Banco Popular de Puerto Rico

Colin MacNaught is the Assistant Treasurer for Debt Management in the Massachusetts State Treasurer�s Office. Colin is responsible for all of the Commonwealth�s short-term and long-term borrowing needs, and is responsible for the accounting and timely repayment of debt service to investors. Prior to joining the Massachusetts State Treasury in January 2008, Colin worked as an Associate Director for Standard & Poor�s. Colin evaluated and rated a number of states along the east coast, and was a specialist in Standard & Poor�s interest rate swap sector.Colin is a board member of the Massachusetts State Finance & Governance Board. He is also on the executive committee of the State Debt Management Network. In 2010, he was the recipient of the SIFMA Municipal Division Honor Roll Award for his contributions to the municipal bond market. In 2011, one of the financings Colin structured and priced was named �The Deal of the Year� by The Bond Buyer newspaper for its complexity and innovation. And in 2013, the new Massachusetts investor website was given the 2013 Industry Contribution award by the National Federation of Municipal Analysts.Colin earned his Master in Public Policy degree from the Harvard Kennedy School of Government. Shortly after graduation, his thesis on reforming the Massachusetts School Building Program was used as the basis for the creation of the new independent authority.

Gene Carron, Senior Counsel in the Los Angeles office, is a member of the Public Finance Department.� Mr. Carron has worked in the area of public finance since 1975 and has extensive experience in all aspects of tax-exempt financing as bond counsel, disclosure counsel, underwriter's counsel and developer's counsel with particular emphasis on electric and water utility financings and conduit financings on behalf of both commercial and nonprofit entities.� He has also served as counsel in power and other projects developed by private entities in cooperation with public utilities.He has assisted public power clients such as the Department of Water and Power of the City of Los Angeles, the Northern California Power Agency, the Sacramento Municipal Utility District, the Transmission Agency of Northern California, the M-S-R Public Power Agency, the City of Anaheim, the City of Riverside, the City of Roseville, the City of Healdsburg, the City of Ukiah, the City of Lodi and the City of Redding in connection with both traditional and innovative financing structures.Mr. Carron has served as bond counsel and underwriters� counsel in conduit financings by the California Educational Facilities Authority and the California Statewide Communities Development Authority for educational and cultural facilities throughout California.In addition to legal representation, Mr. Carron has experience as an investment banker serving as the head of the Los Angeles office of Banc of America Securities LLC.

Mike Stanton is in charge of developing strategy and directing communications for Build America Mutual, the first mutual municipal bond insurer. He joined BAM in 2013 from SourceMedia, where he was Senior Vice President for Capital Markets, managing a group of four major publications, including The Bond Buyer, the company's flagship municipal finance daily newspaper and website. He joined The Bond Buyer as a reporter in 1995 and served in multiple positions with the newspaper and its parent, including Editor-in-Chief and Publisher.He is a graduate of Columbia University and received an MBA from Harvard Business School.

David A. Vaudt was named chairman of the Governmental Accounting Standards Board effective July 1, 2013.� Mr. Vaudt came to the GASB after serving the previous 10 years as Iowa’s elected state auditor.� Prior to his election, Mr. Vaudt worked for 25 years in the Des Moines, Iowa office of KPMG LLP, including 13 years as an audit partner.Mr. Vaudt has served as president of the National State Auditors Association, chair of the National Association of State Boards of Accountancy, and chair of the Iowa Accountancy Examining Board.� He also served on the boards of numerous nonprofit service organizations in Iowa.Mr. Vaudt, a graduate of Upper Iowa University, is a Certified Public Accountant.�

Joe Crowley is a Senior Credit Analyst for William�Blair & Company�s Municipal Sales and TradingGroup in Los Angeles. Mr. Crowley has more than 20�years of experience in the California municipal bond�market as a banker and an analyst. Before joining�William Blair, Mr. Crowley served as a senior vice�president for De La Rosa & Co., and prior to that he�helped establish the first California public finance�office for Seattle Northwest Securities.Mr. Crowley received his B.A. from the University of�Washington; and his M.P.P. from the University ofSouthern California.�He holds his Series 7 and 63 licenses and is a�member of the National Federation of Municipal�Analysts and the California Society of Municipal�Analysts.

Dennis M. Coleman has 31 years of municipal finance experience with over 21 years of finance and accounting experience in redevelopment. He has coordinated 25 bond issues totaling over $415 million.Mr. Coleman currently serves as the Manager of Finance and Customer Service for the Indio Water Authority which is part of the City of Indio. Mr. Coleman previously served as the Finance Manager/Treasurer for the Elk Grove Water District. From September 2011 until July 2014 when he joined the Indio Water Authority.Mr. Coleman served as the Finance Director for the City of Solana Beach from 2005 to 2011. In addition, Mr. Coleman worked for the City of Palm Desert and served in multiple positions during his 13 years of employment with the City. He was responsible for the Redevelopment Agency and Housing Authority's annual budget, revenue projections, capital projects financing and debt management.Mr. Coleman attended Alliant International University (USIU) in San Diego where he received his B.S. degree in Business Administration.

Guillermo Garcia has served California municipal utilities for over 13 years as an investment banker, financial advisor, and consulting engineer.� He is a Director in Stifel�s San Francisco office and leads the firm�s efforts serving California water, sewer, and power utilities. Guillermo serves a wide variety of issuers, from many of the state�s largest utilities to a number of small city-owned enterprises. He received a BS in Geochemistry, an MS in Civil/Environmental Engineering, and an MBA from Stanford University.

Karen Daly is a Senior Managing Director of the Public Finance and Financial Guaranty groups at Kroll Bond Rating Agency, Inc. Karen brings over 25 years of municipal credit research and risk management experience to her role. She was previously Chief Public Finance Underwriting Officer at Municipal Infrastructure Funding, LLC, a de novo municipal bond guarantor. Prior to that, Karen held several positions at Financial Guaranty Insurance Company (FGIC), including Managing Director of the Eastern Region and Senior Risk Manager. Karen started her career in public finance at Moody�s Investors Service as an analyst. She holds an MPP from the University of Michigan and a BA from Queens College.Karen has been a trustee of the Citizens Budget Commission for over 20 years, and served as the Co-Chair on both the Budget Policy Committee and the Debt and Capital Investment Committee. In addition, she has been on the board of the Municipal Forum of New York and was the Association of Financial Guaranty Insurers (AFGI) representative on Governmental Accounting Standards Advisory Council (GASAC).�