Banco Popular de Puerto Rico

Mr. Lyman Wray is a Senior Vice President of Stephens Inc., in Atlanta, GA and has 27 years of banking experience. He is the resident expert on water and sewer utility financings for Stephens in Georgia and the Carolinas. Mr. Wray has advised or managed transactions for issuers such as Union County, NC, the City of Columbia, SC, the City of Spartanburg Sanitary Sewer District, Palm Beach County, FL, and many others. He has participated as banker or financial advisor on over 200 transactions with a par amount in excess of $5 billion for issuers in the southeast.

Mr. Lamb founded Lamont Financial Services Corporation in 1987. Lamb�s expertise lies in developing new financial products for clients by reconciling a variety of competing program, financial and administrative policy goals. Mr. Lamb is also in charge of the Firm�s derivative practice. Mr. Lamb has been involved in tax-backed and revenue bond financings totaling over $155 billion, largely for infrastructure projects, governmental operations, state revolving funds, and economic development projects. Mr. Lamb recently served on the MSRB Board of Directors as a municipal advisor representative from 2010 - 2013. He has worked with states, state agencies and municipalities to orchestrate taxable and tax exempt public and private offerings within a wide spectrum of ratings, credits, structures and applications.Mr. Lamb holds a bachelor�s and master�s degree from State University of New York-Albany.

Keith Monahan is Director of Tower Acquisitions at Crown Castle, one of the country�s largest independent owners and operators of shared wireless infrastructure.� Recently completed transactions include a 70 tower purchase from CPS Energy in January 2014.� Prior to joining Crown Castle in 2004, Keith was finance project manager at Avon Products.� He graduated from Manhattan College with a B.S. in Accounting and is a Certified Public Accountant.

Sheryl Parsons has served as the State Revolving Fund Coordinator, assisting states with water and waste water infrastructure funding, since 1992. �She coordinates both the Clean Water and Drinking Water Needs Survey for Region 4. �She has served as a management analyst in the Office of Civil Rights and as a special assistant for the Water Protection Division director.� Most recently, she has served as the acting section chief for the Finance and Cost Recovery Section.�� She has a Masters in Business Administration from Georgia State University, where, since 1992, she is a part time instructor in the Robinson College of Business Department of Managerial Sciences.�� In her spare time, Sheryl is a tour guide at Atlanta�s Historic Oakland Cemetery, and portrays Margaret Mitchell for Atlanta Movie Tours.

Christopher Morgan is a Director in the Local Government group at Standard & Poor�s Credit Market Services.� Based in San Francisco, Chris conducts credit analyses of public issuers throughout the Western U.S., including cities, states, special taxing districts, and school districts.� A native of Seattle, he has authored articles on municipal credit trends in Washington and has served as the primary analyst for the states of Idaho, Oregon, and Washington.� Recent local government credits on which he has worked include Ellensburg, King County, and Moses Lake.Prior to joining Standard & Poor�s, Chris analyzed housing and commercial markets as a consultant to local governments and nonprofits, and evaluated real estate locations and market strategies for retail firms.� He holds a Master of City Planning from U.C. Berkeley and B.A. in geography from MacalesterCollege.

Susan L. Barry, of counsel in the Public Finance Department, is based in�the Seattle office.� She has extensive experience in public finance and project finance, and has been a leader nationally and in the Pacific Northwest in developing non-recourse financings for governmental entities and for public/private partnerships.Ms. Barry has represented issuers, underwriters, developers, credit enhancers and trustees in developing and financing a wide variety of projects including airport and port facilities, solid waste disposal facilities, federal and state prison facilities, electric power generating and distribution facilities, cogeneration facilities, water and wastewater systems, stadiums, toll roads, tunnels, convention centers, schools and health care facilities.�Ms. Barry joined Orrick as of counsel in January 1990 and transferred from the New York office to Seattle in July 1999.� �Prior to joining Orrick, Ms. Barry was Vice President and Counsel for Bond Investors Guaranty Insurance Company from 1987 to 1990. �Prior to that, she was an associate at Brown & Wood LLP (now Sidley Austin LLP) from 1979 to 1987.

Christine has significant experience serving as bond counsel, disclosure counsel and underwriter�s counsel on financings, including general obligation bonds and revenue bonds for transportation, water, sewer, power and tax increment projects. Her practice focuses on public finance transactions for state agencies, counties, cities, urban renewal agencies, school and special districts, and tribal governments. Her experience also includes conduit 501(c)(3) financings, full faith and credit or limited tax obligations, private bank placements, and shortterm obligations, including notes and lines of credit.

Domenic Vonella is currently Head of Municipals for Thomson Reuters. �He is responsible for operational, production and strategic initiatives for the Thomson Reuters municipal bond business segment.� He joined Thomson Reuters MMD in 2004, and has been instrumental in building the MMD brand through loyal customer service and developing MMD�s competitive advantages.� His background for municipal bonds is in general market and specialty state markets, such as Texas, Florida and California for both taxable and tax-exempt municipals.� He also closely works with strategists to monitor and report on short-term and long-term market trends.� Dom began working with the MMD analyst group after a brief period working on MMD's VRD product as an account manager. Prior to his work at Thomson Reuters, he was an equity market analyst with Reuters providing fundamental equity data to clients. Dom has a BS in Finance from Stonehill College and MBA from Curry College.

Stephan Whitaker is a research economist in the Research Department at the Federal Reserve Bank of Cleveland. His current work includes research on housing markets and studies of state and local public finance.Dr. Whitaker earned his PhD in public policy from the Harris School at the University of Chicago. He holds an MS in statistics from Colorado State University and a BA in economics from Columbia University. Before earning his doctorate, Dr. Whitaker served as a lieutenant in the U.S. Air Force.