultant for The Conference Board. He also taught at Rutgers University. Nakamura received a B.A. in social sciences from Swarthmore College and an M.A. and a Ph.D. in economics from Princeton University.

Miriam Wrobel is an independent consultant focused on renewable energy and energy efficiency finance. She works with utilities, investors, lenders, energy project developers, and major energy users to identify, structure, and execute clean energy projects.A former Director in Citigroup’s Municipal Securities Division, Ms. Wrobel has extensive experience advising municipal utilities and municipalities, including states, cities, nonprofit hospital systems, and educational institutions, on the financing of renewable energy and energy conservation projects.�Ms. Wrobel holds a bachelor’s degree from Stanford University and an MBA from the Wharton School at the University of Pennsylvania.

Jonathan Trutt leads WCX’s efforts to tackle the West Coast’s water infrastructure needs through Performance-Based Infrastructure (PBI).� His work at WCX focuses on providing PBI-related training and technical assistance to jurisdictions and water utilities, with an emphasis on fostering full analyses of risk-transfer and life-cycle costs.� Prior to joining WCX, Jonathan spent 13 years in the affordable housing industry.� From 2003 to 2014, Jonathan worked at the affordable housing developer and homeless services provider Northwest Housing Alternatives (NHA), first as its Housing Developer and later as its Housing Director. At NHA, Jonathan led the construction and acquisition/rehabilitation of over 1,000 affordable apartments in Oregon through 19 separate public-private partnerships.� He also directed NHA’s asset management efforts, which centered on the fiscal and physical sustainability of the organization’s real estate portfolio of 1,800 apartments.� Jonathan was named one of twelve national Rising Stars Under 40 by Affordable Housing Finance Magazine in 2009. He has a BA from Wesleyan University and a joint JD - MPA from New York University and Princeton University.

Tesia N. Stanley is an associate at Ballard Spahr. She is a former staff member of the Municipal Securities Rulemaking Board. Before that, she was a research specialist for the SEC. Ms. Stanley works on a broad spectrum of tax-exempt financings for state and local governments across the country. She advises clients on federal securities law materiality standards, regulatory compliance, and enforcement actions. Her practice includes serving as bond and underwriter's counsel on taxable and tax-exempt financings for higher education institutions and student loan issuers. Ms. Stanley also works on complex commercial litigation, including securities litigation and intellectual property litigation.

Eric Sandler has over 25 years of experience in municipal and infrastructure financing. �At the San Francisco Public Utilities Commission (SFPUC) he is responsible for managing the finances of the Commission’s Water, Power and Sewer enterprises with combined operating and capital budgets of $1 billion and $8 billion respectively. �Prior to joining the SFPUC, he served as Director of Finance for both the East Bay Municipal Utility District (EBMUD) and the San Diego County Water Authority (SDCWA). �At the SDCWA, Mr. Sandler co-led the team responsible for structuring and negotiating a long-term water purchase agreement with Poseidon Resources to develop the 50 MGD Carlsbad Desalination Project. �Prior to entering public service Mr. Sandler worked for a private developer arranging non-recourse project financing for alternative energy projects, for a merchant bank advising the government of Argentina in energy sector privatizations, and for Lehman Brothers in the municipal investment banking group in San Francisco.�Mr. Sandler has a BA degree in Biology from Stanford University and a MBA from the University of California, Berkeley.

Kevin has focused his legal career on securities litigation and related investigations.� Since November 2012, Kevin has been an Assistant Regional Director at the Boston Regional Office of the United States Securities and Exchange Commission.� Kevin is responsible for supervising investigations into possible violations of the federal securities laws, and the prosecution of� the Commission's civil suits in the federal courts as well as its administrative proceedings.� He has also been the supervisor of Boston’s enforcement accountant program, which focuses on investigations of possible violations of the securities laws with respect to accounting, auditing, and financial issues.� In March 2014, Kevin was appointed as an Assistant Director in the Municipal Securities & Public Pensions Unit.� The Municipal Securities and Public Pensions Unit focuses on the Commission’s enforcement efforts in policing misconduct in the $3.7 trillion market for municipal securities and in connection with pension funds for state and local government employees, which hold about $2.7 trillion of assets.

Elizabeth Cousins focuses her practice on public-private partnerships (P3s) and other large-scale infrastructure projects that use a wide range of delivery methods.Prior to joining Nossaman, Ms. Cousins worked at a leading law firm in Australia. She brings to the Firm extensive experience procuring complex and cutting-edge infrastructure transaction across a range of sectors – including transportation infrastructure, social infrastructure and water infrastructure projects. A number of these projects involved the use of availability payments.Ms. Cousins combines strategic advice on procurement and business-case preparation with strong front-end contract drafting and negotiating skills to assist clients in all aspects of delivery – from feasibility study, tender processes and contract drafting, to operation, maintenance and contract management.

Before joining Meridiam, Joseph Aiello was involved in numerous mega-projects in the public transportation sector in North America, including Boston�s South Station Transportation Center. He was also director of the innovative �Tren Urbano� rail transit project serving the San Juan metropolitan area in Puerto Rico.His experience includes managing the development of large-scale infrastructure and real estate projects, along with operational management and business development roles.In his many roles in the Public and Private sectors Joseph Aiello has served in a number of Senior Executive positions and often driven the strategic and operation imperatives of those organizations.Joseph joined Meridiam in February 2007 and has played a part in the company�s growth in the North American market.