RALPH HERNANDEZ, SENIOR PROJECT MANAGER, FUNCTIONAL CAPACITY

DEVELOPMENT AND CAPITAL MARKETS EXPERT

RALPH HERNANDEZ

SUMMARY OF RELEVANT EXPERIENCE

I have over 30 years of experience as a senior Project Management Professional both nationally and internationally. I have directed major costs financial sector development projects and have internationally recognized financial sector development, social services re-engineering and technology expertise. Commencing in 1996 I have successfully served as Chief of Party, Project Manager, Team Leader, Senior Technical Advisor directing international bi-lateral and multi-lateral donor funded projects in Eastern Europe, Asia, Africa and South America under the auspices of the USAID, World Bank, European Union, First Initiative, MCC, SIDA, DIFD/UKAID, Asian Development Bank (ADB), Inter- American Development Bank (IADB), as well as direct institutional and government funding. I have directed the design, development and implementation of successful solutions in all manner of financial sector interventions inclusive but not limited to ground-up securities markets design, development and implementation, security market re--engineering, ground-up development of asset custody infrastructure and legal framework, pension system reform, collective investment scheme diagnostics and market infrastructure development, financial market regulatory framework diagnostics and reform, social services reform, design and management of capital market training and certification programs, information technology design, development and implementation project management and the design and implementation of procurement policy, standards and evaluation processes. I have provided a series of seminars and lectures on a semi-annual basis during a multi-year period to the Kuwait Investment Authority under contract to Middle East Securities Training Corporation (MESTC). The seminars and lectures, were conducted on a semi-annual basis from 1998 until 2010 encompassed a comprehensive study of Securities Markets and Infrastructure, Securities Market Development and Implementation, Broker/Dealer Operations, Investment Fund Operations, Market Data Services, Electronic Clearing, Settlement and Depositories, Information Systems Development and Implementation Standards and Procedures and on Capital Markets in general. Areas of Relevant Expertise:

Senior Project Manager International Development Donor Institutions

Project Design, Development and Implementation Management

Financial Market Institutional Assessment & Structural Re-Engineering

Capital Markets Design, Development and Re-engineering

Development of Capacity Building Initiatives inclusive of Professional Certification Programs

PMP, SaaS Project Implementation, Agile/Scrum/Waterfall Methodologies Project Management Certifications (PMP):

United States Agency for International Development (USAID)—US State Department Bi-Lateral donor organization:

Capital Markets Advisor—Level 1 (Senior Level

Project Manager (re-certified 2004))

Chief of Party—Capital Markets

Project Manager—Capital Markets

Millennium Challenge Corporation (MCC)—US State Department Multi-Lateral donor organization:

Project Manager

Capital Markets Expert

Information Technology Expert

RALPH HERNANDEZ, SENIOR PROJECT MANAGER, FUNCTIONAL CAPACITY DEVELOPMENT AND CAPITAL MARKETS EXPERT

World Bank:

Project Manager—Financial Sector Development

Project Team Leader—Financial Sector

Development

Pension Reform Expert

Information Technology Expert

European Union / European Union Commission:

Project Manager—Financial Sector Development

Team Leader—Capital Markets Development

Capital Markets Expert

Information Technology Expert

First Initiative (World Bank Associate Multi-Lateral Donor Organization):

Capital Markets Expert Pension Reform Expert

Asian Development Bank (ADB)—Multi-Lateral Donor Organization:

Project Manager—Pension Systems Reform

Project Manager—Financial Sector Development

Project Manager—Capital Markets Expert

Pension Systems Reform Expert

Information Technology Expert

Inter-American Development Bank (IADB):

Project Manager—Financial Sector Development

Team Leader—Financial Sector Development

Project Manager—Capital Markets Expert

United Kingdom Department For International Development (DFID-now-UKAID):

Project Manager—Financial Sector

Development

Capital Markets Expert

INTERNATIONAL PROJECT MANAGEMENT EXPERIENCE

United States, Bosnia-Herezegovina, Cabo Verde, Chile, Costa Rica, Eastern Carribbean, Ethiopia, Guatemala, India, Iraq, Kurdistan, Kuwait, Macedonia, Moldova, Nepal, Nicaragua, Panama, People’s Republic of China, Romania, Russia, Syria, Turkey, Ukraine, Viet Nam Project Management Methodology Expertise

AGILE, SCRUM, SAAS, WATERFALL, PRINCE2, ETL PROCESS LOUIS BERGER GROUP: Project Manager, Senior Securities Market Advisor Erbil, Kurdistan - March 2013—June 2014

Erbil Stock Exchange (ESX)

Kurdistan based Project Manager and Senior Securities Market Advisor for the design and development and implementation—ground-up—of the Erbil Stock Exchange (ESX) in Kurdistan (independent of the Iraq Stock Exchange).

Directed a team of international experts in the (i) Development of the ESX Legal and Regulatory Framework; (ii) the ESX Operational, Functional and Management Infrastructure; (iii) Design specifications for the selected Nasdaq OMX Trading platform; development of the legal and regulatory framework in collaboration with the Iraq Securities Commission to ensure final approval of all proposed market regulations and enhancements to existing framework; (iv) Coordination with the Kurdistan Ministry of Finance and its oversight board; the Iraq Association of Broker Dealers (IASD) and various Chambers of Commerce in the major cities of Kurdistan so as to secure commitments from major Kurdistan companies for listing on the exchange and collaboration with major international development agencies. RALPH HERNANDEZ, SENIOR PROJECT MANAGER, FUNCTIONAL CAPACITY DEVELOPMENT AND CAPITAL MARKETS EXPERT

LOUIS BERGER GROUP: Senior Technical Advisor

USAID: Baghdad, Iraq - January 2012—December 2012

Development of a Joint Private—Public Sector Task Force Senior Technical Advisor responsible for directing the design, development and implementation of a joint public-private sector development Task Force.

Provided technical advisory support, in collaboration with the other components of the USAID Iraq financial sector development initiatives, for the establishment of a dedicated organizational structure, in the form of a private bankers Association, for defining and prioritizing viable initiatives that would serve to empower the private financial sector to effect capacity development and increase professional expertise.

Designed the Task Force structural blueprint, the mission statement and action plan for the creation of a Public/Private platform for the implementation of necessary strategies for the strengthening of the private financial sector;

Provided advisory support, in collaboration with other components of the USAID Iraq Financial Sector Development Initiative, in the design of curriculums for the development of the capacity of the private sector banks and their personnel;

Designed a focused strategy and cultivated relationships with potential champions for private sector development within key government of Iraq (GoI) and private sector entities inclusive of the Prime Minister’s Advisory Board, the National Investment Commission (NIC), the Council of Representatives

(MPs), the Ministry of Finance (MOF), Iraq Lawyers Association, Iraq Institute for Economic Reform, Iraq Securities Commission (ISC), Iraq Stock Exchange (ISX), the entire private banking community

(36 banks) among other key players,

Provided technical advisory support for defining Policy, Legal, Regulatory and Administrative Reforms for implementation that would expand Financial Sector Intermediation. Completed the construct and delivery of a White Paper on importance of developing private sector, in particular the private financial sector.

Conducted a comprehensive analysis of the existing conditions within Central Bank of Iraq (CBI) as well as outside its purview that were deterring development/reform of the private financial sector.

Conducted a series of diagnostics regarding CBI regulations, conflicts with MOF directives, and definitional requirements for rules governing distinct banking models, i.e. Islamic Banking vs. Traditional Banking vs. Investment Banking models.

Collaborated with another USAID project component on the development of focused University banking and finance programs in order to enable the collaboration with Iraq private banking association and USAID Task Force to conduct research and policy papers. LOUIS BERGER GROUP: Team Leader, Senior Technical Advisor USAID: Baghdad, Iraq - September 2010—December 2011 Central Bank of Iraq (CBI), Credit Information Bureau Re-engineering Team Leader-Senior Technical Advisor for the development of a restructured Credit Information Bureau for the Central Bank of Iraq (CBI). I successfully provided technical advisory support to the Central Bank of Iraq (CBI) as follows:

Conducted an analysis, in collaboration with the CBI Bank Supervision and ICT departments, of the state of failed loans in the private banking sector and the control mechanisms in place at the individual private sector banks and the CBI;

Designed, developed and implemented a CBI oversight committee, composed of senior officers of the CBI, senior management representation of the private sector banks and senior officer representatives of the two Iraq bankers associations, tasked with

RALPH HERNANDEZ, SENIOR PROJECT MANAGER, FUNCTIONAL CAPACITY DEVELOPMENT AND CAPITAL MARKETS EXPERT

Development of a comprehensive action plan and securing agreement for the development of a proper credit information platform based on the highest internationally accepted standards

Drafting of a new legal and regulatory framework for enactment by the Council of Ministers

Completed the preparation of the procurement procedures, protocols and bidding documents for the contracting of a proven provider of Credit Information system platforms; MAXWELL STAMP (UK): Project Manager, Capital Markets Technical Advisor WORLD BANK: Addis Ababa, Ethiopia - National Bank of Ethiopia 2009 Strengthening the Financial Sector Capacity

I directed the development of the project plan for the strengthening of Ethiopia’s financial sector, Legal framework and infrastructure, inclusive of the following:

Directed the drafting of the legal, regulatory and supervisory framework for securities markets inclusive of a revised Securities Law and a new law establishing the office of the Securities Market Regulator.

Developed the strategy and project plan for the creation of Government and Corporate bond markets;

Conducted and delivered a comprehensive feasibility study and strategic project implementation plan for the establishment of a stock (“Securities Market”) exchange that would also serve as the secondary market for Government bond (“debt”) issuance and future corporate equities;

Assessed and developed the Information Technology strategy for information technology infrastructure investments required to establish a the new securities market trading platform and a centralized securities settlement and clearing (CSD) entity for debt and equity securities in collaboration with the Information Technology Directorate of Ethiopia;

Designed and conducted seminars for senior government representatives with a vested interest in the establishment of a Government debt instrument (Bond) market and a Corporate Bond and Equity market.

Conducted an analysis and prepared recommendations regarding Audit and Accounting standards for the markets for the Auditor General of Ethiopia.

The Auditor General of Ethiopia subsequently submitted the draft legislation and secured legislative approval requiring uniformed accounting standards for financial companies, inclusive of the banking sector.

Developed a detailed plan of action for the establishment of a permanent Securities Market training facility and developed the curriculum design for the government owned capital market training facility. MESTC (Middle East Securities Training Center): Kuwait City - Kuwait KUWAIT INVESTMENT AUTHORITY (KIA): KUWAIT 2008—2009

Independent consultant as Senior Technical provider of a series of semi-annual advanced training programs for the Kuwait Investment Authority (KIA).

I designed and delivered a quarterly series of next level training programs for recent Masters Graduates hires of the KIA during a two year period.

Additionally, I served as the presenter of a technical seminar as a component of the annual conference of the Union of Arab Securities Authorities conducted in Damascus, Syria. RALPH HERNANDEZ, SENIOR PROJECT MANAGER, FUNCTIONAL CAPACITY DEVELOPMENT AND CAPITAL MARKETS EXPERT

STERLING MERCHANT FINANCE, LTD: Project Team Leader, Capital Markets and Information Technology Technical Advisor

MILLENNIUM CHALLENGE CORPORATION: July 2007—September 2008 Republic of Cabo Verde Ministry of Finance and Public Administration (MFPA), under the auspices of the World Bank

Project Team Leader, Capital Markets and Information Technology Technical Advisor directing a multi- phased intervention to develop and implement legal, regulatory and institutional framework for the government debt securities market.

Completed a comprehensive diagnostic of existing legal and regulatory framework for the Government debt securities,

Conducted an appraisal of the nature and usefulness of the procedures, institutional protocols and information technology and communication platform(s) actually in use to manage the auction of Government debt securities,

Designed a blueprint for a revised auction mechanism to enable new classes of investors to access the primary and secondary market for Government securities,

Designed an expanded auction to enable the achievement of set targets,

Developed a strategic plan of action inclusive of recommendations as to required enhancements for the existing trading platform (the Cabo Verde Securities Market);

Developed an information technology and communication platform and or equipment need to implement the strategic plan.

PLANET S.A.: Project Team Leader, SISP Technical Advisor EU Commission/UKAID: Republic of Turkey, Capital Markets Board of Turkey (CMBT), December 2006—July 2007

Planet S.A. (Greece) as the prime contractor and Deutsche Borse Systems A.G. (Germany) and BIS (Turkey) as regulatory systems and MIS re-engineering technical advisors and consortium partner

Project Team Leader and SISP Technical advisor to the Capital Markets Board of Turkey (CMBT). Developed a three year Strategic Information Systems Plan (SISP) inclusive of

Assessment of Current State,

Definition and Design of Future State and

Development of Migration Plan,

Directed the elaboration of a comprehensive feasibility study for an Electronic Data Gathering and Applications System (EDGAS) inclusive but not limited to

Analysis of Existing Methodologies, protocols and systems;

Elaboration of Feasibility Study for EDGAS,

Elaboration of Technical Specifications for EDGAS, and Directed the design of an Advanced Market Surveillance system (ASUR) to be implemented during the three year SISP project inclusive but not limited to: Conducted an analysis of the current functional capacity in Turkey, Surveillance procedures, data structure, licensed institutions and existing form of Surveillance Systems. Conducted a comparative of selected EU member countries with special emphasis on compliance with the newly introduced EU CESR MFID standards;

The assessment and finalization of the functional requirements for an ASUR, with respect to the specific requirements of CMB in a European context; RALPH HERNANDEZ, SENIOR PROJECT MANAGER, FUNCTIONAL CAPACITY DEVELOPMENT AND CAPITAL MARKETS EXPERT

Directed the establishment of needed communication environment between CMB and the key stakeholders for the presentation of project results and project gate assessments;

Finalized the technical requirements of an ASUR, with respect to outlined functionality and,

Directed the creation of a ‘make or buy’ guidance and test platform as a training tool for the development engineers of the CMBT

IOS Partners: Vice President and Director of International Financial Sector Development 2002-to-2006

IOS Partners, a Florida based consulting firm specializing in a broad based portfolio of development expertise inclusive of Financial Sector Development, Pension and Social Services Reform and Privatization. I, Ralph Hernandez, directed the procurement and management of all Financial Sector and Pension/Social Services Reform technical advisory contracts inclusive of new business and services product development, and Project Management for all IOS financial sector development projects from 2002—until--2006. I, Ralph Hernandez, increased the portfolio value from an average US$ 483,000 per annum to US$ 10 million within the first year.

KINGDOM OF NEPAL: Project Manager and Information Technology Technical Advisor Nepal Rastra Bank (Central Bank) under the auspices of the Asian Development Bank (ADB) Project Manager and Information Technology Technical Advisor. I successfully managed a team of international bank and financial market control and oversight experts tasked with the comprehensive development of needed stratagems and recommended solutions for the re-engineering of the Nepal Rastra Bank (Central bank of Nepal). Additionally, the project was tasked with the oversight of the contractual bank management consultants (individuals and firm) responsible for the restructuring of the two largest commercial banks in Nepal.

Bank Supervision Department Re-engineering— Advised and directed a comprehensive diagnostic of the current inspection capacity, standardized procedural guidelines, and oversight management and inspection practices,

Accounting and Audit Department Re-engineering—Directed a comprehensive diagnostic and submitted recommendations to the NRB on all matters pertaining to the existing legal, regulatory, institutional procedural and measurement frameworks so as to formulate a program for the re- engineering, training and the modernization of NRB,

Human Resource Re-engineering—Directed a comprehensive diagnostic and prepared organizational wide recommendations to the NRB on all matters pertaining to the reform and strengthening of Human Resource management strategies,

Bank Restructuring Technical Advisory—Directed advisory support to the Nepal Rastra Bank and the designated NRB Oversight Committee in the monitoring and evaluation of the two (2) management teams contracted to re-engineer both the Rastriya Banijiya Bank (RBB) and the Nepal Bank Limited

(NBL),

Information Technology Analysis—conducted a comprehensive analysis of the state of the NRB’s national information technology infrastructure, software and hardware platform, project management standards, procurement standards, decision making hierarchy for the purpose of preparing the Terms of Reference (TOR) to facilitate a US$10 million funding grant from the World Bank. RUSSIAN FEDERATION: Project Manager

Russia Improvement of Corporate Governance Mechanisms: Center for Capital Market Development (CCMD) Capital Market Development Project—under the auspices of the World Bank I served as the Project Manager directing the diagnostics and proposed enhancements of the existing capital market legal and regulatory framework. The project conducted a comprehensive analysis and provided a plan of action for government intervention: RALPH HERNANDEZ, SENIOR PROJECT MANAGER, FUNCTIONAL CAPACITY DEVELOPMENT AND CAPITAL MARKETS EXPERT

Determination of fiduciary responsibilities of the board members, members of the collegial executive body, criteria of good faith and reasonableness of their activities;

Review of the statutes of civil, administrative and criminal liability for improper performance of their duties and for abuses against interests of the companies and their participants;

Directed the analysis of the practical issues for legal action regarding the above persons and or legal entities liable for violations in the financial market;

Identification and assessing the legal framework for initiation of legal actions vs. management companies (managers) and board members- representatives of State;

Analysis of other mechanisms used by developed countries to protect investor rights; ie. Existing and proposed European Union (EU) legislation and related EU Directives that apply to insider dealing and other market abuse, and

A review of the latest changes in legal regulation and judicial practice within the member countries for review

REPUBLIC OF MACEDONIA: Project Manager, Technical Advisor National Bank of the Republic of Macedonia under the auspices of USAID SEGIR FS I—Bank and Non-Bank Financial Institutions Strengthening in Macedonia I directed the design of the structural and functional requirements for the newly created Asset Custody Department of the National Bank for the Republic of Macedonia to support future private pension fund administrators inclusive of the design of the overall business strategy for the legally mandated custodial unit.

Identified legal and regulatory framework weaknesses and recommended corrective action in collaboration with our Legal team;

Assisted, in a technical advisory capacity, with the drafting of the by-laws and other legal documents required to establish the custodial operation as mandated by the revised law under the central bank charter;

Designed the organizational and functional structure of the custodial unit inclusive of compliance and governance standards based on international best practices, i.e. IOSCO, EU CESR and US SEC standards, rules and regulations governing collective investment funds;

Determined the staffing needs of the unit, and drafted job descriptions detailing the duties and responsibilities, educational, and experience requirements for each position;

Developed a detailed budget for the first year of operations and a draft operating budget for the subsequent four years;

Identified the fundamental business processes required and define them in sufficient detail so that needed rules and regulations could be drafted, and needed hardware and software specifications could be prepared;

Designed the business and technical specifications for the creation of new MIS applications that would enable the review of all trading activity to ensure compliance with revisions in the Pension Fund Law framework and standards and business specifications and operational standards for an Early Warning System.

BOSNIA-HERZEGOVINA: Project Manager

Ministry of Health and Social Services, Ministry of Finance, under the auspices of the World Bank

Project manager overseeing a team of international and domestic experts on a three-year technical assistance project as Social Insurance Administration Advisors under the Bosnia-Herzegovina SITAP project (Sub-Component 1.2). The project encompassed a comprehensive diagnostic of all agencies, policies and government agency capacity for the delivery of social insurance services. RALPH HERNANDEZ, SENIOR PROJECT MANAGER, FUNCTIONAL CAPACITY DEVELOPMENT AND CAPITAL MARKETS EXPERT

I provided technical advisory support for the development of an E-Government Information Technology stratagem.

REPUBLIC OF MOLDOVA: Senior Technical Advisor

National Bank of Moldova (NBRM) (under contract to Maxwell Stamp, UK (under the auspices of First Initiatives)

I successfully completed a comprehensive diagnostic of the potential for the development and implementation of a trading system for Money Market Instruments designed to empower the central bank to better manage excess liquidity in the banking system.

Conducted an infrastructure and capacity needs assessment for the development and implementation of Money Market Instrument primary and secondary securities market capacity inclusive of interbank and secondary market Repurchase Agreements and secondary market intermediation of government debt securities;

Conducted an information technology needs assessment of the central bank as well as the key banks;

Conducted a review of existing, planned and requisite legal and regulatory framework to ensure compliance with EU CESR and IOSCO standards and the harmonization between bank, securities and tax laws governing investment product intermediation, clearance and settlement and beneficial ownership registration;

Prepared a blueprint for the development and implementation of the requisite functional and MIS infrastructure and compliance market oversight for the central bank;

Prepared detailed business and technical specifications inclusive of trade entry and data element mock-ups and project action plan as the design document for the development and implementation of a modular Money Market Instrument secondary market trading platform encompassing both an Interbank trading platform and broker (bank and non-bank) trading platform. Intrados Consulting Group Senior Vice President and Director of Financial Sector Development 1996—until—2001:

Intrados Consulting Group, a Washington DC based consulting firm specializing in international financial sector development. Ralph Hernandez was responsible for the procurement and management of all Financial Sector technical advisory contracts inclusive of new business and services product development and Project Management for all IOS financial sector development projects. During the period of 1996—until—2001 Mr. Hernandez was responsible for managing several development portfolios:

Managed a portfolio of USAID Omnibus Contracts totalling US$ 35 million,

Managed a portfolio of Asian Development Bank (ADB) Contracts totalling US$ 2.14 million,

Managed a portfolio of Inter-American Development Bank (IADB) Contracts totalling US$ 2.1 million

Managed a portfolio of World Bank (WB) Contracts totalling US$ 2.2 million REPUBLIC OF ROMANIA: USAID Chief of Party, Senior Technical Advisor, National Electronic Securities Market (RASDAQ)

Directed the design and the ground-up development of the entire infrastructure, framework and the trading system platform for the National Electronic Securities Market (RASDAQ) under the auspices of USAID and World Bank advisory support. The design, development and implementation of the entire market infrastructure to enable the Mass Privatization of approximately 5000 government owned companies. I served as the USAID Chief of Party for the entire 2.5 year design, development and implementation of the RASDAQ Securities Market. The market design and development encompassed (i) the design, development and implementation of an electronic real-time trading system, (ii) the RALPH HERNANDEZ, SENIOR PROJECT MANAGER, FUNCTIONAL CAPACITY DEVELOPMENT AND CAPITAL MARKETS EXPERT

simultaneous development and implementation of all market support institutions, the creation of a professional broker-dealer representative organization and the legal and regulatory framework.

Provided advisory support to the Romanian National Securities and Exchange Commission for the review of EU requirements governing securities market legal and regulatory framework compliance.

Collaborated in the drafting of the legal and regulatory framework compliance requirement enhancements for future EU compliance.

Directed the design and delivery of the Romanian National Securities And Exchange Commission approved mandatory pre-licensing certification training programs;

Designed and delivered a national public awareness campaign with the support of both national print and broadcast providers.

Conducted a series of conferences with members of the Romanian senate for ratification of needed legal framework enhancements. This included a nationally televised senate hearing prior to the official opening of the RASDAQ market.

Directed the management of the transfer of the (5000) government owned enterprises for listing on the RASDAQ market effectively transferring ownership to over 16 million shareholders and the establishment of a staggered licensing schedule for 150 market intermediaries. Communication infrastructure requirements were designed, developed and implemented by the project.

Provided technical advisory support for the creation of the Romanian National Association Of Broker Dealers,

Directed the design, development and implementation of an (national) independent share registry

(ISR),

Directed the design, development and implementation of the securities and cash clearance and settlement process and a national electronic securities depository based on IOSCO, G-30 and US SEC and National Securities Clearing Corporation (NSCC) and the Depository Trust Company (DTC) standards,

Directed the enhancement of the legal and regulatory framework that was enacted to support the creation of the electronic securities trading market in Romania. PEOPLE’S REPUBLIC OF CHINA: Project Manager and Senior Technical Advisor Asian Development Bank (ADB): Ministry of Labour and Social Security I served as Project Manager and Senior Technical Advisory directing the development of MLSS Administrative System and the Legal Regulatory and Supervisory Framework underpinning for two new Pension System development projects.

Directed the design and development of a pension administration system to provide a common MIS interface with administration of other elements of the social insurance system (medical insurance, unemployment insurance, maternity insurance and employment injury insurance), and the social safety net, at local level, and supervision thereof at the level of MOLSS

Directed the evaluation of the legal framework of the

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