Banco Popular de Puerto Rico

Ms. Kiehn joined Stifel in 2004 and is a Managing Director and co-head of California underwriting.� Ms. Kiehn makes commitments on nearly 200 new issues each year, representing more than $5 billion in principal amount. She is also responsible for managing Stifel’s short-term underwriting and variable rate remarketing efforts. Ms. Kiehn is the current President of the San Francisco Municipal Bond Club. Ms. Kiehn holds a Bachelor of Science degree from the University of Vermont.

Benjamin E. Stern�is Managing Director of� Stifel’s California Municipal Bond Underwriting�Desk, and is based in Los Angeles.� Since 1990, Ben has participated, as underwriter, in $42 billion of California municipal bond issues, including 850 senior-managed California municipal issues spanning the entire credit spectrum, from Non-Rated to AAA.� In that capacity�he has developed strong ties to bond mutual funds, insurance companies, hedge funds, bank trust departments and investment counselors who buy California bonds.��Ben has also spearheaded a number of innovative and successful tender bond programs and is an essential part of Stifel’s coverage of the California market.Ben received an MBA with a concentration in Finance and Real Estate from the Anderson Graduate School of Management at the University of California, Los Angeles in 1989. He graduated cum laude with a BS in Electrical Engineering from UCLA in 1985.

As General Counsel for Build America Mutual, Alex Makowski oversees legal and regulatory affairs and related corporate projects. Prior to joining BAM, he was a Managing Director at Financial Security Assurance (FSA) and later worked for Assured Guaranty. �At FSA and Assured, he played a major role in the workout of troubled municipal, international and asset-backed credits. �Prior assignments as a Director with The First Boston Corporation included troubled commercial real estate and corporate transactions. Alex has a B. Sc. from MIT and a J.D. from Harvard University, where he was an Editor of the Harvard Law Review.

Mark Linsenmayer is the P3 Program Manager within the Countywide Planning and Development Department of the Los Angeles County Metropolitan Transportation Authority (Metro). �Mr. Linsenmayer�s recent focus has been identifying innovative solutions to diminishing State and Federal transportation funds. Prior to joining Metro he worked as a management consultant and financial advisor for various engineering and infrastructure advisory firms.He holds a Master �s in Urban and Regional Planning from the University of California, Irvine; a Master�s of Public Administration from the University of Colorado; and a Bachelor of Arts Degree from the University of Washington.��

Pamela Lenane is currently a Vice President and Acting General Counsel with the Illinois Finance Authority. She is in charge of all healthcare financings. Previously, she was the Deputy Director of the Illinois Health Facilities Authority, and Acting Director of the Illinois Housing Development Authority (IHDA). She is a graduate of DominicanUniversity, River Forest, IL, and Northwestern University School of Law, Chicago, IL. Prior to being appointed Acting Director of IHDA, Pam was a partner at McDermott, Will & Emery, Chicago, IL, where she specialized in real estate, international tax and business law; General Counsel of a publicly traded savings bank, and a partner at Katten Muchin Rosenman LLP, specializing in commercial finance and banking law. She is the Immediate Past President of NAHEFFA.

Mr. Placencia joined U.S. Bank in March 2012 and has over 17 years of experience providing investment banking services to a variety of municipal general infrastructure, transportation, and airport clients.� He also previously worked at Goldman Sachs, UBS and Merrill Lynch.� Over his career, he has served as senior manager, credit provider, remarketing agent, broker/dealer, direct purchaser, and swap counter party on over $13.1 billion of debt, and over $60 billion as co-manager.�Some of his clients have included Los Angeles County, City of San Jose, City of Roseville, City of San Antonio, Texas, Shelby County, Tennessee, the Texas Water Development Board, East Bay Municipal Utility District, San Antonio Independent School District, and the University of California.� His transportation clients are varied and have included the Sacramento Regional Transit District, Metropolitan Atlanta Rapid Transit Authority, Dallas Area Rapid Transit, Utah Transit Authority, Texas Department of Transportation, Harris County Toll Road Authority, Oklahoma Turnpike Authority, Los Angeles County Metropolitan Transportation Authority, Virginia Department of Transportation, Georgia State Road and Tollway Authority, State of Ohio, San Diego International Airport, Denver International Airport, Minneapolis-St. Paul Metropolitan Airports Commission, Atlanta Hartsfield-Jackson International Airport, Salt Lake City Airport, and Tucson Airport Authority.While at Goldman Sachs, Mr.� Placencia previously led the Money Market Finance Group where he assisted numerous clients with documentation, execution and structuring of auction rate securities, variable rate demand bonds and commercial paper.� In this role, he also assisted clients in their negotiations with letter of credit and liquidity providers. He also served as a lead concession advisor on the Texas Department of Transportation�s Comprehensive Development Program, TxDOT�s public-private partnership program.Prior to entering the municipal finance industry, Mr. Placencia worked for the California Governor�s Office and California State Resources Agency.� He received a B.A.� in Economics and Political Science from the University of California at Berkeley, and an M.B.A. from the Wharton School of the University of Pennsylvania.

Mr. DiCola is Chairman, CEO and founder of DCO Energy. �As a Managing� Partner of DCO, he guided the company from a single project in development in 2000 with 5 people to a Company with well over 195 people involved in developing, designing, building and operating electric and thermal generation projects through out the United States.Mr. DiCola is a graduate of the University of Cincinnati with over 44 years' experience in the energy management field.

Michael Maloney serves as Vice President of Acquisition & Development for Tenet Healthcare. In this role he is responsible for identifying strategic opportunities and overseeing transaction execution for the company, including acquisitions, divestitures and joint ventures. Previously, he was Managing Director and head of not-for-profit healthcare investment banking at J.P. Morgan, where he led a national team responsible for originating capital markets and strategic advisory business.Maloney has a Bachelor of Science degree in Industrial Engineering from Purdue University.

Elaine C. Greenberg, a�partner in�the Washington, D.C., office of Orrick, Herrington & Sutcliffe LLP, is a member of the firm’s Securities Litigation, Investigations and Enforcement Group.� Ms. Greenberg’s practice focuses on securities and regulatory investigations and enforcement actions, securities litigation, public finance, and white collar and corporate investigations.� She has represented underwriters, broker-dealers, issuers, municipal advisors, former public company officers, and others.� Ms. Greenberg has more than 27 years of securities law experience and possesses deep institutional knowledge of SEC policies, practices, and procedures.� As a Senior Officer in the SEC’s Enforcement Division, she served in dual roles as Associate Director for the Philadelphia Regional Office where she oversaw the SEC’s enforcement program for the Mid-Atlantic region, and as the first National Chief of the Specialized Unit for Municipal Securities and Public Pensions, where she was responsible for building and maintaining a nation-wide unit, and oversaw the SEC’s enforcement efforts in the U.S.’s municipal securities and public pension marketplaces.