This document provides an investor presentation for Northeast Ohio Medical University's proposed $23.64 million bond offering. It includes information on the bond issue, NEOMED's finances and operations, impact of COVID-19, and enrollment trends. Key details are strong demand for NEOMED programs has led to growing enrollment, FY2020 ended with a $6.5 million budget surplus despite COVID impacts, and applications to medical programs are up significantly for fall 2021.

1. Northeast Ohio Medical University
(A State University of Ohio)
$23,640,000*
General Receipts and Refunding Bonds,
Series 2021A
Investor Presentation
January 20, 2021
*Preliminary, subject to change

2. 2
Disclaimer
This Investor Presentation is provided as of January 20, 2021 for a proposed offering of Northeast Ohio Medical University’s General
Receipts and Refunding Bonds, Series 2021A (the “Series 2021A Bonds”). All market prices, financial data, and other information provided
here in are not warranted as to completeness or accuracy and are subject to change without notice. This investor presentation is provided
for your information and convenience only. Any investment decisions regarding the Series 2021A Bonds should only be made after a careful
review of the complete Preliminary Official Statement. By viewing this Investor Presentation, you agree not to duplicate, copy, download,
screen capture, electronically store or record this Investor Presentation, nor to produce, publish or distribute this investor presentation in
any form whatsoever.
This Investor Presentation does not constitute a recommendation or an offer or solicitation for the purchase or sale of any security or other
financial instrument, including the Series 2021A Bonds, or to adopt any investment strategy. Any offer or solicitation with respect to the
Series 2021A Bonds will be made solely by means of the Final Official Statement, which describes the actual terms of such Series 2021A
Bonds. In no event shall Stifel or Northeast Ohio Medical University or their officers, employees or agents be liable for any use by any party
of, for any decision made or action taken by any party in reliance upon, or for any inaccuracies or errors in, or omissions from, the
information contained herein and such information may not be relied upon by you in evaluating the merits of participating in any
transaction mentioned herein. Stifel makes no representations as to the legal, tax, credit, or accounting treatment of any transactions
mentioned herein, or any other effects such transactions may have on you and your affiliates or any other parties to such transactions and
their respective affiliates. You should consult with your own advisors as to such matters and the consequences of the purchase and
ownership of the Series 2021A Bonds. Nothing in these materials constitutes a commitment by Stifel or any of their affiliates to enter into
any transaction. No assurance can be given that any transaction mentioned herein could in fact be executed. Past performance is not
indicative of future returns, which will vary. Transactions involving the Series 2021A Bonds may not be suitable for all investors. You should
consult with your own advisors as to the suitability of the Series 2021A Bonds for your particular circumstances.
This Investor Presentation may contain forecasts, projections, and estimates that are based on current expectations but are not intended as
representations of fact or guarantees of results. If and when included in this Investor Presentation, the words “expects,” “forecasts,”
“projects,” “intends,” “anticipates,” “estimates,” and analogous expressions are intended to identify forward looking statements as defined
in the Securities Act of 1933, as amended and any such statements inherently are subject to a variety of risks and uncertainties, which could
cause actual results or differ materially form those contemplated in such forward looking statements. These forward looking statements
speak only as of the date of this Investor Presentation. Northeast Ohio Medical University disclaims any obligation or undertaking to
release publicly any updates or revisions to any forward looking statement contained herein to reflect any change in Northeast Ohio
Medical University’s expectation with regard thereto or any change in events, conditions, or circumstances on which any such statement is
based.

3. 3
Key Contacts
Stifel Banking Contacts
Austin J. McGuan, Director
(216) 553‐4512
mcguana@stifel.com
Philip R. Weisshaar, Assistant Vice President
(330) 842‐7235
pweisshaar@stifel.com
Stifel Underwriting Contact
Lisa May, Director
(303) 291‐5365
mayl@stifel.com

4. 4
Series 2021 Transaction Summary
Issuer: Northeast Ohio Medical University, a State University of Ohio (“NEOMED”)
Rating: “Baa2”, positive outlook (Moody’s). On January 8, 2021, Moody’s affirmed its existing “Baa2” rating
on NEOMED’s General Receipts Bonds and revised its outlook from “stable” to “positive,” which is one
of few positive rating actions by Moody’s Higher Education group since March of 2020.
Principal Amount: $23,640,000*
Use of Proceeds: Approximately $15 million of Series 2021A Bonds proceeds will be used finance a portion of costs of
ongoing construction, nearly completed, and completed: (i) build out of the fourth floor of the
Research & Graduate Education Building; (ii) construction of the Medical Office Building in
partnership with the Ohio Facilities Construction Commission; and, (iii) renovation of the Regula
South Corridor for academic space. Approximately $12 million of bond proceeds will be used to
reimburse NEOMED for project expenditures already made.
The Series 2021A Bonds will also currently refund the outstanding and currently callable General
Receipts Bonds, Series 2010. NEOMED is undertaking this refinancing solely to achieve debt service
savings. NEOMED will not be extending the maturity or reallocating principal.
Final Maturity: December 1, 2045*
Optional Redemption: December 1, 2030* at 100% of par without penalty
Sale Date: February 3, 2021*
Dated/Closing Date: February 17, 2021*
Pledged Revenues: General Receipts (see following slides for more detail)
*Preliminary, subject to change.

5. 5
Security & Trust Agreement Detail
The Series 2021A Bonds are special obligations issued by the University and are secured by a Trust Agreement.
Principal of, and interest on, all General Receipts Bonds are payable from and secured by a pledge of NEOMED’s
“General Receipts.”
General Receipts. General Receipts of the University are generally the full amount of any type and character of
receipts, excepting only those specifically excluded, such as State appropriations. The General Receipts are defined in
the Trust Agreement and consist of all moneys received by the University including but not limited to all gross fees,
deposits, charges, receipts and income from all or any part of the students of the University, whether designated as
tuition, instructional fees, tuition surcharges, general fees, activity fees, health fees or other special purpose fees or
otherwise designated; all gross income, revenues and receipts from the operation, ownership, or control of University
Facilities; all grants, gifts, donations and pledges and receipts therefrom; and the proceeds of the sale of obligations,
including proceeds of obligations issued to refund obligations previously issued, to the extent and as allocated to the
payment of Bond Service Charges under the proceedings authorizing those obligations.
Sufficiency Covenant. The Bonds are further secured by the University’s covenant in the Trust Agreement that the
University will fix, make, adjust and collect fees, rates, rentals and charges and other items of General Receipts as will
produce at all times General Receipts at least sufficient to pay Bond Service Charges on all Bonds when due, and to
satisfy any payments to be made with respect to Parity Obligations and, together with other moneys lawfully available,
to pay all costs and expenses required to be paid under the Bond proceedings and all other costs and expenses for the
proper maintenance and successful and continuous operation of the University
Additional Bonds Test. The Additional Bonds Test requires that the actual General Receipts during each of the two
Fiscal Years preceding the issuance of the Additional Bonds equal at least two times the maximum Bond Service
Charges required to be paid in any subsequent Fiscal Year on all Bonds to be outstanding upon the original delivery of
the Additional Bonds.
Source: Preliminary Official Statement, Appendix A.

6. 6
General Receipts Debt Service Coverage
• Debt service coverage for NEOMED’s General Receipts Bonds is 14.8x using FY2020 General Receipts and the
Maximum Annual Debt Service on the existing series of General Receipts Bonds (Series 2010 and Series 2011). With
the addition of the estimated Maximum Annual Debt Service for the new money portion of the Series 2021A Bonds,
revised coverage is 11.2x using FY2020 General Receipts.
Fiscal Year 2015 2016 2017 2018 2019 2020
Tuition & Fees $29,380,476 $31,280,873 $34,402,078 $34,563,217 $34,932,499 $36,200,418
Auxiliary Enterprises 1,617,552 2,068,069 2,590,820 2,660,592 2,847,929 2,348,705
Sales & Services 465,729 468,974 485,823 334,273 335,392 267,012
Other General Income 567,600 1,046,615 3,730,407 3,634,947 3,801,936 3,836,620
Total: $32,031,357 $34,864,531 $41,209,128 $41,193,029 $41,917,756 $42,652,756
Existing Debt Service Coverage: 11.1x 12.1x 14.3x 14.3x 14.5x 14.8x
Note : Existing MADS occurs in FY2021. Series 2021A New Money Debt Service is preliminary and subject to change.
Sources : FYs 2015‐2019: FY2019 AIF, Series 2011 Official Statement; FY2020: FY2020 Audit.
$2,890,503
General Receipts and Coverage
$2,890,503
Existing Maximum Annual Debt
Service:
$2,890,503 $2,890,503 $2,890,503 $2,890,503
11.2x
Revised Maximum Annual Debt
Service:
Revised Debt Service Coverage:
$3,819,978 $3,819,978 $3,819,978
$929,475 $929,475
Series 2021A New Money
Maximum Annual Debt Service:
$929,475 $929,475 $929,475 $929,475
$3,819,978 $3,819,978 $3,819,978
8.4x 9.1x 10.8x 10.8x 11.0x

7. 7
NEOMED: Overview
NEOMED is located in Rootstown, Ohio, which is in the northeastern part of Ohio, approximately 38 miles
southeast of Cleveland and 18 miles east of Akron.
Founded in 1973, NEOMED is one of 14 public universities in Ohio, and its College of Medicine is one of
only six medical schools in Ohio, and one of two and the only public medical school in Northeast Ohio.
NEOMED consists of three Colleges, each at the graduate or professional level: College of Medicine
(1973), College of Pharmacy (2005), and College of Graduate Studies (2010).
NEOMED's business model is founded in collaboration, with NEOMED partnering with 29 clinical
institutions, more than 100 pharmacies, nine colleges and universities, and dozens of other public, civic,
and private organizations.
In November 2020, NEOMED opened its only clinical practice on campus, primarily to offer COVID‐19 and
other related primary care services to students. Over time, NEOMED will expand clinical services to
include an opioid use disorder clinic and other clinical opportunities for students. NEOMED will continue
to contract with its partners for the clinical aspects of the medical and pharmacy programs.
Other initiatives currently being pursued by NEOMED include a certified anesthesiologist program and a
master’s in medical leadership program. The start‐up costs for these initiatives, including the clinic, were
largely funded with philanthropic dollars. NEOMED expects operational costs to be minimal with
profitability for all three achieved within four years. Revenues will come from additional student
enrollment (tuition) and incremental student fees in the case of the clinic.

8. 8
NEOMED: Stable Enrollment and Strong Demand
• Total enrollment for the College of Pharmacy and College of Graduate Students have increased by 7%‐
10% over the same time period.
• Total enrollment for NEOMED increased from 985 to 1,004 over the five‐year period.
Note: Total Enrollment figures include College of Medicine and College of Pharmacy students with dual enrollment in the College of Graduate Studies.
Enrollment: The University’s enrollment for the recent and current academic years are shown below:
College of Medicine College of Pharmacy
College of Graduate
Studies
NEOMED
Academic
Year
Enrollment Enrollment Enrollment
Total
Enrollment
2016‐17 614 322 49 985
2017‐18 606 302 51 959
2018‐19 598 315 58 971
2019‐20 586 329 43 958
2020‐21 605 345 54 1,004

9. NEOMED: Stable Enrollment and Strong Demand
Demand: The University’s student applications, acceptances, and matriculations over the past four academic years
and for the current academic year are shown in the table below.
Fall 2016 Fall 2017 Fall 2018 Fall 2019 Fall 2020
College of Medicine
Applications 3,331 3,401 3,636 4,112 4,095
Acceptances 187 194 171 188 261
Selectivity 6% 6% 5% 5% 6%
Enrolled 162 153 154 149 165
Matriculations 87% 79% 90% 79% 63%
College of Pharmacy
Applications 420 400 569 479 308
Acceptances 154 130 158 171 119
Selectivity 37% 33% 28% 36% 39%
Enrolled 90 75 92 92 90
Matriculations 58% 58% 58% 54% 76%
College of Graduate Studies
Applications 9 31 25 21 70
Acceptances 9 31 25 21 46
Selectivity 100% 100% 100% 100% 66%
Enrolled 9 31 25 21 28
Matriculations 100% 100% 100% 100% 61%
• Applications to NEOMED’s College of Medicine have increased by 23% over the past five academic years.
• The Association of American Medical Colleges (AAMC) anticipates medicals school applications to increase as a
result of the COVID‐19 pandemic, with the AAMC reporting that applications are up 18% nationally compared
to a year ago.
• For Fall 2021 admission, applications to NEOMED’s College of Medicine are up 679 applications (or 16.5%)
compared to last year, which is in line with the national trend reported by the AAMC.
9

10. 10
NEOMED: COVID‐19’s Minimal Impact on the University
 Fall 2020 Semester. On March 10, 2020, NEOMED announced that it would suspend face‐to face instruction and
transition to remote instruction and cancel campus events effective March 11, 2020. Despite the transition to
remote learning, NEOMED did not close its campus; instead, the campus remained open to students (e.g., for Wi‐
Fi access, studying, and residency at The Village student housing facility) throughout the spring semester.
 No Tuition Refunds. NEOMED did not refund any tuition, and the only fee refunded by NEOMED was a pro‐rata
portion of the Health and Wellness fee due to the temporary closure of that facility in Spring 2020.
 Student Housing. NEOMED did not close The Village, its on‐campus student housing facility, and The Village has
remained open throughout the COVID‐19 pandemic. Although physically located on campus property, The Village
apartments are privately leased units with private bathrooms and laundry rooms. As such, The Village did not de‐
densify these private living arrangements and no students requested or were required to move out of The Village
in Spring 2020. For the Fall 2020 semester, occupancy at The Village is between 95% and 96%.
 Fiscal Year 2020 Budget Results. NEOMED completed Fiscal Year 2020 with a non‐GAAP, cash basis General
Operating Fund budgetary net gain of approximately $6.5 million, despite the State having decreased a portion of
State Share of Instruction anticipated to be received by NEOMED in the approximate amount of $788,000.
 Fiscal Year 2021 Budget. For Fiscal Year 2021, NEOMED conservatively budgeted a decrease in State Share of
Instruction in the approximate amount of $3.6 million. To balance the Fiscal Year 2021 budget, NEOMED swept all
vacant personnel positions, instituted a hiring freeze, significantly (70%) reduced budgets for travel, meals and
catering and reduced overall non‐personnel budgets by 5%. For Fiscal Year 2021, NEOMED also has budgeted a
$2.6 million increase in tuition revenue, as a result of tuition increases approved by the Board at its March 2020
meeting, before and not in response to COVID‐19, and an increase in enrollment. NEOMED’s Fiscal Year 2021
budget was approved by the Board on June 3, 2020. With the exception of State Share of Instruction, which is
trending higher than the amount budgeted, actual results to date are in line with the budgeted amounts.

11. 11
NEOMED: COVID‐19’s Minimal Impact on the University (cont.)
 Fall 2020 Enrollment. NEOMED’s Fall 2020 headcount graduate and professional enrollment was 54 and 950,
respectively, compared to Fall 2019 headcount graduate and professional enrollment of 43 and 915, respectively.
 CARES Act Funding. The federal government has undertaken an array of actions designed to provide assistance to
colleges and universities in dealing with the effects of the COVID‐19 pandemic, including a $14 billion allocation in
the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) to higher education institutions. To date,
NEOMED has received CARES Act funding in the amount of $1,282,873 (with $136,467 allocated to students).
 COVID Relief Legislation. Under the federal COVID relief legislation passed in December 2020, the NEOMED is
scheduled to receive an additional $349,668, of which $136,467 is the student portion and $213,201 is the
University portion
In light of the increase in enrollment experienced by NEOMED for academic year 2020‐21, the increased demand for
medical professionals, generally, as a result of the pandemic, efforts by NEOMED to open up more clinical spots
through expanded partnerships, and non‐traditional apartment‐style housing at NEOMED where occupancy has
remained strong for academic year 2020‐21, NEOMED does not expect that the COVID‐19 pandemic will have a
material adverse effect on NEOMED’s financial position.

12. 12
NEOMED: Statement of Revenues, Expenses, and Changes in Net Position
Source: Preliminary Official Statement, Appendix A.
Fiscal Year
2020 2019 2018 2017 2016
OPERATING REVENUES
Student tuition and fees (net of scholarship allowances
of $2,002,074 and $2,088,662, respectively) $36,200,418 $34,932,499 $34,563,217 $34,402,078 $31,280,873
Federal grants and contracts 12,970,360 13,412,637 12,933,187 15,650,784 12,632,991
State grants and contracts 903,402 1,225,016 1,484,366 1,451,891 1,900,049
Local grants and contracts 14,189 19,124 60,283 12,248 8,585
Private grants and contracts 3,756,321 4,544,197 4,669,263 4,477,709 3,876,329
Contributions and bequests -- -- -- -- --
In-kind contributions from NEOMED -- -- -- -- --
Sales and services of departments 267,012 335,392 334,273 485,823 468,974
Sales and services of auxiliary enterprises 2,348,705 2,847,929 2,660,592 2,590,820 2,068,069
Other 422,216 640,930 727,366 341,873 261,653
Total operating revenues 56,882,623 57,957,724 57,432,547 59,413,226 52,497,523
OPERATING EXPENSES
Educational and general
Instruction and departmental research 24,672,789 21,468,852 17,167,303 21,529,081 19,015,849
Separately budgeted research 12,150,613 13,746,143 13,017,991 14,401,248 12,278,452
Public service 5,148,533 2,883,417 2,034,654 5,288,931 4,003,955
Academic support 8,970,336 10,202,491 9,524,276 9,246,947 7,963,405
Student services 2,547,307 2,903,849 2,874,355 2,822,989 2,151,656
Institutional support 11,743,077 14,871,527 12,751,859 10,497,835 10,074,408
Operation and maintenance of plant 7,902,944 7,106,185 7,450,610 8,585,128 8,409,776
Scholarships and fellowships -- 1,894 -- -- --
Auxiliary enterprises 8,071,678 8,206,687 8,153,642 7,379,477 7,361,593
Depreciation 6,692,627 6,532,656 6,818,952 7,152,824 7,179,741
Total operating expenses 87,899,904 87,923,701 79,793,642 86,904,460 78,438,835
Operating (loss) income (31,017,281) (29,965,977) (22,361,095) (27,491,234) (25,941,312)
NONOPERATING REVENUES (EXPENSES)
State appropriations 25,007,566 24,993,177 24,782,041 24,579,036 22,618,173
Investment income 3,414,403 3,161,006 2,907,581 3,388,534 784,962
Interest expense (1,922,539) (1,980,286) (2,103,324) (2,112,431) (2,182,506)
Loss on disposal of assets (57,364) (119,823) (101,597) (189,972) (465,260)
Net nonoperating revenues (expenses) 26,442,066 26,054,074 25,484,701 25,665,167 20,755,369
(LOSS) GAIN BEFORE OTHER REVENUES,
EXPENSES, GAINS OR LOSSES (4,575,215) (3,911,903) 3,123,606 (1,826,067) (5,185,943)
OTHER REVENUES, EXPENSES, GAINS OR
LOSSES
Capital appropriations and grants 1,218,859 1,048,776 2,539,135 3,352,902 865,200
Contributions -- -- -- -- --
Total other revenues, expenses, gains or losses 1,218,859 1,048,776 2,539,135 3,352,902 865,200
(DECREASE) INCREASE IN NET POSITION (3,356,356) (2,863,127) 5,662,741 1,526,835 (4,320,743)
NET POSITION AT BEGINNING OF YEAR 56,330,408 59,193,535 73,912,120 -- --
Adjustment for Change in Accounting Principle –
GASB 75 (Note 8) -- -- (20,381,326) -- --
NET POSITION AT BEGINNING OF YEAR, as
restated 56,330,408 59,193,535 53,530,794 72,385,285 76,706,028
NET POSITION AT END OF YEAR 52,974,052 56,330,408 59,193,535 73,912,120 72,385,285

13. 13
NEOMED: Cash Basis Budgetary Results
Source: Preliminary Official Statement, Appendix A.
Unrestricted Current Educational and General Fund
Internal Cash Basis, Non‐GAAP Budgetary Figures
Actual Actual Actual Actual Budget Actual
2016 2017 2018 2019 2020 2020
Revenues & Transfers In
State of Ohio Support (State
Share of Instr.) $18,114,280 $19,635,481 $20,388,853 $20,611,870 $19,797,395 $19,936,971
Tuition, Fees, and Other Student
Charges 33,196,645 36,033,778 36,020,404 36,853,751 38,316,658 37,948,409
Other 3,720,964 4,078,861 3,829,563 3,903,017 3,397,280 4,416,077
Transfers In 3,837,359 3,879,448 3,728,348 3,733,872 3,541,931 3,557,968
$58,869,248 $63,627,568 $63,967,168 $65,102,510 $65,053,264 65,859,425
Expenditures & Transfers Out
Instructional & Departmental
Research $15,840,540 $16,715,508 $18,790,275 $17,977,305 $21,044,044 $19,501,467
Separately Budgeted Research 1,692,206 1,719,945 1,953,929 1,707,718 1,745,803 1,717,124
Academic Support 7,418,639 8,192,695 8,356,479 8,267,440 8,815,123 7,601,349
Institutional Support 9,617,243 9,982,389 10,341,001 10,193,380 11,216,497 10,971,306
Operations and Maintenance of
Plant 7,364,036 7,628,865 6,713,249 6,104,841 6,241,702 6,180,868
Student Services 2,089,419 2,604,121 2,638,200 2,386,779 2,332,597 2,185,045
Student Aid 2,049,751 1,820,921 1,560,091 1,926,059 1,969,704 1,882,460
Undistributed (447,192) (725,737) 861,570 1,585,419 2,139,936 (248,399)
Transfers Out 5,680,317 8,491,506 7,938,564 8,271,379 9,547,859 9,547,859
$51,304,959 $56,430,213 $59,153,358 $58,420,320 $65,053,265 $59,339,079
Increase (decrease) to Cash
Basis Net Assets $7,564,289 $7,197,355 $4,813,810 $6,682,190 $6,520,346

14. 14
NEOMED: A Record of Strong and Resilient Financial Performance
NEOMED has demonstrated solid financial performance in recent years and has been very well insulated from the
effects of the global COVID‐19 pandemic:
 NEOMED ended Fiscal Year 2020 with a positive budgetary result of approximately $6.5 million, at least the fifth
year in a row with a positive budgetary variance.
 NEOMED balanced its Fiscal Year 2021 budget, conservatively estimating a steeper than anticipated reduction in
State aid, without having to make a draw on liquidity. Based on actually results to date, NEOMED is projecting to
end Fiscal Year 2021 with an approximately $3‐5 million positive budgetary result.
 NEOMED has a strong liquidity position, coupled with diverse revenue streams, namely tuition/fees, state
appropriations, and grants/contracts.
 NEOMED has consistent stable and full enrollment, which has actually increased in the face of the COVID‐19
pandemic.
 NEOMED has consistent high student demand as demonstrated by the number of applications it receives, which
demand the Association of American Medical Colleges anticipates to grow as a result of the COVID‐19 pandemic.
 NEOMED has consistent strong student housing demand, which has been stable even in the face of the COVID‐
19 pandemic. NEOMED has not had to subsidize the student housing project for the last five fiscal years.
NEOMED remains an important institution within the Northeast Ohio region and Ohio and has grown and
strengthened its unique market position as a standalone professional/graduate medical university at a time when
other public universities face dramatic operational and financial challenges.