Carlos E. Serrano: McConnell Valdés Page | of 1 McConnell Valdés g 5 Carlos E. Serrano His expertise covers Puerto Rico income taxation of foreign and resident endities, industrial, tourism and urban development incentives, excise, sales & use tax and tax controversies. Mr. Serrarw, who is ranked a3 one of Puerto Fico’s Leading Amomeys in the Tax field by the renowned intemational publication Chambers & Partners Latin America Guide, has influenced mary of Puerto Rico's tax and tax incentives policies of the last decade. He served as Assistant Secretary for internal Revenue, Puerto Rico Treasury Depariment, were he led the drafting of the proposed 2006 Puerto Alico tax reform and later was responsible for implementing the Puerto Pico sales and use tax. Capital Member and Chairman, Tax Practice Group Member, Government Mars. Emenairenent & Media and Tax Exemption Practice Teams During his term, he spearheaded municipal sales and use tax simplification, which led to the centralized administration of the tax cn behalt of 22 municipalities. Furthermore, he acted as Competent Authority for Puerto Rico dealing with double taxation cases of Section 9896 to CFC ext strategy audits and as representative of Punrto Alico in the Streamlined Sales Tax Project. From 1997 uns! 2004, Mr. Serrano handled comporate taxation, tax exemption, income, property and municipal taxation and tax Migation matters a1 McConnel Valdés. Education 8.B.A., Cur Laude, Sacred Heart University As an active member af the Pusrto Rico CPA Society, he gained recognition as an instructor during the sales & use tax implementation * Major: Accounting He has been a speaker and instructor for other organizations such as the Puerto Rico Bar Association, the Government Development Bank, the Puerto Rico Manulacturer’s Association and the Food Industry's Dist bution & Marketing Association. His partidpation has covered Ber Admissions subjects such as Commonweath and municipal sales and use taxes, Iccal taxation cf e-commerce, tax considerations tor exempt organizations, tax incentives for the manufacturing and tourism industries, M&As and rearganizations J.0., University of Puerto Rico Law School Commonwealth at Puerto Rico U.S. District Court District of Puerto Rico U.S, Court of Appeals 181 Circ 1 his professional experience, Mr. Serrano has served as board Memberships mamber and officer of both forpratit and non-profit endities. Puerto Rico Manufacturers Association, Tax Committee Pharmaceutical industry Association, Tax Commitee Puerto Rico Certified Public Accourtants Society American Wastute of Certitied Public Accountants 10/23/2013 EFTA00605771