Arco Capital Management

Mr. Johnston has served as ACM Chief Executive Officer since its formation. He is also the Chairman of the Board of Directors and Chief Executive Officer of Arco Capital Corporation Ltd. From 1999 to 2008, Mr. Johnston was a Co-Managing Partner of Gramercy Advisors, LLC, where he co-managed the portfolio investments of various funds and other accounts managed by Gramercy. Prior to joining Gramercy, from 1998 to 1999, Mr. Johnston was Managing Director and Head of Emerging Markets Fixed Income Sales at Deutsche Bank Securities, Inc., where he was responsible for a 13-person sales group. From 1996 to 1998, Mr. Johnston was a Senior Vice President at Lehman Brothers in the Emerging Markets Group. Prior to that Mr. Johnston worked in institutional fixed income, emerging market and high yield sales at a variety of institutions, including ING Baring Securities, Inc., Oppenheimer & Company, Inc. and Dean Witter Reynolds, Inc. From 1983 to 1984, Mr. Johnston was a Portfolio Manager at Patterson Capital Corporation where he was responsible for managing a $1.3 billion portfolio of mortgage backed securities for a variety of U.S. Savings and Loans. Mr. Johnston received a B.S. degree in Finance at the University of Florida.

Mr. Piovanetti has served as ACM President since its formation. He is also the President, Chief Operating Officer, and Director of Arco Capital Corporation, Ltd. Mr. Piovanetti has more than a decade and a half of experience working in various areas of corporate finance, capital markets and investment banking. From 2003 to 2006, Mr. Piovanetti was a Managing Director at Gramercy Advisors LLC. Prior to joining Gramercy, from 1997 to 2003, Mr. Piovanetti was employed as an Analyst and later as an Associate, a Vice President and then as a Director at Deutsche Bank in its Structured Capital Markets Group, which executed proprietary and client arbitrage transactions. From 1995 to 1997, he was a Senior Analyst in Deloitte & Touche LLC’s Corporate Finance Group where he consulted in the areas of commercial lending, mergers and acquisitions, management buyouts, capital sourcing and valuation services. Mr. Piovanetti received B.A. and B.S. degrees in Economics and Finance at Bryant University, and an M.B.A. in Finance at Columbia Business School.

Mr. Rodríguez has more than 20 years of experience in the financial industry. He joined ACM in June 2007. Previous to this appointment, from August 2004 to May 2007, Mr. Rodríguez served as Chief Investment Officer (CFO) for RG Financial Corporation in Puerto Rico, a public Bank holding company. He was in charge of the Investment, Treasury and the Secondary Market division. From January 1995 to May 2004, Mr. Rodríguez worked at The Bank & Trust of Puerto Rico, a private commercial bank, occupying various positions from Senior Vice President and CFO up to President and CEO of the Bank. From November 1984 to December 1994, he worked at First Bancorp Puerto Rico as Vice President of the finance division for two years and later as a Senior Vice President of investments for 8 years. Mr. Rodríguez is a former manager from KPMG San Juan. He served in the audit division specializing mostly in the Bank and manufacturing industry. Mr. Rodríguez graduated Magna Cum Laude from the University of Puerto Rico, Río Piedras campus where he received a B.S. degree in Business Administration with a major in Accounting. Mr. Rodríguez is a CPA, member of the Puerto Rico Society of CPAs and member of the AICPA.

Juan Carlos Bou-Cardona has served as our General Counsel since May 21, 2007. From September 2003 to May 2007, Mr. Bou worked in the law firm of Fiddler, Gonzalez & Rodriguez, P.S.C., in the corporate and securities department, handling public and private offerings, merger and asset acquisitions, securities and banking compliance matters and international financial transactions. From February 2001 through May 2002, Mr. Bou was an assistant advisor to the Governor of the Commonwealth of Puerto Rico. Mr. Bou holds a double major in Finance and Philosophy from Boston College; a Juris Doctor from the University of Puerto Rico Law School and a Masters of Laws (LLM) from the Columbia Law School. Mr. Bou is licensed to practice law in Puerto Rico and New York.

Mr. Hernández has served as an ACM Managing Director since January 2008. Mr. Hernandez is primarily responsible for the origination, structuring and execution of investments for Arco. Mr. Hernandez also works closely with senior management in the development and implementation of strategic initiatives for Arco. Prior to joining the company in 2007 as a Senior Vice President, he occupied the position of Director in the European Mergers & Acquisition Group of UBS Limited. During his tenure at UBS, he was involved in several multi-billion-dollars cross border transactions. In addition, Mr. Hernandez led several buy-side mandates for major European private equity firms. Prior to UBS, Mr. Hernandez worked for nine years at JPMorgan Chase in various corporate finance / investment banking positions in Asia, Australia, Europe and Latin America. Overall, Mr. Hernández has been directly involved in the sourcing and execution of over 30 merger & acquisition transactions with a total value in excess of $45 billion. Throughout his career he has accumulated extensive expertise in the underwriting of loans, fixed income and equity securities with over $2.5 billion of placed capital. Mr. Hernández received a B.S. degree in Finance, Investment and Economics from Babson College and the London School of Economics.

Prior to joining ACM, Mr. Gyaurov worked in Bermuda with Ernst & Young’s hedge fund practice. Mr. Gyaurov has over 7 years of diverse transaction and analyst experience in private equity, corporate finance and business assurance services. He has also held positions with ING Barings, Arthur Andersen, MG Asset Management, and Sigma Capital Management, a private equity fund. Mr. Gyaurov received a B.S. degree in Economics and a M.A. degree in Macroeconomics from the University of Sofia, Bulgaria, (Honors), and in 2007 earned his M.B.A. from INSEAD in France and Singapore. Mr. Gyaurov is also a CFA chartholder.

Priscilla G. Pacheco Rodríguez joined ACM in May 2008. Prior to assuming the ACM position, Ms. Pacheco worked as a Manager for PricewaterhouseCoopers, LLP in San Juan, Puerto Rico. She served in the financial services industry group of the firm’s assurance and audit division. She specialized in publicly traded financial institutions, accelerated filers in the banking industry, SEC regulatory filings, as well as Sarbanes-Oxley Act compliance. Prior to her role at PwC, she worked with Deloitte & Touche, LLP, also in their assurance and audit practice in the financial services industry group. Ms. Pacheco graduated Cum Laude from the University of Puerto Rico where she received a bachelor’s degree in Business Administration with a major in Accounting and is currently in the process of completing her master’s degree in Business Administration with a major in International Business from the University of Puerto Rico. Ms. Pacheco also holds a Juris Doctor degree from the University of Puerto Rico Law School. She is a certified public accountant and a licensed attorney and notary public in Puerto Rico.