Banco Popular de Puerto Rico

Mr. Smith is the President of Win Analytics LLC, an independent financial consulting firm which provides research, advice, valuations, and litigation support. Recent clients have included a major investment bank, a large real estate finance company, a national consortium of non-profit agencies, and a private college. Previously, Mr. Smith was CFO of a $7 billion education finance company, and before that he structured billions of dollars in bond offerings and securitizations as an investment banker and financial analyst. He was a financial advisor for a $1.7 billion multi-modal transportation program and leading expert on the securitization of delinquent tax penalties in the aftermath of the bankruptcy of Orange County, California.Mr. Smith recently spoke at a Federal Reserve Bank of Chicago conference on bank risk. He produces �The Well-Tempered Spreadsheet�, a blog about financial modeling and economics. He holds an MSc in Mathematical Finance from Christ Church College, Oxford University and a degree in mathematics from Yale University.

Mr. Smale began his career in the municipal bond industry in 1977 as a portfolio manager at a large casualty insurance company. In 1982, he moved to the brokerage industry, beginning a career in institutional municipal sales with Drexel Burnham Lambert.After leaving Drexel in 1989, he continued his career in Sales with Kidder Peabody and LaSalle Financial Services, the broker/dealer subsidiary of LaSalle Bank. In 1997, he became manager of LaSalle’s Municipal Department, responsible for all origination, trading, underwriting, sales and remarketings.After successfully guiding the business through several market cycles, Mike was also assigned similar responsibilities for the firm’s taxable products in 2005. Subsequent to LaSalle’s sale to Bank of America, he assumed a management role at a regional broker/dealer for about a year before returning to portfolio management at a large Midwestern insurance company.Mr. Smale joined Incapital in September of 2011. He holds a BBA and MBA from The University of Wisconsin-Madison. He is a former Chairman of the Bond Market Association’s (now SIFMA) Regional Advisory Committee and served a three year term as a member of the Municipal Securities Rulemaking Board.

Roy Eappen joined municipal research in 2010. Before joining the group, Roy worked for the City of New York, first as a budget analyst and later as a project manager in the development of affordable housing. Prior to working for local government, Roy worked at a private environmental firm as an economist/regional planner on economic development, transportation and infrastructure projects.Roy received a BS in Engineering from Tufts University, as well as an MA in Economics and a Master of Public Administration, both from New York University.

Recently appointed as Vice Chairman, Ted Fikre is a top executive at AEG responsible for overseeing business development, government and media relations, administration and legal affairs for the company. Fikre plays a leading role in all major strategic and financial transactions for AEG, including acquisitions, partnerships, joint ventures, financings, investments and asset dispositions. In addition, Fikre oversees AEG�s large real estate and venue development projects in the US and abroad. A member of the company�s Board of Directors as well as its newly formed Office of the Chairman, Fikre is closely involved in directing the management of the company and charting its future. Fikre has played an instrumental role in the vast growth of AEG since he joined the company 16 years ago. Starting with the acquisition of the Los Angeles Kings and the construction of STAPLES Center, and continuing through the company�s foray into a myriad of other areas including music, soccer, facility management, and real estate development, Fikre has been at the center of AEG�s rapid expansion into an international sports and entertainment company that is a leading presenter of sports, music and other live entertainment, as well as a developer, owner and operator of first class facilities around the globe. Fikre�s legal, media and government relations, and administrative responsibilities extend across AEG�s wide portfolio of sports and entertainment properties, including both owned and managed arenas and stadiums throughout the US and various international markets; entertainment districts in Los Angeles (L.A. LIVE) and London (the O2); sports teams such as the Los Angeles Kings and Los Angeles Galaxy; major on-going development projects including Farmers Field in Los Angeles and a new arena in Las Vegas; new business initiatives such as AXS.com and related ticketing, media and digital ventures; and a wide variety of other business units located around the world. Prior to joining AEG as general counsel in 1997, Fikre was an associate in the Los Angeles office of Latham & Watkins, where he handled a variety of transactional matters, with a focus on project finance and mergers and acquisitions. Before embarking on a legal career, Fikre was an assistant economist with the Federal Reserve Bank of New York where he conducted international financial market research (1989-1991).Fikre graduated magna cum laude from Princeton in 1989 with a degree in economics. He received his law degree, with distinction, from Stanford Law School in 1994.

Ross DeVol is chief research officer at the Milken Institute. He oversees research on international, national and comparative regional growth performance; technology and its impact on regional and national economies; access to capital and its role in economic growth and job creation; and health-related topics. Recent work involves research on global economic and financial market conditions. He was the principal author of �The Global Biomedical Industry: Preserving U.S. Leadership,� a study that showed that the United States is still the global leader in the biomedical industry, but countries across Europe and Asia are pursuing aggressive plans to close the gap and take the high-value jobs and capital this sector creates. He was also the principal author of "An Unhealthy America: The Economic Burden of Chronic Disease," which brought to light the economic losses associated with preventable illnesses and estimated the avoidable costs if a serious effort were made to improve Americans� health. In addition, he authored "America�s High-Tech Economy: Growth, Development and Risks for Metropolitan Areas" and created the "Best-Performing Cities Index," an annual ranking of U.S. metropolitan areas that shows where jobs are being created. DeVol is ranked among the "Super Stars" of Think Tank Scholars by International Economy magazine. DeVol was previously senior vice president of Global Insight Inc.

As Head of Risk Management, Laura Levenstein has responsibility for BAM's risk management strategy and its oversight, including acting as chair of the Enterprise Risk Committee. Laura also serves on the Management, Underwriting and Credit Policy and Surveillance Committees. Before joining BAM, she was Senior Managing Director for Global Public, Project and Infrastructure Finance, which includes US public finance, global sub-sovereign, sovereign, project and infrastructure finance, at Moody's Investors Service. In that position, as part of the evaluation of the various rated entities, she was responsible for evaluating all types of risk in these sectors to the extent it could impact the entities' credit profiles. Laura was also responsible for managing all aspects of the rating business relevant to those sectors including, rating assignment, rating methodologies, process operations, strategy, financial performance, rating quality and reputational risks. Prior positions in her over 20-year career at Moody's included Senior Managing Director for Americas and Global Financial Institutions. Laura holds a B.A. in Mathematics from Cornell University.

Jon Penkower, Program Manager, oversees the Public Finance Authority�s public and private activity bond issuance programs as well as new program development. The Public Finance Authority (PFA) is a unique governmental entity established in Wisconsin with the ability to issue tax-exempt conduit bonds for public and private entities nationally. PFA is jointly sponsored by the National Association of Counties, the National League of Cities, the Wisconsin Counties Association and the League of Wisconsin Municipalities. PFA�s mission is to provide local governments and private entities access to low-cost, tax-exempt financing for projects that provide a tangible public benefit, contribute to social and economic growth and improve the overall quality of life in communities throughout the country. PFA provides a streamlined and cost effective issuance process for borrowers with standalone and multijurisdictional facilities. During the last three years, PFA has issued more than $1.3 Billion in bonds for nonprofit, housing, exempt facility and other projects located throughout 31 states.Prior to working for the Public Finance Authority, Mr. Penkower practiced as an attorney with Sheppard Mullin Richter & Hampton, LLP in the firm�s finance group, where he represented project sponsors and lenders in structuring and negotiating real estate finance transactions and tax exempt bond issuances. Mr. Penkower received a bachelor�s degree from the University of Colorado and a law degree from the University of San Francisco School of Law.

Les Richmond's role in Build America Mutual’s credit underwriting group is to evaluate the pension and other postemployment benefit plans and liabilities of the municipal entities BAM guarantees.Prior to joining BAM, he was with Hay Group, where he was a Senior Principal. His experience includes project leadership of a four-year engagement to conduct an actuarial audit of the five New York City Retirement Systems.Les currently serves as a member of the Advisory Committee of the National League of Cities’ Public Sector Retirement Initiative. The goals of this new initiative are to develop research on trends, challenges and solutions to local government retirement and healthcare, and to engage and educate city leaders on strategies to achieve greater fiscal sustainability in these areas.He is an Associate of the Society of Actuaries, an Enrolled Actuary, a member of the American Academy of Actuaries, and a Fellow of the Conference of Consulting Actuaries. He holds a B.A. in Mathematics from Rutgers College.

Brian Forbath is a shareholder in the law firm of Stradling Yocca Carlson & Rauth. Mr. Forbath works exclusively in the public finance area, serving as bond counsel, disclosure counsel and underwriter�s counsel on a variety of financings. Mr. Forbath has extensive experience in general fund, redevelopment, public utility and land-secured financings and derivative transactions. Mr. Forbath is a 1998 graduate of Loyola Law School and attended the University of California, Santa Barbara as an undergraduate, where he also completed a semester abroad at the Universidad de Valencia, Spain. Mr. Forbath has been a lecturer on federal securities laws at the National Association of Bond Lawyers Workshop in Chicago and at the California Redevelopment Association Technical Institute in Anaheim. He is a frequent lecturer for the California Debt Investment Advisory Committee on a variety of topics. He was a member of the National Association of Bond Lawyers� task force on drafting Disclosure Roles of Counsel in State and Local Government Securities Offerings (3rd Edition, 2008). Mr. Forbath works out of Stradling�s Newport Beach office, but represents clients throughout the State of California.