#1$215,475,000* The County of Cook, Illinois Sales Tax Revenue Bonds Series 2022A & 2022B Investor Presentation August 1, 2022 * Preliminary and subject to change#2Notice to Recipient SEAL COOK ANUARY 18:31 KCO SILL Disclaimer This electronic Investor Presentation dated as of August 1, 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 $215,475,000* Sales Tax Revenue Bonds, Series 2022A (the "Series 2022A Bonds") and Sales Tax Revenue Bonds, Refunding Series 2022B (the "Series 2022B Bonds"), collectively the "Series 2022 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 2022 Bonds should only be made after a careful review of the complete Preliminary Official Statement, dated August 1, 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 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 Preliminary Official Statement and Official Statement, which describe the actual terms of such Series 2022 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. 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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 2022 Bonds should only be made after a careful review of the complete Preliminary Official Statement, including the appendices thereto. 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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 and subject to change 2#3Executive Summary Sales Tax Revenue Bonds of The County of Cook, Illinois (the "County") Exhibit Very Strong Credit Fundamentals PROACTIVE MANAGEMENT The County has responded proactively to COVID-19 through effective use of relief funds and efficient debt portfolio management DIVERSE ECONOMIC BASE The County has one of the most diverse economies in the country and a broad Sales Tax Revenue base O COOK JANUARY 1831 COUNTY SEAL COOK JANUARY 183 KCO ILLIN STRONG DEBT SERVICE COVERAGE Pro-forma MADS coverage above 14.5x Based on FY 2022 Budgeted Sales Tax Revenues* NEW REVENUE STREAM New Sales Tax Revenues from internet sales have further diversified the tax base SCILLIN STRONG SECURITY PROVISIONS Conservative 2.5x of MADS additional bonds test, indenture coverage covenant of 1.35x, debt service set aside in advance *Preliminary, subject to change 3#4* COOK ANUARY 18:31 KCO Par Amount*: Primary Use of Proceeds: Transaction Summary Sales Tax Revenue Bonds, Series 2022 Series 2022A: $156,575,000* The Series 2022A Bonds will be issued to provide funds to (i) refund all or a portion of the County's outstanding General Obligation Bonds, Series 2014D and General Obligation Bonds Series 2018 (collectively, the "General Obligation Bonds") (ii) finance or refinance the construction, equipping, altering or repair of various County facilities and (iii) pay the expenses of issuing the Series 2022A Bonds and refunding the General Obligation Bonds. Series 2022B: $58,900,000* SEAL S.ILL The Series 2022B Bonds will be issued to provide funds to (i) refund all or a portion of the County's outstanding Sales Tax Revenue Bonds, Series 2012 (the "Series 2012 Bonds") and (ii) pay the expenses of issuing the Series 2022B Bonds and refunding the Series 2012 Bonds. Structure*: Tax Status: Security: Optional Redemption*: Ratings (Outlooks): Pricing and Settlement Dates*: Preliminary and subject to change Series 2022A Bonds maturing November 15, 2022 through 2045 Series 2022B Bonds maturing November 15, 2023 through 2037 Federally Tax-Exempt, Subject to Illinois State Taxes The Series 2022 Bonds are limited obligations of the County and are payable solely from Pledged Sales Tax Revenues Optional Redemption on November 15, 2032 Kroll: AAA (Stable Outlook); S&P Rating has been applied for Pricing: Tuesday, August 9th Closing: Tuesday, August 23rd 4#5County Overview • The County of Cook, Illinois is a diverse international center of business, industry, and culture, and the leading economic hub of the Midwest • With an estimated population of over 5.17 million as of July 1, 2021 the County is the second most populous county in the United States • The County's 946 square miles consist of the City of Chicago (est. population 2.7 million) and 131 additional suburban municipalities, 29 townships, 220 special districts, and 164 school districts • The City of Chicago accounts for approximately half of the County's Equalized Assessed Valuation of taxable property and 51% of the County's population ZXXX • The County is governed by a 17-member elected Board of Commissioners Source: The U.S. Census Bureau and County data 5 SEAL COOK ANUARY 18:31 SILL CO#6• • . The County Benefits from a Robust Economy Robust economic base and diverse array of industries Per capita income exceeds that of the State and the U.S. and grew at a compound annual growth rate of 4.7% from 2010 through 2020 The third largest metropolitan area in the nation after Los Angeles and New York The unemployment rate has declined to 4.6% as of May 2022 The County Is Home to 19 Fortune 500 Headquarters Allstate. You're in good hands. US FOODS S.IL COOK ANUARY 18:31 COUNTY No Industry Accounts for >14% of Jobs in the Chicago MSA¹ Industry Office and Administrative Support Sales and Related Food Preparation and Serving Related Transportation and Material Moving Management Production Business and Financial Operations Educational Instructions and Library Healthcare Practitioners and Technical Computer and Mathematical Installation, Maintenance, and Repair Personal Care and Service Protective Service Healthcare Support Building and Grounds Cleaning and Maintenance Construction and Extraction Architecture and Engineering Arts, Design, Entertainment, Sports, and Media Community and Social Services Legal Employment by Occupational Group 13.5% 9.1% 7.3% 10.4% 7.8% 6.8% 6.6% 6.1% 5.9% 3.4% 3.5% 1.8% 2.4% 3.7% 2.8% 3.1% 1.4% 1.3% 1.4% 1.0% MOTOROLA SOLUTIONS CONAGRA BRANDS- UNITED 1. As of May 2021 2. As of 2020 ADM KEEPING KITCHENS COOKING Per Capita Income Exceeds U.S. Levels² $72,000 $70,000 $68,000 Exelon ITW $66,000 $64,000 $62,000 $60,000 $58,000 McDonald's JLL $56,000 $54,000 Cook County State of Illinois United States Source: Data from the U.S. Census Bureau, U.S. Bureau of Labor Statistics, U.S. Bureau of Economic Analysis, the St. Louis Federal Reserve, and Fortune Media 6#7• • The County's Proactive Response to COVID- 19 and Strategic Deployment of Federal Aid Received $428.6 MM from CARES Act • Used for COVID-19 expenses incurred by County and local municipalities ($351.3 MM) and operational initiatives ($8.1 MM) • $69.2 MM for economic development and assistance Received $1B from ARPA through the Coronavirus State and Local Fiscal Recovery Funds ("SLFRF") program (approximately 50% on 5/19/2021 and the remaining 50% on 6/9/2022) • Use of funds modeled on the County's Policy Roadmap Priorities (as defined in POS) • Strategic investments of funds intended to address inequities, encourage economic development, support public infrastructure, promote health and wellness, advance criminal justice goals, and work towards environmental sustainability Overview of the County's Expected Allocation of SLFRF Funds for FY 2022 Policy Roadmap Category Healthy Communities Vital Communities Safe & Thriving Communities Sustainable Communities Smart Communities Number of Initiatives 2022 Total Allocation* 20 $57.6M $167.2M M 22 $87.4M $280.0M ++ 14 $54.5M $158.0M 9 $44.1M $88.9M 10 $49.9M $110.6M Funding for Open Communities has also been allocated for initiatives and internal operational capacity building, including for one-time costs for personnel and capital projects * Total Allocations are subject to the annual appropriation bill passed by the Cook County Board of Commissioners Disclaimer: The situation described above remains fluid and the revenue projection in the FY 2022 Budget represents a snapshot in time. There is no way to predict the full impact of COVID-19 to the County and its finances 7 SEAL COOK ANUARY 18:31 KCO SILL#8Sales Tax Authority and Levy SEAL COOK ANUARY 18:31 KCO SILL As a home rule unit of government, the County has significant authority to levy and raise taxes, as limited by the State constitution and State statute, and as specifically authorized by: 1. Home Rule County Retailers' Occupation Tax Law (55 ILCS 5/5-1006) 2. Home Rule County Service Occupation Tax Law (55 ILCS 5/5-1007) Pledged Revenues for debt service consist of the Home Rule County Retailers' Occupation Tax and the Home Rule County Service Occupation Tax (collectively known as "Home Rule Sales Taxes") • Currently there is no limit on the rate at which the County may impose the Home Rule Sales Taxes, although applicable statutes require the Home Rule Sales Taxes to be imposed only in one-quarter percent (0.25%) increments o County's Sales Tax rate is currently 1.75% and has been at this level since 2016 • The County has shown a willingness to adjust Sales Tax rate to address budgetary needs 8#9Sales Tax Revenue Bonds Security and Structure COOK JANUARY 183 K CO COUNTY! S.ILL Flow of Funds All Pledged Sales Tax Revenues will be deposited as received by the County (but in no event more than three Business Days after receipt thereof) into the Pledged Sales Tax Revenue Fund established under the Indenture and held by the Trustee, unless otherwise directed by the Indenture • The State can only offset or reduce remittances to the County in the event of incorrect prior payments or passage of State legislation withholding funds о Section 20-10 of Public Act 100-0587, enacted with the State budget on June 4, 2018, directs the retainage by the State of 1.5% of the Pledged Sales Tax Revenues that would have otherwise been disbursed to the County as an administrative fee о On or before the 20th day of each month or upon receipt of the Pledged Sales Tax Revenues, the Trustee will make monthly Sales Tax deposits of 1/5 of interest and 1/10 of principal to the Debt Service Fund on behalf of the County • Debt service reserve fund utilization to be evaluated on a series-by-series basis О No debt service reserve fund will be used for the Series 2022 Bonds Additional Bonds Test • The County may issue additional bonds on parity with the County's outstanding Sales Tax Revenue Bonds • The ABT requires Adjusted Pledged Sales Tax Revenues for any consecutive 12 months during the 18-month period preceding bond issuance, shall not be less than 2.5x of MADS requirements on all bonds then outstanding and proposed to be issued Covenants Home Rule taxing powers provide the County with flexibility to adjust its Sales Tax rate • Covenant by the County not to take any action to cause pledged revenues to produce less than 1.35x annual coverage 9#10Flow of Funds Benefits Bondholders Debt Service on Hand with Trustee in Advance of Payment No history of payment delays from State to County to Trustee SEAL COOK ANUARY 18:31 KCO SILL Illinois Department of A* Revenue (A) The Illinois Department of Revenue ("IDOR") collects the Pledged Sales Tax Revenue on the County's behalf. IDOR deposits all funds collected on behalf of local governments with the State Treasurer Accounts Held by Trustee (B) B State Treasurer 98.5% County of Cook Pledged Sales Tax Revenue Fund B 1.5% Tax Compliance and Administration Fund (Held by the State) *IDOR withholds 1.5% of taxes as an administrative fee D Interest Sub- Account (C) Principal Sub- Account (D) On or before the 25th of each month, IDOR certifies the disbursement of funds collected by IDOR on behalf of local governments to the State Comptroller, less 1.5% which is transferred into the Tax Compliance and Administration Fund. Within 10 days of the certification provided by IDOR, the State Comptroller will issue orders for payments to local governments, including the County The County deposits all Pledged Sales Tax Revenue with the Trustee into the Pledged Sales Tax Revenue Fund On or before the 20th of each month or upon receipt of funds, the Trustee will transfer the following amounts: Rebate Fund | ii. E Residual Transferred Back to County ¡¡¡. To the Interest Sub-Account, an amount equal to 20% of the next interest payment To the Principal Sub-Account, an amount equal to 10% of the next principal payment To the Rebate account, any amount required Excess funds flow back from the Bond Trustee to the County. Once the transfers in (D) occur, the County may use Pledged Sales Tax Revenues for any lawful purpose **Junior Lien and Debt Service Reserve Funds may be funded in the future, though none exist at this time. If such funds are funded in the future, they would be funded pursuant to the Master Indenture before (E) (i.e. excess funds flow back from the Bond Trustee to the County). With respect to the Series 2013 Sales Tax Bonds, payments are obligated to be made annually into a Permitted Sinking Fund pursuant to an Escrow Agreement. Source: Master Indenture and Public Act 100-0587 10#11Online Sales Tax Revenues Diversify Revenue Stream New Revenue Stream Supplementing Existing Pledged Revenues as of 2021 November 2019 Illinois passes the Leveling the Playing Field for Illinois Retail Act, requiring remote retailers and marketplace facilitators to collect online Sales Taxes beginning in 2021 January 2021 County residents begin paying the 1.75% County Home Sales Tax rate for online purchases О April 2021 After a three-month lag, the County begins to receive the online Sales Tax Revenues Contributed to 19.4% Sales Tax growth in FY 2021, and projected to further increase in FY 2022 ✓ Projections for future impact of new revenue stream developed in coordination with County's Independent Revenue Forecasting Commission 11 SEAL S.ILL COOK ANUARY 18:31 KCO#12Diversified Sales Tax Base SEAL COOK ANUARY 18:31 KCO SILL • The County's Home Rule Sales Taxes tax base is diverse, drawing from many retail sectors Strong economic fundamentals with a lack of concentration in any one specific sector-no industry comprises more than 23% of the total tax base Furniture, Household and Radio 6% Sales Tax Mix By Sector¹ Manufacturers 3% Lumber, Building and Hardware 7% Apparel 7% Food 7% General Merchandise 8% Automative and Filling Stations 9% Agriculture and All Others 10% Source: State of Illinois Department of Revenue (Percentages rounded to the nearest whole number) 1. Calendar year 2021 2. Drugs & Misc. Retail may include remote retailers 12 Drugs and Misc. Retail 23% 2 Drinking and Eating Places 20%#13Historical Sales Tax Collections: Track Record of Strong Coverage Annual Pledged Sales Tax Revenues and Historical MADS Coverage ($MM) 1000 900 800 700 600 500 400 300 200 100 0 2013 2014 2015 2016 2017 2018 2019 2020 Pledged ST Revenues (0.75%) Pledged ST Revenues (1.75%) Pro Forma DSCR SEAL COOK ANUARY 18:31 KCO SILL (x) 100 90 80 70 60 50 40 30 20 10 0 2021 Budgeted 2022* Despite the drop in FY 2020 revenues to $721.6 MM due to COVID-19, FY 2021 revenues rebounded to $861.6 MM with strong MADS coverage of 13.8x Sales Tax Revenues are budgeted at $968.3 MM for FY 2022 Source: The County of Cook Comptroller's Office Notes: MADS Coverage represents ratio of total Pledged Sales Tax Revenues to the Maximum Annual Debt Service requirement on all Sales Tax Revenue Bonds (not including the Series 2022 Bonds), calculated based on the amount of Bonds outstanding during the years shown *Preliminary, subject to change 13#14Sales Tax Revenues Are Resilient and Growing Monthly Pledged Sales Tax Revenues Fiscal FY 2019 Month ($MM) ($MM) Years 2019, 2020, 2021, and 2022¹ FY 2022 ($MM) FY 2020 FY 2021 ($MM) December 70.56 71.05 61.92 87.66 January 71.63 72.03 59.97 83.44 February 69.90 69.94 55.50 85.86 March 82.70 81.96 68.82 108.67 • April 55.28 58.93 57.57 69.64 May 56.46 54.95 54.77 69.00 June 68.66 50.42 81.00 88.05 July 67.85 38.48 76.77 87.39 . August 73.99 46.16 83.36 September 75.96 56.47 90.15 October 72.54 61.18 85.28 November 73.23 60.08 86.49 Total $838.75 $721.65 $861.61 $679.72 1) Dollars in millions, unaudited cash basis 2) Amounts may differ from that on record with the County Comptroller's Office due to rounding Source: The County of Cook Comptroller's Office 14 SEAL COOK ANUARY 18:31 KCO SILL • The County's Sales Tax Revenues increased substantially in FY 2021 and have surpassed pre- pandemic levels • • Due to increases in retail sales and online sales taxes, FY 2021 Pledged Sales Tax Revenues outperformed the budget estimate of $829.3 million by over $30 million, and were up more than 19% vs. the prior year, at $861.6 million Sales Tax Revenues are budgeted at $968.3 MM for FY 2022 Monthly receipts have outpaced pre- pandemic levels • In 2022YTD, Sales Tax Revenues are up 30.3% compared to the first seven months of FY 2021 The State has never failed to make a timely monthly transfer of Sales Tax deposits#15Sales Taxes Provide Supplemental Pension Contribution COOK ANUARY 183 SILL CO Significant increase in revenue via adopted Sales Tax increase in 2015 Supplemental Contributions Amount Fiscal Year ($MM) • Since that time, County has entered into Intergovernmental Agreements with the Retirement Fund which provide for a supplemental payment in addition to the statutory maximum allowable contributions 2016 270.5 2017 353.8 • Under current law, each supplemental payment is subject to annual appropriation of the County Board 2018 378.4 • County made $340.0 MM in supplemental contributions in FY 2021 2019 320.3 2020 309.2 • On December 2, 2021, County entered into an Intergovernmental Agreement to make $324.2 MM in supplemental contributions in FY 2022 2021 340.0 15 2022 324.2#16COOK JANUARY 13 Pro Forma Sales Tax Debt Service* SEAL O 11.5 Pro Forma MADS Coverage Including the 2022 Bonds Is Approximately 13.8x Based on FY 2021 Revenues and Over 14.5x Based on FY 2022 Budgeted Revenues* Series 2022 Bonds Preliminary Amortization CO County monitors combined General Obligation and Sales Tax debt service and November 15 2022A Principal 2022B Principal 2022 $6,650,000 $- follows policy to limit year-to-year increases in aggregate debt service to no 2023 6,240,000 3,115,000 2024 6,740,000 3,270,000 2025 7,520,000 3,435,000 more than 2% based on the Federal 2026 7,595,000 3,605,000 Reserve's long-term projection for inflation (up to $400 MM threshold) 2027 2,980,000 3,790,000 2028 2,285,000 3,975,000 2029 2,225,000 2,110,000 2030 310,000 2,215,000 Pro Forma DS - All Sales Tax Revenue Bonds 2031 1,875,000 4,390,000 ($MM) 2032 6,430,000 4,610,000 $80 2033 4,840,000 2034 $70 5,085,000 2035 5,335,000 $60 2036 5,600,000 $50 2037 2,365,000 3,525,000 $40 2038 2039 $30 2040 $20 2041 24,000,000 $10 $0 2042 18,345,000 2045(T) 61,015,000 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 Total $156,575,000 $58,900,000 Existing Sales Tax Debt Service ■Series 2022 Principal Series 2022 Interest * Preliminary and subject to change. Debt service displayed assumes amortization in the Preliminary Official Statement (POS) and coupons ranging from 5.00% to 5.25% based on the inside front cover of the POS and is net of the refunding of the 2012 bonds. (T) Indicates term bond 16#17Financing Schedule* August Su M Tu W Th LL F Sa 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Event Post Preliminary Official Statement Post Investor Presentation Pricing Closing and Delivery * Preliminary and subject to change 17 Date* Monday, August 1st Monday, August 1st Tuesday, August 9th Tuesday, August 23rd SEAL COOK ANUARY 18:31 KCO SILL#18Contact Information County Contacts Lawrence Wilson, Acting Chief Financial Officer and County Comptroller (312) 603-4458 [email protected] Dean Constantinou, Deputy Chief Financial Officer (312) 505-1174 [email protected] Cook County Investor Relations Website: https://www.cookcounty investorrelations.com/ Senior Manager Underwriting Contacts Cabray Haines, Morgan Stanley Eric Avila, Morgan Stanley (312) 706-4010 [email protected] (202) 689-1838 [email protected] Cordelia Mendez, Morgan Stanley (212) 761-7461 [email protected] 18 SEAL COOK ANUARY 18:31 KCO SILL#19CO Conclusion EAL C COOK JANUARY 183 The County's Sales Tax Revenue Bonds Exhibit Very Strong Credit Fundamentals 11.5 DIVERSE ECONOMIC BASE The County of Cook has one of the most diverse economies in the country and a broad Sales Tax Revenue base PROACTIVE MANAGEMENT The County has responded proactively to COVID-19 through effective use of relief funds and efficient debt portfolio management O COOK JANUARY 1831 COUNTY STRONG DEBT SERVICE COVERAGE Pro-forma MADS coverage above 14.5x Based on FY 2022 Budgeted Sales Tax Revenues* NEW REVENUE STREAM New Sales Tax Revenues from internet sales have further diversified the tax base SCILLIN STRONG SECURITY PROVISIONS Conservative 2.5x of MADS additional bonds test, indenture coverage covenant of 1.35x, debt service set aside in advance *Preliminary, subject to change 19