INVESTOR PRESENTATION

$27,500,000* ALLEGHENY COUNTY HIGHER EDUCATION BUILDING AUTHORITY (Commonwealth of ) University Revenue Bonds, Series of 2017 ()

September 8, 2017 *Preliminary, subject to change. Disclaimer

This electronic Investor Presentation you are about to view is provided as of September 8, 2017 for a proposed offering by the Allegheny County Higher Education Building Authority (the “Issuer”) of its University Revenue Bonds, Series of 2017 (the “Bonds”) on behalf of Robert Morris University (the “Borrower”). If you are viewing this presentation after September 8, 2017, there may have been events that occurred subsequent to such date that would have a material adverse effect on the financial information that is presented herein, and neither the Issuer nor Borrower nor PNC Capital Markets LLC (the “Underwriter”) has undertaken any obligation to update this electronic presentation. All market prices, financial data and other information provided herein are not warranted as to completeness or accuracy by the Underwriter or the Issuer or the Borrower and are subject to change without notice.

This Investor Presentation is provided for your information and convenience only. Any investment decisions regarding the Bonds should only be made after a careful review of the complete Preliminary Official Statement, dated September 8, 2017. By accessing this presentation, you agree not to duplicate, copy, download, screen capture, electronically store or record this Investor Presentation, nor to produce, publish or distribute this Investor Presentation in any form whatsoever.

The Investor Presentation does not constitute a recommendation or an offer or solicitation for the purchase or sale of any security or other financial instrument, including the Bonds, or to adopt any investment strategy. Any offer or solicitation with respect to the Bonds will be made solely by means of the Preliminary Official Statement and Official Statement, which describe the actual terms of such Bonds. Any investment decision regarding the Bonds should be made only after a careful review of the complete Preliminary Official Statement and Official Statement. To the extent that any information contained herein differs from the Preliminary Official Statement, the Preliminary Official Statement shall control. In no event shall the Underwriter or the Issuer or the Borrower be liable for any use by any party of, for any decision made or action taken by any party in reliance upon, or for any inaccuracies or errors in, or omissions from, the information contained herein and such information may not be relied upon by you in evaluating merits of participating in any transaction mentioned herein. The Underwriter, the Issuer, and the Borrower make no representations as to the legal, tax, credit or accounting treatment of any transactions mentioned herein, or any other effects such transactions may have on you and your affiliates or any other parties to such transactions and their respective affiliates. You should consult with your own advisors as to such matters and the consequences of the purchase and ownership of the Bonds. Nothing in these materials constitutes a commitment by the Underwriter or any of its affiliates to enter into any transaction. No assurance can be given that any transaction mentioned herein could in fact be executed. Past performance is not indicative of future returns, which will vary. Transactions involving the Bonds may not be suitable for all investors. You should consult with your own advisors as to the suitability of the Bonds for your particular circumstances. Clients should contact their salesperson at, and execute transactions through, an entity of the Underwriters qualified in their home jurisdiction unless governing law permits otherwise.

Prospective purchasers of the Bonds should recognize that the achievement of any of the results set forth in any financial forecast herein is dependent upon future events which may or may not occur. Actual results may vary from those as forecasted and such variances could be material.

2 Transaction Summary

Issuer Allegheny County Higher Education Building Authority

Borrower Robert Morris University

Estimated Par * $27,500,000*

The proceeds from the sale of the Bonds will be used by the University to finance all or a portion of the costs of (a) the constructing, equipping and furnishing of an expanded Event Center to be located on the current site of the Sewall Center (the “UPCM Event Use of Proceeds Center Project”); (b) miscellaneous capital expenditures to be incurred at the Main Campus of the University; (c) miscellaneous capital expenditures to be incurred at the University’s Yorktown Hall student housing facility; (d) the funding of any necessary debt service reserve; and (e) the issuance of the Bonds (collectively, the “Project”)

Rating Moody’s: “Baa3” (Stable)

Structure * Tax-Exempt 30-year borrowing with final maturity of October 15, 2047

Interest Payments April 15 and October 15, commencing April 15, 2018

Call Provision * 10-year par call

• The Bonds are limited obligations of the Authority, equally and ratably secured under the Indenture, and payable solely from the Trust Estate • The Bonds are to be issued pursuant to the Indenture and will be equally and ratably secured thereunder. As security for the Bonds, the Authority will pledge to the Trustee all of its rights, title and interest in the Trust Estate, retaining only its Unassigned Rights • The Indenture also requires that a debt service reserve fund be funded at closing in an amount equal to the Reserve Requirement on the Bonds, which is an amount equal to the lesser of (i) the maximum annual debt service requirements Key Security Features payable on the Bonds, (ii) 125% of the average annual debt service on the Bonds and (iii) ten percent (10%) of the original proceeds of the Bonds • The Authority and the University will enter into the Loan Agreement pursuant to which the Authority will loan the proceeds derived from the sale of the Bonds to the University to pay the costs of the Project. The Loan Agreement requires that the University make installment payments in an amount sufficient to pay the principal, interest and redemption price, if any, and the fees and expenses of the Trustee and the Authority and to pay certain other costs associated with the Bonds. The University’s obligations under the Loan Agreement, together with other obligations of the University, will be secured by a pledge of the University’s gross revenues pursuant to, and to the extent provided in, the Security Agreement

*Preliminary, subject to change. 3 Overview of Robert Morris University

 Robert Morris University ( the “University” or “RMU”) is a private, four-year institution which offers undergraduate and graduate programs. The University was founded in 1921 as the School of Accountancy

 The University is a student-centered institution that transforms lives by building knowledge, skills, and citizenship, all of which focus on the achievement of one's personal and professional goals

 Robert Morris University strives to become a recognized best value leader by providing a highly proactive student engagement learning environment that is focused on producing graduates of consequence and influence in their personal and professional lives

 Currently, the University offers 51 undergraduate and 36 graduate degree programs, including 3 doctoral programs and 24 fully online degree programs

 The main campus is located in Moon Township, in western Allegheny County, Pennsylvania, 17 miles from downtown Pittsburgh and 5 miles from the Pittsburgh International Airport

U.S. News & World Report ranked Robert Morris University #188 on its list of Best National Universities for 2017

Source: Appendix A, Preliminary Official Statement 4 The University’s Strategic Plan (2014-2019)

 The 2014-2019 Robert Morris University Strategic Plan provides a comprehensive framework for building upon RMU’s existing strengths in order to focus attention on opportunities, weaknesses and threats. The Plan was developed in fall 2013 by a steering committee comprised of 31 faculty, staff, students and administrators. Additional input into the plan was received from RMU Trustees and executive management. The Plan, titled Preparing Students for a Lifetime of Engagement, Leadership and Well-Being, was approved by the RMU Board of Trustees in January 2014

 Initiative 1: Improve the quality of RMU’s schools, majors and degree programs

 Initiative 2: Build a distinct, quality identity for the University that will attract prospective students, provide a high quality college experience to current students and establish enrollment size targets for RMU

 Initiative 3: Recognize the critical role that RMU’s staff plays in student success and the University’s intent to support those employees’ development and fulfillment

 Initiative 4: Raise RMU’s facilities and information technology to the level of a competitive advantage via selective investments in renovations, new construction, remediation of deferred maintenance and technology infrastructure and applications

 Initiative 5: Bring focus and recognition to RMU’s stature and presence in both existing and new markets via more and better marketing and promotion of its value proposition

 Initiative 6: Gain better insights into unit-level financial contributions as an important aspect of the ongoing process of finding ways to provide good services at the highest efficiency and lowest cost possible

Source: Appendix A, Preliminary Official Statement 5 The University’s Board of Trustees

 The Board of Trustees (the “Board”) is the governing body of the University. The Bylaws of the University require a Board of not fewer than 15 and not more than 45 members. The Board is currently comprised of 30 members

 Individuals are elected by the affirmative vote of the Board to serve for a term of three years and are eligible for re-election

 Members of the Board serve without pay or other compensation for Board service

 The Executive Committee of the Board consists of the Chair and twoViceChairsoftheBoard,theChairsofthevariousstanding committees, and the immediate past Board Chair who shall serve for one additional year to assist with the transition to new Board leadership, one or more at-large members, and the President of the University

 The Board has full and complete authority for the general management of the affairs of the University. The Board elects its Chair, Vice Chairs, President, Provost, Senior Vice President for Business Affairs, Senior Vice President for Academic Affairs, Senior Vice President for Institutional Advancement, Vice President for Financial Operations and Treasurer, Vice President and General Counsel, Secretary and such assistant officers as the Board determines

 Further, the Board establishes the educational philosophy and objectives of the University, approves the annual budget submitted by the President, and directs the use and investment of funds of the University or its property

 TheExecutiveCommitteeisvestedwithallthepowersoftheBoardofTrusteeswhentheBoardisnotinsession,exceptwhenotherwise specified by the Bylaws. In addition, there are several committees within the Board that meet throughout the year

A full listing of the current members of the Board appears on page 5 of Appendix A of the Preliminary Official Statement

Source: Appendix A, Preliminary Official Statement 6 The University’s Administration

 The University is administered on a day-to-day basis by the President and his senior staff. The President and the University officers are appointed by and serve at the pleasure of the Board

 Christopher B. Howard, D.Phil., President; Dr. Christopher B. Howard was appointed the 8th President of the University in February 2016. Prior to his appointment as president of the University, Dr. Howard was the President of Hampden-Sydney College in Virginia. Dr. Howard earned his Doctorate of Philosophy in politics from the University of Oxford as a Rhodes Scholar, his M.B.A. with distinction from Harvard Business School, and his B.S. in political science from the United States Air Force Academy. He previously served as Vice President for Leadership and Strategic Initiatives at the University of Oklahoma. He also had a successful career in the corporate world, working in General Electric’s Corporate Initiatives Group as well as Bristol-Myers Squibb’s Corporate Associates Program

 David L. Jamison, J.D., Provost and Senior Vice President for Academic Affairs

 Dan W. Kiener, M.B.A., Senior Vice President for Business Affairs

 Jeffrey A. Listwak, M.B.A., C.P.A., Vice President for Financial Operations and Treasurer

 Jay T. Carson, M.Ed., Senior Vice President for Institutional Advancement

 Renee Cavalovitch, J.D., Vice President, General Counsel, Secretary of the Board of Trustees

Brief biographies for each of the University’s officers appear on page 6 of Appendix A of the Preliminary Official Statement

Source: Appendix A, Preliminary Official Statement 7 RMU in the Community

 The University is an integral part of Moon Township and a highly engaged member of the broader Airport Corridor community. RMU convenes the Moon Economic Development Group (MEDG), a roundtable of local business owners and real estate developers, civic leaders, and elected officials that meets quarterly to share information about upcoming projects and work together to address issues of mutual concern

 MEDG has been a catalyst for revitalization in the University Boulevard business district, including a new hotel, new restaurants, and a Wal-Mart

 RMU is among the largest employers in Moon Township, and in 2010 purchased a hotel that was in arrears which it then converted into a 500-bed residence hall, infusing the local business district with customers for local shops and restaurants

 Along with the MEDG, RMU led a successful campaign to convince the Port Authority of Allegheny County to increase available public transportation between downtown Pittsburgh and Moon Township

 RMU strategically partners with corporations to help them eliminate a skills gap in the local workforce

 RMU students and staff also serve the community through numerous volunteer programs, most notably at the Mooncrest Afterschool Program, which provides tutoring and recreation programs for children in a historic low-income neighborhood in Moon

17 miles from downtown Pittsburgh and 5 miles from the Pittsburgh International Airport

Source: Appendix A, Preliminary Official Statement 8 University Facilities

 Thirty-seven buildings are presently in use on the 230-acre main campus. These include academic and classroom buildings, a library, residence halls, student center, dining facilities, athletic centers, athletic fields and a fitness center. Two additional residence halls and a facilities maintenance center are located just off the main campus along University Boulevard

 In addition, the University offers degree programs at a location in downtown Pittsburgh, which is the home of the RMU Bayer Center for Nonprofit Management. There are also four buildings associated with the Robert Morris University Island Sports Center (ISC) and a University House also located off campus

 In 2004, the University purchased the ISC, which is open to the public year-round, a state-of-the-art sports training and recreation center located 12 miles from Downtown Pittsburgh and 5 miles from the main campus, on the western tip of Neville Island, an island on the Ohio River adjacent to the communities of Sewickley and Coraopolis. Its 32-acre campus includes two indoor ice arenas, two outdoor multi-purpose rinks, an indoor driving range, a miniature golf course and a pro shop. It also includes an eight lane all-weather track, throwing and jumping areas, and a natural grass soccer/lacrosse field inside the track.

 This fall, RMU will begin construction on the UPMC Events Center, described in further detail on the following page

Source: Appendix A, Preliminary Official Statement 9 UPMC Events Center

 The UPMC Events Center will consist of 158,000 square feet and will include; 4,000-plus seats, “mid-level concourse” design, concessions with a view, extensive digital media, Hall of Fame, Pro Shop, VIP Club, main competition court for basketball and volleyball, practice gym, dedicated athletic locker rooms, visitors’ locker rooms, multiple officials & coaches locker rooms, central training facility, central athletic weight room, athletic office suites, athletic media room, flexible conferencing space, pre-function corridors, catering kitchen, business center, and office suite

 The UPMC Events Center is the main part of a $51.2 million project that also includes a student recreation and fitness center on RMU’s Moon Township campus

 The project will be funded with the proceeds of the 2017 Bonds, funds of the University, and individual donations and corporate sponsorships, including sponsorships from UPMC, Peoples, Eat'n Park Hospitality Group, PJ Dick, and PNC. The project also has received a grant through the Pennsylvania Redevelopment Assistance Capital Program (RACP)

 The University has entered into a guaranteed maximum price (GMP) contract with PJ Dick for the construction of the UPMC Events Center. PJ Dick is headquartered in Pittsburgh, Pennsylvania, with regional offices serving Maryland, the District of Columbia, Northern Virginia and Ohio. PJ Dick has consistently ranked among the nation's Top 100 General Contractors and Construction Managers according to Engineering News Record, and has managed over $7 billion in commercial, industrial, federal, and specialty projects since their inception in 1979. As one of the region’s largest construction firms, PJ Dick provides professional construction management staff to estimate, plan, and build the area’s noteworthy projects for major universities, hospitals, businesses, sports teams, and industries. PJ Dick has an established relationship with the University including being the construction manager for the School of Business and the Salem Hall student housing complex

Source: Appendix A, Preliminary Official Statement 10 Student Enrollment

 Currently, all five schools offer academic programs in high demand. Notable high-demand programs include Accounting, Sports Management, Cyber Forensics, Actuarial Science, Criminal Justice, Psychology, and Nursing

 Strong attraction to doctoral programs: thirty-five new PhD students matriculated summer 2017, and fifty-three new doctoral students in the D.Sc. and DNP programs have been admitted for fall 2017

 All three doctoral programs will meet or exceed the budget targets for fall 2017

 Additionally, the online programs offer flexibility to adult students and RMU has been nationally ranked for the quality of its online degrees

Full Time Equivalent (FTE) Enrollment History 4,500

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

0 Fall 2011 Fall 2012 Fall 2013 Fall 2014 Fall 2015 Fall 2016 Undergraduate FTE 3,713 3,900 4,227 4,281 4,227 4,161 Graduate FTE 854 803 733 729 677 622

Source: Appendix A, Preliminary Official Statement 11 Acceptance, Matriculation, and Academic Quality

 Undergraduate freshman applications have trended upward for the University over the last six academic years

 Selectivity has improved from just over 60% in fall 2012 to under 55% in fall 2016, while matriculation has remained steady over the last several academic years

 The University expects to meet its target for fall 2017 for traditional domestic freshmen matriculation of 860 students (expected to grow to 900 when international freshmen are included)

Undergraduate Freshmen Admissions 12,000 62.0%

10,000 60.0% 58.0% 8,000 56.0% 6,000 54.0% 4,000 52.0%

2,000 50.0%

- 48.0% 2011 2012 2013 2014 2015 2016

Applicants Admits Matriculants Selectivity (%)

 As measured by SAT scores, the academic quality of incoming freshmen continues to be higher than national and state averages

2011 2012 2013 2014 2015 2016 RMU Average SAT Total 1023 1037 1048 1052 1053 1045 National Average SAT Total 1011 1011 1010 1010 1006 1006 PA Average SAT Total 994 992 998 1011 1010 1003

Source: Appendix A, Preliminary Official Statement 12 Student Fees and Tuition Compared to Peers

 The following table shows undergraduate tuition (30 credits) and room and board charges

Student Fees Fall 2013 Fall 2014 Fall 2015 Fall 2016 Fall 2017 Tuition $24,465 $25,380 $26,330 $27,320 $28,210 Average Room & Board 9,985 10,255 10,440 10,910 11,180 Other Fees 630 650 840 880 910 Student Recreation Fee----250 Total $35,080 $36,285 $37,610 $39,110 $40,550 Year-over-year % Increase 3.4% 3.7% 4.0% 3.7%

 The following chart compares the University’s tuition and fees with selected competing colleges and universities

Gross Tuition & Fees % most (descending order based on Fall 2016, in-state as Fall 2014 Fall 2015 Fall 2016 recent applicable) increase Washington & Jefferson College$ 41,282 $ 43,226 $ 44,900 4.1% Chatham University 33,429 34,440 35,475 3.1% Duquesne University 32,636 33,778 35,062 3.9% Mercyhurst University 31,485 33,314 34,680 4.3% Saint Vincent College 31,736 32,770 33,814 3.3% Saint Francis University 31,078 32,128 33,344 3.9% Gannon University 28,368 29,258 30,042 2.8% Point Park University 27,190 28,250 29,030 2.9% Robert Morris University 26,030 27,170 28,200 4.0% Wheeling Jesuit University 28,030 28,030 28,030 0.0% Carlow University 26,178 26,832 27,764 3.6% La Roche College 25,500 26,250 27,000 2.9% Geneva College 25,220 25,450 25,650 0.8% Waynesburg University 21,290 22,030 22,800 3.6% (Main Campus) 19,744 18,192 18,618 2.2% Penn State (Main Campus) 16,992 17,514 17,900 2.3% Indiana University of Pennsylvania 9,470 9,690 11,369 17.7% Clarion University 9,788 10,290 10,471 1.8% Slippery Rock University of Pennsylvania 9,300 9,645 9,892 2.7% California University of Pennsylvania 9,271 9,936 9,841 -1.0%

Data from the Association of Independent Colleges and Universities of Pennsylvania Source: Appendix A, Preliminary Official Statement 13 The University’s Financial Profile

 Beginning on page 23 of Appendix A, financial information for the University’s last five fiscal years is included

 The University’s Statement of Changes in Net Assets from FY 2013 through FY 2017 is portrayed to the right

 Potential purchasers of the Bonds should read the University’s audited financial statements as of and for the years ended May 31, 2017 and 2016 in their entirety for more complete information. The report of Deloitte & Touche LLP, the University’s independent auditors, together with the financial statements as of and for the years ended May 31, 2017 and 2016, and the related notes thereto are included in Appendix B

Source: Appendix A, Appendix B, Preliminary Official Statement 14 Management Discussion and Analysis

 The University has evolved from a small business school into a national university offering 51 undergraduate, 29 masters, 3 doctoral degrees, 13 integrated bachelor/masters majors, and 2 M.D./D.O. affiliation agreements through five schools. More than 53% of its traditional students live on campus – in recent years, this number has been increasing

 Sound fiscal management has always been a strength of the University, which has more than thirty-five years of an operating surplus. Such results have been achieved by fiscal discipline, conservative budgeting practices, the addition of academic programs based on educational and financial merits, and the addition of market-driven programs aligned with the University’s mission, vision and values. Over the last few years, the University has earmarked annual contributions from operating cash into the endowment and anticipates continuing this practice in the upcoming fiscal year. Also, the University has prioritized the pay down of long-term debt and has been able to grow net tuition per student

 The University has implemented best practices in financial governance. Over the past decade, the University has strengthened its financial management team by increasing the number of CPAs on staff from one to seven, adding a team of financial analysts to assist academic and administrative management with financial decisions, creating an internal audit group that reports directly to the Board of Trustees, and revising the Board of Trustees structure to include a separate Audit and Risk Committee and a Finance Committee. The University actively utilizes Enterprise Risk Management as a way to identify, address, and manage key risks. The Internal General Counsel team has more than doubled in size and continues to assist with the ever-changing and complex regulatory and legal environments

 RMU has attracted faculty and administrative leadership from respected educational institutions and businesses,grown enrollment while increasing academic standards, and maintained and enhanced its Board of Trustees and their oversight capacities

 Academic excellence continues to be the primary core value at RMU. All full-time faculty hired since 2010 have terminal degrees and 65% of course sections are taught by full-time faculty. The University also has a strong honors program with 205 students enrolled in fall 2017, and two faculty members have held Fulbright scholarships in the last four years

Source: Appendix A, Preliminary Official Statement 15 Sponsorship Agreements in Support of UPMC Events Center

 The University has secured $47.8 million of sponsorships and gifts towards the UPMC Events Center, with an additional potential fundraising of $3.2 million. These sponsorships are expected to be paid over a 5- to 22-year time horizon and are intended to renew upon expiration. The majority of fundraising for the Events Center project is from sources that would otherwise not be donors to RMU

 In January 2017, the University entered into two sponsorship agreements, including its agreement with UPMC, and will receive payments totaling approximately $35 million over 21 years. In exchange, the sponsors will receive naming rights, signage, and other benefits related to the Events Center, which is scheduled to open in spring 2019. The payments over the next five years are as follows:

Fiscal Years Ending May 31 2018 $4,800,000 2019 3,850,000 2020 1,250,000 2021 1,250,000 2022 1,250,000 Thereafter 22,575,000 Total $34,975,000

 One of the sponsors will pay the University a lump sum initial payment of $4,000,000. Upon the occurrence of certain termination events, the University will be obligated to refund the sponsor a pro rata amount of this initial payment at a rate of $200,000 for each year remaining under the 21-year term. Upon the occurrence of other termination events, a sponsor may be entitled to cease making payments.

 As part of a broader strategic collaboration with RMU, UPMC has become the exclusive provider of sports medicine to the University’s 16 NCAA Division I sports programs and provides other health care services to RMU students and employees

Source: Appendix A, Preliminary Official Statement 16 Endowment

 The University’s endowment consists of approximately 125 individual funds established for a variety of purposes

 The endowment includes both donor-restricted endowment funds and funds designated by the Board of Trustees to function as endowments

 As required by U.S. GAAP, net assets associated with endowment funds, including funds designated by the Board of Trustees, are classified and reported based on the existence or absence of donor-imposed restrictions

Endowment Market Values FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 Donor-Restricted Endowment Funds $15,446,092 $17,217,806 $17,539,204 $16,333,211 $18,390,333

Board-Designated Endowment Funds 13,148,152 14,807,732 14,637,910 13,795,265 15,044,019

Total Endowment $28,594,244 $32,025,538 $32,177,114 $30,128,476 $33,434,352

Source: Appendix A, Preliminary Official Statement 17 Overview of Existing Indebtedness

8,000,000

7,000,000

6,000,000

5,000,000

4,000,000

3,000,000

2,000,000

1,000,000

- 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 2046 2048

 The University has about $76.7 million in long-term debt principal outstanding  Above, the outstanding bond debt service (principal and interest) can be seen as portrayed on page 9 of the Preliminary Official Statement

 The current Maximum Annual Debt Service is $7,581,071 due in FY 2023

 The 2017 Bonds will be issued as fixed rate bonds with a final maturity in FY 2048. The University will pay interest only through FY 2019 before principal payments commence beginning in FY 2020*

Source: Appendix A, Preliminary Official Statement *Preliminary, subject to change. 18 Overview of Existing Indebtedness (continued)

 All existing long term indebtedness as well as certain lines of credit and other debt are secured under the Security Agreement. Except as described below, all other indebtedness are general obligations of the University and are not secured by a pledge of any particular revenues of the University. A series of notes issued by the University to finance the facility known as the “Island Sports Center” in 2003 is secured by a mortgage on such financed facility. In addition, a series of notes issued by the University in 2012 to purchase and renovate a facility to house students is secured by a first mortgage lien and assignment of leases and rents on property known as Yorktown Hall. Other than the mortgages on the Island Sports Center and Yorktown Hall, the University facilities are not currently encumbered by any mortgages. See Appendix A – “ROBERT MORRIS UNIVERSITY – OUTSTANDING INDEBTEDNESS” of the Preliminary Official Statement for additional information regarding such other indebtedness

 The proceeds from the sale of the 2017 Bonds will be used by the University to finance all or a portion of the costs of (a) the constructing, equipping and furnishing of an expanded Event Center to be located on the current site of the Sewall Center; (b) miscellaneous capital expenditures to be incurred at the Main Campus of the University; (c) miscellaneous capital expenditures to be incurred at the University’s Yorktown Hall student housing facility; (d) the funding of any necessary debt service reserve; and (e) the issuance of the Bonds

 The University will issue the 2017 Bonds in a tax-exempt, fixed rate mode with a 30-year final maturity*

 The 2017 Bonds will be further secured with a cash-funded Debt Service Reserve Fund

Source: Appendix A, Preliminary Official Statement *Preliminary, subject to change. 19 Expected Timeline and Contact Information

September 2017

SMTWTFS

12 345678 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

Post POS (September 8)

Pricing (September 19)

Closing (September 26)

Borrower – Robert Morris University

Jeffrey A. Listwak, MBA, CPA Melissa A. Micco, MS, CPA Vice President for Financial Operations and Treasurer Chief Accounting Officer and Controller (412) 397-5261 (412) 397-5264 [email protected] [email protected]

Sole Managing Underwriter – PNC Capital Markets LLC

Mary Grace Pattison Nicholas Tripician Managing Director Director (216) 222-2543 (215) 585-7416 [email protected] [email protected]

Note: Timeline is preliminary, subject to change. 20