Investor Presentation $41,750,000* Philadelphia Authority for Industrial Development La Salle University Revenue Bonds, Series 2017 * Preliminary, subject to change. Disclaimer This investor presentation that you are about to view is provided as of November 8, 2017 for a proposed offering of the Philadelphia Authority for Industrial Development, La Salle University Revenue Bonds, Series 2017, (the “Series 2017 Bonds”). This presentation has been prepared for information purposes only and for your sole and exclusive use in connection with the proposed transaction. The information contained herein is subject to completion and amendment. Any offer or solicitation with respect to the Series 2017 Bonds will be made by means of a final official statement. If you are viewing this investor presentation after the date stated above, events may have occurred that have a material adverse effect on the financial information presented. 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Neither the issuer nor the underwriter make a representation or warranty as to the (i) accuracy, adequacy or completeness of any information in this investor presentation or (ii) legal, tax or accounting treatment of any purchase of the Series 2017 Bonds by you or any other effects such purchase may have on you and your affiliates. This investor presentation contains “forward-looking” statements that involve risks, uncertainties and assumptions. If the risks or uncertainties ever materialize or the assumptions prove incorrect, the results may differ materially from those expressed or implied by such forward-looking statements. Accordingly, we caution you not to place undue reliance on these statements. All statements other than the statements of historical fact could be deemed forward-looking. All opinions, estimates, projections, forecasts and valuations are preliminary, indicative and are subject to change without notice. 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La Salle University| Investor Presentation 1 Transaction Overview Issuer: Philadelphia Authority for Industrial Development Obligor: La Salle University Series: Series 2017 Par Amount: $41,750,000* Current refunding of the Series 2007A Bonds, advance refunding of a portion of the Series Use of Proceeds: 2012 Bonds, pay for various capital projects on the University’s Main Campus, West Campus and South Campus and pay costs of issuance of the bonds Maturities*: Serial Bonds: 5/1/22 – 5/1/37; Term Bond: 5/1/42 First Optional Redemption*: 11/1/2027 at Par Tax Status: Federal and Pennsylvania Tax-Exempt Ratings ( Standard & Poor’s / Fitch ): BBB- (stable) / BBB (negative) General obligation of the University secured by a lien on and security interest in the Security: unrestricted gross revenues of the University Interest Payment Dates: May 1 and November 1 beginning May 1, 2018 Expected Pricing Date: November 16, 2017* Expected Closing Date: November 29, 2017* Underwriter: BofA Merrill Lynch *Preliminary; Subject to change La Salle University| Investor Presentation 2 La Salle University Overview . La Salle University (“La Salle” or the “University”) is a Catholic Lasallian co-educational, independent institution, founded in 1863 in Philadelphia, Pennsylvania by the Institute of the Brothers of the Christian Schools. Located approximately 10 miles north of Center City Philadelphia on a 133-acre parcel of land, La Salle’s main campus contains approximately 66 buildings and 12 acres of woods and gardens, as well as the restored 18th century home of American portrait painter, Charles Wilson Peale. The University has approximately 5,200 students, including 3,100 full-time undergraduates (53% of whom are resident students), 673 evening (part-time) undergraduates and approximately 1,376 graduate and doctorate students. Class size averages 20 students, and the student-faculty ratio is 12-to-1. The University fields twenty-five NCAA Division I sports teams, eleven for men and fourteen for women. More than 500 undergraduates participate in intercollegiate varsity sports and more than 1,000 participate in intramural sports at La Salle. La Salle is one of six Lasallian colleges and universities in the United States, and one of 62 globally. La Salle is the second oldest Lasallian higher education institution in the world and has more than 66,000 alumni. La Salle University| Investor Presentation 3 University Campus & Facilities . The University occupies a 133-acre main campus with approximately 66 buildings in the vicinity of 20th Street and Olney Avenue in the City of Philadelphia, Pennsylvania. On the main campus are five classroom buildings (including a state-of-the-art Communications Center), a dormitory/dining hall complex, 12 residence halls, three houses, two apartment complexes and a 75- unit townhouse complex, Connelly Library with an area of 100,000 square feet, the Student Union and the Independence Blue Cross Fitness Center. Also located on campus is TruMark Financial Center which houses the 3,400 seat Tom Gola Arena, as well as a swimming pool with diving well, basketball courts, an indoor track, a sauna and other facilities. In 2009, the 83,000-square-foot Holroyd Hall, was expanded by 38,000 square feet to include laboratories, classrooms, and lounges with an environmentally friendly design. In 2016, a 78,600 square foot state-of-the-art Business School was opened and now connects the School’s various programs around a four-story-high atrium connected by classrooms, student lounges, faculty offices, group study rooms, events spaces, a Center for Entrepreneurship and La Salle’s Non-Profit Center. La Salle University| Investor Presentation 4 Recent Strategic Developments . Strategic Plan - Momentum 2022 o Ensure a sustainable community o Foster the University’s premier student learning experience o Transform the University’s environment o Cultivate the University’s community of world class colleagues o Share the University’s unique story Examples of early outcomes including the following: . A Bold Move in College Affordability o Undergraduate tuition at the University was reduced by 29% to broaden market reach and address the national challenge of college accessibility and affordability. o Financial aid was also reduced as part of the long term strategy of increasing enrollment while at the same time increasing net tuition revenue on a per student basis. o Increased awareness of La Salle nationwide, positioned the University as a leader in college affordability, and served as a helpful tool for recruitment efforts. Prioritizing for Sustainability and Mission o La Salle faculty and staff evaluated more than 300 academic and operational programs to promote alignment among the University’s programs, resources, and mission o The University suspended entry into forty underperforming academic programs including six undergraduate majors and over thirty graduate programs, tracks, and concentrations. Faculty, Staff and Governance . The University has approximately 706 full-time and 40 part-time employees: o There are currently 223 full-time faculty, approximately 58% of whom were tenured; 80% of all full-time faculty positions are tenure track o The Board of Trustees consists of not more than forty members, no fewer than eight of whom are required to be Brothers of the Christian Schools or other persons recommended as having particularly strong Lasallian experience La Salle University| Investor Presentation 5 Academic Programs . The University is comprised of the three schools illustrated in the following schematic that provide the academic programs described below. All three schools offer full-time undergraduate programs, part-time evening undergraduate programs, part-time Master’s, and Master’s programs. The School of Arts and Sciences offers an Associate of Arts degree in liberal arts in 14 different programs and masters degrees in 14 programs as well as a doctorate in Psychology. School of Arts . The School of Business offers a Bachelor of Science degree in seven programs. In and Sciences addition, the School of Business offers a business scholars program for undergraduates who wish to participate in cooperative education while still graduating in four years. School of o The School of Business also offers a Master’s