#1Cook County, Illinois Investor Presentation COUNTY OF SEAL COOK JANUARY 1831 ILLINON $247,745,000* $202,350,000* General Obligation Refunding Bonds, Series 2021B and $45,395,000* Taxable General Obligation Refunding Bonds, Series 2021C November 5, 2021 *Preliminary, subject to change.#2Disclaimer This electronic Investor Presentation dated as of November 5, 2021 (this "Investor Presentation") you are about to view is being provided by the Underwriters as supplemental marketing materials in connection with the proposed offering by the County of Cook, Illinois (the "Issuer") of its $247,745,000* General Obligation Refunding Bonds, Series 2021B and Taxable General Obligation Refunding Bonds, Series 2021C (the "Series 2021BC Bonds"). All market prices, financial data, and other information provided in this Investor Presentation are not warranted as to completeness or accuracy and are subject to change without notice. If you are viewing this Investor Presentation after the date stated above, there may have been subsequent events that could have a material adverse effect on the information that is presented in this Investor Presentation. Neither the Issuer nor the Underwriters have undertaken any obligation to update this Investor Presentation. This Investor Presentation is provided for your information and convenience only. Any investment decisions regarding the Series 2021BC Bonds should only be made after a careful review of the complete Preliminary Official Statement, dated November 5, 2021. By accessing this Investor Presentation, you agree not to duplicate, copy, download, screen capture, electronically store or record this Investor Presentation, or 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 2021BC Bonds, or to adopt any investment strategy. Any offer or solicitation with respect to the Series 2021BC Bonds will be made solely by means of the Preliminary Official Statement and Official Statement, which describe the actual terms of such Series 2021BC Bonds. In no event shall the Underwriters or the Issuer 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 in this Investor Presentation and such information may not be relied upon by you in evaluating the merits of participating in any transaction mentioned in this Investor Presentation. Neither the Underwriters nor the Issuer make any representation or warranty as to (i) accuracy, adequacy or completeness of any information in this Investor Presentation or (ii) the legal, tax, credit or accounting treatment of any purchase of the Series 2021BC Bonds by you or any other effects such purchase may have on you and your affiliates or any other parties to such transactions and their respective affiliates. The information contained in this Investor Presentation has been compiled by the Underwriters from sources believed to be reliable, however neither the Issuer nor the Underwriters shall have any liability whatsoever (in negligence or otherwise) to any person for any loss arising from this Investor Presentation or any information supplied in connection therewith. This Investor Presentation contains historical information regarding, among other things, the financial information and operating data of the Issuer, which occurred before the COVID-19 pandemic and before realizing the ongoing economic impact of COVID-19. Accordingly, the historical information in this Investor Presentation may not be indicative of future results or performance due to these and other factors. This Investor Presentation contains "forward-looking" statements that involve risks, uncertainties and assumptions. If the risks or uncertainties ever materialize or the assumptions prove incorrect, the results may differ materially from those expressed or implied by such forward-looking statements. Accordingly, the Underwriters and the Issuer caution you not to place undue reliance on these statements. All statements other than the statements of historical fact could be deemed forward-looking. All opinions, estimates, projections, forecasts and valuations are preliminary, indicative and are subject to change without notice. Any investment decision regarding the Series 2021BC Bonds should only be made after a careful review of the complete Preliminary Official Statement, including the appendices thereto. You will be responsible for consulting with your own advisors and making your own independent investigation and appraisal of the risks, benefits, appropriateness and suitability of the proposed transaction and any other transactions contemplated by this Investor Presentation and neither the Issuer nor any Underwriter is making any recommendation (personal or otherwise) or giving any investment advice and will have no liability with respect thereto. Transactions involving the Series 2021BC Bonds may not be suitable for all investors. You should consult with your own advisors as to the suitability of the Series 2021BC Bonds for your particular circumstances. Nothing in this Investor Presentation constitutes a commitment by the Underwriters or any of their affiliates to enter into any transaction. No assurance can be given that any transaction mentioned in this Investor Presentation could in fact be executed. Past performance is not indicative of future returns, which will vary. Clients should contact their salesperson at, and execute transactions through, an entity of the Underwriters or other syndicate member entity qualified in their home jurisdiction unless governing law permits otherwise. By viewing this Investor Presentation, you acknowledge that you understand and agree to the provisions of this page. * Preliminary, subject to change. OF COOK SILLINDE 2#3Key Finance Team Members COOK COU OF SILLINDE Co-Financial Advisor Acacia Financial Group ACACIA FINANCIAL GROUP, INC. Noreen White, Co-President Cook County OF COOK CO VOIS Ammar Rizki, Chief Financial Officer Co-Financial Advisor Columbia Capital Management Lead Book-Running Senior Manager Loop Capital Markets Clarence Bourne, Managing Director 3 David Abel, Managing Director#4Series 2021BC Transaction Summary Issue ■ General Obligation Refunding Bonds, Series 2021B and Taxable General Obligation Refunding Bonds, Series 2021C (collectively, the "Series 2021BC Bonds") Ratings ☐ Moody's: A2 (Stable) / S&P: A+ (Stable) / Fitch: AA- (Stable) Principal Amount* ☐ $247,745,000 Security ☐ Use of Bond Proceeds* Tax Status Structure* Optional Redemption* ■ General Obligations secured by the full faith and credit of the County County is obligated and covenants and agrees to levy ad valorem taxes upon all the taxable property in the County for the payment of the Bonds No limitation as to rate or amount Pledged taxes directly deposited into Bond Fund and may not be withdrawn by County for non-debt service purposes (i) Refund all of the County's outstanding General Obligation Refunding Bonds, Series 2011A and Taxable General Obligation Refunding Bonds, Series 2011B for debt service savings and (ii) pay certain costs of issuance ■ 2021B Federally Tax-Exempt / Series 2021C Federally Taxable ■ Illinois Taxable ■ Fixed rate bonds due November 15, 2022 through 2028 with interest commencing May 15, 2022 ■ Not subject to optional redemption prior to maturity * Preliminary, subject to change. COOK OF SILLINDE 4#5Cook County's Fiscal Profile Continues to Strengthen ■ The County continues to maintain its long-term plan for fiscal sustainability and continues to improve structural balance ■ • Revenue measures and recent growth during the pandemic partially offset the County's fixed cost profile for debt service, pensions and labor Track record of balanced operations has resulted in strong fund balance levels and robust liquidity, partially cushioning the County against potential weaknesses in performance of economically sensitive revenues The County's FY22 General Fund Revenue and Expenditures ($1,981.1 million) assume a variance of $84.8 million compared to FY21 ($1,896.3 million) ◉ Key Variance Drivers: • Year-over-year improvement in non-property taxes revenue (sales tax and tourism-based taxes post-COVID) Continued improvement in fee revenue due to strong housing market and the reopening of the County court system. Pension and long-term liabilities have been managed Generally considered "moderate" compared to the County's economic base • Debt service is well below 2% growth limitation . Supplemental pension contributions from earmarked sources ☐ • The FY22 budget recommends a supplemental pension amount of $325 million and up to an additional $20 million in the pension stabilization reserve The County is a diverse industrial center and a leading economic center of the Midwest ■ The management team is deploying its $1 billion ARPA funding guided by the County's core values of equity, engagement and excellence ■ Fitch Ratings upgraded Cook County's ratings from A+ to AA- with a Stable outlook COOK COU OF SILLINDE LO 5#6County Overview and Primary Functions ■ The County of Cook, Illinois (the "County") is a diverse international center of business, industry, and culture and the leading economic hub of the Midwest ■ With a population of over 5.28 million, the County is the second most populous in the country and central to the U.S.'s third largest metro area¹ The County's 946 square miles consist of the City of Chicago (population 2.7 million) and 131 additional suburban municipalities; 29 townships; 220 special districts; and 164 school districts² ■ The County is a home rule unit of government under Illinois law and may exercise any power and perform any function relating to its government and affairs, except as expressly limited by State law Chicago Chicago MSA Cook County • ☐ No current statutory limitations on power to levy real property taxes or issue GO Bonds Powers are exercised through an elected 17-member Board of Commissioners and the Board President 1. 2. Provision of Public Health Services Protection of Persons and Property General Governmental Services Principal Functions of County Government The Cook County Health and Hospitals Systems ("CCHHS"), consisting of: Department of Public Health Stroger and Provident Hospitals Outpatient health centers and clinics Cermak Health Services Consists mainly of operations of Circuit Court (second largest unified court system in the U.S.) and County Jail (the largest single jail site facility in the U.S.) Sheriff's police department, criminal prosecutions The assessment of property and the levy, collection, and distribution of taxes to all underlying jurisdictions Maintenance of certain highways, services for unincorporated areas of the County, and county-wide regional economic development efforts Finance and Administration of County government Source: U.S. Department of Commerce, Bureau of the Census as of July 2020. See also p. 10 of the Preliminary Official Statement dated November 5, 2021. Source for City population: U.S. Department of Commerce, Bureau of the Census as of April 2020. See also p. 10 of the Preliminary Official Statement dated November 5, 2021. OF COOK COU 6#71. 2. 3. County Economic Overview ☐ The County's per capita personal income was $64,660 in 2020 which is slightly lower than the State which was $65,886 3.3% compounded annual growth rate since 2013 Chicago MSA Top 10 Industries by Employment¹ ■■Office and Admin. Support 10% 13% For August 1, 2021, the County's unemployment rate was 8.2%; prior to the pandemic, County employment trends were in-line with national average 22% 4% ☐ Industrial profile of County resembles that of U.S., with a slightly larger services sector and smaller government presence 6% 6% 8% 6% 7% 8% " No industry comprises more than 13.1% of the total employment base 10% ■Transport. and Material Moving ■Sales and Related Food Prep. and Serving Related ■Management ■ Production ■Business and Financial Ops. Educational and Library ■Health. Practitioners and Technical ■Healthcare Support ■Other Per Capita Personal Income² Unemployment Rates³ $ ■Cook County ■Illinois U.S. Cook County State of Illinois U.S. 70,000 12% 60,000 10% 50,000 8% 40,000 6% 30,000 4% 20,000 2% 10,000 0 0% 2013 2014 2015 2016 2017 2018 2019 2020 2013 2014 2015 2016 2017 2018 2019 2020 2021 OF Source: Appendix E to Preliminary Official Statement dated November 5, 2021. Source: U.S. Department of Commerce, Bureau of Economic Analysis; per capita personal income was computed using Census Bureau midyear population estimates. See also p. 11 and Appendix E to the Preliminary Official Statement dated November 5, 2021. Source: U.S. Department of Labor, Bureau of Labor Statistics. Through August 1, 2021. See also p. 11 and Appendix E of the Preliminary Official Statement dated November 5, 2021. COOK 7#8Impact of COVID-19 on the County ☐ In addition to the $428.6 million in CARES Act funding received by the County, the County is expected to receive $1.0 billion directly from the American Rescue Plan through the Coronavirus State and Local Fiscal Recovery Funds ("SLFRF") • ◉ These SLFRFs can cover eligible costs incurred between March 3, 2021 and December 31, 2024. Obligated funds incurred by December 31, 2024 must be expended by December 31, 2026. The County received approximately 50% of its SLFRF allocation on May 9, 2021 and is expected to receive the remaining no later than May 31, 2022 The County will utilize part of the SLFRF funds to reduce its estimated Fiscal Year 2022 budget gap of $121.4 million It is anticipated that a portion of the federal stimulus implemented by ARPA will return to the County in the form of sales tax revenue as spending by individual recipients increases The Fiscal Year 2022 Budget recommendation includes anticipated revenue from the second half of the County's allocation from the U.S. Department of Treasury's ARPA program in the amount of $500.2 million for use in mitigating and counteracting the impacts of COVID-19 Federal Response " The County received $428.6 million of CARES Act funds from the federal government The County expects to receive $1 billion from the U.S. Department of Treasury's American Rescue Plan program FY 2022 Key Budget Provisions Includes anticipated revenue from the second half of the County's SLFRF of $500.2 million for use in mitigating and counteracting the impacts of COVID-19 Increase Health Enterprise and General Fund Expenses to $5.87 billion ($585.9 million higher than FY 2021 budget of $5.23 billion) Source: See pgs. 5-9 of Preliminary Official Statement dated November 5, 2021. OF COOK SILLINDE 8#9" Roadmap to Recovery: Cook County's ARPA Plan Cook County undertook an extensive community engagement process, soliciting and vetting a wide variety of options for deployment of the ARPA funding ☐ Decision making guided by core values of equity, engagement and excellence. Considerations include supporting equitable economic development and growth and investing in healthy, thriving communities $1BN Total Allocation Allocated Evenly Over 3 Years (subject to change) $333MM FY 2022 $100MM Revenue Loss* Admin Costs Capital / Infrastructure One time and Sustainable Ongoing Personnel Costs $233MM Community Program Initiatives Based on Policy Roadmap Priorities $333MM FY 2023 $333MM FY 2024 *Revenue Loss - To be used to support County operations through the pandemic Ensure sustainability for any costs funded through ARPA funding with ongoing revenues in out years One-time personnel and non personnel costs (e.g., pandemic pay and administration cost for ARPA management) Building County capacity to meet increased demands and to support ARPA initiatives ☐ Capital improvement projects that would have required debt funding instead Source: See pgs. 5-9 of Preliminary Official Statement dated November 5, 2021. OF COOK SILLINDE 9#10Historical General Fund Performance The County's General Fund Balance has grown every year since 2016 General Fund Annual Income and Expenditures¹ 2016 2017 2018 2019 2020 Total Sources $1,749,699,719 $1,889,627,691 $1,834,708,649 $1,857,493,564 $1,696,474,311 Total Expenditures 1,615,046,369 1,671,283,599 1,587,866,746 1,616,200,408 1,410,302,725 Net Change in Fund 84,109,880 82,003,214 87,380,979 103,604,878 136,707,525 Balance Beginning Balance 99,323,337 183,433,217 265,436,431 352,817,410 464,422,288 Ending Fund 183,433,217 265,436,431 352,817,410 456,422,288 593,129,813 Balance 1. OF Source: Cook County CAFRs 2016-2020. See p. 46 of the Preliminary Official Statement date November 5, 2021. COOK COU 10#111. OF FY 2022 Recommended Appropriations The County's FY 2022 budgeted revenues are $7.61 billion FY 2022 Total Revenues¹ FY 2022 Recommended Appropriations¹ ($mm) ($mm) Health and Hospitals 3,719.2 Health Enterprise Fund 3,888.5 Sales Tax 968.3 Public Safety Fund 1,376.2 Property Tax 803.3 Corporate Fund 604.9 Non Property Tax/Non Sales Tax 487.3 Special Purpose Funds 946.3 Federal State and Private Grants 365.4 Federal State and Private Grants 365.4 Special Purpose Funds 900.0 Bond and Interest Ser. 1999B Refunding 256.0 Fee and Licenses (General Fund) 194.2 Annuity and Benefit Fund 202.2 Inter Government 71.2 Election Fund 60.4 Annuity and Benefit Fund 50.9 Total 7,699.1 Miscellaneous Revenue 46.4 Total 7,606.3 Source: FY2022 Executive Budget Recommendation. Also see p.45 of the Preliminary Official Statement dated November 5, 2021. Property Tax is net of loss and cost of collecting taxes. Use of Special Purpose Fund and Health and Hospital balances totaling $92.8 million explains difference between revenues and expenditures. SILLINDE 11#12FY 2022 County Revenues ☐ FY 2022 budgeted operating revenues total $7.61 billion ■ Budget $3.72 billion of Health Enterprise revenues come from Medicare, Medicaid, private payers/carriers, CountyCare managed care network Largest tax revenue sources are Sales Tax (12.7%) and Property Tax (10.6%) Misc. and Fees and Licenses 2.6% Special Purpose Funds Principal Sources of Revenues¹ Other Intergovernmental Historical General Fund Revenues² ($mm) 10-Yr CAGR: 2.89% 0.7% 2,000 0.9% Annuity and Benefit Fund 1,750 0.6% 11.8% Fed. State and Private Grants 4.8% Non- Property/Sales Tax 1,500 1,250 Health and Hospital 48.9% 1,000 750 6.4% Property Tax 10.6% 500 Sales Tax 12.7% 1. 2. Source: P.45 Preliminary Official Statement dated November 5, 2021. Source: Cook County CAFRS, 2010-2020. OF COOK 12 250 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020#13County Property Tax ☐ The County has adjusted its property tax rate to produce a generally flat base property tax levy amount over time County Property Tax Rate vs. EAV¹ ($bn) Total Cook County EAV Tax Rate per $100 EAV 200 0.60 0.50 150 In addition to the base tax levy, the County receives additional tax revenue from expiring incentives, expired tax increment financing districts, and new property 0.40 100 0.30 0.20 50 0.10 0 0.00 ◉ Property tax collection rates have historically been 98-99% 2009 2011 2013 2015 2017 2019 1. 2. 3. OF ($mm) Comparison of Tax Extensions and Collections 1,2 % of Levy Collections The top ten property taxpayers in the County account for less than 2% of total EAV³ 750 101.0% 100.0% 600 99.0% 450 98.0% City of Chicago property accounts for roughly half of the County EAV 300 97.0% 150 96.0% 0 95.0% 2009 2011 2013 2015 2017 2019 Source: Cook County Clerk, Tax Extension Division; taxes for a tax year are extended for collection in the succeeding year. See also p. 30 of the Preliminary Official Statement dated November 5, 2021. Source: Cook County Comptroller's Office; Cook County Health and Hospitals System and Forest Preserve District excluded. See also p. 31 of the Preliminary Official Statement dated November 5, 2021. Source: Cook County Treasurer's Office and Cook County Clerk's Office. See also Appendix E to the Preliminary Official Statement dated November 5, 2021. COOK COU 13#14FY 2022 County Expenditures ☐ FY 2022 budgeted operating expenses total $7.70 billion ☐ The Health and Public Safety funds are the two primary components of County expenditures (68.4% of total expenditures) The budget promotes the County's long-term plan for fiscal sustainability by managing health benefit costs and eliminating redundant programs Principal Sources of Expenditures¹ Historical General Fund Expenditures² ($mm) Bond and Interest 10-Yr CAGR: 0.66% Ser. 1999B Refunding 3.3% Federal State and Private Grants 4.7% Special Purpose Funds 12.3% Annuity and Benefit Fund 2.6% Election Fund 0.8% 1,800 1,600 1,400 1,200 Health Enterprise 1,000 Fund 50.5% 800 Corporate Fund 7.9% Public Safety Fund 17.9% 1. 2. Source: P.45 Preliminary Official Statement dated November 5, 2021. Source: Cook County CAFRS, 2010-2020. OF COOK 14 600 400 200 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020#151. 2. 3. OF FY 2022 County Expenditures (Cont'd) Full Time Equivalents ("FTES"): FY recommended 2022 budgeted FTE count is up 7.5% from 20211 to help modernize and reshape the County effectively 24,000 County Budgeted Full Time Employees¹ 23,500 23,000 22,500 Collective Bargaining: The County has 64 collective bargaining agreements that represent roughly 17,500 County employees (80% of total workforce) 1 22,000 21,500 21,000 20,500 • Current collective bargaining agreements cover 2018-2020 period 20,000 וויוייו 2016 2017 2018 2019 2020 2021 2022 County is currently in the process of negotiated successor agreements, until which time the provisions in the expiring agreements will remain in effect. The County Board has approved 22 Collective Bargaining Agreements and has tentative agreements with four bargaining units, representing 10,977 employees (62.7% of total workforce) Jail Population: Reduction in pre-trial detention population remains a primary policy objective² . As of October 2021, the resident detainee population averaged approximately 5,754. Starting in FY 2017, the County began the process of closing and demolishing three divisions of the county jail; Division III and XVII were demolished in Spring 2017. Division I was demolished in 2021 and Division IA is scheduled for demolition in early 2022. Bill Backlog: A backlog of payments from the State to the County continue to accrue; payments are related to pass- through funds from the federal government and other reimbursements from the State Through August 31, 2021 the County is owed $128.7 million from the State³ Source: Cook County Appropriation Bills. See also pgs. 14-15 of the Preliminary Official Statement dated November 5, 2021. See p. 11 of the Preliminary Official Statement dated November 5, 2021. See p. 15 of the Preliminary Official Statement dated November 5, 2021. COOK 15#16Cook County Health and Hospital System " ☐ The County annually provides an Operating Tax Allocation to CCHHS to cover annual operating shortfalls and a separate Indirect Tax Allocation consisting of debt service and pension payments The County expects to increase its Operating Tax Allocation in FY 2022 Decreased Operating Tax Allocations in recent years have been driven by reduction in uninsured patients under the Affordable Care Act; budgeted increases are COVID-19 related ☐ Includes funding for Correctional Health In FY 2022, CountyCare expects to have an average of 390,000 members See pgs. 12-13 of the Preliminary Official Statement dated November 5, 2021. OF COOK SILLINDE 16#17Retirement Fund Overview Employees' and Officers' Annuity and Benefit Fund of Cook County (the "Retirement Fund") established under Illinois Pension Code (the “Code”), separate legal entity from the County The Code currently limits County and employee contributions to the Retirement Fund based on a percentage of payroll; contributions are not determined on an actuarial basis • County contributions generally derived from property tax ("Pension Levy") ■ Funded Ratio of the Retirement Fund has been relatively stable over the past 5 years at 56-63% ☐ County has made supplemental contributions to the Retirement Fund starting in 2016 to independently shore-up funding² • Funded by increase in Home Rule Sales Tax from 0.75% to 1.75% UAAL Funded Ratio Investment Rate Assumed Retirement Fund Status1 Pension Pension & OPEB Actuarial Accrued Liability $18.4 billion $17.4 billion Actuarial Value of Assets $11.8 billion $11.8 billion $6.7 billion $6.7 billion 63.9% 67.6% 7.25% Current Statutory Contribution Pension Levy = 1.54x Employee Contribution 2 years prior Historical Retirement Fund Contributions1 ($mm) Statutory Supplemental Funded Ratio 1,000 65% . The FY 2022 budget includes a $342 million supplemental payment and up to an additional $20 million in the pension stabilization reserve 800 60% 600 55% Under current statutes and actuarial assumptions, Retirement Fund expected to deplete its assets by 2047 absent action; projection assumes no further supplemental contributions 400 50% 200 45% 0 40% 2010 2012 2014 2016 2018 2020 1. Source: Retirement Fund CAFR for the fiscal year ended December 31, 2020 and the Actuarial Valuations of the Retirement Fund as of December 31, 2020. See also Appendix B to Preliminary Official Statement dated November 5, 2021. Amounts rounded. 2. See Appendix B to Preliminary Official Statement dated November 5, 2021 for information on supplemental contributions to Retirement Fund not included in this projection. OF COOK 17#18Debt Profile The County has undertaken a long-term plan to manage its debt service The County has $2.6 billion of General Obligation Bonds and $571 million of Sales Tax Revenue Bonds outstanding ■ " 11.4% of outstanding debt is floating rate with expiration of credit facilities in 2022 and 2024 and no interest rate swap exposure The County maintains a $175 million taxable line of credit for interim financing needs and an additional $100 million tax-exempt revolver for liquidity and emergency purposes, none of which is currently outstanding County policy limits annual debt service growth to no more than 2% until a $400 million threshold is reached County Debt Composition ($mm) Revolving Line of Credit $0.0 0.0% Sales Tax Fixed Rate $571.0 18.0% GO Variable Rate $mm 400 300 200 100 $360.6 11.4% Variable Rate Debt Credit Facility Overview ($mm)1 $450 $400 $350 GO Fixed Rate $2,235.8 70.6% Series 2012A Direct Purchase $300 Millions $250 $200 Tax-Exempt Revolver $150 Series 2014C Direct Purchase* $100 $50 $- Taxable Line of Credit Series 2004D Direct Pay Letter of Credit Series 2012B Direct Purchase FY2022 FY2023 FY2024 General Obligation Debt Service Pre-Refunding (FYE 11/30)1,2 ■Principal Interest 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 As of November 5, 2021. 1. 2. Authorized amount of Series 2014D Revolving Line of Credit is $175 million, none of which is outstanding as of October 20, 2021; authorized amount of Revolving Credit Agreement ("Tax-Exempt Revolver") with BMO Harris Bank is $100 million, none of which is outstanding. Interest rate on variable rate bonds assumed to be 5% for the Series 2004D Bonds and the Series 2012B Bonds bearing interest at taxable rates and 4.5% for the Series 2012A Bonds bearing interest at tax-exempt rates. No effect given to payments from the federal government in connection with "Build America Bonds". OF COOK SILLINDE 18#19Liquidity The County benefits from strong liquidity ■ Under state law, cash of the County in its corporate capacity is deposited into a consolidated account known as the "C-Fund"; includes cash for County General Fund, Health Enterprise Fund, Election Fund, and other non-major governmental funds FY 2021 C-Fund cash balance averaged $1,012.1 million (compared to $722.6 million in FY 2020); comptroller continues to target payment of invoices within 7-10 days of their receipt • 2020 Balances include $428.6 million in CARES Act funding which the County expects to allocate to COVID-19 related expenses, local municipalities, and economic development and assistance programs Additional flexibility provided through $100 million revolving line of credit, which is completely undrawn; facility was extended in April 2019 and is set to expire in 2022 The County paid off the outstanding amount of PNC Revolver with its 2021A Sales Tax Revenue Bond issuance Cash and Liquidity Position (C-Fund)1 ($mm) 2,000 1,500 1,000 500 0 Dec Jan Feb Mar Provider PNC Bank BMO Harris N.A. Apr ■ FY 2020 May ■FY 2021 Jun Jul Aug Sep Oct Nov Summary of Outstanding Revolving Credit Agreements Interest Rate 80% of 1 day LIBOR + Applicable Spread 1 Month LIBOR + Applicable Spread Expiration 11/1/2022 2/1/2022 Authorized Amount $175 million Outstanding Amount $0 $100 million $0 1. Cook County Office of the Chief Financial Officer. October FY2021 cash balance as of 10/18/2021. See p. 47 of the Preliminary Official Statement dated November 5, 2021. OF COOK SILLINDE 19#20Preliminary Plan of Finance The County is planning on issuing $247,745,000* in par amount as part of its Series 2021BC plan of finance ☐ The Series 2021BC Bonds are being issued to: ☐ • Refund the County's Series 2011A and 2011B General Obligation Bonds • Pay costs of issuance related to the Series 2021BC Bonds The Series 2021BC Bonds are expected to amortize between November 2022 and 2028 and provide annual savings $mm 300 200 100 2022 Pro Forma Debt Service (FYE 11/30)* Existing GO D/S (Net of Refunding) ■2021BC Principal ■2021BC Interest 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 *Preliminary, subject to change. Note: Interest rate on variable rate bonds assumed to be 5% for the Series 2004D Bonds and the Series 2012B Bonds bearing interest at taxable rates and 4.5% for the Series 2012A Bonds bearing interest at tax-exempt rates. Interest rate fixed to 1.00% for the Series 2014C Bonds, which are subject to mandatory tender on September 30, 2023. No effect given to payments from the federal government in connection with "Build America Bonds". Interest rate for the Series 2021BC Bonds assumed to be 5%. Please see inside cover of Preliminary Official Statement dated November 5, 2021 for preliminary principal schedule. OF COOK COU 20 20#21November M T W T F S Holiday 1 2 3 4 7 8 9 10 11 14 15 16 17 21 22 23 24 5 6 12 13 18 19 20 25 26 27 Post POS Transaction Timeline* and Availability for Investor Calls S SE Cook County Investor One-on-One Calls 11/9 (Tuesday) 11/10 (Wednesday) Time (CT) 11/8 (Monday) Unavailable (8:30AM-9:00AM) 9:00AM-9:30AM 11/15 (Monday) 8:30AM-9:00AM 9:00AM-9:30AM 8:30 AM 8:40 AM 8:50 AM 9:00 AM 9:10 AM 9:20 AM Pricing 9:30 AM 9:40 AM 9:30AM-10:00AM Closing Unavailable (8:30AM-11:00AM) 9:30AM-10:00AM 9:50 AM 28 29 30 10:00 AM 10:10 AM 10:00AM-10:30AM Reserved 10:00AM-10:30AM 10:20 AM 10:30 AM Key Transaction Dates* 10:40 AM 10:50 AM Unavailable (8:30AM-1:00PM) 10:30AM-11:00AM Date Event 11:00 AM Friday, November 5th Monday, November 8th Tuesday, November 9th Wednesday, November 10th Monday, November 15th Wednesday, November 17th Closing, November 30th POS and Investor Presentation Posted 11:10 AM 11:20 AM Investor One-on-One Calls 11:30 AM 11:40 AM Investor One-on-One Calls 11:50 AM 12:00 PM Investor Luncheon 12:10 PM 12:20 PM Investor Luncheon at The Chicago Club 11:00AM-1:30PM Investor One-on-One Calls 12:30 PM 12:40 PM Expected Pricing Unavailable (10:30AM-3:00PM) 12:50 PM 1:00 PM Unavailable (11:00AM-3:00PM) Expected Delivery 1:10 PM 1:00PM-1:30PM 1:20 PM 1:30 PM 1:40 PM 1:30PM-2:00PM 1:50 PM 2:00 PM 2:10 PM 2:20 PM 2:30 PM 2:40 PM 2:50 PM Unavailable 2:00PM-2:30PM (1:30PM - 3:00PM) 2:30PM-3:00PM * Preliminary, subject to change. COOK OF SILLINDE 21 224#22Contact Information Contact Information Issuer: Cook County Ammar Rizki Chief Financial Officer [email protected] (312) 603-4458 Co-Financial Advisor: Acacia Financial Group Noreen White Co-President [email protected] (732) 892-0107 COOK COU OF SILLINDE Co-Financial Advisor: Columbia Capital Management David Abel Managing Director [email protected] (312) 967-0996 Lead Book-Running Senior Manager: Loop Capital Markets Clarence Bourne Managing Director [email protected] (312) 356-5009 22 22