1. Third Century Challenge Reports Financing Update Investment Committee Bob Bonner, Chair

2. Current TCC Data as of 12/1/2014 TCC Pledges & receipts to date & still owed: $8.54 million $5.22 million $3.33 million 220 Pledges 100% paid 22 Pledges 81-99% paid 53 Pledges 61-80% paid 140 Pledges 41-60% paid 110 Pledges 21-40% paid 56 Pledges 0.1-20% paid 31 Pledges 0% paid $1million from 4 bequests |

3. Financing for TCC receipts = $8.5 million & Total project cost= $11.0 million* Peak Loan Balance 4/2016 Balance 4/2017 FVCB terms <$5.5million <$3.5million <2.5million TCC full * $4.7million $3.6million $2.6million^ Increased total project cost (above $11million) or decreased total TCC receipts (below $8.5 million) will require additional funds ^ $0.2million is pledged for years after 2017

4. Back-up Plan to complete construction financing if TCC receipts fall short: Holmwood Endowment ~$650,000 specifically for Building & Grounds Holmwood can legally disburse only earned income Internal loan from Holmwood at 5% could cover probable construction financing shortfalls If required, internal loan would add to annual budget stress

5. Concerns of the Investment Committee Shively, Beckner and Holmwood Endowments have not kept pace with inflation over last 10 years IC primary mandate is to sustainably manage ASC Endowments over the short and long-term Future large mortgage payments will require careful long- range budget planning ($150,230 per year for expected $2.5million FVCB mortgage)