#1Cook County, Illinois. Investor Presentation COUNTY OF SEAL COOK JANUARY 1831 ILLINON $270,620,000* General Obligation Refunding Bonds, Series 2022A $9,185,000* Taxable General Obligation Refunding Bonds, Series 2022B August 3, 2022 * Preliminary, subject to change.#2Disclaimer This electronic Investor Presentation dated as of August 3, 2022 (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 $270,620,000* General Obligation Refunding Bonds, Series 2022A (the "Series 2022A Bonds") and $9,185,000* Taxable General Obligation Refunding Bonds, Series 2022B (the "Series 2022B Bonds" and collectively with the Series 2022A Bonds, the "Series 2022AB 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 2022AB Bonds should only be made after a careful review of the complete Preliminary Official Statement, dated August 3, 2022. 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 2022AB Bonds, or to adopt any investment strategy. Any offer or solicitation with respect to the Series 2022AB Bonds will be made solely by means of the Preliminary Official Statement and Official Statement, which describe the actual terms of such Series 2022AB 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 2022AB 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 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 2022AB 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 2022AB Bonds may not be suitable for all investors. You should consult with your own advisors as to the suitability of the Series 2022AB 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. CO 1#3Key Finance Team Members Cook County OF C COO COU COOK JANUARY 1831 Lawrence Wilson, Acting Chief Financial Officer and County Comptroller Co-Financial Advisor Columbia Capital Management David Abel, Managing Director Book-Running Senior Manager Barclays BARCLAYS Michael Menelli, Director 2 ACACIA FINANCIAL GROUP, INC. Co-Financial Advisor Acacia Financial Group Noreen White, Co-President Co-Senior Manager Loop Capital Markets Clarence Bourne, Managing Director#4Cook County's Fiscal Profile Continues to Strengthen " Resilient Regional Economy The County of Cook, Illinois (the "County") anchors one of the most diverse industrial bases in the US and is the leading economic center of the Midwest with a GDP over $407 billion FY 2022 Sales Tax revenues are budgeted to increase 16.6% over FY 2021, highlighting strong economic activity within the County Unemployment has declined to 7.1% while per capita personal income has increased to 111% of that of the State Track Record of Balanced Operations Long track record of stable financial operations has resulted in strong fund balances and robust liquidity, helping cushion the County against potential underperformance of economically-sensitive revenues $1 billion of federal ARPA funding has been or will be allocated to support equitable economic development and investment in core County priorities Manageable Liability Profile The County continues to execute on its policy to limit combined debt service growth to no more than 2% annually The County maintains access to ample interim funding sources for capital program or other emergency needs Strong A2/A+/AA- ratings ■ Series 2022AB refunding will provide annual debt service savings through 2033 Commitment to Tackling Legacy Challenges The County has made supplemental contributions to its Retirement Fund annually since 2016 to independently shore-up funding Total supplemental contributions have totaled $1.9 billion through FY 2021 Modernization of County workforce and declining jail population have helped moderate expenditure growth OF C COU 3#5Transaction Overview Issue Ratings Security Use of Bond Proceeds* Issue ■ General Obligation Refunding Bonds, Series 2022A and Taxable General Obligation Refunding Bonds, Series 2022B (collectively, the "Series 2022AB Bonds") ■ S&P: A+ (stable) / Fitch: AA- (stable) / Moody's: A2 (positive) ■ General Obligations secured by the full faith and credit of the County ☐ ☐ In addition, the County covenants and agrees to levy ad valorem taxes upon all taxable property in the County for the payment of the Bonds through maturity ("Pledged Taxes") 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 or a portion of maturities of the County's General Obligation Bonds Series 2012C and (ii) pay costs of issuance Series 2022A Principal Amount* ☐ $270,620,000 ◉ Federally tax-exempt Tax Status ■ Illinois taxable Structure* Series 2022B $9,185,000 Federally taxable Illinois taxable ■ Fixed rate bonds due November 15, 2022 through 2033 with interest commencing November 15, 2022 Optional Redemption* ☐ Optional par call on 11/15/2032 * Preliminary, subject to change. CO 4 ■ Optional make-whole redemption#6County Overview and Primary Functions. 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 5.17 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 • 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 Chicago Chicago MSA Cook County 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 1. Source: U.S. Department of Commerce, Bureau of the Census as of July 2021. See also p. 11 of the Preliminary Official Statement dated August 3, 2022. Source for City population: U.S. Department of Commerce, Bureau of the Census as of April 2020. See also p. 11 of the Preliminary Official Statement dated August 3, 2022. 2. CO 5#7County Economic Overview ☐ ☐ ☐ The County's per capita personal income was $69,935 in 2020 which is 111% of that of the State • 4.7% compounded annual growth rate since 2010 As of May 2022, the County's unemployment rate was 4.6%; prior to the pandemic, County employment trends were in-line with national average Industrial profile of County resembles that of U.S., with a slightly larger services sector and smaller government presence No industry comprises more than 13.5% of the total employment base Per Capita Personal Income² Chicago MSA Top 10 Industries by Employment¹ 3.7% 5.9% 22.1% 6.1% 6.6% 6.8% 7.3% ■ Other Office and Admin. Support ■Transport. and Material Moving ■Sales and Related ■Food Prep. and Serving Related ■Management 13.5% ■Production Business and Financial Ops. Educational and Library 7.8% 10.4% 9.1% Health. Practitioners and Technical Healthcare Support Unemployment Rates³ $ ■Cook County ■Illinois ■U.S. Cook County Illinois U.S. 80,000 12% 70,000 10% 60,000 8% 50,000 40,000 6% 30,000 4% 20,000 2% 10,000 0 0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2013 2014 2015 2016 2017 2018 2019 2020 2021 1. Source: Appendix E to Preliminary Official Statement dated August 3, 2022. 2. 3. Source: U.S. Department of Commerce, Bureau of Economic Analysis; per capita personal income was computed using Census Bureau midyear population estimates. See also Appendix E to the Preliminary Official Statement dated August 3, 2022. Source: U.S. Department of Labor, Bureau of Labor Statistics. Through October 2020. See also p. 12 and Appendix E of the Preliminary Official Statement dated August 3, 2022. CO 6#8Roadmap to Recovery: Cook County 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 core values of equity, engagement, and excellence Considerations include supporting economic development and growth and investing in healthy, thriving communities Policy Roadmap Category # of Initiatives 2022 Total Allocation Health Communities 20 $57.6M $167.2M Vital Communities M 22 $87.4M $280.0M Safe & Thriving Communities 14 $54.5M $158.0M Sustainable Communities 9 $44.1M $88.9M Smart Communities 10 $49.9M $110.6M " • " FY 2022 Policy Roadmap Priorities: Healthy Communities: $57.6 million to improve the physical, mental and social wellbeing of County residents and communities Vital Communities: $87.4 million to pursue inclusive economic and community growth by supporting County residents, growing businesses, attracting investment and nurturing talent Safe and Thriving Communities: $54.5 million to create safe communities and an equitable and fair justice system for all County residents Sustainable Communities: $44.1 million to support healthy, resilient communities that thrive economically, socially and environmentally Smart Communities: $49.9 million to provide an innovative infrastructure that will change how Cook County residents live, work and connect Open Communities: $100 million to enable the County to provide responsive, transparent services and develop a thriving, professional workforce that reflects the communities served. A portion has also been allocated for initiative and internal operational capacity building, including for one-time costs for personnel and capital projects. Source: Cook County. See p. 8-9 of the Preliminary Official Statement dated August 3, 2022. 7#9Historical General Fund Performance The County's General Fund Balance has grown each year since 2017; total of $603.6 million or 34.5% compounded annually General Fund Annual Income and Expenditures1 2017 2018 2019 2020 2021 Total Sources $1,889,627,691 $1,834,708,649 $1,857,493,564 $1,696,474,311 $2,015,194,299 Total Expenditures 1,671,283,599 1,587,866,746 1,616,200,408 1,410,302,725 1,621,983,620 Net Change in Fund 82,003,214 87,380,979 103,604,878 136,707,525 259,188,302 Balance Beginning Balance 183,433,217 265,436,431 352,817,410 456,422,288 609,876,8491 Ending Fund Balance $265,436,431 $352,817,410 $456,422,288 $593,129,813 $869,065,151 Source: Cook County ACFRS 2017-2021. See p. 50 of the Preliminary Official Statement dated August 3, 2022. 1. As restated. CO 8#10FY 2022 Appropriations The County's FY 2022 budgeted revenues are $7.61 billion FY 2022 Total Revenues1 FY 2022 Total Appropriations¹ ($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 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 Special Purpose and Health and 92.8 Hospital Fund Balance Total $7,699.1 Source: FY2022 Executive Budget Recommendation. Also see p. 49 of the Preliminary Official Statement dated August 3, 2022. Property Tax is net of loss and cost of collecting taxes. CO 9#11FY 2022 County Revenues. FY 2022 budgeted operating revenues total $7.61 billion Budgeted $3.72 billion of Health Enterprise revenues come from Medicare, Medicaid, private payers/carriers, CountyCare managed care network Largest tax revenue sources are Sales Tax (12.7%) and Property Tax (10.6%) Principal Sources of Revenues¹ Historical General Fund Revenues2 Fees and Misc. and Fed. State Licenses Other Intergovernmental 0.7% ($mm) 10-Yr CAGR: 4.7% 2.6% 0.9% Annuity and Benefit Fund 2,500 0.6% and Private Grants 4.8% Non- Property/Sales 2,000 Tax 6.4% Property Tax 1,500 Health and 10.6% Hospital 48.9% Special Purpose Funds 11.8% Sales Tax 12.7% 1. 2. Source: P.49 Preliminary Official Statement dated August 3, 2022. Source: Cook County ACFRS, 2011-2021. CO 1,000 10 500 0 2011 2013 2015 2017 2019 2021#12County Property Tax ☐ The County has adjusted its property tax rate to produce County Property Tax Rate vs. EAV1 a generally flat base property tax levy amount over time ($bn) Total EAV (LHS) Tax Rate per $100 EAV (RHS) 210 0.70 180 0.60 150 0.50 In addition to the base tax levy, the County receives additional tax revenue from expiring incentives, expired tax increment financing districts, and new property 120 0.40 90 0.30 60 0.20 30 0.10 0 0.00 Property tax collection rates have historically been 98- 99% 2008 2010 2012 2014 2016 2018 2020 ■ The top ten property taxpayers in the County account for less than 2% of total EAV³ Comparison of Tax Extensions and Collections 1,2 % of Levy Collections ($mm) 800 600 400 City of Chicago property accounts for roughly half of the County EAV 200 0 2010 2012 2014 2016 102% 100% 98% 96% 94% 2018 2020 1. 2. Source: Cook County Clerk, Tax Extension Division; taxes for a tax year are extended for collection in the succeeding year. See also p. 31-32 of the Preliminary Official Statement dated August 3, 2022. Source: Cook County Comptroller's Office; Cook County Health and Hospitals System and Forest Preserve District excluded. See also p. 33 of the Preliminary Official Statement dated August 3, 2022. 3. Source: Cook County Treasurer's Office and Cook County Clerk's Office. See also Appendix E to the Preliminary Official Statement dated August 3, 2022. CO 11#13Property Tax Delay and Local Taxing District Loan Program The County expects to borrow $300 million in calendar year 2022 to assist local taxing jurisdictions given a delay in property tax collections. ■ Due to ongoing technology modernization efforts, personnel shortages attributed to the COVID-19 pandemic, and the complicated nature of the reassessment of property taxes in the City of Chicago, the County's second installment of property tax bills for tax year 2021 are expected to be issued up to six months later than usual Importantly, based on preliminary estimates and the availability of certain other funds, the County anticipates that it will continue to be able to (a) timely make its debt service payments and (b) fund its operations The payment of the second installment of property taxes will be due 30 days after the issuance of the property tax bills To assist certain local taxing jurisdictions within the County in paying their bills during the delay, the County has established a Bridge Funding Program (the "Loan Program"), under the Loan Program, the County will provide short-term operational cash assistance by purchasing tax anticipation warrants or similar obligations ■ The County is funding the Loan Program with a non-revolving line of credit with PNC Bank which will bear interest at market rates ■ While the County is authorized to purchase an aggregate principal amount of up to $500 million of warrants, the County anticipates its will purchase no more than $300 million of warrants in calendar year 2022; the Warrants will be due no later than March 1, 2023 See p. 29-30 of the Preliminary Official Statement dated August 3, 2022. 12#14FY 2022 County Expenditures " FY 2022 budgeted operating expenses total $7.70 billion The Health and Public Safety funds are the two primary components of County expenditures (68.4% of total expenditures) The budget promotes the County's long-term plan for fiscal sustainability by managing health benefit costs and eliminating redundant programs Principal Sources of Expenditures¹ Historical General Fund Expenditures² and Private Grants 4.7% Corporate Fund Bonds and Fed., State, Interest 3.3% Annuity and Benefit Fund 2.6% ($mm) 10-Yr CAGR: 2.2% Election Fund 0.8% 1,800 1,600 1,400 7.9% 1,200 1,000 Health Special Enterprise Purpose Funds 12.3% Fund 800 50.5% 600 Public Safety 400 Fund 17.9% 200 0 2011 2013 2015 2017 2019 2021 1. 2. Source: P.49 Preliminary Official Statement dated August 3, 2022. Source: Cook County ACFRS, 2011-2021. CO 13#15FY 2022 County Expenditures (Cont'd) Full Time Equivalents ("FTES"): FY 2022 recommended budgeted FTE count is up 7.9% 1 from 2021 to help meet the 25,000 County's existing and developing priorities/mandates ■ Collective Bargaining: The County has 63 collective bargaining agreements that represent over 15,000 County employees (83% of total workforce) 1 County Budgeted Full Time Employees 1 20,000 15,000 10,000 5,000 ☐ Current collective bargaining agreements cover 2017- 2020 period 0 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 47 Collective Bargaining Agreements and has tentative agreements with six bargaining units, representing 3,100 employees Jail Population: Reduction in pre-trial detention population remains a primary policy objective² • August 2022 resident detainee population averaged 5,566 compared to 10,139 in September 2013 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 a majority of Division IA has been demolished 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 May 31, 2022, the County is owed $266.3 million from the State 3 Source: Cook County Appropriation Bills. See also pg. 15-16 of the Preliminary Official Statement dated August 3, 2022. See p. 12 of the Preliminary Official Statement dated August 3, 2022. 1. 2. 3. See p. 16-17 of the Preliminary Official Statement dated August 3, 2022. CO 14#16Cook County Health and Hospital System Update 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 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 2021, County Care increased membership to an average of 390,689; the County expects an average of 390,000 members in FY 2022 Health Fund Statement of Revenues, Expenditures, and Change in Fund Balance¹ REVENUES Operating Revenues Non-Operating Revenues Total Revenues EXPENDITURES Salaries and wages Employee benefits Pension & OPEB Supplies Purchased services, rental and other Foreign claims Insurance, Depreciation, and Utilities Services contributed by other County offices Total operating expenses Total Operating Gain (Loss) Capital Contributions Transfers Change in net position (deficit) FUND BALANCE - Beginning FUND BALANCE - Ending See p. 12-13 of the Preliminary Official Statement dated August 3, 2022. 1. Cook County 2021 ACFR, Exhibit 8 (including GASB 68 adjustments). $ 3,369,630,386 176,515,402 $ 3,546,145,788 611,204,055 108,410,529 371,045,880 158,228,865 410,339,838 2,100,497,165 51,473,295 18,343,404 $ 3,858,824,085 22,430,759 187,559,281 (102,688,257) $ (4,735,992,479) $ (4,838,680,736) CO 15#17Retirement Fund Overview The County is fully committed to making supplemental contributions to its Retirement Fund Employees' and Officers' Annuity and Benefit Fund of Cook County (the "Retirement Fund") established under Illinois Pension Code (the “Code”), is a 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 64-67% 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% Actuarial Retirement Fund Status 1 Pension Pension & OPEB $16.9 billion $19.1 billion Accrued Liability Actuarial Value of Assets $11.0 billion $12.8 billion $6.0 billion $6.3 billion 64.8% 67.2% 7.5% UAAL Funded Ratio Investment Rate Assumed Current Statutory Contribution ($mm) 800 = Pension Levy 1.54x Employee Contribution 2 years prior Historical Retirement Fund Contributions1 Statutory Supplemental Funded Ratio (RHS) 70% 1. 2. of coo • FY 2022 contribution of $324.2 million No legal challenges to supplemental funding have been filed to date 600 400 Under current statutes and actuarial assumptions, Retirement Fund expected to deplete its assets by 2054 absent action; projection assumes no further supplemental contributions 200 0 2012 2014 2016 2018 2020 Source: Retirement Fund ACFR for the fiscal year ended December 31, 2021 and the Actuarial Valuations of the Retirement Fund as of December 31, 2021. See also Appendix B to Preliminary Official Statement dated August 3, 2022. Amounts rounded. See Appendix B to Preliminary Official Statement dated August 3, 2022 for information on supplemental contributions to Retirement Fund not included in this projection. CO 16 65% 60% 55% 50%#18Debt Profile The County has undertaken a long-term plan to manage its debt service The County has $2.4 billion of General Obligation Bonds and $564.1 million of Sales Tax Revenue Bonds outstanding 11.4% of outstanding debt is floating rate with expiration of credit facilities in 2022 and no interest rate swap exposure The County maintains a $175 million taxable line of credit for used for interim financing needs and an additional $100 million tax- exempt revolver for liquidity and emergency purposes County policy limits annual debt service growth to no more than 2% of previous years' budgeted amount until a $400 million threshold is reached County Debt Composition ($mm) Variable Rate Debt Credit Facility Overview ($mm)¹ GO Variable Revolving Line of Series Type Provider Amount Expiration Rate, $360.6 11% Credit, $171.0, 6% 2014D Line of Credit PNC Bank $175.0 11/1/2022 2004D Letter of Credit Barclays $130.0 12/1/2022 GO Fixed Rate, ST Fixed_ Rate, $568.2, 18% 2012B Direct Purchase J.P. Morgan $85.1 8/1/2024 $2,064.5, 65% Credit Agreement 2012A Direct Purchase J.P. Morgan General Obligation Debt Service Pre-Refunding (FYE 11/30)1,2 ■Principal Interest Revolver BMO Harris $100.0 2/1/2025 $145.5 11/1/2028 ($mm) 300 200 100 0 2022 2023 2024 As of November 30, 2021. 1. 2. 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Authorized amount of Series 2014D Revolving Line of Credit is $175 million; 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 and 4.5% for the Series 2012A Bonds. Interest rate fixed to 1.00% for the Series 2014C Bonds. No effect given to payments from the federal government in connection with "Build America Bonds". CO 17#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 $1,283.7 million (compared to $619.8 million in FY 2020); comptroller continues to target payment of invoices within 7-10 days of their receipt Additional flexibility provided through $100 million revolving line of credit, which is completely undrawn; facility was extended in February 2022 and is set to expire in 2025 County expects to pay off outstanding amount of PNC Revolver with its 2022 Sales Tax Revenue Bond issuance Cash and Liquidity Position (C-Fund)¹ ($mm) 3,000 2,500 2,000 1,500 1,000 500 0 Dec Jan Feb Mar Provider PNC Bank BMO Harris N.A. ■FY 2020 ■FY 2021 Apr May Jun FY 2022 Jul Aug Sep Oct Nov Summary of Outstanding Revolving Credit Agreements Interest Rate Expiration 80% of 1 day LIBOR + 11/1/2022 Applicable Spread 1 Month LIBOR + Applicable Spread 2/1/2025 Authorized Amount Outstanding Amount $175 million $171 million $100 million $0 1. Cook County Office of the Chief Financial Officer. July 2022 cash balance as of 7/5/2022. See p. 51-52 of the Preliminary Official Statement dated August 3, 2022. OF COO CO 18#20Preliminary Plan of Finance The County is planning to issue $279,805,000* in par amount as part of its Series 2022AB plan of finance The Series 2022AB Bonds are being issued to: • Refund the County's Series 2012C General Obligation Bonds • Pay costs of issuance related to the Series 2022AB Bonds ■ The Series 2022AB Bonds are expected to amortize between November 2022 and 2033 and provide annual debt service savings ($mm) 300 250 200 150 100 50 0 2022 Pro Forma Debt Service (FYE 11/30)* Existing GO Debt Service (Net of Refunding) ■Series 2022A Debt Service ■Series 2022B Debt Service 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. No effect given to payments from the federal government in connection with "Build America Bonds". Interest rate for the Series 2022AB Bonds assumed to be 5%. Please see inside cover of Preliminary Official Statement dated August 3, 2022 for preliminary principal schedule. CO 19#21Transaction Timeline* and Contact Information August 2022 Key Transaction Dates* S M T W FL S Post POS Date Event 1 2 3 4 LO 5 60 7 8 9 10 11 12 13 1x1 Investor Calls 14 15 16 17 18 20 Pricing Wednesday, August 3 Monday-Tuesday, August 8-9 21 28 29 22 22 23 24 25 26 27 Closing Thursday, August 11 30 31 Thursday, August 25 POS and Investor Presentation Posted One-on-One Investor Calls Expected Pricing Expected Delivery Issuer: Cook County Lawrence Wilson Acting CFO and Comptroller [email protected] (312) 603-4458 Book-Running Senior Manager: Barclays Michael Menelli Director [email protected] (312) 609-8516 Contact Information Co-Financial Advisor: Columbia Capital Management David Abel Managing Director [email protected] (312) 967-0996 Co-Financial Advisor: Acacia Financial Group Noreen White Co-President [email protected] (732) 892-0107 Co-Senior Manager: Loop Capital Markets Clarence Bourne Managing Director [email protected] (312) 356-5009 *Preliminary, subject to change. CO 20 20