Coastal Carolina University (the “University”) complies with all applicable federal tax rules related to its tax-exempt debt issuances, including issuances of tax-exempt debt by the State of South Carolina (the “State”) or other issuers that benefit the University (“Other Bonds”). This includes compliance with all applicable federal tax documentation requirements, yield restriction limitations, arbitrage rebate requirements, third-party use limitations and recordkeeping requirements. Given the increasing complexity of the federal tax law applicable to the University’s tax-exempt debt and Other Bond issuances, this Policy is designed to ensure compliance with applicable federal tax law and South Carolina law to preserve the tax-exempt status of the bonds.