Underwriting – Stifel, Nicolaus & Company Lisa May: (303) 291-5365 / [email protected] Linda Eremita: (412) 923-5927 / [email protected] Gary Nowicki: (412) 923-5925 / [email protected] $20,000,000* THE BERKS COUNTY MUNICIPAL AUTHORITY University Revenue Bonds (Alvernia University Project), Series of 2020 Rated “BB+” (Stable Outlook) by S&P Global Ratings INVESTOR PRESENTATION This presentation should be read in conjunction with the preliminary Sale Date: Tuesday, February 11, 2020* limited offering memorandum dated January 23, 2020 found on the * Preliminary, Subject to Change McElwee & Quinn website. Disclosure Language: 2020 Bond Issuance This electronic Investor Presentation you are about to view reflects certain financial and operating data for the proposed offering by the Stockton Public Financing Authority (“the Issuer”) of its Parking Revenue Bonds, Series 2020 (the “2020 Bonds”). If you are viewing this presentation after January 30, 2020, there may have been events that have occurred subsequent to such date that would have a material adverse effect on the financial information that is presented herein, and none of Stifel, Nicolaus & Company, Inc. (“Stifel”), as the Underwriter for the 2020 Bonds, and the Issuer 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 and are subject to change without notice. This Investor Presentation is provided for your information and convenience only, and is subject in all respects to the information presented in the complete Preliminary Official Statement prepared in connection with the 2020 Bonds. Any investment decisions regarding any of the 2020 Bonds should only be made after a careful review of the complete Preliminary Official Statement related thereto. 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. This 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 2020 Bonds, or to adopt any investment strategy. Any offer or solicitation with respect to the 2020 Bonds will be made solely by means of the Preliminary Official Statement and Official Statement, which describe the actual terms of the related 2020 Bonds. In no event shall the Underwriter or the Issuer 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 the merits of participating in any transaction mentioned herein. The Underwriter makes 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 2020 Bonds. Nothing in these materials constitutes a commitment by the Underwriter or any of their affiliates to enter into any transaction. No assurance can be given that any transaction mentioned herein will in fact be executed. Past performance is not indicative of future results, which will vary. Transactions involving the 2020 Bonds may not be suitable for all investors. You should consult with your own advisors as to the suitability of the 2020 Bonds for your particular circumstances. Clients should contact their salesperson at, and execute transactions through, an entity of the Underwriter or other syndicate member entity qualified in their home jurisdiction unless governing law permits otherwise. 2 * Preliminary, Subject to Change Investor Presentation Series of 2020 Overview • Issuer: The Berks County Municipal Authority • Borrower: Alvernia University • Rating: “BB+” (Stable Outlook) by S&P Global Ratings • Borrowing Size: $20,000,000* • Use of 2020 Bond Proceeds: To finance (i) the current refunding of certain outstanding tax-exempt revenue notes previously issued on behalf of the University (collectively, the “Prior Notes”); (ii) the design, construction, renovation and improvement of various capital improvements to the University’s existing buildings and facilities; (iii) the acquisition, rehabilitation, reconstruction and refurbishment of certain existing buildings located in the City of Reading, Pennsylvania; (iv) the funding of a debt service reserve fund; and (v) the payment of costs of issuing the 2020 Bonds. • Final Maturity: October 1, 2049* • Optional Redemption: April 1, 2030* at 100% • Sale Date: February 11, 2020* • Dated Date / Closing Date: February 19, 2020* • Security: (i) Revenue Pledge, (ii) Debt Service Reserve Fund, (iii) Mortgage, and (iv) Negative Pledge 3 * Preliminary, Subject to Change Investor Presentation Contacts Stifel, Nicolaus & Company is happy to arrange phone calls and/or visits with the University. • Stifel, Nicolaus & Company Underwriting Contact –Lisa May, Director, Underwriting • Ph (303) 291-5365, [email protected] • Stifel, Nicolaus & Company Banking Contacts –Linda Eremita, Managing Director, Higher Education Public Finance • Ph (412) 923-5927, [email protected] –Gary Nowicki, Director, Higher Education Public Finance • Ph (412) 923-5925, [email protected] 4 Investor Presentation History • Alvernia University, a Pennsylvania 501(c)(3) corporation (“Alvernia” or the “University”), celebrated its 60th Anniversary in 2018. In the span of more than a half century, what began as a small women’s college, founded in 1958 by the Bernardine Franciscan Sisters in Reading, Pennsylvania, has become a regionally and nationally recognized comprehensive, co-ed, multi- campus institution. Today, the University remains true to the mission and vision of the founding sponsors, with a heritage and history that reflects the spirituality of St. Francis of Assisi. • In 1967, only nine years after its founding, Alvernia was granted accreditation from Middle States Commission on Higher Education. • On September 25, 2008, Alvernia’s officials announced that it had attained university status and would be known as Alvernia University. • In 2009, the Schuylkill Center (the University’s inaugural branch location) opened; in 2012, construction of Founders Village Buildings 3 & 4 (a residential complex) were completed; and in 2013, the Campus Commons opened. • On July 1, 2019, President John Loyack assumed University leadership as its 7th president. • On September 10, 2019, the University community dedicated the Tom and Helen Flynn Complex for Recreation, Wellness and Health Sciences, a 100,000 square foot academic and recreation hybrid facility, named in honor of the recently retired president. 5 Investor Presentation Campus Map 6 Investor Presentation Institutional Recognition • U.S. News & World Report magazine ranks Alvernia in its annual listing of Best U.S. Colleges and Universities, most recently 94 in the “Best Regional Universities Category (North)” in 2019. The publication also previously named Alvernia as a Best Buy in the Northeast. • Alvernia received a $2.3 million Title III grant from the U.S. Department of Education, under the Strengthening Institutions Program. The grant will enable Alvernia to strengthen student achievement, persistence, and retention, particularly in the formative first two years of the baccalaureate. The grant will be distributed over a five-year period. • Washington Monthly tabs Alvernia among the nation’s elite for community and national service. • Alvernia earned the BCTV Community Building Company Award in 2019. • The prestigious Carnegie Foundation selected Alvernia as one of only 23 institutions in Pennsylvania and 361 nationally to receive its 2015 Community Engagement Classification. Other schools receiving the national recognition included Duke, Emory, Villanova and Notre Dame universities. • Alvernia was one of only four institutions in Pennsylvania (including the University of Pennsylvania) — and one of 43 nationally — to earn the President’s Higher Education Interfaith Community Service Honor Roll (with Distinction) award for 2014. Organized by the Corporation for National and Community Service and the U.S. Department of Education, the distinction is the highest federal recognition that universities can receive for community service and civic engagement. The University also received Honor Roll recognition for General Community Service and Education. 7 Investor Presentation Accreditations & Memberships Accreditations: • MSCHE: Middle States Commission on Higher Education • PDE: Pennsylvania Department of Education - Higher Education Division • CCNE: Commission on Collegiate Nursing Education (BSN, MSN, DNP) • CAATE: Commission on Accreditation of Athletic Training Education (BSAT, MSAT) • ACBSP: Accreditation Council for Business Schools and Programs (All UG and MBA) • CAPTE: Commission on Accreditation in Physical Therapy Education (DPT) • CACREP: Council for Accreditation of Counseling and Related Education Programs (MAC) • CSWE: Council on Social Work Education (BSW, MSW) • ACOTE: Accreditation Council for Occupational Therapy Education (MSAT, OTD) • PA State Board of Nursing (pre-licensure