Tamus

TAMUS SHORT-TERM RATING SUPPORTED BY LIQUIDITY AGREEMENT

TAMUS uses its PUF CP program to finance eligible PUF capital projects on an interim basis.

The TAMUS board has covenanted to provide internal liquidity support for any PUF variable rate demand bonds and CP/note programs, from legally available funds.

Thus, Fitch includes both UTS and TAMUS related VRDB debt and CP authorizations in liquidity calculations.

31, 2015, the most current date available, UTIMCO identified $5.4 billion of funds which could be used to support TAMUS' PUF CP program ($125 million authorized); UTS' PUF and RFS variable rate demand bonds ($1.24 billion outstanding); and UTS' PUF and RFS CP programs ($1.75 billion RFS authorization and $750 million PUF authorizations).