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Investor Presentaiton

LYRB UIA TELECOMMUNICATIONS REVENUE BONDS, SERIES 2019 HISTORICAL FINANCIAL FORECAST AND ESTIMATED DEBT SERVICE COVERAGE WITHOUT FRANCHISE TAX REVENUES - ASSUMING NO GROWTH IN REVENUES FROM NEW AREAS TO BE BUILT FISCAL YEAR 2015 2016 HISTORICAL AND PROJECTED DEBT SERVICE COVERAGE 2017 2018 2019 2020 2021 2022 2023 2024 2025 UIA Network Revenues(1) Service Contract (Lease Agreements) 702,769 Service Contract (CUE Agreements) 418,315 Service Provider Agreements 4,329,738 940,608 519,787 5,450,373 1,312,274 563,978 6,382,197 1,705,427 693,302 7,706,863 Installation 410,402 176,741 Miscellaneous 466,116 Total UIA Network Revenues: (1) 6,327,340 601,806 7,689,315 167,615 629,496 Total Available Revenues 6,327,340 7,689,315 Less: O&M Expenses (1)(2) 528,463 Less: IRU Annual Payment(3) 655,000 Net Revenues 5,143,877 749,021 655,000 6,285,294 655,000 7,234,277 655,000 7,355,390 110,353 425,869 9,055,560 10,641,814 13,907,000 9,055,560 10,641,814 13,907,000 1,166,283 2,631,424 3,489,200 982,500 9,435,300 2,539,356 710,944 9,729,606 99,100 827,994 2,844,079 746,491 10,751,215 3,185,368 783,816 11,880,092 3,185,368 783,816 11,880,092 3,185,368 783,816 11,880,092 3,185,368 783,816 11,880,092 3,185,368 783,816 11,880,092 104,055 109,258 867,650 904,379 15,313,489 16,862,913 15,313,489 16,862,913 5,330,200 5,383,500 109,258 904,379 109,258 904,379 16,862,913 16,862,913 16,862,913 16,862,913 16,862,913 16,862,913 16,862,913 16,862,913 5,437,300 5,491,700 5,546,600 5,602,100 109,258 109,258 904,379 904,379 9,983,289 11,79,413 11,425,613 11,371,213 11,316,313 11,260,813 Debt Service Series 2011A Bonds 1,117,680 1,117,680 1,117,680 1,117,680 Series 2011B Bonds 1,007,923 1,004,883 1,006, 123 897,521 Series 2013 Bonds 782,100 780,275 Series 2015 Bonds 781,875 1,597,098 541,300 Series 2017 Bonds 1,113,024 1,172,824 Series 2018 Bonds 6,237,125 867,543 5,781,575 1,676,088 Series 2019 Bonds(4) 5,775,125 1,677,838 978,225 Total Debt Service 2,907,703 2,902,838 4,502,775 4,842,349 7,104,668 7,457,663 8,431,188 5,751,600 1,678,088 1,676,838 1,674,088 1,674,713 3,228,825 3,226,950 3,231,575 3,227,575 10,658,513 10,656,188 10,648,788 10,436,038 5,752,400 5,743,125 5,533,750 Debt Service Coverage (4) (5) 1.77 2.17 1.61 1.52 1.33 1.34 1.36 1.07 1.07 1.06 1.08 Source: The Agency and the Municipal Advisor, based on the Agency's audited financial statement for the fiscal year ended June 30, 2018. (1) Projected based on the Agency's preliminary financial statements for the fiscal year ended June 30, 2019. Does not include Available Franchise Tax Revenues. (2) Excludes depreciation. The Agency's Operation and Maintenance Expenses primarily consist of the monthly fees it pays to UTOPIA pursuant to the UTOPIA Service Agreement. (3) Pursuant to the IRU Agreement, which provides long-term rights to the Agency to connect the UIA Network to the UTOPIA Network, the Agency makes an annual lease payment to UTOPIA. IRU payments were accelerated and paid in full in FY 2019. (4) Preliminary, subject to change. (5) Net Revenues divided by Debt Service on the Series 2017, 2018, and 2019 Bonds. Estimated debt service coverage without franchise tax revenues is approximately 1.07x. PAGE 38 WE PROVIDE SOLUTIONS
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