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1 Independent Accountants Report on Agreed-Upon Procedures Performed on the Intercollegiate Athletic Program as Required by NCAA Bylaw June 30, 2013

2 June 30, 2013 Contents Independent Accountants Report on Application of Agreed-Upon Procedures... 1 Statement of Revenues and Expenses Notes to Statement of Revenues and Expenses... 11

3 Independent Accountants Report on Application of Agreed-Upon Procedures Board of Trustees Louisville, Kentucky We have performed the procedures enumerated below, which were agreed to by the management of the (University) and the Athletic Association, Inc. (Association), solely to assist you with respect to evaluating whether the accompanying statement of revenues and expenses of the University is in compliance with the National Collegiate Athletic Association (NCAA) Bylaw for the year ended June 30, Management of the University is responsible for its aforementioned financial statement elements, accounts and items. This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. The sufficiency of these procedures is solely the responsibility of the parties specified in this report. Consequently, we make no representation regarding the sufficiency of the procedures described below for the purpose for which this report has been requested or for any other purpose. The procedures performed and findings obtained are described below: 1. We inquired of the Association s and University s management, who represented that the Foundation, Inc. (Foundation) is the only independent foundation that maintains grant-in-aid or scholarship funds, gifts and endowments to be utilized in part by the Association. 2. We inquired of the Association s management, who represented the following booster organizations contributed directly to the University, Association or Foundation: L-Club, Central Cardinal Club and Cardinal Dames. 3. We obtained from the Association s management, a written description of the Association s procedures for gathering information on the nature and extent of affiliated and outside organizational activity for or on behalf of the Association. 4. We obtained the Foundation s audited consolidated financial statements and management letter as of and for the year ended June 30, We read the reports for recommended improvements for internal control and noted no significant deficiencies in the Foundation s internal control structure. 5. We obtained from the Association s management a written description of the aspects of the Association s internal control structure unique to the Association, such as ticket sales and receipts and athletic department expenses and budgetary controls over expenses relating to intercollegiate athletics.

4 Board of Trustees Page 2 Statement of Revenues and Expenses Agreed-Upon Substantive Procedures 6. We obtained the statement of revenues and expenses (Statement) of the Association for the year ended June 30, 2013, as prepared by the Association s management (Exhibit I). We recalculated the addition of the amounts on the Statement, compared the amounts on the Statement to management s worksheets and compared the amounts on management s worksheets to the general ledgers for the University, Association and Foundation, noting they agreed without exception. 7. For each athletic activity within the Association, we compared 2013 actual revenues and expenses to prior year revenues and expenses. We obtained written explanations from the Association s management for those changes greater than 1 percent of total revenues or 1 percent of total expenses and noted the following: a. Ticket sales The increase of approximately $2.5 million is primarily due to football revenue increasing by approximately $1.4 million due to an extra home football game in The football team competed in a Bowl Championship Series (BCS) game during 2013, leading to increased ticket sales of approximately $1 million. Additionally, in 2013, Louisville hosted the women s NCAA basketball tournament first and second rounds, leading to an increase of approximately $103,000 in ticket sales. b. NCAA/conference distributions The increase of approximately $2.4 million is primarily attributable to the following: approximately $494,000 for the football team competing in the BCS Sugar Bowl, approximately $480,000 for hosting the NCAA Volleyball National Championship, approximately $462,000 for the women s basketball team advancing to the NCAA Championship game, approximately $341,000 from hosting the NCAA men s basketball tournament, approximately $181,000 for hosting the NCAA Cross County National Championship and Pre-National Cross Country meet, approximately $169,000 due to the men s basketball team advancing and winning the national championship, approximately $127,000 for hosting and participating in the volleyball, softball, men s soccer and baseball NCAA events and approximately $40,000 additional in NCAA sports sponsorship and grant-in-aid distributions. c. Royalties, advertisements and sponsorships The increase of approximately $1.3 million is due to the following: approximately $650,000 increase in fourth quarter Collegiate Licensing Company (CLC) payments related to winning the men s basketball national championship, approximately $355,000 increase in Nelligan payments due to expenses being included in 2012 that were excluded in 2013 and the men s basketball team winning the national championship and approximately $250,000 increase in Adidas payments related to winning the men s basketball national championship. d. Endowment and investment income The increase of approximately $1.9 million is due to the increased realized gains resulting from the liquidation of certain Foundation endowment reserve accounts that were transferred to the University. e. Coaching salaries and benefits paid by the University and related entities The increase of approximately $2.2 million is due primarily to an increase in the football coaching staff salaries.

5 Board of Trustees Page 3 f. Game expenses The increase of approximately $1.1 million is primarily due to the following: approximately $510,000 increase due to an increased number of women s basketball and volleyball games at the KFC Yum! Center, approximately $236,000 increase related to hosting the NCAA Volleyball National Championship, approximately $179,000 increase due to one additional home football game in 2013 versus 2012, approximately $92,000 increase for hosting the NCAA Baseball Regional, approximately $62,000 increase for hosting the women s NCAA Basketball first and second round games and approximately $8,000 for hosting the NCAA Cross County National Championship. g. Transfers to institution The increase of approximately $1.7 million is due to a one-time $2.0 million transfer to the University to support staff salary increases and the purchase of Humana Gym. The expense was partially funded by the liquidation in the Foundation endowment reserve account. h. Other operating expenses The increase of $3.8 million is primarily due to the following: approximately $2.0 million in additional expenses (mainly ticket purchases) related to playing in the BCS Sugar Bowl, approximately $430,000 in additional costs related to the men s basketball NCAA tournament, approximately $368,000 increase in accrued benefits, approximately $282,000 to fulfill deferred contractual commitments for a coach, approximately $180,000 in additional expenses from legal expenses, football complex renovations and parking lot paving at Papa John s Cardinal Stadium (PJCS), approximately $161,000 for hosting the Women s NCAA Volleyball Championship, approximately $145,000 for the women s basketball team expenses in advancing to the National Championship game, approximately $89,000 for hosting the Women s NCAA Basketball Tournament first and second rounds, approximately $95,000 for hosting the Baseball NCAA Regional and the University s baseball team advancing to the College World Series and approximately $103,000 for hosting the NCAA Cross County National Championship and the Pre-Nationals Cross Country meet. 8. We inquired of the Association s management, who represented that a budget to actual comparison for the Association s 2013 revenues and expenses was prepared and reviewed. The Association s management represented that: a. The Association s budget is a zero based budget that reflects the current operations of the Association. Recurring revenue is used to support recurring annual expenses. b. The budget is reviewed and approved by the University and also reviewed and approved by the Association s board of directors. c. Nonrecurring revenue and expenses are not reflected in the annual operating budget; however, these items are added to annual financial activity when preparing the Equity in Athletics Data Analysis report. 9. We compared and agreed without exception, each operating revenue and expense category reported in the Statement for the year ended June 30, 2013, to supporting schedules provided by the Association.

6 Board of Trustees Page 4 Operating Revenues Ticket Sales 10. We compared and agreed a sample of six ticket revenue transaction receipts (journal ID numbers , , , , and ) obtained from the revenue transaction schedule, to supporting documentation, noting they agreed without exception. 11. We compared the number of tickets sold, complimentary tickets provided and unsold tickets multiplied by the average ticket price for the year ended June 30, 2013, to a reconciliation of the related revenue reported by the Association in the Statement for the football and men s basketball programs and noted the detail was less than the amount reported in the Statement by $21,699. The difference represents less than.09 percent of total ticket revenue. Student Fees 12. We obtained and documented the Association s methodology for allocating student fees to the intercollegiate athletics programs. Guarantees 13. For a sample of five contractual agreements pertaining to revenues derived from guaranteed contests from the football (Florida International University, Southern Mississippi and Syracuse) and men s basketball (College of Charleston and Memphis) programs during the year ended June 30, 2013, we compared each selection to the Association s recorded amounts in the general ledger, noting they agreed without exception. Contributions 14. We inquired of the Association s management, who represented there were no individual contributions (cash, goods or services) received, constituting more than 10 percent of all such contributions received by the Association and Foundation for the Association during the year ended June 30, For a sample of five contributions, we compared the amounts per the selected agreements to a reconciliation of such revenues to the Association s general ledger without exception. We noted that the contributions detail was $266,509 less than the Statement. This difference represents less than 1 percent of the contributions per the Statement. Compensation and Benefits Provided by a Third Party 16. We inquired of the Association s management, who represented there were no compensation and benefits provided by a third party during the year ended June 30, 2013.

7 Board of Trustees Page 5 Direct State or Other Governmental Support 17. We inquired of the Association s management, who represented there were no direct state or other governmental support during the year ended June 30, Direct Institutional Support 18. We compared the direct institutional support recorded by the Association during the year ended June 30, 2013, to supporting documentation, without exception. Indirect Facilities and Administrative Support 19. We compared the indirect facilities and administrative support recorded by the Association during the year ended June 30, 2013, to supporting documentation, including the detail of the calculation paid on behalf of the Association, without exception. NCAA/Conference Distributions 20. We obtained the Big East correspondence related to the Association s participation in revenues from tournaments during the year ended June 30, We compared the detail of the NCAA/conference distribution revenues per the selected agreement for the year ended June 30, 2013, to the Association s general ledger and noted they agreed without exception. Program Sales, Concessions, Novelty Sales and Parking 22. During the procedures performed in connection with the Arena Authority Lease in step #44 and the royalty agreements in step #24, we compared a sample of program sales, concessions, novelty sales and parking revenues to supporting documentation. Royalties, Advertisements and Sponsorships 23. We obtained the Centerplate agreement and compared the revenues during the reporting period per the agreement to the Statement without exception. We compared to supporting documentation, the following amounts in each revenue and expense category that related to the Centerplate agreement: a. Royalties, advertisements and sponsorships $65,598 b. Program sales, concessions, novelty sales and parking $936,024 c. Other revenues $100,000

8 Board of Trustees Page We obtained the Nelligan and Collegiate Licensing Company (CLC) agreements related to the Association s participation in revenues from royalties, advertisements and sponsorships during the reporting period. We compared $4,490,190 of revenues included in the royalties, advertisements and sponsorships category to supporting documentation related to these agreements without exception. Sports Camp Revenues 25. We inquired of the Association s management, who represented there were no sports camp revenues during the year ended June 30, Other Revenues 26. During the procedures performed in connection with the Arena Authority Lease in step #44 and the royalty agreements in steps #23 and #24, we compared a sample of other revenues to supporting documentation. Operating Expenses Athletic Student Aid 27. For a sample of 15 students (ID numbers , , , , , , , , , , , , , and ) as selected from the listing of institutional student aid recipients during the year ended June 30, 2013, we obtained individual student account detail for each selection and compared total aid allocated from the related aid award letters ($345,608) to the students accounts ($351,262), noting an aggregate difference of $5,654. The Association s management noted that differences are a result of the amounts in the letters being estimated amounts, which are subject to change based on courses taken, book costs, housing selections, etc. Guarantees 28. We obtained a sample of five contractual agreements pertaining to expenses recorded by the Association from guaranteed contests during the year ended June 30, 2013, related to the football (Kentucky, Missouri State and North Carolina) and men s basketball (Manhattan and Samford) programs. 29. For the five selected contracts, we compared related amounts recorded as expense by the Association during the year ended June 30, 2013, to the University s general ledger and noted they agreed without exception. Coaching Salaries, Benefits and Bonuses Paid by the University and Related Entities 30. We obtained a listing of coaches employed by the Association and related entities during the year ended June 30, 2013.

9 Board of Trustees Page For a sample of five coaches contracts (Rick Pitino, Charles Strong, Jeff Walz, Kenneth Lolla and Stefan Naughton), consisting of football and men s and women s basketball head coaches and two other contracts, we compared the salaries and bonuses per the contract with the amounts recorded by the University and related entities in the Statement during the year ended June 30, 2013, and noted the amount per the Statement exceeded the amount per the contract by $2,400 for one coach s fringe benefits. The Association s management represented there was a misprint in the contract that has been subsequently corrected. Coaching Other Compensation and Benefits Paid by a Third Party 32. We inquired of the Association s management, who represented there were no coaching other compensation and benefits paid by a third party during the year ended June 30, Support Staff/Administrative Salaries, Benefits and Bonuses Paid by a Third Party 33. We inquired of the Association s management, who represented there were no support staff/administrative salaries, benefits or bonuses paid by a third party during the year ended June 30, Support Staff/Administrative Salaries and Benefits Paid by the University and Related Entities 34. For a sample of three administrative employees, we compared the salaries and bonuses per the contract with the amounts recorded by the University and related entities in the Statement during the year ended June 30, 2013, and noted the amount per the Statement agreed to the contract without exception. Recruiting 35. We obtained from the Association s management a written understanding of the University s recruiting expense policies. 36. We inquired of the Association s and University s management, who provided an updated Association NCAA-related recruiting expense policy for the year ended June 30, We compared the Association s recruiting policies to NCAA policies and found them to be in agreement. Team Travel 38. We obtained from the Association s management a written understanding of the University s team travel expense policies. 39. We inquired of the Association s and University s management, who represented there had been no changes in the Association s NCAA-related team travel expense policy.

10 Board of Trustees Page We compared the Association s team travel policies to NCAA policies and found them to be in agreement. 41. We selected a sample of three team travel expenses and performed the procedures described in item #51 below, without exception. Game Expenses 42. For a sample of three game expenses (journal ID numbers AP , AP and AP ), we compared the game expense recorded by the Association during the year ended June 30, 2013, to supporting documentation, without exception. Direct Facilities, Maintenance and Rentals 43. We selected a sample of one direct facilities, maintenance and rentals expense and performed the procedures described in item #44 below, without exception. 44. We obtained the Arena Authority agreement related to the Association s participation in revenues and expenses during the reporting period. We compared the revenues and expenses per the agreement to a reconciliation of such revenues and expenses to the Association s general ledger without exception. We compared to supporting documentation the following amounts in each revenue and expense category that related to the Arena Authority agreement: a. Contributions $600,000 b. Program sales, concessions, novelty sales and parking $753,511 c. Other revenue $750,000 d. Game expenses $507,593 e. Direct facilities, maintenance and rentals $3,955,058 f. Other operating expenses $93,950 Indirect Facilities and Administrative Support 45. We obtained from the Association s management a written understanding of the methodology for allocating indirect facilities support expenses. 46. We compared the indirect facilities and administrative support reported by the Association in the Statement to the corresponding revenue category (indirect facilities and administrative support) reported by the Association in the Statement and noted they agreed without exception. Other Operating Expenses 47. For one other operating expense (journal ID number AP ), we compared the operating expense recorded by the Association during the year ended June 30, 2013, to supporting documentation, without exception.

11 Board of Trustees Page 9 Capitalized Assets, Additions and Improvement of Facilities 48. We obtained a schedule of total intercollegiate athletics capitalized assets, additions and improvements of facilities summarized by type and compared the total per the schedule to the total per the Association s general ledger and noted they agreed without exception. 49. We obtained a written description from the Association s management of the Association s policies and procedures for acquiring, approving, depreciating and disposing of intercollegiate athletics-related assets. 50. For all capitalized additions greater than 10 percent of total capital additions (Patterson Stadium expansion), we compared the total recorded cost of this selection to supporting documentation without exception. Other Procedures 51. For five Association cash disbursements selected by the University s management during the year (team travel expenses check numbers , and ; direct facilities, maintenance and rentals check number ; other operating expense check number ), we compared such cash disbursements to related purchase orders, vendor invoices, receiving reports and canceled checks. We compared purchase orders and vendor invoices to receiving reports, noting agreement of delivery date, vendor name, description of goods, quantity and approval for payment. We read purchase orders for indication of approval, compared vendor invoices to canceled checks, agreed vendor names and amounts, compared check signers with a list of authorized signers, noted if invoices were canceled, compared the nature of the expenditure with the account codes, inquired if bid or price contracts were properly awarded, if applicable, and noted whether authorization numbers are written on each purchase order, noting no exceptions. We were not engaged to, and did not, conduct an examination, the objective of which would be the expression of an opinion on the specified elements, accounts and items described above. Accordingly, we do not express such an opinion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you. This report is intended solely for the information and use of the specified parties listed above and is not intended to be and should not be used by anyone other than these specified parties. December 20, 2013

12 Statement of Revenues and Expenses For the Years Ended June 30, 2013 and 2012 Exhibit I Men's Women's Other Non-Program Total Total Football Basketball Basketball Sports Specific Revenues Ticket sales $ 13,578,185 $ 11,537,729 $ 592,121 $ 180,489 $ - $ 25,888,524 $ 23,432,735 Student fees ,926,432 1,926,432 1,853,010 Guarantees 1,075, ,276-3,000-1,380,276 1,280,000 Contributions 5,379,167 21,504, , ,685 1,353,276 28,935,662 28,312,576 Direct institutional support ,112,124 2,112,124 2,152,900 Indirect facilities and administrative support ,875,566 6,875,566 6,788,275 NCAA/conference distributions 6,441,000 5,810, , ,866 1,389,895 15,349,134 12,987,293 Progam sales, concessions, novelty sales and parking 1,511, ,925 23,915 7, ,809 3,019,999 2,844,960 Royalties, advertisements and sponsorships - 250, ,763,963 5,013,963 3,680,103 Endowment and investment income ,178,361 2,178, ,637 Other 84,600 2,033,212-22,699 1,372,778 3,513,289 4,194,012 Subtotal Operating revenues 28,069,712 42,398,758 1,485,327 1,751,329 22,488,204 96,193,330 87,840,501 Expenses Athletics student aid 2,723, , ,895 5,886, ,646 10,112,954 9,362,072 Guarantees 1,700, ,000 58,700 18,250-2,401,950 2,293,824 Coaching salaries and benefits paid by the University and related entities 6,838,337 4,730,305 1,411,907 5,332,089-18,312,638 16,097,138 Support staff/administrative salaries and benefits paid by the University and related entities 1,746, , , ,866 11,771,367 14,804,225 14,386,479 Severance payments 149, , ,029 Recruiting travel 208, , , ,074-1,334,680 1,265,074 Team travel 1,774,027 1,307, ,945 2,362,105-6,043,402 5,901,934 Equipment, uniforms and supplies 587, ,079 39, , ,461 2,215,724 2,222,306 Game expenses 2,129, , ,965 1,091,361 16,401 4,129,833 3,042,023 Fundraising, marketing and promotion 52,192 31,265 11,397 44, , , ,386 Direct facilities, maintenance and rentals 77,811 4,082,927 25, ,035 4,245,340 8,632,419 8,741,541 Spirit groups , , ,693 Indirect facilities and administrative support ,875,566 6,875,566 6,788,275 Medical expenses and medical insurance 277,580 43,819 31, , , ,009 Memberships and dues 11, ,432 33,824 57, , ,589 Other operating expenses 4,909,567 2,584, ,822 1,918,513 5,934,516 15,806,807 11,962,421 Total operating expenses 23,186,537 15,653,606 3,861,717 18,800,651 30,880,709 92,383,220 84,133,793 Transfers to institution ,000,000 2,000, ,000 Total expenses 23,186,537 15,653,606 3,861,717 18,800,651 32,880,709 94,383,220 84,483,793 Excess/(deficiency) of revenues over/(under) expenses $ 4,883,175 $ 26,745,152 $ (2,376,390) $ (17,049,322) $ (10,392,505) $ 1,810,110 $ 3,356,708 See notes to statement of revenues and expenses 10

13 UNIVERSITY OF LOUISVILLE NOTES TO STATEMENT OF REVENUES AND EXPENSES 1. NCAA Reporting Requirements JUNE 30, 2013 AND 2012 The National Collegiate Athletic Association (NCAA) instituted changes to amend the financial reporting timeline and to specify agreed-upon procedures, related reporting requirements, and reporting definitions. The primary purpose of the agreed upon procedures report is to ensure that the President of the University is made aware of all financial activity (both internal and external) for athletics purposes and to assist the institution in exercising control over the financial activity made by or on behalf of the intercollegiate athletics program. 2. University Mandatory Fees In accordance with the NCAA on-line data collection reporting guidelines, the University mandatory fees allocated for athletics are reported as revenues in the Statement of Revenues and Expenses. 3. Capital Assets Land and buildings are stated principally at cost or estimated market value at date of receipt from donors. Capital assets are depreciated on the straight-line basis over the estimated useful lives of the assets, as follows: buildings - 40 years; equipment 3-15 years; and leasehold improvements 20 years. 4. Debt with Related Entities As of June 30, 2013 and 2012, the Association has noninterest bearing debt with no specific repayment terms of approximately $9.2 million with the University. The debt relates to $8.6 million of expenditures incurred in fiscal years 1999 and 2000 during the construction of the Stadium and to $0.6 million of expenditures incurred during fiscal years 2003 and 2004 related to the Wright Natatorium. In January 1999, the Association received an $8.5 million unsecured, noninterest bearing loan from the Foundation for the construction of Cardinal Park. The Association is obligated to repay the loan upon collection of contributions receivable. Certain contributions receivable are held by the University and collections are transferred to the Association for the repayment of the loan. During the years ended June 30, 2013 and 2012, the Association repaid $0.2 million and $0.3 million, respectively. The outstanding balance was approximately $1.2 million and $1.4 million as of June 30, 2013 and 2012, respectively, of which approximately $0.2 million was shown as current as of June 30, 2013 and In July 2001, the Association received a $347,000 unsecured, noninterest bearing loan with no specific repayment terms from the Foundation for the refurbishing of the Cardinal Basketball Offices. The outstanding loan balance is approximately $316,000 as of June 30, 2013 and

14 5. Bonds and Notes Payable Bonds and notes payable as of June 30, 2013 and 2012 are summarized as follows (in thousands): 2013 Beginning Retire- Ending Current Noncurrent Balance Additions ment Balance Portion Portion Louisville/Jefferson County Metro Government Revenue Refunding and Improvement Bonds, Series 2008A Interest rates of 3.5% to 5.0% Final maturity in 2018 $ 29,215 $ (4,410) $ 24,805 $ 4,570 $ 20,235 Louisville/Jefferson County Metro Government Revenue Refunding and Improvement Bonds, Series 2008B Interest rates of 3.5% to 4.8% Final maturity in ,545 (1,680) 34,865 1,740 33,125 Note payable, interest rate of 4.8% Secured by scoreboard equipment and fixtures. Final maturity in ,794 (325) 1, ,128 Term loan, variable interest rate of 1.3% as of June 30, Secured by revenue and pledges of the Project. Final maturity in $ 15,000-15,000-15,000 Total bonds payable 67,554 15,000 (6,415) 76,139 6,651 69,488 Plus unamortized net premium (106) Bonds payable, net $ 67,791 $ 15,000 $ (6,521) $ 76,270 $ 6,740 $ 69, Beginning Retire- Ending Current Noncurrent Balance Additions ment Balance Portion Portion Louisville/Jefferson County Metro Government Revenue Refunding and Improvement Bonds, Series 2008A Interest rates of 3.5% to 5.0% Final maturity in 2018 $ 33,475 $ (4,260) $ 29,215 $ 4,410 $ 24,805 Louisville/Jefferson County Metro Government Revenue Refunding and Improvement Bonds, Series 2008B Interest rates of 3.5% to 4.8% Final maturity in ,170 (1,625) 36,545 1,680 34,865 Note payable, interest rate of 4.8% Secured by scoreboard equipment and fixtures. Final maturity in ,102 (308) 1, ,469 Total bonds payable 73,747 (6,193) 67,554 6,415 61,139 Plus unamortized net premium 359 (122) Bonds payable, net $ 74,106 $ - $ (6,315) $ 67,791 $ 6,521 $ 61,270 12

15 Principal and interest payments on bonds payable due in the next five years and thereafter are as follows (in thousands): For the Year Ended June 30 Principal Interest Total 2014 $ 6,651 $ 3,002 $ 9, ,488 2,748 11, ,640 2,425 11, ,706 2,090 10, ,152 1,705 19, ,391 4,833 16, ,111 2,093 16,204 Total $ 76,139 $ 18,896 $ 95,035 Association revenue is pledged for the payment of the Metro Government Stadium expansion bonds, and a term loan excluding approximately $2.0 million annually, which is to be available for amounts owed by the Association under the Arena lease agreement. Total principal and interest remaining on the debt is $93.1 million, with annual requirements ranging from $3.2 million in 2027 to $19.8 million in For the current year, principal and interest paid by the Association and the total pledged revenue recognized were $8.8 million and $78.9 million, respectively. Louisville/Jefferson County Metro Government Mortgage Revenue Refunding and Improvement Bonds, Series 2008A and Series 2008B In July 2008, the Louisville Metro Government issued $39.8 million of Mortgage Revenue Bonds 2008 Series A and $43.5 million of Mortgage Revenue Bonds 2008 Series B (Mortgage Revenue Bonds) at a combined net interest cost of 4.2 percent. The bond proceeds were used on September 1, 2008 to retire the outstanding County of Jefferson Kentucky Governmental Lease Revenue Bonds, Series 1997, the proceeds of which financed the acquisition, construction, installation and equipping of the sports stadium known as Papa John s Cardinal Stadium (the Prior Project). Additional funds were used to finance a portion of the costs of acquisition, construction, installation and equipping of an expansion to the Prior Project. The bonds are secured by a mortgage on the Papa John s Cardinal Stadium and associated training and related facilities, and pledged Adjusted Gross Revenues, as defined by the official statement. The Foundation is the guarantor of the Mortgage Revenue Bonds, and as such has agreed to maintain a balance of available cash sufficient enough to cover the next debt service payment. In exchange for the Foundation s willingness to serve as guarantor, the Association has agreed to pay the Foundation a credit enhancement fee and to exonerate and indemnify the Foundation from all liability in connection with the Mortgage Revenue Bonds, the obligations of the Association under the Loan Agreement and Mortgage, and any and all payments made by the Foundation as guarantor. Term Loan In June 2013, the Association entered into a $15.0 million Term Loan with a national banking association. The proceeds will be used to partially finance the renovation of the baseball and 13

16 softball stadiums and the construction of a soccer stadium (the Project). The loan is secured by collateral, including funds and revenues of the Association from the Project and third-party pledges to the Association for the Project. The variable interest rate on the Term Loan is the Daily One Month LIBOR rate plus 1.14 percent, reset on the last day of each month. 14

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