The NTP and Southern Campus Transformation (SCT) will incorporate both new campus development and the progressive transition of the existing Sandy Bay campus in Hobart into the new CBD campus by 2030.In addition to surplus operating cash flows and planned borrowing, funding for the SCT will also include proceeds from the monetization of surplus assets in line with the masterplan developed for the redevelopment of the current Sandy Bay campus which is designed to generate ongoing revenue streams to support the university deliver on its mission.The execution risks associated with this strategy are partly mitigated by UTAS' conservative and proactive internal risk management.

Under this framework, UTAS receives secure and predictable grants from the Government of Australia (the Commonwealth, Aaa stable).In contrast to its domestic peers, UTAS continues to benefit from a strong level of capital funding support from government, which reflects its very close ties to the Commonwealth and the state, which also incorporates the university's role in state policy implementation.In this context, UTAS has received AUD225 million in capital grants from the Commonwealth and the state to undertake its AUD363 million Northern Transformation Program (NTP), with remaining amounts be self-funded by the university.

SEE FULL DISCLAIMERS BELOW.'RATINGS RATIONALEThe Aa2 rating reflects the university's solid standalone credit quality and support provided by the stable institutional framework for universities in Australia. SUCH USE WOULD BE RECKLESS AND INAPPROPRIATE. At the same time, Moody's has assigned a Baseline Credit Assessment (BCA) of a1 to UTAS.'IMPORTANT NOTICE: MOODY'S RATINGS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS. Rating Action: Moody's assigns first-time Aa2 rating to University of TasmaniaGlobal Credit Research - Sydney, Decem- Moody's Investors Service has today assigned a first-time Aa2 issuer rating (local and foreign currency) to the University of Tasmania (UTAS).

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