THOMAS JEFFERSON UNIVERSITY CONTINUING DISCLOSURE DOCUMENT DECEMBER 2017

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1 THOMAS JEFFERSON UNIVERSITY CONTINUING DISCLOSURE DOCUMENT DECEMBER 2017

2 Thomas Jefferson University, PA 1 Philadelphia Authority for Industrial Development, Thomas Jefferson University Fixed Rate Revenue Bonds, Series 2017A, $262,270,000, Dated: February 8, Philadelphia Authority for Industrial Development, Thomas Jefferson University Variable Rate Revenue Bonds, Series 2017B (R-Floats), $50,565,000, Dated: February 8, Pennsylvania Higher Educational Facilities Authority, Thomas Jefferson University Fixed Rate Revenue Bonds, Series 2015A, $301,805,000, Dated: February 26, Pennsylvania Higher Educational Facilities Authority, Thomas Jefferson University Variable Rate Revenue Bonds, Series 2015B, $60,000,000, Dated: February 26, Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, (Thomas Jefferson University), Series 2012, $42,195,000, Dated: October 4, Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, (Thomas Jefferson University), Series 2010, $75,000,000, Dated: March 11, 2010 Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, (Thomas Jefferson University), $71,935,000, Consisting of: Series 2008A, $25,000,000 and Series 2008B, $46,935,000, 7 Dated: March 13, 2008 Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, (Thomas Jefferson University), $85,920,000, Consisting of: Series 2006A, $25,500,000 and Series 2006B, $60,420,000, 8 Dated: December 13, 2006 Educational Activities Series 2017A, 2017, 2015A, 2015B Enrollment (Full-Time Equivalent) Academic Year Academic Year Sidney Kimmel Medical College 1,086 1,070 Jefferson College of Biomedical Sciences Jefferson College of Health Professions Jefferson College of Nursing Jefferson College of Pharmacy Jefferson School of Population Health Institute of Emerging Health Professions 16 5 Aria Health School of Nursing Dixon School of Nursing TOTAL FTE Enrollment ,503

3 Series 2017A, 2017, 2015A, 2015B Sidney Kimmel Medical College SKMC First Year Total Applications Acceptances Matriculants Total National SKMC as % of National Acceptances as % of First Year as % of Enrollment Academic Year Applications Applications Applications Offered Applications Matriculants Acceptances at SKMC ,954 10, % % % 1086 Series 2017A. 2017B, 2015A, 2015B Jefferson College of Biomedical Sciences First Year Acceptances Matriculants Acceptances as a % of First Year as % of Total Academic Year Applications Offered Applications Matriculants Acceptances Enrollment % % 271. Series 2017A, 2017B, 2015A, 2015B Jefferson Colleges JCHP, JCN, JCP AND JCPH- Undergraduate First Year Acceptances Matriculants Acceptances as a % of First Year as % of Total Academic Year Applications Offered Applications Matriculants Acceptances Enrollment , % % 721 Series 2017A, 2017B, 2015A, 2015B Jefferson Colleges JCHP, JCN, JCP AND JCPH- Graduate First Year Acceptances Matriculants Acceptances as a % of First Year as % of Total Academic Year Applications Offered Applications Matriculants Acceptances Enrollment ,697 1, % % 1,199

4 Series 2015A, 2015B JEFFERSON ACADEMIC DIVISIONS TUITION AND FEES BY PROGRAM-FULL TIME PROGRAMS Program Sidney Kimmel Medical College Doctor of Medicine Program 55,464 Jefferson College of Health Professions Physical Therapy: Doctor of Physical 35,304 Bioscience Technologies: Professional Masters 27,798 Occupational Therapy: Entry-Level Masters Year 1 38,337 Radiologic Sciences: Executive Masters 35,928 Physician Assistant: Masters Year 1 39,984 Master's of Family Therapy 31,189 Bioscience Technologies: Undergraduate/Bachelor's 30,223 Bachelor of Science in Radiologic 30,830 Jefferson College of Nursing Nurse Anesthetist (CRNA) 45,395 FACT Program 45,006 BS in Nursing (Prelicensure) 36,689 Jefferson College of Pharmacy Doctor of Pharmacy (PharmD) (years 1-) 37,633 Jefferson College of Biomedical Sciences PhD Programs 27,798 Post Baccalaureate Pre-Professional 803/credit Jefferson College of Population Health MPH Program 1057/1132-Online Series 2017A, 2017B TUITION AND FEES -SELECTED FULL TIME PROGRAMS Program 2017 Sidney Kimmel Medical College 55,464 JCBS - PhD 28,261 JCHP 36,796 JCN 42,363 JCP 39,023 JCPH - Online 20,376 AHSON 18,585 Series 2017A, 2017B, 2008AB, 2006AB COMPARATIVE TUITION AND FEE INFORMATION Medical School University of Pennsylvania 60,947 Drexel University 56,126 Sidney Kimmel Medical College 55,464 University of Pittsburgh 55,548/53,980-PA Resident Pennsylvania State University 49,800 Temple University 54,000/51,000-PA Resident Series 2008AB, 2006AB Tuition and Fees For The Medical College Academic Year Sidney Kimmel Medical College 55,464 Series 2017A, 2017B, 2015A, 2015B, 2008AB, 2006AB Financial Aid SKMC JGSBS Jefferson Schools -Other University Colleges Academic Year Grants Loans Grants Loans Grants Loans ,700, ,011, , ,388, ,273, ,388, NOTE: Does not include PhD Funding

5 Research Activities Series 2012, 2010 RESEARCH PROGRAMS Insert Required Information - See Attached Series 2017A, 2017B, 2015A, 2015B, 2012, 2010, 2008AB, 2006AB Research Activities/ Grants and Contracts 2017 JEFFERSON ABINGTON ARIA TOTAL Organized Research: Federal Direct 40, ,941 Federal Indirect 19, ,579 Non-federal Direct 19, ,369 Non-federal Indirect 4, ,049 Total Organized Research 83, ,938 Teaching, Training, Multipurpose 17, ,560 Meaningful Use/Electronic Health Record N/A N/A N/A N/A Subtotal 184, ,436 Less: Amounts Reflected as Tuition Revenue (1,735) - - (1,735) Total Operating Revenues from Grants and Contracts 182, ,701 Healthcare Activities Series 2017A, 2017B, 2015A, 2015B Jefferson Health - Selected Utilization Statistics 2017 Bed Capacity: Licensed Beds 2,201 Available Beds 1,991 Total Patient Days 498,027 Occupancy Rate 68.50% Total Admissions 101,930 Average Length of Stay (Days) 4.89 Operating Room Procedures Emergency Room Visits Total Outpatient Visits 1,249,802

6 Series 2017A, 2017B, 2015A, 2015B Jefferson Health Physicians 2017 Physician Headcount 1,213 Charges (Gross $000s) 1,382,483 Collections ($000's) 508,289 New Patients 221,825 Outpatient Office Visits 1,705,580 Outpatient Office Procedures 174,125 Series 2015A, 2015B Physicians by Specialty 2017 Admitting Physicians by Department Number Anesthesiology 58 Dermatology 12 Emergency 44 Family Medicine 49 Medicine 179 Medical Oncology 44 Neurology 31 Neurosurgery 47 OB/GYN 23 Ophthalmology 0 Oral Surgery/Dentistry 8 Orthopedics/Orthopedic Surgery 0 Otolaryngology/Head and Neck Surgery 21 Pathology 31 Pediatrics 0 Psychiatry 26 Radiation/Oncology 17 Radiology 57 Rehabilitation Medicine 11 Surgery 55 Urology 16 Total 729 Series 2017A, 2017B, 2015A, 2015B Jefferson Health - Net Patient Revenue Payer Mix 2017 TJUH ABINGTON ARIA JUP Medicare 19.65% 30.34% 22.23% 28.03% Medicare Managed Care 12.18% 10.98% 21.44% 24.09% Blue Cross (indemnity) 2.37% 0.17% 2.60% 7.38% Medicaid 1.98% 3.84% 2.75% 1.16% M/A Managed Care 7.39% 4.41% 13.99% 0.00% Managed Care 50.70% 47.02% 29.26% 33.83% Self Pay & Other 5.73% 3.24% 7.73% 5.51% Total % % % %

7 EDUCATIONAL ACTIVITIES The University offers educational degree programs through its six Colleges and one Institute described below. Sidney Kimmel Medical College The Sidney Kimmel Medical College, founded in 1824 as Jefferson Medical College, offers a fouryear educational program leading to a degree of doctor of medicine and is also engaged in biomedical, health services and educational research, as well as patient care related to its programs. It is one of the oldest and largest private medical schools in the United States. Sidney Kimmel Medical College, in coordination with Jefferson Health, provides a wide variety of consulting and educational services to healthcare professionals in the Delaware Valley region. Sidney Kimmel Medical College has awarded more than 31,000 medical degrees and has more living graduates than any other private medical school in the nation. Sidney Kimmel Medical College has approximately 13,000 members in its Alumni Association. The JeffMD curriculum launched in July This patient-centered curriculum integrates clinical experience, science instruction, and development of a professional persona - how you will interact with clients and peers - throughout the four years of medical school. Another highlight of JeffMD is that students can customize their studies and declare a specialty interest before the last phase of the curriculum to complete work on your core competencies in the context of that specialty. In November 2016, Sidney Kimmel Medical College received approval from its accrediting body, the Liaison Committee for Medical Education, to establish a branch campus with one of its clinical sites, Atlantic Health System in Morristown, New Jersey. Beginning in July 2018, select third- and fourth-year medical students will participate in a longitudinal integrated curriculum, a unique program in which students follow a panel of patients throughout their clinical training an approach that differs from traditional rotations and reinforces continuity of care and patient-centered treatment. The branch campus is an extension of the affiliation that Sidney Kimmel Medical College and Atlantic Health System have had in place since July In addition to the branch campus, the Sidney Kimmel Medical College has established a number of international partnerships with European and Asian educational institutions. One agreement allows up to eight students from Sichuan/West China University to complete two years of clinical training at the University, provided they meet certain academic requirements. In addition, a partnership with St. George s University of London ( SGUL ) offers fourth-year student exchanges, and a pathway for 12 SGUL students to complete their final clinical years at Jefferson Health affiliates. This program also offers an optional Master s of Public Health from the University s College of Population Health. Jefferson College of Biomedical Sciences Jefferson College of Biomedical Sciences, founded in 1949 as the Board for the Regulation of Graduate Studies, offers PhD programs, Masters of Science programs, and a post-baccalaureate preprofessional program for candidates interested in completing their prerequisite course work for medical and professional schools. In conjunction with Sidney Kimmel Medical College, JCBS also offers a combined MD/PhD program. The PhD degree programs offer leading-edge interdisciplinary education and research training under the mentorship of nationally and internationally recognized faculty. The PhD programs include biochemistry and molecular pharmacology, genetics, cell biology and

8 regenerative medicine, immunology and microbial pathogenesis, and neuroscience. Masters of Science programs are offered in biomedical science, cell and developmental biology, clinical research, forensic toxicology, human genetics and genetic counseling, microbiology and immunology, and pharmacology. Jefferson College of Nursing Jefferson College of Nursing, founded in 1891 as the Jefferson Hospital Training School for Nurses, offers a continuum of fully-accredited nursing degree programs, from baccalaureate through doctoral levels, and including eight MSN specialties and an entry-level DNP in nurse anesthesia The prelicensure BSN program is upper-division, which requires student to have 59 specific undergraduate credits prior to entering the program. Jefferson College of Nursing opened its satellite campus at the Abington-Dixon campus in Willow Grove, PA on August 29, JCN offers three BSN programs there: an accelerated program (12 months), upper division prelicensure BSN program (2 years) and an upper division evening/weekend program (2 years including summers) on the Abington-Dixon Campus. At this time the Aria Diploma School of Nursing remains open. JCN plans to open a second satellite campus there. Jefferson College of Health Professions The Jefferson College of Health Professions offers undergraduate and graduate degree programs, and is comprised of seven academic departments: Medical Laboratory Sciences and Biotechnology, Couple and Family Therapy, Occupational Therapy - Center City campus, Physician Assistant Studies - Center City campus, Physical Therapy, Radiologic Sciences and Professional and Continuing Studies. Specialty tracks are offered in the Department of Medical Laboratory Sciences and Biotechnology (bachelor s and master s programs in biotechnology, cytotechnology, medical laboratory sciences) and the Department of Radiologic Sciences (bachelor s programs in radiography, general sonography, cardiac sonography, invasive cardiovascular technology, computed tomography, magnetic resonance imaging, medical dosimetry, nuclear medicine, radiation therapy and vascular sonography). A Master of Science in Medical Physics, an executive master s program in Radiologic and Imaging Sciences, and PET/CT and CT certificate programs are also offered in the Department of Radiologic Sciences. In the Department of Occupational Therapy - Center City campus, a bachelor s to master s program is offered, as well as entry-level masters, entry level doctorate, and post professional doctoral programs. The Department of Physical Therapy offers a clinical doctorate. The Master s in Family Therapy is offered through the Department of Couple and Family Therapy, as well as a certificate in Medical Family Therapy. The Department of Physician Assistant Studies - Center City campus, offers a Master of Science in Physician Assistant Studies. The Department of Professional and Continuing Studies offers a variety of certificate programs, including medical coding and data quality, medical practice management, and healthcare management information systems, as well as a bachelor s degree program with majors in health services management, health professions management and health services management information systems.

9 Jefferson College of Pharmacy Jefferson College of Pharmacy, founded in 2008, prepares students for careers in the profession of pharmacy. Students earn a Doctor of Pharmacy degree. The PharmD program is structured to provide an understanding of the basic sciences, clinical information, pharmaceutical sciences, administrative and social sciences, and the importance of each component of pharmacy practice. In addition, students have the opportunity to apply the skills learned in the classrooms and labs across a variety of pharmacy practice settings during the experiential portions of the program working side by side with practicing pharmacists and caring for patients. Jefferson College of Population Health Jefferson College of Population Health, founded in 2008, was the first designated School of Population Health in the United States. JCPH offers a certificate and Master of Science programs in health policy, healthcare quality and safety, applied health economics and outcomes research and public health. At the doctoral level, JCPH offers a PhD in population health sciences as well as a certificate program in healthcare operational excellence. JCPH also offers programs in Population Health, and Population Health Intelligence. These are two distinct programs, each with a certificate and Master s Degree. Institute of Emerging Health Professions Institute of Emerging Health Professionals, founded in 2015, has a mission to provide innovative and unique education and training that will be needed to fill future career, training and certification gaps in healthcare practice and delivery. IEHP is a first-of-its-kind educational think-tank and incubator aimed at providing today the training workers in healthcare and related disciplines will need tomorrow. IEHP s programming is organized under six healthcare related areas Aging, Clinical, Community Engagement, Integrative Medicine, Data Management and Business of Healthcare. IEHP focuses on educating clinicians to be better healthcare providers, anticipating and then practicing on the cutting edge of clinical and education horizons, while also educating consumers and other health professionals to be more prepared, more engaged, and more participatory partners in healthcare delivery. While it does not have a degree program of its own, IEHP offers advanced adult education techniques, unique and contemporary distance learning technology, and an engaged multidisciplinary, international faculty to deliver curricula designed for clinicians, non-clinicians, and combined groups who learn from each other, side by side. Other Educational Activities Abington Hospital Jefferson Health sponsors five residency programs: family medicine; internal medicine; OB/GYN; general surgery; and dental surgery. AMH has fellowships in Geriatric Medicine, Bariatric Surgery and Interventional Neurology. As of August 31, 2017, 118 residents and two fellows were enrolled in these training programs. AMH also has a pharmacy residency training program which trains three PGY1 residents and one PGY2 ID pharmacy resident. AMH also provides postgraduate physician training: in affiliation with Temple University Hospital for orthopedics, urology, plastic surgery, physical medicine and rehabilitation, and otolaryngology; in affiliation with Hahnemann University Hospital for orthopedic surgery, internal medicine, infectious disease, cardiology, interventional cardiology, anesthesia, rheumatology, psychiatry, vascular surgery,

10 and interventional neurology; and in affiliation with The Philadelphia College of Osteopathic Medicine in neurosurgery and otolaryngology. Students from Drexel University College of Medicine, The Lewis Katz School of Medicine at Temple University and Sidney Kimmel Medical College receive training in various clinical departments at AMH. The Physician Assistant Program at Jefferson (Philadelphia University + Thomas Jefferson University) has clinical training affiliations with AMH. Lansdale Hospital (LH) provides post-graduate training to hand surgery fellows from the Philadelphia Hand to Shoulder Center.

11 RESEARCH ACTIVITIES The University s strategic plan adopted in 2014 shifted the University s research efforts from individual investments across multiple research areas to focused investment in areas of high impact science and programmatic initiatives, such as Mitochondrial Pathogenesis, Fibrotic Diseases, Nuerodegeneration/ALS, and Airway Disease. The University s management believes that investment in the recruitment of strategically funded faculty members, as well as promising junior faculty members, has enhanced the University s ability to stabilize and promote growth of research within those areas targeted. The University receives revenues from grants and contracts awarded to support costs of sponsored research and certain other efforts. Revenues are provided by both federal and non-federal sponsors and generally consist of two components: direct costs (including salary and benefits of faculty members and other employees, supplies and expenses related to research efforts); and indirect costs (representing the allocation of overhead costs such as physical plant maintenance, utilities, administrative expenses and depreciation and interest on equipment and facilities related to research efforts). Indirect cost recovery is based on a negotiated indirect cost recovery rate for sponsored research which is applied to direct costs. For federal purposes, the University generally negotiates an indirect cost recovery rate that is applied to all of its federal awards. Recovery rates for non-federal awards vary by award.