NOTICE OF BOND PURCHASE AGREEMENT FOR THE BALL STATE UNIVERSITY BOARD OF TRUSTEES

NOTICE OF BOND PURCHASE AGREEMENT FOR THE BALL STATE UNIVERSITY BOARD OF TRUSTEES Ball State University Housing and Dining System Refunding Revenue Bond, Series 2025 On September 5, 2025, the Ball State University Board of Trustees (the "Corporation") entered into a Bond Purchase Agreement with JPMorgan Chase Bank, N.A., as purchaser (the "Purchaser") (the "Bond Purchase Agreement"), for the purchase of the Corporation's Ball State University Housing and Dining System Refunding Revenue Bond, Series 2025, in the principal amount of $19,275,000 (the "Series 2025 Bond"), the proceeds of which will be used to currently refund the Refunded Bonds (as defined in the hereinafter defined Indenture). The Series 2025 Bond will be issued pursuant to an Indenture of Trust, dated as of January 1, 2006, as supplemented and amended, and as further supplemented by a Sixth Supplemental Indenture, to be dated as of September 1, 2025, between the Corporation and The Bank of New York Mellon Trust Company, N.A. (successor to Merchants Trust Company, N.A.), as trustee (collectively, the "Indenture"). The Series 2025 Bond shall bear interest at the rate set forth below, which is payable on January 1 and July 1 of each year commencing January 1, 2026. Principal of the Series 2025 Bond shall be payable on July 1 of the years shown below, in the amounts as follows: Maturity Date: July 1, 2035; Principal Installment: $19,275,000; Rate: 3.540% The Series 2025 Bond shall be subject to redemption prior to maturity, as set forth in the Indenture, which is available from the Interim Treasurer of the Corporation at 2000 W. University Avenue, Muncie, Indiana 47306; Phone: (765) 285-1033. The Series 2025 Bond is expected to be available for delivery to the Purchaser, on or about September 5, 2025. BALL STATE UNIVERSITY BOARD OF TRUSTEES By: /s/ Sue Ann Marie Moore Sue Ann Marie Moore, Interim Treasurer HSPAXLP September 9 2025 LSBN0366064