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THE STATE OF GEORGIA

EXECUTIVE ORDER

BY THE GOVERNOR:

WHEREAS:

WHEREAS:

‘WHEREAS:

WHEREAS:

WHEREAS:

APPROVING THE ISSUANCE or
PRIVATE ACTIVITY BONDS

The Governor of the State of Georgia has been informed by officials of the Private
Colleges and Universities Authority that the Private Colleges and Universities
Authority (the “Issuer”) on August 12, 2011, approved the application of The
Corporation of Mercer University, a Georgia nonprofit corporation (the
“University”) with respect to a plan of financing through the use of revenue bonds
to be issued by the Issuer in an amount not to exceed $20 million (the “Bonds”)
to provide funds for the purpose of financing or refinancing, in whole or in part,
the costs of the acquisition, construction, installation, renovation, expansion,
equipping and/or improvement of certain educational, academic, athletic, and
recreational facilities and equipment of the University, including but not limited
to: (i) a football field house and playing field located on the University’s campus
located at 1400 Coleman Avenue in Macon, Georgia; (ii) the Douglas County
Regional Academic Center located at 975 Blairs Bridge Road, Lithia Springs,
Georgia, 30122; and (iii) an admissions and welcome center located on the
University’s campus located at 1400 Coleman Avenue in. Macon, Georgia
(collectively, the “F acilities”); and

The aforementioned Bonds will be issued by the Issuer, an instrumentality of the
State of Georgia and the Facilities will be owned and operated by the University
which is located entirely within the boundaries of the State of Georgia; and

The Governor is the chief elected executive officer of the State of Georgia; and

This executive order is intended to constitute the approval required by Section
147(f) of the Internal Revenue Code of 1986, as amended; and

A hearing which was open to the public relating to the proposed issuance of the
aforementioned Bonds, was held on August 25, 2011, for which due and
reasonable public notice was given in accordance with the provisions of law and
the procedures established therefor; and