Investor Presentaiton

Ohio Water Development Authority FEDERALLY AUTHORIZED SRF PROGRAMS DWAF Program Basic Security Features • Program's basic security features include both cash flow coverage and reserves to achieve Aaa/AAA ratings • State Match Bond Security: • Water Quality Bond Security: - Hybrid leveraging structure • Coverage Pledge: • Additional Coverage: • Debt Service Reserve Funds: • Additional Bonds Test Interest payments on all loans Principal repayments on all loans and interest payments available after paying State Match Bond debt service Minimum 1.05x coverage from existing loan interest and principal repayments Payments on additional loans With respect to Leverage and State Match, interest earnings on: Debt Service Fund (ten months each year) Debt Service Reserve Fund Interest Fund (interest payments in excess of debt service) • With respect to Leverage only: - Balance of and earnings on Surplus Principal Account Unencumbered Net Bond Proceeds Fund Capitalization Grant Subaccount One-half maximum annual debt service Meet coverage pledge (105%) with payments on loans already made and DSRF requirement 23 23

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