#1UCONN UNIVERSITY OF CONNECTICUT Founded 1881 UNIVERSITY OF CONNECTICUT $356,730,000* CONSISTING OF: $227,415,000* GENERAL OBLIGATION BONDS, 2023 SERIES A INVESTOR PRESENTATION OCTOBER 25, 2023 * Preliminary, subject to change. $129,315,000* GENERAL OBLIGATION BONDS, 2023 REFUNDING SERIES A UCONN STATE OF CONNECTICUT LOUI BUSTINET TRANSTULIT TREASURERIC OFFICE UCONN University of Connecticut | State of Connecticut ORY#2Presentation Disclaimer UCONN TRANSTULIT TREASURER'S OFFICE STATE OF CONNECTICUT BUSTINET Please read this disclaimer in its entirety before proceeding further with this investor presentation. This investor presentation that you are about to view is provided as of October 25, 2023 for a proposed offering of the University of Connecticut General Obligation Bonds, 2023 Series A (the "2023 Series A Bonds") and the University of Connecticut General Obligation Bonds, 2023 Refunding Series A (the "2023 Refunding Series A Bonds" and, collectively with the 2023 Series A Bonds, the "2023 Bonds"). This presentation has been prepared for information purposes only and solely for use in connection with the proposed transaction described herein. This investor presentation is qualified in all respects to the preliminary official statement for the 2023 Bonds (the “Preliminary Official Statement” or “POS”), and prospective purchasers of the 2023 Bonds should rely only on the Preliminary Official Statement, and not this investor presentation, before making an investment decision. To the extent there are conflicts between statements made in the Preliminary Official Statement and this investor presentation, the information contained in the Preliminary Official Statement should be deemed more reliable. Any offer or solicitation with respect to the 2023 Bonds will be made only by means of a final official statement relating to the 2023 Bonds. If you are viewing this investor presentation after the date stated above, events may have occurred that may have and/or could have a material adverse effect on information presented. A copy of the Preliminary Official Statement may be obtained at: www.munios.com/e/KVFM9 This presentation does not constitute nor does it form part of an offer to sell or purchase, or the solicitation of an offer to sell or purchase, any securities to any person in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction, or an offer to enter into any transaction described herein, nor does this presentation constitute an offer, commitment or obligation on the part of the University of Connecticut (the "Issuer"), the State of Connecticut (the "State"), underwriters or any of their affiliates to provide, issue, arrange or underwrite any financing or enter into any transaction. You will be responsible for making your own independent investigation and appraisal of the risks, benefits, appropriateness and suitability of the proposed transaction described herein and none of the Issuer, the State, nor the underwriters are making any recommendation (personal or otherwise) or giving any investment advice and will have no liability whatsoever for any losses, including, but not limited to, consequential losses arising from the use of this presentation or reliance on the information contained herein. None of the Issuer, the State, nor the underwriters make any representation or warranty as to the (i) accuracy, adequacy or completeness of any information in this investor presentation, or (ii) legal, tax or accounting treatment of any purchase of Bonds by you or any other effects such purchase may have on you and your affiliates. This investor presentation contains "forward-looking" statements that involve risks, uncertainties and assumptions. In this respect, the word "estimates,” “projects," "anticipate,” “expect,” “intend,” “believe” and similar expressions are intended to identify forward-looking statements. If the risks or uncertainties materialize or the assumptions prove incorrect, the results may differ materially from those expressed or implied by such forward-looking statements. Accordingly, we 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 not warranted as to completeness or accuracy and are subject to change without notice. Such forward-looking statements speak only as of the date of the Preliminary Official Statement of October 25, 2023 and as of the date indicated on the projections. The Issuer and the State disclaim any obligations or undertaking to release publicly any updates or revisions to any forward-looking statement contained in this investment presentation to reflect any changes in the Issuer's and/or the State's expectations with respect thereto or any changes in events, conditions or circumstances on which any such statement is based. Given these uncertainties, readers are cautioned not to rely on forward-looking statements. The projections, if, as indicated herein, are forward-looking statements and any such statements inherently are subject to a variety of risks and uncertainties that could cause actual results to differ materially from those that have been projected and such differences could be material. Such risks and uncertainties which could affect the revenues and obligations set forth in these projections include, among others, changes in economic conditions, mandates from other governments, competition, limits on the amounts of and increases to third party payments and reimbursement for services and various other events, conditions and circumstances, many of which are beyond the control of the Issuer and/or the State. University of Connecticut | State of Connecticut 1#3Presentation Disclaimer UCONN STATE OF CONNECTICUT LOUI TRANSTULIT BUSTINET TREASURER'S OFFICE The materials and statements in this investor presentation are provided as of October 25, 2023 for a proposed offering by the Issuer of its 2023 Bonds. If you are viewing this investor presentation after October 25, 2023, there may have been events that occurred subsequent to such date that may have a material adverse effect on any financial information that is presented in this investor presentation, and neither the underwriters, the Issuer nor the State, has undertaken any obligation to update this investor presentation. 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. To the fullest extent permitted by law, none of the Issuer, the State, nor the underwriters, any of their affiliates, nor any other person accepts any liability whatsoever for any direct or consequential loss arising from any use of the materials and statements in this investor presentation or reliance on the information contained herein. The materials contained in this Investor Presentation is not a product of any research department of the Underwriters or any of their affiliates. The information contained in this investor presentation has been compiled from sources believed to be reliable, but no representation or warranty, express or implied is made by the Issuer, the State, the underwriters or any of their affiliates or any person to its accuracy, completeness or correctness. Nothing in this communication constitutes legal, accounting or tax advice or individually tailored investment advice. This material is prepared for general circulation and may have been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Transactions involving the 2023 Bonds may not be suitable for all investors. You should consult with your own advisors as to the suitability of the 2023 Bonds for your particular circumstances. THE PRINTING, DUPLICATING, DOWNLOADING, SCREEN CAPTURING, ELECTRONIC STORING, RECORDING, PUBLISHING OR DISTRIBUTING OF THIS INVESTOR PRESENTATION IN ANY MANNER IS STRICTLY PROHIBITED. By viewing this investor presentation, you acknowledge that you understand and agree to the foregoing provisions. University of Connecticut | State of Connecticut 2#4Agenda 1 2 Transaction Overview and Key Credit Strengths UConn Operations and Financial Information 3 State of Connecticut Fiscal Performance 4 Debt Management and Summary of the Financing UCONN LOUI STATE OF CONNECTICUT TREASURERIC OFFICE BUSTINET TRANSTULIT University of Connecticut | State of Connecticut Page 36 16 13 26#5Transaction Overview Issuer: Issue: Par Amount: Purpose: Security: Preliminary Structure: UCONN University of Connecticut ("UConn” or the “University") General Obligation Bonds, 2023 Series A ("2023 Series A Bonds") $227,415,000* The 2023 Series A Bonds are being issued to provide funds for the UConn 2000 Infrastructure Improvement Program. STATE OF CONNECTICUT LOUI SUSTINET TRANSTULIT TREASURER'S OFFICE General Obligation Bonds, 2023 Refunding Series A ("2023 Refunding Series A Bonds") $129,315,000* The 2023 Refunding Series A Bonds are being issued to currently refund all or a portion of selected maturities of the University's General Obligation Bonds, 2013 Series A and the General Obligation Bonds, 2014 Series A. The 2023 Series A Bonds and the 2023 Refunding Series A Bonds (collectively, the "2023 Bonds") are general obligations of the University for the payment of which, in accordance with their terms, the full faith and credit of the University are pledged. The 2023 Bonds are additionally secured by the pledge of and a lien upon the State Debt Service Commitment, which is the State's commitment to pay an annual amount for the principal and interest on the 2023 Bonds. Serial bonds maturing August 15, 2024* through August Serial bonds maturing August 15, 2024* through August 15, 2043* Optional Redemption: August 15, 20 at 100% Payment Dates: Tax Status: Ratings: Retail Pricing: Institutional Pricing: Settlement Date: Additional Info: 15, 2033* Non-Callable Interest is payable on February 15 and August 15 in each year, commencing on February 15, 2024 Federally and State of Connecticut Tax-Exempt Aa3 by Moody's (Stable Outlook) | AA- by S&P (Stable Outlook) | AA- by Fitch (Stable Outlook) Monday, November 6, 2023* and Tuesday, November 7, 2023* Wednesday, November 8, 2023* Tuesday, November 21, 2023* Please visit www.BuyCTBonds.com | www.UConnBonds.com Preliminary, subject to change. University of Connecticut | State of Connecticut 3#6University of Connecticut's General Obligation Bond Program Key Credit Strengths UCONN Experienced senior management team and key constituent representatives operating UConn TREASURER'S OFFICE STATE OF CONNECTICUT BUSTINET Strong Governance Structure & Seamless Operations Excellent Market Position ■ Permanent positions have been appointed in key management roles (President, Provost, CFO) ■ Continued success in implementing the UConn 2000 Infrastructure Improvement Program ("UConn 2000") ■ The University of Connecticut ranks among the top 30 public universities in the nation according to U.S. News & World Report Best Colleges ■ The University continues to enjoy stable enrollment for all campuses from Fall 2019 through Fall 2023 ■ SAT scores for students entering the University consistently exceed the statewide and national SAT score averages Meaningful Diversification & Growth in Assets ■ UConn has a diverse revenue base including strong ongoing State support Giving University-wide continued at record levels, with contributions of $157.9 million to support the University students, faculty, and programs during FY 2023 Strategic Investment in Research and Academic Enterprise State of Connecticut Support of the University ▪ UConn 2000 is making strategic investments in core facilities to transform UConn's research, academic and residential capabilities ■ Continued national recognition for growing research, innovation, entrepreneurship and academic accomplishments ■ The State has demonstrated unwavering commitment to the UConn 2000 Program for nearly three decades, since 1996 ■ The State annually appropriates funds for the general operating support of the University and the State's Debt Service Commitment is deemed appropriated out of the State's general fund without any annual legislative approval Source: POS Appendix A University of Connecticut | State of Connecticut 4#7State of Connecticut's Debt Service Commitment (General Fund) Key Credit Strengths Strong Financial Performance Debt Limitation Balanced Budget Requirement UCONN STATE OF CONNECTICUT BUSTINET LOUI TRANSTULIT TREASURER'S OFFICE ■ The State has experienced significant increases in the General Fund, with operating surpluses realized every year since FY 2019 ■ The State has consistently met its required actuarially determined employer contributions over the last five years and made an additional $4 billion combined contribution to SERS and TRS for FY 2022 By statute, the State may not authorize General Obligation (“GO”) debt > 1.6x General Fund tax receipts, subject to statutory exceptions ■ The amount of debt available for issuance for the UConn 2000 program is limited by State statute ■ State Constitution requires a balanced budget (i.e., general budget expenditures authorized for any fiscal year cannot exceed the estimated amount of revenue for such year) ■ State law requires passage of a biennial budget Budget Reserve Fund ("BRF") ■ The State has both a constitutional and a statutory regime for funding the BRF ■ Amounts in excess of 15% must be used to pay down pension obligations or outstanding debt Spending Cap Regular Revenue Forecasting & Monitoring Tools Prohibited by the State Constitution from increasing expenditures from year to year by a percentage exceeding the greater of the percentage increase in personal income or the percentage increase in inflation, with certain exceptions Regular revenue forecasting, monitoring of fiscal progress and multi-year planning tools in place Monthly reports are required from the Comptroller and the Office of Policy and Management and periodic reports are required from other entities, including the Legislature's Office of Fiscal Analysis Source: POS Appendix A University of Connecticut | State of Connecticut 5#8Agenda 1 Transaction Overview and Key Credit Strengths 2 3 4 UConn Operations and Financial Information State of Connecticut Fiscal Performance Debt Management and Summary of the Financing UCONN LOUI STATE OF CONNECTICUT TREASURERIC OFFICE BUSTINET TRANSTULIT University of Connecticut | State of Connecticut Page 3 6 13 16#9Strong Governance Structure: Experienced Senior Management Team Operating The University UCONN STATE OF CONNECTICUT LOUI BUSTINET TRANSTULIT TREASURER'S OFFICE ■ The Board of Trustees is composed of 21 leaders and key constituent representatives who operate in an integrated committee governance model ■ There are five ex-officio members, 12 members are appointed by the Governor, two are elected by University Alumni, and two are elected by students enrolled at the institution ■ The senior management team consists of experienced, long-tenured academic professionals ■ On September 28, 2022, the Board of Trustees appointed Dr. Radenka Maric as the University's new President University of Connecticut Board of Trustees President Dr. Radenka Maric 13 years at UConn Executive Secretary to Board of Trustees Rachel Rubin 21 years at UConn Provost and Executive Vice President for Academic Affairs Anne D'Alleva 24 years at UConn Executive Vice President for Finance and Chief Financial Officer Jeffrey P Geoghegan 21 years at UConn Interim CEO and Executive Vice President for Health Affairs Bruce Liang 20 years at UConn General Counsel Nicole Fournier Gelston 13 years at UConn Vice President for Student Life & Enrollment Nathan Fuerst 11 years at UConn Vice President for Research, Innovation and Entrepreneurship Pamir Alpay Chief of Staff to the President Michelle Williams 27 years at UConn 22 years at UConn AVP, University Business Services and Chief Procurement Officer Joseph Thompson 2 years at UConn AVP, Financial Operations and Controller Margaret McCarthy 15 years at UConn AVP, Budget, Planning & Institutional Research Reka Wrynn 24 years at UConn Other Executive Offices Reporting to President Government Relations University Communications University Compliance Diversity & Inclusion University Safety Human Resources (Interim) Global Affairs Ombudsman Institutional Equity Athletics Athletics Compliance Audit and Management Advisory Services Source: POS Appendix A and POS Appendix A-Schedule 1 University of Connecticut | State of Connecticut 6#10Excellent Market Position: UCONN LOUI STATE OF CONNECTICUT TREASURERIC OFFICE BUSTINET TRANSTULIT Stable Enrollment & Improving Academic Quality ■ UConn continues to maintain strong and stable undergraduate and graduate enrollment ■ UConn continues to attract high quality students based on SAT scores exceeding the statewide and national Fall Total Enrollment - All Campuses (Headcount)(1) Average Total SAT Scores* (Fall 2019 – 2023)(2) 32,333 32,669 32,146 32,094 32,332 35,000 Fall 646 646 653 653 653 Storrs Campus Regional Campuses Connecticut Average National Average 30,000 7,787 7,652 7,656 7,365 7,323 2019 1296 1113 1046 1059 25,000 2020 1281 1080 1039 1051 20,000 2021 1318* ** 1128** 1072 1060 15,000 2022 1315 1112 1025 1050 23,900 24,371 23,837 24,076 24,356 10,000 2023 1296 1089 1007 1028 5,000 2019 2020 ■Undergraduate 2021 Graduate 2022 UConn Health 2023 (1) POS Appendix A p. A-10 (2) POS Appendix A p. A-9 *Excluding the writing component **Standardized test average represents students who elected to submit test scores as part of their application materials. UConn is piloting a test-optional undergraduate admissions process through the Fall 2026 admission cycle. University of Connecticut | State of Connecticut 7#11Excellent Market Position: Increased In-State & Out-Of-State Freshmen Student Demand ■ First year student applications increased 14% in 2023, a five-year net increase of 33% UCONN STATE OF CONNECTICUT LOUI TRANSTULIT TREASURER'S OFFICE ■ Over the last five years, the University has seen significant growth in the number of student applications and first-year enrollment ■ For Fall 2023, 72.3% of undergraduate students were in-state and 27.7% were out-of-state ■ The University's enrollment and occupancy levels have returned to pre-pandemic levels and the University projects a balanced budget for FY 2024 First Year Enrollment (Storrs only)(1) Undergraduate Enrollment by Residence (Storrs only)(2) 50,000 46,645 16,000 45,000 13,665 13,688 40,894 14,000 13,248 13,156 12,981 40,000 36,753 35,096 34,437 12,000 35,000 30,000 10,000 25,164 25,000 8,000 22,293 20,433 20,000 19,316 17,346 15,000 6,407 6,000 5,827 5,182 5,229 5,319 4,000 10,000 5,000 3,603 3,825 3,663 4,069 4,189 2,000 2019 2020 2021 (1) ■Applications Accepted POS Appendix A p. A-9 (2) POS Appendix A p. A-10 2022 2023 Enrolled 2019 2020 2021 2022 2023 In-State Out-of-State University of Connecticut | State of Connecticut 8#12Meaningful Diversification & Growth in Assets: Diverse Revenue Base Including Strong Ongoing State Support ■ Three primary categories of revenue sources: State, students, other (auxiliaries, research, gifts) UCONN ■ Tuition, excluding waivers, is the largest source of revenue for the University; State support is the second largest FY22 Revenues (Audited)(¹) 9% 5% 4% FY23 Revenues (Unaudited) 6% STATE OF CONNECTICUT TREASURERIC OFFICE LOUI BUSTINET TRANSTULIT FY24 Revenues (Spending Plan)(1) 11% 15% 28% 28% Total revenue: $1,683.3 million (1) POS Appendix A p. A-16 ■ Tuition ■ Grants and Contracts Mandatory/ Course Fees ■ G&C Federal Covid Relief 13% 9% 16% 27% 29% 15% 5% 10% 18% 19% 33% Total revenue: $1,722.9 million Total revenue: $1,570.7 million ■ State Support ☐ Auxiliary Enterprise ■ Other Revenue Including Foundation Reimbursement University of Connecticut | State of Connecticut 9#13Meaningful Diversification & Growth in Assets: Record University Fundraising and Endowment Growth UCONN STATE OF CONNECTICUT LOUI BUSTINET TRANSTULIT TREASURER'S OFFICE ■ Giving University-wide continued at record levels, with contributions of $157.9 million to support the University students, faculty, and programs during Fiscal Year 2023 ■ Funds raised to promote and assist for educational, cultural, recreational, and research activities at UConn and UConn Health FY 2023 Fundraising ($ in millions) (1) FY 2023 Fundraising Allocation ($ in millions) (1) Endowment 27.0% $42.6 Faculty Support Research 6.3% 7.9% (1) POS Appendix A p. A-20 $157.9 million $115.3 Current University Operations 73.0% Capital Improvements 20.4% $9.9 $12.4 Scholarship 35.2% $55.6 $32.2 $157.9 million $47.8 Program Support 30.3% University of Connecticut | State of Connecticut 10#14Strategic Investment in Research and Academic Enterprise: UCONN Investments in Core Facilities to Drive Growth STATE OF CONNECTICUT LOUI TRANSTULIT TREASURER'S OFFICE ■ The UConn 2000 Infrastructure Improvement Program was established by legislative act (the "Act”) to modernize, rehabilitate and expand UConn's physical plant The Act provides for a $4.6 billion, three phase, 32-year capital budget program UConn is currently in the third phase of this transformative program ■ The 2023 Series A Bonds are being issued to provide funds for the UConn 2000 Infrastructure Improvement Program Academic & Research Facilities(1) STEM Research Center Science 1 $220M ~180,000 sq ft Completed Summer 2023 LEED Registered - Awaiting Certification Gant Building Renovations $170M for Phase 1 & 2 285,000 sq ft Completed August 2019, May 2021 LEED Registered - Awaiting Certification (1) POS Appendix A pp. A-5, A-6 University of Connecticut | State of Connecticut 11#15Strategic Investment in Research and Academic Enterprise: UCONN Investments in Core Facilities to Drive Growth (Cont'd) Hartford Relocation (1) TRANSTULIT TREASURER'S OFFICE STATE OF CONNECTICUT Residential Life Facilities (1) UCON UConn Hartford Campus $139M 3 bldgs & 215,000 sq ft Completed August 2017 LEED Gold Werth Residence Hall $95.8M 212,000 sq ft & 730 beds Completed August 2016 LEED Gold Deferred Maintenance/Code Compliance/ADA Compliance/Infrastructure Improvements & Renovation Lump Sum and Utility, Administrative and Support Facilities-Phase III(1) (1) POS Appendix A pp. A-5, A-6 Putnam Refectory Renovation $18.7M 42,000 sq ft Completed August 2016 LEED Gold University of Connecticut | State of Connecticut 12#16Agenda UCONN LOUI STATE OF CONNECTICUT TREASURERIC OFFICE BUSTINET TRANSTULIT Transaction Overview and Key Credit Strengths UConn Operations and Financial Information 1 2 3 State of Connecticut Fiscal Performance 4 Debt Management and Summary of the Financing Page 3 6 13 16 University of Connecticut | State of Connecticut#17State of Connecticut's Strong Demographics and Resilient Economy UCONN STATE OF CONNECTICUT BUSTINET TRANSTULIT TREASURER'S OFFICE ■ Connecticut has a resilient economy due in part to its diverse industry composition, educated workforce, high per capital income, and extensive transportation network High Per Capita Income (CY)(5) Extensive Transportation Network $90,000 ■ Modern transportation network provides easy access to local, regional, and international markets utilizing expressways, major arterial highways, Bradley International Airport, deep draft harbors, bus, and rail systems(1) Diversified Manufacturing Industry $80,000 $70,000 $60,000 Leading producer of aircraft engines and parts, submarines and helicopters - 4th ranked state in defense dollar award and 1st ranked in per capita dollars awarded in FFY 2021, with large employers including Raytheon Technologies, Lockheed Martin, and General Dynamics' Electric Boat Division (2) $50,000 $40,000 $30,000 ■ Services as well as finance, insurance, and real estate ("FIRE”) accounted for 58.6% of FY 2021 non-manufacturing employment in the State (3) $20,000 Highly Educated Workforce $10,000 ■ Ranked 6th nationally (2021), with 40.6% of the population aged 25+ holding a bachelor's degree or higher, and home to over 45 colleges and universities(4) $0 2012 2013 2014 160% 107% 130% 140% 2015 2016 2017 2018 2019 2020 2021 120% 100% 80% 60% 40% 20% 0% 90 High Per Capita Income Connecticut Per Capita Income ■ The State's per capita income has historically been among the highest in the nation, including 2021, where the State ranked #2 at $83,278 (130% of the national average) (5) Home to 15 Diverse Fortune 500 Companies(1) EMCOR xerox StanleyBlack&Decker BOOKING OTIS OTIS HOLDINGS As % of New England As % of U.S. Cigna Berkley Rentals synchrony XPOLogistics Amphenol United GXO Charter D อ THE HARTFORD COMMUNICATIONS FRONTER (1) POS Part II p. II-B-2 (2) POS Part II pp. II-B-12, II-B-13, II-B-14 (3) POS Part II p. II-B-15 (4) POS Part II p. II-B-2 (5) POS Part II pp. II-B-4, II-B-5 University of Connecticut | State of Connecticut 13#18The State's Budget Reserve Fund Projected to Remain Full UCONN Allowing for Additional Transfers to Pension Funds In FY 2023, the balance in the Budget Reserve Fund ("BRF") is projected to total $5.2 billion, exceeding the statutory cap of 15% of net General Fund appropriations (1) All amounts in excess of this cap will be applied as transfers to the State's pension funds, similar to FY 2020, 2021 and 2022 ■ The State is projected to end FY 2023 with a $1.3 billion volatility cap amount, which will result in BRF balance of 23.7% of appropriations (1) a ■ $1.9 billion, representing amounts in the BRF in excess of 15% of General Fund appropriations, will be transferred to the pension funds The most recent Office of Policy and Management ("OPM") and Comptroller projected revenue estimates from October 20, 2023 reflect strong General Fund revenues in FY 2024 General Fund Revenues & Expenditures (2) ($ millions) Total Revenues Net Appropriations/ Expenditures FY 2024 October 2023 OPM Estimate $22,586.8 ($ in millions) ($ in millions) $8,000 Budget Reserve Fund Balance (1) TREASURER'S OFFICE STATE OF CONNECTICUT $6,000 $4,107 $1,871 $4,000 $1,618 $62 $2,000 $3,013 $3,112 $3,313 $3,316 $0 2020 2021 2022 2023 ■BRF Statutory 15% Cap (Unaudited) Excess to Pension Funds Historical and Projected General Fund Revenues(3) FY 2022 Actual Results FY 2023 Unaudited Results $25,000 Actual $24,065 $22,823 $22,587 $23,424 $20,000 $21,990 $20,531 $19,650 $19,194 $21,990.9 $22,822.9 $15,000 20,729.6 22,271.8 22,374.7 $10,000 Operating 1,261.3 551.1 212.1 $5,000 Surplus/(Deficit) Volatility Cap $0 3,047.5 1,321.8 683.2 Transfer to BRF 2019 2020 2021 2022 2023 2024 2025 2026 (Unaudited) (proj.) (proj.) (proj.) (1) 333 POS Part II pp. II-14 (2) POS Part II pp. II-22, II-26, II-33 (3) POS Part II pp. II-22, II-33; 2024 from Oct. 2023 OPM Estimate; 2025 and 2026 from May 2023 Consensus Revenue Estimates University of Connecticut | State of Connecticut 14#19The State Has Made $7.6 Billion of Combined, Additional Pension Contributions Since FY 2020 ■ The State is committed to sustainably funding its pension obligations UCONN SERS and TRS Historical Funding(¹) ($ millions) STATE OF CONNECTICUT LOUI SUSTINET TRANSTULIT TREASURER'S OFFICE $6,000 Sound pension management using 6.9% discount rate and level dollar funding ■TRS Add'l Contribution ■SERS Add'l Contribution ■TRS ADEC Funding ■SERS ADEC Funding $5,000 Consistently meeting its required actuarially determined contribution ("ADEC") over the last five years $4,000 $3,000 Additional contributions to its retirement funds for FYs 2020-2023 ■ The State has fully funded its pension requirements and made additional contributions of $61.6 million for FY 2020, $1.6 billion for FY 2021, $4.1 billion for FY 2022 and is on track to make an additional $1.9 billion contribution for FY 2023 $2,000 $1,000 8% 7% 6.19% 6.04% 6% 5% 4% 3% 2% 1% 0% 5 Year (1) POS Part II pp. II-68, II-69, II-77, II-80. (2) POS Part II p. II-86 % ADEC Funded $0 2018 2023 2019 2020 2021 2022 (proj.) SERS 100.1% 100.2% TRS 100.0% 100.0% 103.8% 142.2% 100.0% 172.3% 149.2% 207.4% 146.7% 148.8% SERS and TRS Annualized Net Return on Investment Assets (through June 30, 2023)(2) 7.04% 6.94% 6.15% 6.15% 6.96% 6.99% 10 Year 15 Year 20 Year SERS TRS 6.11% 6.14% 25 Year University of Connecticut | State of Connecticut 15#20Agenda Transaction Overview and Key Credit Strengths UConn Operations and Financial Information. 1 2 3 State of Connecticut Fiscal Performance 4 Debt Management and Summary of the Financing UCONN STATE OF CONNECTICUT LOUI BUSTINET TRANSTULIT TREASURERIC OFFICE University of Connecticut | State of Connecticut Page 3 6 13 16#21General Obligation Legal Provisions and Flow of Funds (1) The 2023 Bonds are general obligations of the University for the payment of which, in accordance with their terms, the full faith and credit of the University are pledged and payable from all Assured Revenues Assured Revenues include the State Debt Service Commitment as well as revenues from fees, tuition and other like charges, grants and gifts, not otherwise pledged The State Debt Service Commitment is equal to the interest and principal due on the 2023 Bonds appropriated out of the resources of the State's General Fund and mandated and obligated to be paid by the State Treasurer Such appropriation, mandate and obligation of payment from the State's General Fund are valid and do not require further legislative approval The University, consistent with the Act, is relying upon the receipt of the annual amount of the pledged State Debt Service Commitment for the payment of the 2023 Bonds and, accordingly, is not planning to budget for the payment of the 2023 Bonds Pursuant to the Act, the 2023 Bonds do not constitute a debt or liability of the State or any municipality thereof and neither the faith and credit nor taxing power of the State or any municipality is pledged to the payment of principal of or interest on the 2023 Bonds The University has no taxing power State Debt Service Commitment directly deposited on or before 12 Noon, Hartford, CT time on the Interest and Principal Payment Dates University deposits amounts, as needed and from time to time, for: UCONN Flow of Funds - STATE OF CONNECTICUT BUSTINET TRANSTULIT TREASURER'S OFFICE Debt Service Fund Interest Account - Principal Installment Account Renewal and Replacement Fund Redemption Fund (1) POS pp. 3-4 and POS Appendix I-B-pp. B-8-12 University of Connecticut | State of Connecticut 16#22($ millions) Conservative Debt Structure UCONN TREASURER'S OFFICE STATE OF CONNECTICUT TRANSTULIT ■ As of November 21, 2023, the University will have outstanding approximately $1.5 billion of its General Obligation Bonds (including Bonds which are to be refunded with the 2023 Refunding Series A Bonds but not including the 2023 Bonds) (1) 100% of UConn GO debt is fixed rate - Approximately 78% of outstanding principal amortizes by FY 2034 ■ The University maintains an overall conservative debt structure with the issuance of the 2023 Series A and 2023 Refunding Series A Bonds 2023 Series A Bonds*: Serial bonds maturing August 15, 2024 through August 15, 2043 with level principal amortization 2023 Refunding Series A Bonds*: Serial bonds maturing August 15, 2024 through August 15, 2033 with uniform debt service to the refunded bonds debt service $250 Outstanding UConn General Obligation (State Debt Service Commitment) Bonds Debt Service (FYE 6/30)(2) ■ Principal ■Interest $200 $150 $100 $50 $0 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 * Preliminary, subject to change. (1) POS p. 2 (2) POS Appendix A p. A-23 University of Connecticut | State of Connecticut 17#23Anticipated Transaction Schedule and Contact Information Key Contacts at UConn and OTT University of Connecticut Margaret McCarthy Associate Vice President of Financial Operations & Controller 860-486-0865 | [email protected] Christopher Cipriani Director, Debt Management 860-486-4653 | [email protected] Danielle Sullivan Financial Analyst 860-486-2456 | [email protected] State of Connecticut (OTT) Bettina Bronisz Assistant Treasurer for Debt Management Debt Management Division 860-702-3288 | [email protected] Jeremy Hite Debt Management Specialist Debt Management Division 860-702-3138 | [email protected] Financing Schedule* Retail Order Period Monday, November 6th & Tuesday, November 7th Institutional Pricing Wednesday, November 8th Settlement Date Tuesday, November 21st UCONN STATE OF CONNECTICUT LOUI TRANSTULIT TREASURERIC OFFICE Underwriting and Working Group Contacts Senior Manager (Bookrunner) J.P. Morgan Marshall Kitain Executive Director 212-834-5673 | [email protected] Joint Senior Manager Loop Capital Markets Ray Lawson Senior Vice President 212-823-1057 | [email protected] Financial Advisor PFM Financial Advisors LLC Rebecca Perry-Glickstein Director 215-557-1457 | [email protected] Bond Counsel Pullman & Comley, LLC Hawkins Delafield & Wood LLP Underwriters' Counsel Hardwick Law Firm, LLC Dentons US LLP The POS and Other Investor Resources can be Accessed at www.BuyCTBonds.com | www.UConnBonds.com Preliminary, subject to change. University of Connecticut | State of Connecticut 18