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Stewart Simon, Ph.D.Beacon Lights Research & Advisory, LLC

Experience & Professional Qualifications

November 4, 2016

Cumulative Experience & Competencies

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Consultant

Investment Mngt Beacon Lights

Bond Insurance UBS UBS

Municipal Ratings FGIC FGIC FGIC

Local Government FITCH FITCH FITCH FITCH

State Government NYC HPD NYC HPD NYC HPD NYC HPD NYC HPD

Academia NYS DOB NYS DOB NYS DOB NYS DOB NYS DOB NYS DOB

Ph.D. Ph.D. Ph.D. Ph.D. Ph.D. Ph.D. Ph.D.

1979 - 1986 1979 - 1986 1988 - 1989 1989 - 1994 1994 - 2009 2010 -2011 2012 - Present

Ph.D. Public Administration &

FinanceSenior Budget

AnalystAssistant

Commisioner Chief Financial Officer

Vice President Managing Director Director Principal Consultant

► Research Critical Thinking ► Problem Solving ►

► Public Policy Analysis ►Budget Planning Credit ►Workouts

► Organization Mngt Budget ►Execution ►Negoiation

► Capital Markets Credit Analysis ► Due ►Dilligence

► Investment Mngt Risk Management ► ►Underwriting

► Relative Valuations Portfolio Construction ►

Series 7 & 63 ►

► Research & Advisory Exploit Technology ► ►Guarantor Accounting

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Beacon Lights Advisory, LLCStewart Simon, Principal

Beacon Lights Research & Advisory, LLC is a public sector finance consulting practice providing municipal advisory services to state & local governments, municipal bond investment managers, and public policy researchers

Direct and Other Government- Related Work Experience

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New York City Department of Housing & Development (FT)New York State Division of the Budget (FT)New York State Department of Agriculture & Markets (FT)New York State Assembly Ways & Means Committee (Internship)Ulster County, New York, District Attorney Consumer Fraud (Internship)Federal – State – Local Task Force: Ft. Drum, NY Military RealignmentFederal – State Task Force: Voluntary Metric System ConversionRye Brook, NY, Westchester Co. Airport Advisory Board (Representative)US Dept. of Labor, CETA Project (NYS Dept. of Agriculture & Markets)Albany, New York Transportation Commission (Community Representative)Nassau County, New York, Dept. of Parks & Recreation (Summer Positions)

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Public Finance Consulting Assignments2012 - 2016

Company Subject

Bain & Company Bond pricing and Evaluation

Bank of America Merrill Lynch Municipal Default & Ch. 9 Bankruptcy

Coleman Research Detroit and Puerto Rico

Goldman Sachs Municipal Default & Ch. 9 Bankruptcy

Legg Mason Bond Insurance & Ch. 9 Bankruptcy

GLG Research Public Finance

Lumesis Socio-Economic-Finance indicators

McKinsey & Co. Bond Pricing & Credit Stress Tests

Perella Weinberg Partners Puerto Rico Financial Stress

Savader Asset Advisors Portfolio Surveillance

Taconic Capital Puerto Rico Economic Situation

Western Asset Portfolio Surveillance

Och-Ziff Bond Mechanics & Default

Municipal Credit Analysis: Demonstrated analytical proficiency in a broad-range of bond sectors, including tax-backed, higher education facilities, housing agencies, transportation projects, utility systems, and 501(c)(3) entities

Special Projects: City of New Haven, CT property tax collections and securitization; Orange County HEFA permitted investments (GICS) and debt defeasance; and City of Philadelphia, Pa insurance policy contract dispute

Risk Management: Developed earthquake risk policy based on the Mercalli Scale

Special Projects: City of New Haven, CT property tax collections and securitization; Orange County HEFA permitted investments (GICS) and debt defeasance; and City of Philadelphia, Pa insurance policy contract dispute

Workouts, Remediation And Advisory, Cont.

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Intergovernmental Relations: Served on special committees, including the National Bureau of Standards to implement metric system conversion in New York State, and the federal-state-local task force that developed the plan to implement the huge expansion of the U.S. Army’s Ft. Drum, New York Management and Program Reviews: Conducted management reviews that enhanced the capability of the NYS Department of Environmental Protection to improve statewide wastewater treatment plant performance and strengthened the Department of Banking oversight of state-chartered banks

Data Base Construction: Developed database systems that strengthened New York State’s ability to monitor finances of 1,600 local entities

Workouts, Remediation And Advisory, Cont.

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Workouts, Remediation & Advisory 

Workouts: Led New York State efforts to develop specific solutions and remedial courses of action for fiscally distressed local governments to reduce the need for state financial assistance, including New York City, Yonkers and Utica

Transaction Structuring: Negotiated terms, conditions, and protective covenants for the issuance of bonds and insurance policies Financial Analysis: Strong ability to analyze GAAP and GASB financial statements, analyze cash flows, pro forma statements and projections

Municipal Credit Analysis: Demonstrated analytical proficiency in a broad-range of bond sectors, including tax-backed, higher education facilities, housing agencies, transportation projects, utility systems, and 501(c)(3) entities

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The Working Group For The Fiscal and Economic Recovery of Puerto Rico

June 27, 2016

Puerto Rico Restructuring Counterproposal

Bonistas Del Patio

Stewart Simon, Ph.D.Beacon Lights Research & Advisory, LLC

Stewart Simon: Team Leader

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Municipal Marketplace Update

Has A Tumultuous 2013 Created Opportunity In The Muni Market?

Stewart Simon, Ph.D.February 26, 2014

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Detroit Bankruptcy Filing: Implications for Bond Insurers

and Municipal Market

Stewart Simon, Ph.D.August 21, 2013

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UBS Municipal Research

Stewart Simon

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PUBLIC POLICY RESEARCH

INFRASTRUCTURE FINANCING

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City of New York1988

NEW YORK CITY DEPARTMENT OF

HOUSING PRESERVATION &

DEVELOPMENT

ASSISTANT COMMISSIONER FISCAL

PLANNING AND CONTROLS. SIMON

BUREAU OF FISCAL AFFAIRS COMPTROLLER

A. CLARK

PAYMENT OPERATIONCONTRACT COMPLIANCE

AND VOUCHERING ENGINEERING AUDIT AUDIT BANKING AND REVENUE FISCAL ANALYSISK. SAMPSON H. ANTHON J. ROSSBACH S. ORLANDO D. BURTON D. BURTON

PROCESS INVOICES LESS THAN $10,000 MONITOR CONTRACTS

APPROVE CONSTRUCTION CONDUCT AUDITS BANKING FUNCTIONS CONDUCT FISCAL ANALYSIS

● FUEL & UTILITIES ● PROGRAM PAYMENTS ● LOANS ● INTERNAL AUDITS ● ACCOUNTING & BILLING ● MITCHELL-LAMA TAX● DRAWSLIPS ● LOANS ● DEMOLITION ● COMMUNITY MNGT. ● BANK RECONCILIATIONS ● DEVELOPMENT FINANCE● OTPS ● CAPITAL CONTRACTS ● SYSTEM CONTRACTS ● TAX SYNDICATION ● MORTGAGE COLLECTION ● SPECIAL PROJECTS

● SECTION 8 SUBSIDIES ● COMMUNITY ● RECEIVERSHIP● HANDYMAN & ● 7-A ● LAND SALES

Stewart Simon CFO