Personnel

Vincent McCarley has served as a senior manager and financial advisor for numerous governmental organizations throughout the United States. Mr. McCarley's senior engagements have included state agency issuers, major cities, and a wide range of local issuers. Recent financing engagements have included transportation, redevelopment, infrastructure, utilities, airports, education, seaports, and water/sewer. His experience includes capital fund planning, analysis of project financings and related bond pricing, escrow structures, yield analysis and transferred proceeds.

Mr. McCarley's recent underwriting experience includes San Diego County, San Diego Redevelopment Agency, San Diego County Regional Airports Authority, California Infrastructure and Economic Development Bank, State of California, and the SF Bay Area Rapid Transit District. Other local clients include the City of Los Angeles, Municipal Improvement Corporation of the City of Los Angeles (MICLA), Los Angeles Unified School District, and the Los Angeles Community College District. Mr. McCarley serves as financial advisor to the San Francisco International Airport in its capital funding, debt refunding, credit enhancement, commercial paper, and swap efforts.

Mr. McCarley is a Municipal Securities Principal, with Series 7, 53, and 63 registrations. Mr. McCarley holds a MBA from Pepperdine University, a MA from Ball State University, and a BA from Indiana University.

Prior to the establishment of BMcB, Don Backstrom served for thirteen years in California State Government. For over six of those years, Mr. Backstrom served as a California Deputy State Treasurer, where his duties included serving as the Executive Director of the California Industrial Development Financing Advisory Commission, the California Educational Facilities Authority, and the California School Finance Authority. Mr. Backstrom's public finance experience includes work for two major Wall Street firms.

In his career, Mr. Backstrom has served as Senior Manager of over $8 billion of various types of financings. Mr. Backstrom's recent underwriting clients include the CA State Treasurer's Office, City of Inglewood, Los Angeles County, San Diego County, Los Angeles Community College District, Los Angeles Community Redevelopment Agency, Port of Oakland, City of Richmond, Riverside County Public Financing Authority, San Diego Co. Regional Airport Authority, San Diego Redevelopment Agency, San Francisco Redevelopment Agency, Santa Clara Valley Water District, SF Bay Area Rapid Transit District, and University of California. Mr. Backstrom serves as financial advisor to the Los Angeles Community Redevelopment Agency, Compton Community College District, Inglewood Unified School District, and Tuskegee University.

Mr. Backstrom attended the American Institute of Banking, California State University at Dominguez Hills and holds a Series 52 Securities License. Mr. Backstrom is a resident of San Pedro, CA.

Leonard Berry has over 20 years of combined professional experience in the investment banking and brokerage industry. He has served as a project leader in various investment banking capacities. Mr. Berry's activities included account development, structuring and marketing of bond issues, securities and investment sales, public/private advisory and financing initiatives, and general banking.

Underwriting experience includes San Francisco Redevelopment Agency, San Diego County, San Diego Redevelopment Agency, San Diego County Regional Airports Authority, California Infrastructure and Economic Development Bank, Centre City Development Corp., SF Bay Area Rapid Transit District, Alameda Redevelopment Agency, City of Chicago. Other clients include the City of Los Angeles, Municipal Improvement Corporation of the City of Los Angeles (MICLA), Los Angeles Unified School District, and the Los Angeles Community College District, City of Oakland Joint Powers Financing Authority, Atlanta Redevelopment Authority and , Indianapolis Local Public Improvement Board. In addition, he provides PPP advisory services to the Port of Oakland, Port of San Francisco, and the San Francisco PUC. Mr. Berry also serves as financial advisor to Tuskegee University.

Mr. Berry holds a Master of Communications and a Bachelor of Arts degree with a major in Social Communications and General Studies from the University of Washington. Mr. Berry is a Municipal Securities Principal and General Securities Principal, with Series 7, 24, 52, 53, and 63 registrations.

Michael James recently joined Backstrom McCarley Berry as Senior Vice President responsible for day-to-day sales and trading activities. Mr. James has over 30 years experience in the securities industry and currently oversees our sales trading and underwriting activity. His career began in 1979 at Merrill Lynch and then Bache, Halsey, Stuart, Shields as an Account Executive where he managed the accounts for over 400 retail/institutional clients. Over the past 30 years he has served in various sales and underwriting capacities that included trading at an institutional level, municipal, corporate, treasuries and government agency bonds and equities. As an underwriter and investment banker he has been involved with the sale, structure, and/ or distribution of more than 200 transactions with a total issuance size exceeding $20 billion. His clients have ranged in size from the State of California to school districts and nonprofit organizations, and the individual retail investor. Mr. James is respected for his breath of knowledge, analytical approach and client-oriented service.

Mr. James is a graduate of Drexel University, with a B.S. in Finance and Economics. He holds Series 7 and 63 licenses.

Duncan Rowley brings to BMcB over 30 years of experience as a municipal bond professional. He joined the firm in 2011 bringing with him strong broker/dealer relationships in tax-exempt and taxable fixed income securities as well as special expertise in secondary market trading. Prior to joining BMcB he was a Principal with Banc of America Securities as head of broker/ dealer sales. He has worked with several other firms including Prager and Butler Larsen Pierce. He began his career with First Interstate Bank in New York City.

Mr. Rowley has a Bachelor of Arts degree from West Virginia Wesleyan College. He holds Series 7 and 63 licenses.

Mr. Browning-Smith has over 20 years of experience in the investment industry. In 1991, after seven years as a retail and institutional broker, Mr. Browning-Smith became involved in public finance at Stifel, Nicolaus and Company. While at Stifel, he participated in bond issues totaling over $2 Billion. He served as Senior Manager on behalf of the City of St. Louis, the Missouri Development Finance Board's statewide Municipal TRANS program and the pooled school districts TRANS program for the Missouri Health and Educational Facilities Authority (MOHEFA).

Additionally, Mr. Browning-Smith also served as Co-Senior Manager and Co- Manager on various Lambert-St. Louis Airport Bond issues. Other transportation related issues include Senior Manager for City of St. Louis-owned public parking garages, as well as co- manager for bond issues for MetroLink (formerly Bi-State Development Agency), which provides public transportation for St. Louis and several counties in Southern Illinois. Mr. Browning-Smith has also served as co-manager on issues for Indianapolis Airport, University of Missouri, Indiana State University, Kansas City, Mo, Missouri Industrial Development Authority and St. Louis Public Schools. His varied underwriting experience also includes hotel and arena bond financings.

Mr. Browning-Smith is a Series 7 and Series 63 registered representative. He is a U.S. Marine Corps veteran. Mr. Browning-Smith attended St. Louis University, where he majored in Marketing and Mass Communications.

Jesse Ortega directs all of the firm's credit review activities related to its public and private sector issuers. Prior to joining BMcB Mr. Ortega served as an Associate Director for Fitch Ratings, Inc. in both San Francisco and New York where he specialized in providing analytical services to transportation infrastructure and enterprise clients. .While at Fitch he served as the lead credit analyst for over 30 transportation credits nationally. Mr. Ortega background includes serving as the Senior Legislative Analyst for Legislative Advocacy Group, Inc. that is based in Los Angeles and Sacramento, CA.

Mr. Ortega's affiliations include: the National Federation of Municipal Analyst (NFMA), Airport Council International-North America (ACI-NA), American Association of Port Authorities (AAPA) and the Association of Latino Professionals in Finance and Accounting (ALPFA).

Mr. Ortega holds a Master's of Arts in Public Administration (M.P.A.) from the University of Southern California, School of Policy, Planning and Development and a Bachelor's of Arts in Spanish Literature from the University of California, Davis with a Minor in Economics.

Mr. Green joined BMcB as a Vice President in January of 2007 in the firm's Indianapolis office. He will be spearheading the firm's investment banking efforts in Indiana and the Midwest. He has served as a financial advisor with American Portfolios, Wachovia Securities, and Prudential Securities, providing securities in bonds, mutual funds, stocks, trusts, and annuities, as well as financial planning. Previously he served as an investment executive with Fifth Third Securities and began his financial services career with Indiana National Bank. He has served as co-manager on issues for Indianapolis Local Public Improvement Bond Bank (Sanitary District), Indiana State University and Ivy Tech Community College of Indiana.

Eric is a Series 7, 63 and 65 securities representative and completed his BA in Business Administration at the University of Kentucky.

Erwin Tam joined Backstrom McCarley Berry & Co. in 2009 as a Vice President in the firm's San Francisco office. Mr. Tam brings significant experience working with municipal issuers to address their capital financing needs. Mr. Tam has led quantitative efforts for over $3.1 billion in municipal debt, including many issuers in the San Francisco Bay Area. He has successfully completed issuances with the Bay Area Rapid Transit District (BART), Bay Area Toll Authority, Contra Costa Transportation Authority, East Bay Municipal Utility District, Santa Clara County, City and County of San Francisco and AC Transit among other issuers.

Prior to joining the firm, Mr. Tam provided investment banking and financial advisory services for public sector clients in positions with RBC Capital Markets, Bear, Stearns & Co. Inc., and Public Financial Management, Inc.

Mr. Tam has a Bachelor of Arts degree from the University of California, Berkeley in Economics and Environmental Science. He holds Series 7 and 63 licenses.

Ms. Jacqueline Lee provides quantitative analysis and transaction support to select investment banking and financial advisory clients such as the San Francisco International Airport, City and County of San Francisco and City of Los Angeles. Ms. Lee also leads the municipal short-term trading desk. She specializes in short-term securities including commercial paper, variable rate demand bonds and notes. Her experience includes Los Angeles USD, SPURR, Los Angeles Wastewater System, Riverside Co. Transportation Commission, Los Angeles Municipal Improvement Corporation and Alameda Co. JPA.

Ms. Lee has six years of municipal finance experience. She graduated magna cum laude with a Bachelor of Arts degree in economics from the University of California, Santa Barbara. She holds Series 7, 52 and 63 licenses. Ms. Lee is a board member of the San Francisco Municipal Bond Club.

Pharris Langston joined Backstrom McCarley Berry & Co. in April 2009 as an Associate in the firm's San Francisco Office. Ms. Langston provides general and administrative support as well as behind-the-scene assistance to the team. Ms. Langston's primary duties include general support, document review, and preparation of marketing materials and proposals.

Ms. Langston holds a B.B.A in Finance from the University of San Francisco.