Investor Presentation

1. Northeast Ohio Medical University
(A State University of Ohio)
$29,985,000*
General Receipts Bonds, Series 2022
*Preliminary; subject to change.
Investor Presentation
August 10, 2022

2. Page 2
Disclaimer
This Investor Presentation is provided as of August 10, 2022 for a proposed offering of Northeast Ohio Medical University’s General
Receipts Bonds, Series 2022 (the “Series 2022 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 2022 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 2022 Bonds, or to adopt any investment strategy. Any offer or solicitation with respect to
the Series 2022 Bonds will be made solely by means of the Final Official Statement, which describes the actual terms of such Series
2022 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 2022 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 2022 Bonds may not be suitable for all investors. You
should consult with your own advisors as to the suitability of the Series 2022 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. Page 3
Contacts
Stifel Banking Contact
Philip R. Weisshaar, Vice President
(330) 842-7235
pweisshaar@stifel.com
Stifel Underwriting Contact
Lisa May, Director
(303) 291-5365
mayl@stifel.com
Please contact the following members of the University’s team at Stifel with any questions:

4. Page 4
Transaction Summary
Issuer: Northeast Ohio Medical University, a State University of Ohio (“NEOMED” or the “University”)
Rating: Baa1, Stable Outlook
Principal Amount: $29,985,000*
Use of Proceeds: The Series 2022 Project consists of the purchase by the University of The Village (“The Village”)
student housing project from ERS Housing LLC (“ERS”), a component unit of the University that is
operated for the purpose of developing, constructing, and equipping housing for students,
faculty, staff, and guests of the University. ERS is a non-profit, single member limited liability
company, the sole member of which is ERS Strategic Properties, Inc., an Ohio non-profit
corporation organized for the benefit of the University. ERS developed The Village in 2012 and
financed the construction through the issuance by the Portage County Port Authority of
$32,860,000 principal amount of Portage County Port Authority Revenue Bonds, Series 2012
(the “Series 2012 Port Authority Bonds”). ERS will use proceeds from the sale of The Village to
redeem all of the outstanding maturities of the Series 2012 Port Authority Bonds, $32,860,000
principal amount of which is outstanding.
Final Maturity: December 1, 2043
Optional Redemption: December 1, 2032* at 100% of par without penalty
Sale Date: August 17, 2022*
Dated/Closing Date: September 7, 2022*
Pledged Revenues: General Receipts (see following slides for more detail).
Bond Insurance: Build America Mutual
*Preliminary, subject to change.

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Security & Trust Agreement Detail
The Series 2022 Bonds (the “Bonds”) (and other series of Bonds that may be issued) are secured by a Trust Agreement.
Principal of and interest on all Bonds are payable from and secured by a pledge of the “General Receipts” of the University,
being generally the full amount of any type and character of receipts, excepting only those specifically excluded, such as
State appropriations. The Series 2022 Bonds are to be issued under the Bond Legislation and the Trust Agreement. The
University has outstanding two issues of General Receipts Obligations – its General Receipts and Refunding Bonds, Series
2021A (the “Series 2021A Bonds”), currently outstanding in the amount of $23,930,000, and its General Receipts Refunding
Bonds, Series 2021B, currently outstanding in the amount of $18,860,000 (the “Series 2021B Bonds”).
General Receipts. 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.
Please see the following page for historical General Receipts of the University.
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 Trust Agreement provides, together with other conditions for the issuance of Additional Bonds,
the requirement 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.

6. Page 6
Historical General Receipts
General Receipts for the five most recent Fiscal Years for which audited results are available were as follows:
• The tuition and fees charged by the University are subject to change from time to time by action of the
University’s Board of Trustees. For example, the University increased tuition in each of its three Colleges
by 3.75% for the 2022-2023 academic year.
• Prior to the contemplated issuance of the Series 2022 Bonds, the maximum annual Bond Service
Charges payable on the University’s currently outstanding General Receipts Bonds (i.e., Series 2021A
and Series 2021B Bonds) in any Fiscal Year is $2,990,725 in Fiscal Year 2023.
• The University’s General Receipts for Fiscal Year 2021 ($57,076,354), the most recent year for which
audited results are available, were 19.1 times grater than the maximum annual Bond Service Charges
payable on the University’s currently outstanding General Receipts Bonds.
Source: Preliminary Official Statement, Appendix A.
Fiscal Year 2017 2018 2019 2020 2021
Tuition & Fees $34,402,078 $34,563,217 $34,932,499 $36,200,419 $40,544,021
Auxiliary Enterprises 2,590,820 2,660,592 2,847,929 2,348,705 3,840,918
Sales & Services 485,823 334,273 335,392 267,012 246,320
Other General Income 3,730,407 3,634,947 3,801,936 3,836,620 12,445,095
Total: $41,209,128 $41,193,029 $41,917,756 $42,652,756 $57,076,354
General Receipts

7. Page 7
NEOMED Overview
Northeast Ohio Medical University is a public university of the State of Ohio (the “State”) focused on the interprofessional training
of health professionals. The University, one of 14 state universities in the State, was created in 1973 pursuant to Ohio Revised
Code Chapter 3350, and the University is accredited by The Higher Learning Commission (HLC). The University is located
approximately 38 miles southeast of Cleveland, Ohio and approximately 14 miles east of Akron, Ohio. Interstate highways I-76, I-
77, state routes 14, 43, 44, 5 and 88 are all major thoroughfares for residents. Both the Cities of Cleveland and Akron are easily
accessible from Rootstown, Ohio. The University’s campus sits on over 120 acres.
The University consists of three colleges, including Medicine, Pharmacy and Graduate Studies, and offers the following degrees:
Doctor of Medicine (M.D.), Doctor of Pharmacy (Pharm.D.), Doctorate in Biomedical Sciences (Ph.D.), Doctorate in Integrated
Pharmaceutical Medicine (Ph.D.), Master of Public Health (M.P.H.), Master of Science in Biomedical Sciences (M.S.), Master of
Science in Integrated Pharmaceutical Medicine (M.S.), Master of Science Degree/Residency in Health-System Pharmacy
Administration (M.S.), Master of Arts in Medical Ethics and Humanities (M.A.), Master of Medical Science in Anesthesia (MMSc-A),
Master of Foundations of Medicine, Master of Leadership in Health Systems Science, and Health Research Graduate Certificate.
The University is in the early stages of exploring the founding of a College of Dentistry. The State appropriated $1 million toward
the University’s College of Dentistry, which the University is to receive in second biennium of the State’s budget for the current
budget biennium, which commenced on July 1, 2021. The appropriation requires $1 million in matching funds, which the
University may fund with philanthropic dollars. The University anticipates that the College of Dentistry would be housed within its
existing facilities.
The University does not have its own hospital. On June 9, 2022, University Hospitals in Cleveland and NEOMED announced a
newly expanded affiliation agreement to broaden collaboration and expand clinical opportunities for students to address the
health care workforce shortage. In addition, the College of Medicine has established affiliation agreements with some of the
notable medical campuses and institutions in Northeast Ohio for the clinical education of its students.
In November 2020, the University opened its only clinical practice on campus, primarily to offer COVID-19 and other related
primary care services to students. Today, NEOMED Health Care offers a comprehensive suite of services, both in-person and via
telehealth, to the campus community and the community at large. It is staffed by an expert team of three primary care physicians.
In addition to offering primary health care services and treatments, the clinic also offers opioid-use disorder treatment services. It
is open five days a week.
Source: Preliminary Official Statement, Appendix A.

8. Page 8
Enrollment
• Total enrollment for NEOMED increased from 959 to 1,011 over the five‐year period.
• Total enrollment at the College of Medicine remained stable from the 2017‐2018 academic year to the
2021‐2022 academic year with an overall increase of 3%.
• Total enrollment for the College of Pharmacy and College of Graduate Students have increased by 8%
to 20%, respectively, over the same time period.
Enrollment: The University’s enrollment for the recent academic years is shown below:
Source: Preliminary Official Statement, Appendix A.
College of Graduate Studies NEOMED Total
Academic Year
Applications
Received
New
Enrollment
Total
Enrollment
Applications
Received
New
Enrollment
Total
Enrollment Total Enrollment
Total
Enrollment
2017-2018 3,401 153 606 400 75 302 51 959
2018-2019 3,636 154 598 569 92 315 58 971
2019-2020 4,112 149 586 479 92 329 43 958
2020-2021 4,095 165 605 308 90 345 54 1,004
2021-2022 4,671 158 623 222 54 327 61 1,011
Note: Total enrollment figures include College of Medicine and College of Pharmacy students with dual enrollment in the College of Graduate Studies.
Applications and Enrollment
College of Medicine College of Pharmacy

9. Page 9
Demand
Demand: The University’s student applications, acceptances, and matriculations for the past five
academic years are shown in the table below.
• Applications to NEOMED’s College of Medicine have increased by 37% over the past five
academic years.
College of Medicine Fall 2017 Fall 2018 Fall 2019 Fall 2020 Fall 2021
Applications 3,401 3,636 4,112 4,095 4,671
Acceptances 194 171 188 261 305
Selectivity 6% 5% 5% 6% 7%
Enrolled 153 154 149 165 158
Matriculations 79% 90% 79% 63% 52%
College of Pharmacy Fall 2017 Fall 2018 Fall 2019 Fall 2020 Fall 2021
Applications 400 569 479 308 222
Acceptances 130 158 171 119 131
Selectivity 33% 28% 36% 39% 59%
Enrolled 75 92 92 90 54
Matriculations 58% 58% 54% 76% 41%
College of Graduate Studies Fall 2017 Fall 2018 Fall 2019 Fall 2020 Fall 2021
Applications 31 25 21 70 108
Acceptances 31 25 21 46 70
Selectivity 100% 100% 100% 66% 65%
Enrolled 31 25 21 28 53
Matriculations 100% 100% 100% 61% 76%
Applications, Acceptances, Selectivity, Enrollment, and Matriculations
Source: Preliminary Official Statement, Appendix A.

10. Page 10
Institutional Federal and State COVID-19 Relief Funding
The University has been awarded and received/applied the following institutional federal and State of Ohio
COVID-19 relief funding:
Source: Preliminary Official Statement, Appendix A.
Funding Source Awarded
Spent in
FY2020
Spent in
FY2021
Spent in
FY2022
Remaining as of
June 23, 2022
CARES Act Section 18004(a)(1) - University Portion (G0335) HEERF I 136,466
CARES Act Section (a)(1), (a)(4) - University Portion (G0335) HEERF II 213,201
CARES Act Section - University Portion (G0335) HEERF III 317,053
666,720 99,724 566,996 - -
CARES Act Section 18004(a)(3) - FIPSE HEERF (G0369) 227,067 113,680 113,387 - -
CARES Act - Coronovirus Relief Fund (CRF) (G0354) 446,503 - 446,503 - -
CARES Act - Coronovirus Relief Fund (CRF) Round 2 (G0373) 223,251 - 223,251 - -
CARES Act - Mental Health Alloctions from State CRF Portion (G0372) 41,896 - 27,773 14,123 -
CARES Act - GEER Portion (G0391) 71,223 - - 70,051 1,172
Total CARES Act Dollars Received (or To Be Received) $1,676,660 $213,404 $1,377,910 $84,174 $1,172
Federal and State COVID-19 Relief Funding - Insitutional Component Only

11. Page 11
Statement of Revenues, Expenses and Changes in Net Position
The accompanying table to the right is a
Summary of Revenue, Expenses and Changes
in Net Position for Fiscal Years 2017 and
2021, which were derived from the
University’s audited financial statements.
2017 2018 2019 2020 2021
OPERATING REVENUES
Student tuition and fees* $34,402,078 $34,563,217 $34,932,499 $36,200,418 $40,544,021
Federal grants and contracts 15,650,784 12,933,187 13,412,637 12,970,360 16,033,873
State grants and contracts 1,451,891 1,484,366 1,225,016 903,402 1,740,410
Local grants and contracts 12,248 60,283 19,124 14,189 59,520
Private grants and contracts 4,477,709 4,669,263 4,544,197 3,756,321 2,983,380
Contributions and bequests -- -- -- -- --
In-kind contributions from NEOMED -- -- -- -- --
Sales and services of departments 485,823 334,273 335,392 267,012 246,320
Sales and services of auxiliary enterprises 2,590,820 2,660,592 2,847,929 2,348,705 3,840,918
Other 341,873 727,366 640,930 422,216 313,435
Total operating revenues $59,413,226 $57,432,547 $57,957,724 $56,882,623 $65,761,877
OPERATING EXPENSES
Educational and general
Instruction and departmental research $21,529,081 $17,167,303 $21,468,852 $24,672,789 $19,651,024
Separately budgeted research 14,401,248 13,017,991 13,746,143 12,150,613 8,485,361
Public service 5,288,931 2,034,654 2,883,417 5,148,533 5,308,358
Academic support 9,246,947 9,524,276 10,202,491 8,970,336 6,944,071
Student services 2,822,989 2,874,355 2,903,849 2,547,307 178,540
Institutional support 10,497,835 12,751,859 14,871,527 11,743,077 4,956,732
Operation and maintenance of plant 8,585,128 7,450,610 7,106,185 7,902,944 6,511,490
Scholarships and fellowships -- -- 1,894 -- --
Auxiliary enterprises 7,379,477 8,153,642 8,206,687 8,071,678 10,174,285
Depreciation 7,152,824 6,818,952 6,532,656 6,692,627 6,662,526
Total operating expenses $86,904,460 $79,793,642 $87,923,701 $87,899,904 $68,872,387
Operating (loss) income ($27,491,234) ($22,361,095) ($29,965,977) ($31,017,281) ($3,110,510)
NONOPERATING REVENUES (EXPENSES)
State appropriations $24,579,036 $24,782,041 $24,993,177 $25,007,566 $25,682,738
Investment income 3,388,534 2,907,581 3,161,006 3,414,403 12,131,660
Interest expense (2,112,431) (2,103,324) (1,980,286) (1,922,539) (1,984,327)
Loss on disposal of assets (189,972) (101,597) (119,823) (57,364) (8,878)
Net nonoperating revenues (expenses) $25,665,167 $25,484,701 $26,054,074 $26,442,066 $35,821,193
(LOSS) GAIN BEFORE OTHER REVENUES, EXPENSES,
GAINS OR LOSSES
($1,826,067) $3,123,606 ($3,911,903) ($4,575,215) $32,710,683
OTHER REVENUES, EXPENSES, GAINS OR LOSSES
Capital appropriations and grants $3,352,902 $2,539,135 $1,048,776 $1,218,859 $1,985,747
Contributions -- -- -- -- --
Total other revenues, expenses, gains or losses $3,352,902 $2,539,135 $1,048,776 $1,218,859 $1,985,747
(DECREASE) INCREASE IN NET POSITION $1,526,835 $5,662,741 ($2,863,127) ($3,356,356) $34,696,430
NET POSITION AT BEGINNING OF YEAR -- $73,912,120 $59,193,535 $56,330,408 $52,974,052
Adjustment for Change in Accounting Principle –
GASB 75 (Note 8)
-- ($20,381,326) -- -- --
NET POSITION AT BEGINNING OF YEAR, as restated $72,385,285 $53,530,794 $59,193,535 $56,330,408 $52,974,052
NET POSITION AT END OF YEAR $73,912,120 $59,193,535 $56,330,408 $52,974,052 $87,670,482
Fiscal Year
Summary of Revenues, Expenses, and Changes in Net Position
*Net of scholarships allowances of $2,108,818, $1,847,281, $2,088,662, $2,002,074, and $2,278,491 for Fiscal Years 2017, 2018, 2019,
2020, and 2021, respectively.
Source: Preliminary Official Statement, Appendix A.

12. Page 12
Historical Cash Basis Budgetary Results
The following is a summary of the University’s Unrestricted Current Educational and General Fund actual
revenues and expenditures on a cash, non-GAAP basis for the last five Fiscal Years, for which actual results
are available, along with the budget for Fiscal Year 2022 and actual financial activity through the first three
quarters of Fiscal Year 2022:
Source: Preliminary Official Statement, Appendix A.
Audited Audited Audited Audited Audited Annual Budget
Actual Fiscal Year-to-
Date Cash Basis,
Unaudited Results as of
2017 2018 2019 2020 2021 2022 March 31, 2022
REVENUES & TRANSFERS IN
State of Ohio Support (State Share of Instr.) $19,635,481 $20,388,853 $20,611,870 $19,936,971 $20,432,841 $16,959,258 $15,294,783
Tuition, Fees, and Other Student Charges 36,033,778 36,020,404 36,853,751 37,948,409 41,791,497 44,871,179 42,927,644
Other 4,078,861 3,829,563 3,903,017 4,416,077 4,415,317 3,626,177 2,762,223
Transfers In 3,879,448 3,728,348 3,733,872 3,557,968 3,740,688 3,380,070 2,392,838
$63,627,568 $63,967,168 $65,102,510 $65,859,425 $70,380,343 $68,836,684 $63,377,488
EXPENDITURES & TRANSFERS OUT
Instructional & Departmental Research $16,715,508 $18,790,275 $17,977,305 $19,506,655 $17,107,366 $20,878,930 $13,231,447
Separately Budgeted Research 1,719,945 1,953,929 1,707,718 1,717,124 1,662,305 1,681,070 1,327,047
Academic Support 8,192,695 8,356,479 8,267,440 7,596,104 8,198,898 8,427,363 5,955,024
Institutional Support 9,982,389 10,341,001 10,193,380 10,972,016 9,171,440 10,396,934 7,219,736
Operations and Maintenance of Plant 7,628,865 6,713,249 6,104,841 6,155,273 5,580,448 6,403,240 4,386,977
Student Services 2,604,121 2,638,200 2,386,779 2,185,045 2,214,354 2,200,576 1,645,314
Student Aid 1,820,921 1,560,091 1,926,059 1,882,460 1,309,885 1,302,624 1,160,713
Undistributed (725,737) 861,570 1,585,419 (369,297) (1,269,839) 4,636,733 (778,790)
Transfers Out 8,491,506 7,938,564 8,271,379 9,547,859 13,982,048 12,909,215 12,909,215
$56,430,213 $59,153,358 $58,420,320 $59,193,239 $57,956,904 $68,836,684 $47,056,683
INCREASE TO CASH BASIS NET ASSETS $7,197,355 $4,813,810 $6,682,190 $6,666,186 $12,423,439
Unrestricted Current Educational and General Fund
Internal Cash Basis, Non-GAAP Budgetary Figures

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Bondholder Risks
An investment in the Series 2022 Bonds, like an investment in other municipal bonds, is subject to a number of significant risk factors. The following is a discussion
of certain risks that could affect payments to be made with respect to the Series 2022 Bonds. Such discussion is not, and is not intended to be, exhaustive and
should be read in conjunction with all other parts of the Official Statement and should not be considered as a complete description of all risks that could affect such
payments. Prospective purchasers of the Series 2022 Bonds should analyze carefully the information contained in the Official Statement, including the Appendices
hereto, and additional information in the form of the complete documents summarized herein, copies of which are available as described in the Official Statement.
Potential Impact of COVID-19 Although the University believes that its enrollment, student housing, and overall financial position has been relatively insulated from
the effects of COVID-19 to date, especially when compared to other private and public institutions of higher education, the continued spread of COVID-19 or any
other similar outbreaks in the future and the continued impact on social interaction, travel, economies and financial markets may materially impact University
finances and operations.
Competition The University has received applications in excess of available seats for both the Colleges of Medicine and Pharmacy for the last five years. However, the
University is subject to some of the same competitive pressures that affect other public colleges and universities, including changes in the demand for higher
education, in general, and for programs offered by the University, in particular. Changing demographics and various political and legal developments, including U.S.
governmental policy regarding health care, international relations, trade and immigration, may affect demand and tuition rates, while the need to attract and retain
qualified administrators and faculty may mean higher expenditures for salaries and administrative costs. Each of these factors can have an impact on the revenues of
the University.
Legislation There are or may be pending in the Congress of the United States or the Ohio General Assembly legislative proposals that could adversely impact
University operations or revenues, including some that carry retroactive effective dates, that, if enacted, could alter or amend the tax matters referred to herein or
affect the market value of the Series 2022 Bonds. It cannot be predicted whether or in what form any such proposal might be enacted or whether, if enacted, it would
apply to bonds issued prior to enactment. Prospective purchasers of the Series 2022 Bonds should consult their own tax advisors regarding any pending or proposed
federal tax legislation. No opinion is being given regarding any pending or proposed federal tax legislation.
Other Risk Factors Other factors that may also adversely affect the operations of the University, like other institutions of higher education, although the extent cannot
be presently determined, include, among others: (1) changes in the demand for higher education in general or for medical programs offered by the University in
particular; (2) a decrease in availability of student loan funds or other student financial aid; (3) reductions in funding support from donors or other external sources;
(4) a decline in research funding, including research funding from the U.S. government; (5) risks relating to expansions or construction projects undertaken by the
University, including risks relating to construction and operation; (6) an increase in the costs of health care benefits, retirement plan or other benefit packages
offered by the University to its employees and retirees; (7) a significant decline in the University’s investments based on market or other external factors; (8) cost and
availability of energy; (9) high interest rates, which could strain cash flow or prevent borrowing for needed capital expenditures; (10) an increase in the cost of
outstanding variable rate debt or short-term borrowings the University could use to fund operations, if needed; (11) risks associated with interest rate hedges,
including basis risk, obligations to post collateral or counterparty risk (the University currently has no interest rate hedges or derivatives); (12) increased costs and
decreased availability of public liability insurance; (13) litigation; (14) employee strikes and similar actions; (15) natural disasters, which might damage the
University’s facilities, interrupt service to its facilities or otherwise impair the operation of the facilities; (16) changes in the legal or political environment that could
impact international students attending the University; (17) damages, penalties or other liability associated with cyber security or data breaches; (18) decrease in
financial support from the State of Ohio whether through decreased appropriations or otherwise; and (19) dilution of the security of General Receipts in the event
that the University issues additional General Receipts Bonds while the Series 2022 Bonds are outstanding.
Source: Preliminary Official Statement.