Bond Program Continuing Disclosure

Empire State Development Corporation has instituted continuing disclosure policies designed to actively and fully comply with the Securities and Exchange Commission Rule 15c2-12 for debt issued by the New York State Urban Development Corporation ("UDC") and the New York Job Development Authority ("JDA").

For UDC appropriation backed bonds on or after the date of implementation of rule 15c12-12 and JDA state guaranteed bonds, the State undertakes, for the benefit of the bond holders, to provide to each Nationally Recognized Municipal Repository and to the New York State Information Depository, if one is established, on an annual basis on or before 120 days after the end of each State fiscal year financial information and operating data concerning the State as outlined in the relevant official statements.

For JDA bond issues, the Authority has also agreed to provide, for the benefit of the bond holders, to each Nationally Recognized Municipal Repository or the Municipal Securities Rulemaking Board and to the New York State Information Depository, if one is established, on an annual basis on or before 180 days after the end of its fiscal year, the Authority’s audited financial statements and certain additional financial information and operating data.

For UDC Corporate Purpose Bonds, UDC has agreed to provide, for the benefit of the bond holders, to each Nationally Recognized Municipal Repository and to the New York State Information Repository, if one is established, on an annual basis on or before 180 days after the end of its fiscal year certain financial information including financial statements of UDC.

UDC, JDA, and the State, additionally, agree to provide to such depositories or to the Municipal Rule Making Board notice of the occurrence of eleven specified material events.