Banco Popular de Puerto Rico

Mr. Schuettler is Executive Director of the Pennsylvania Municipal League where he is responsible for operations of all League programs and services, including Trust/Benefit Services, Municipal Programs, Finance/Administration, Governmental Affairs and Communications.� He currently serves as the 1st Vice Chair of the National League of Cities Mutual Insurance Company. Prior to his employment with the League, Mr. Schuettler served as the City of Pottsville’s Administrator and a member trustee of the League’s PennPRIME Municipal Insurance/Workers’ Compensation Trusts, as well as other League committees. �He holds a B.S. Degree in Business Administration from King’s College and has received numerous certificates in various local government and public administration courses from the Pennsylvania Department of Community Affairs, National League of Cities, International City/County Management Association and the Association for Pennsylvania Municipal Management.�

Mr. Mark Salimena has been in the industry for more than 25 years and joined Optimal Capital Group in November 2009.� Mark has managed the successful structuring, pricing, and closing of more than $1 billion of notional amount associated to bond transactions and interest rate hedging products each year since 2003.� He has extensive municipal derivative pricing experience, including product specialization in forward delivery interest rate structures as well as various option agreements.� He is highly regarded in spreadsheet cash-flow/trade-valuation analysis and regularly speaks at industry conferences on Municipal Advisory topics including derivative products. As such, Mark has become familiar with many of the concerns and challenges facing governmental entities. He has considerable experience in implementing debt (including derivative) policies, evaluating and proposing specific structures, and assisting in the negotiation of documentation prior to the execution of any transaction. He has an extensive history and knowledge of underlying bond structures, bond and bond issuer language, and also serves to provide outstanding and consistent client communicationOver the years, Mr. Salimena has served in various roles in the industry including as a financial advisor and swap advisor.� This allows him the opportunity to fully understand the needs of his clients in terms of financial integration and overall risk management.� In addition to Mark’s business experience, he served as Budget Director for the Finance Department of Camden County, New Jersey.�

Mayor Joseph Tempesta, Jr. of West Caldwell is President of the New Jersey State League of Municipalities. �As President he guides the association of New Jersey’s 565 municipal governments.� He will represent the interests and needs of New Jersey’s local elected officials to county, state, and federal governments.He was recently elected to his 5th term as Mayor.� Prior to serving as Mayor, he served 3 terms as a Councilman in West Caldwell.�Mayor Tempesta also serves or has served on numerous Boards and Community Affiliations including the Morris Joint Insurance Fund and recently as Commissioner of the North Jersey District Water Supply Commission��

Lorne Potash is a Managing Director at Assured Guaranty based in New York where he is responsible for its Project Finance/Infrastructure business across the Americas.� Assured is the leading bond insurer across the public and project finance spaces. With wide ranging experience, his recent transactions involve U.S. transportation and social infrastructure projects including insuring $412 million of bonds for the LaGuardia Airport Redevelopment Project. Lorne joined Assured Guaranty in 2006. Prior to joining Assured Guaranty he was with Ambac, Andersen Corporate Finance and Arthur Andersen in various capacities.Lorne has been involved in the financial markets for 25 years. He holds a Bachelor’s Degree in Honors Business Administration from the Ivey Business School at the University of Western Ontario. He is a CFA charter holder, CPA and member of the New York Society of Security Analysts and Municipal Analysts Group of New York.

Stephen Drizos joined the Commonwealth of Pennsylvania and was appointed Executive Director of the Pennsylvania Economic Development Financing Authority in 2004.� Prior to joining the Commonwealth he was an officer in the Army and the Pennsylvania Army Reserve National Guard. He then achieved more than 30 years of diversified business experience in various financial and operational positions, with a concentration in public finance.� His roles included senior investment banker and manager of fixed income and public finance.� He is a past member of the Issuer Advisory Group of the Municipal Securities Rulemaking Board (MSRB), which develops rules regulating securities firms.

Craig Ebert serves as the President of the Climate Action Reserve where he is responsible for ensuring that the organization’s activities meet the highest standards for quality, transparency and environmental integrity.� He oversees the organization’s continued leadership and commitment to ensuring offsets are a trusted and powerful economic tool for reducing emissions.� In his role, he also leads the organization in identifying and entering into other opportunities that build upon its knowledge and expertise and further its work under its mission and vision.� One developing opportunity Craig is overseeing is the launch of a climate finance assessment program that quantifies the climate impact of investments.During his career, Craig has helped create the foundations for international, national and state policies to address climate change. He supported U.S. negotiations on international climate change agreements, including negotiations leading up to the creation and signing of the Kyoto Protocol, and helped develop the Clean Development Mechanism (CDM) and Joint Implementation (JI) provisions under the protocol. Craig’s work also involved pioneering efforts on carbon accounting principles and methodologies. He served as the technical director of Estimation of Greenhouse Gas Emissions and Sinks, which was adopted by the IPCC as its GHG Inventory Programme, and was a key architect behind the development of the official U.S. national GHG inventory to meet commitments under the UNFCCC.Prior to joining the Reserve, Craig advised the Western Climate Initiative (WCI) and served at ICF for nearly 34 years.

Mr. Sheehan, Director, has over 16 years of public and private finance experience with a primary investment banking focus on economic development finance. �Mr. Sheehan has served as investment banker for numerous development and redevelopment financings, including Public-Private financings, Tax Increment Finance Districts, Special Taxing Districts and Special Assessment Districts across the county.�� �Mr. Sheehan has completed economic developments financings for the Cities of Baltimore and Hyattsville, the Counties of Howard County (which was the County’s first P3 financing), Prince George’s and Anne Arundel in Maryland as well as Stafford and Prince William Counties in Virginia. �In addition, he has served as investment banker for numerous municipal entities, including cities, counties, states and educational institutions on new money and refunding issues.� Mr. Sheehan has extensive experience with housing and real estate finance and worked with the Department of Housing and Urban Development (“HUD”) to develop and implement a financing vehicle that has allowed public housing authorities to borrow over $4 billion from the bond markets in order to finance capital improvements. Mr. Sheehan is the co-author of a monthly research report that is distributed to Stifel clients on the market for economic development financings. �Mr. Sheehan is active in the Urban Land Institute (ULI), and is a member of the Baltimore Chapter of Lambda Alpha International (LAI), the Maryland Government Finance Officers Association and a member of the Board of Trustees for the Council for Development Finance Agencies (CDFA).

Sakinah has over 15 years of public finance experience, including ten years of commercial and investment banking experience providing the day-to-day transaction and analytical support for the issuance of tax-exempt and taxable bonds for a variety of municipalities and non-profit organizations in the Midwest and Northeast.�Currently, Sakinah Rahman is a Vice President in the Philadelphia Industrial Development Corporation’s (“PIDC”) Financial Services Group.� Ms. Rahman is responsible for developing, managing and marketing PIDC’s tax-exempt financing programs.� PIDC is Philadelphia’s primary economic development corporation.� PIDC was founded in 1958 as a non-profit, joint venture between the City of Philadelphia and the Greater Philadelphia Chamber of Commerce with the mission of attracting and supporting business growth as well as development within the City of Philadelphia.�Since joining PIDC in September 2008, Ms. Rahman coordinated the development of the City of Philadelphia’s Recovery Zone Facility Bond Program, created pursuant to the American Recovery and Reinvestment Act of 2009, and the Philadelphia Authority for Industrial Development’s (“PAID”) tax-exempt equipment leasing program as well as restructured PAID’s variable-rated pooled loan program for non-profits after the downgrade of the letter-of-credit provider.�Ms. Rahman earned a B.S. in Finance from Morgan State University and a M.B.A from The Wharton School, University of Pennsylvania.�

Mark D. Brodsky is the Chairman of Aurelius Capital Management, LP, an investment manager. This essay does not constitute investment advice or a solicitation.