Banco Popular de Puerto Rico

Joined FirstSouthwest in 1996Serves as Managing Director of FirstSouthwestManager of Special District Finance GroupSpecialist in special district bonds in the State of Texas since 1983:� municipal utility district, levee districts, road districts, tax increment districtsClient base includes major master planned communities and residential and commercial projects throughout the State of TexasCoordinates the development and implementation of financing plans, the approval by State of Texas agencies, preparation of all marketing documents and credit assessments necessary to the sale of securitiesFrom 1986 to 1996, served as an executive with Masterson Moreland Sauer Whisman, Inc., which was acquired by FirstSouthwest in 1996From 1983 to 1986, served as an executive with Juran & Moody, Inc.EducationBachelor of Business Administration in Marketing and Finance, University of HoustonCurrent AffiliationsAdvisory Member for the Masters of Land Development at Texas A&M UniversityAdvisory Member for West Houston Quality Planned Development CommitteeLicenses HeldRegistered Representative of the Financial Industry Regulatory Authority (FINRA)General Securities Representative, Series 7Municipal Advisor Representative, Series 50Uniform Securities Agent, Series 63Investment Banking Representative, Series 79�

Earl Heffintrayer is Assistant Vice President/Analyst for the Global Project Finance and Infrastructure Team. Earl is the U.S. airport sector lead analyst, and covers a diversified portfolio concentrated in transportation. Earl also actively leads new ratings on bids in the growing US public private partnership (P3) market.Prior to joining Moody’s, Earl worked at the Port Authority of New York and New Jersey where he primarily analyzed alternative capital project delivery methods. Earl began his career as a civil engineer on large infrastructure projects in the New York City region. Earl holds an MBA from Stern School of Business at New York University and a BS in Civil and Environmental Engineering from the University of Rhode Island.� Earl is a CFA charterholder.

Roy Ousley is an Associate Analyst for the Dallas Local Governments Ratings Team at Moody’s, covering credits primarily in Arkansas and Texas.� Roy has worked on General Obligation issuances for school districts, cities, and counties.� In addition he leads credit and research initiatives for Moody’s Texas Municipal Utility District (MUD) group.�Prior to joining Moody’s, Roy was a Revenue Analyst for Cook County in Chicago.� Roy holds a BS from Florida A&M University and an MBA from Northwestern University’s Kellogg School of Management.

John Godfrey is a senior government relations director for the American Public Power Association, where he provides advocacy and subject matter expertise on financial issues including tax policy. Previously, he served clients in the energy sector while working for tax-focused federal policy consulting firms. Mr. Godfrey also had an 18-year career as an award-winning reporter, 16 years of which were spent covering the U.S. Congress, the Internal Revenue Service, and the White House, providing market-moving coverage of federal tax, budget, and fiscal issues. He earned his BA at Oberlin College.

R. Dustin Traylor has been with RBC Capital Markets since 2001.� He is a Managing Director in the firm’s San Antonio, Texas office.� His primary role is serving as financial advisor and underwriter to Texas Municipalities. He has a BBA in accounting from Texas A&M University and an MBA from Baylor University.Client Base includes Texas ISD’s, cities, counties, and hospitalsFocusing on the planning and implementation of long term capital improvement financing plans for entities throughout the stateLicenses Held:Registered Representative of the Financial Industry Regulatory AuthorityGeneral Securities Representative Series 7Municipal Advisor Representative, Series 50Uniform Securities Agent Series 63Investment Banking Representative, Series 79Current Affiliations:Board Member Texas Municipal Advisory Council

Ellis serves as a Managing Director in Fixed Income Research for RAYMOND JAMES�. His primary responsibilities include product and portfolio analysis for institutional fixed income investors with an emphasis on Total Rate of Return strategies, Insurance Services, and Municipalities. Ellis spent over 10 years in fixed income portfolio management, most recently as Director of Fixed Income for the Employees Retirement System of Texas where he was responsible for the overall management of a $6B fixed income portfolio benchmarked against the Barclays Aggregate index. His experience includes managing most mortgage, agency, corporate, CMBS, ABS and US treasury portfolios. Prior to joining Morgan Keegan, Ellis was the Agency and Market Strategist and Head Technical Strategist for FTN Financial where he worked with portfolio managers across asset classes on various total return strategies. He earned his MBA from The University of Texas at Austin and his B.S. in Finance from the University of New Orleans and holds the Chartered Financial Analyst and Chartered Market Technician designations.

As Managing Director, Head of Municipal Trading at Advisors Asset Management, Inc. (AAM), Chris is responsible for overseeing all municipal bond business on behalf of the Firm. He oversees a team of individuals responsible for providing access to the municipal market on behalf of the Firm's diverse client base. Additionally, Chris oversees the risk management and business development needs of the business; focusing upon growing the opportunity and footprint of the Firm to better serve client needs. Chris also engages in media relations activities on behalf of the AAM, focusing upon issues regarding the municipal market and related investor activities.Prior to this, Chris served as Managing Director -- Head of Wealth Management Municipal Trading at Morgan Stanley since 2006. In this role Chris oversaw a team of 25 individuals and the risk management for a nearly $750 million dollar balance sheet delivering consistently growing revenue throughout his tenure. In 2013, Chris advanced the successful integration of the Smith Barney and Morgan Stanley Wealth Management businesses. Prior to departing, he coordinated the integration of the Morgan Stanley Wealth Management business with the Morgan Stanley Institutional Trading business to centralize the municipal franchise under one umbrella.Before assuming responsibility for managing the Wealth Management municipal business, Chris held a number of roles serving as a trader providing access to the markets to the wide variety of institutional and retail clients of the Firm. Additionally, he worked with Investment Representatives to provide high net worth clients of the Firm with customized fixed-income solutions to their investing needs.

Johnny W. Hill is the Assistant Superintendent for Business, Financial & Auxiliary Services at Lake Travis Independent School District. In this capacity he serves as the Chief Financial Officer of the district. He has oversight responsibilities of the Business and Financial Department, Purchasing Department, Maintenance and Operations Department, Transportation Department, Food and Nutrition Department and Facilities and Construction Department. Additionally, he serves as the financial advisor on all school matters to the Superintendent of Schools, Board of Trustees and Senior Leadership Team.Born in Whitney, Texas, Johnny earned a Bachelor’s in Business Administration degree from Texas Tech University, a Master’s in Business Administration degree from West Texas A&M University and is a Certified Public Accountant. He has more than 28 years of experience working in both the public accounting and the education field. Prior to beginning his tenure with Lake Travis ISD in July 2009, he worked in the Seminole, Perryton and Dimmitt School Districts.

Alex Voss is with Juniper Advisory in Chicago, a specialized investment banking firm focused exclusively on hospital M&A.