$129 020 000* $129,020,000* $129,020,000* $129 020 000* WBRP 3.2 WBRP 3.2 Lease Revenue Bonds Lease Revenue Bonds $104 565 000* Series 2015A (Tax-Exempt) $104 565 000* Series 2015A (Tax-Exempt) $104,565,000 Series 2015A (Tax-Exempt) $104,565,000 Series 2015A (Tax-Exempt) $24,455,000* Series 2015B (Taxable) $24,455,000* Series 2015B (Taxable) September 16, 2015 September 16, 2015 * Preliminary, subject to change.
Disclaimer This Investor Presentation has been prepared for informational purposes only and for your sole and exclusive use in connection with the proposed transaction(s) referred to herein (the “Proposed Transaction”). This document is incomplete. Any offer of sale of any security may only be made pursuant to the relevant offering documentation and binding transaction documents and is subject to the detailed provisions, including risk considerations, contained therein. This Investor Presentation is not a part of any such offering documentation. You must independently determine, with your own advisors, the appropriateness for you of the securities before investing or transacting. Neither the University of Washington (the “University”), WBRP 3.2, nor the underwriters accept any liability whatsoever for any consequential losses arising from the use of this document or reliance on the information contained herein. This Investor Presentation is provided as of September 16, 2015 ; if you are viewing the materials after this date, events may have occurred that have a material adverse effect on the financial information presented and neither the University, WBRP 3.2 nor the underwriters have undertaken any obligation to update this electronic Investor Presentation to incorporate such events. Neither the University, WBRP 3.2 nor the underwriters make any 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 securities offered in the Proposed Transaction by you or any other effects such purchase may have on you and your affiliates. Capitalized terms not defined within this Investor Presentation are defined within the Preliminary Official Statement. This Investor Presentation is confidential and is provided for your information and convenience only for use in connection with the Proposed Transaction. 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 or the information contained herein in any form whatsoever. This document does not constitute nor does it form part of an offer to sell or purchase, or the solicitation of an offer to sell or purchase, any securities or an offer or recommendation to enter into any transaction described herein, nor does this document constitute an offer, commitment or obligation on the part of the University, WBRP 3.2, the underwriters, or any of their affiliates to provide, issue, arrange or underwrite any financing or enter into any other transaction. You will be responsible for making 3 2 th d it f th i ffili t t id i d it fi i t i t th t ti Y ill b ibl f ki your own independent investigation and appraisal of the risks, benefits, appropriateness and suitability to and for the Proposed Transaction and any other transactions contemplated by this document and neither the University, WBRP 3.2 nor the underwriters are making any recommendation (personal or otherwise) or giving any investment advice and will have no liability with respect thereto. This presentation may contain "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 statements of historical fact could be deemed forward ‐ looking. All opinions, estimates, projections, l d li th t t t All t t t th th t t t f hi t i l f t ld b d d f d l ki All i i ti t j ti forecasts and valuations are preliminary, indicative and are subject to change without notice. Neither the University, WBRP 3.2 nor the underwriters undertake any obligation, or guarantees its ability, to provide any additional information or to update any of the information or the conclusions contained herein or to correct any inaccuracies which may become apparent. By viewing this Investor Presentation you acknowledge that you understand and agree to the provisions of this page. 2
Introduction t oduct o The University’s website is: www.washington.edu* The Preliminary Official Statement can be found at: http://www.munios.com/id.aspx?i=FTWXS1ECmvY4 Please direct any questions you may have to: Bill Starkey, University of Washington (206) 616-5122 Dick King, Barclays (206) 344-5838 (206) 344 5838 * The University’s website is not part of this presentation (or part of the University’s disclosure), and investors should not rely on information presented in the University’s website in determining whether to purchase the Bonds. This inactive textual reference to the University’s website is not a hyperlink and does not incorporate the University’s website by reference. 3
The Bonds – Transaction Overview* Amortization (000s) Financing Summary 2015A 2015B Series 2015 Bonds (Tax-Exempt) (Taxable) (Jan 1) (Mar 1) Issuer WBRP 3.2 2018 $ $ $ 24,455 $ , Par Amo nt Par Amount $129,020,000 $129 020 000 2019 3,175 Ratings Moody’s: Aa1 (stable) S&P: Applied for 2020 2,470 2021 2,585 The Bonds are nonrecourse revenue obligations of WBRP 3.2 (the “Issuer”), a Washington 2022 2,715 nonprofit corporation acting on behalf of the University of Washington, payable solely from lease 2023 2,855 payments made by the University. The Issuer’s sole source of revenue to make debt service 2024 3,000 payments is Rent paid by the University under the Facilities Lease, which is payable solely from Security 2025 3,145 General Revenues of the University. “General Revenues” includes all non-appropriated income, y pp p , 2026 2026 3 300 3,300 revenues, and receipts of the University if and to the extent such funds are not restricted in their 2027 3,465 use by law, regulation or contract. The University’s obligation to pay Rent under the Facilities 2028 3,640 Lease is not subject to abatement or appropriation. 2029 3,825 Finance the design and construction of a biomedical research facility with associated clinical and 2030 4,015 Purpose administrative space; capitalize interest on the Bonds through March 1, 2018; and pay issuance 2031 3,805 costs. 2032 3,995 2033 Fixed rate tax-exempt Series 2015A and taxable Series 2015B bonds Fixed rate, tax exempt Series 2015A and taxable Series 2015B bonds Structure Structure 4,200 4,200 2034 2,520 Series 2015A principal due January 1 of each year; Series 2015B principal due March 1, 2018 2035 2,645 Payment Dates Series 2015A interest paid semiannually on January 1 and July 1, beginning January 1, 2016 2036 2,780 Series 2015B interest paid semiannually on March 1 and September 1, beginning March 1, 2016 2037 2,915 2038 Redemption Series 2015A will be callable July 1, 2025 at par; Series 2015B Bonds will be noncallable 3,065 2039 3,215 2040 3,375 2041 2041 Key Dates K Key Information I f i 3,545 2042 3,725 2043 3,910 Preliminary Official 2044 4,105 Pricing Date September 24, 2015 http://www.munios.com/id.aspx?i=FTWXS1ECmvY4 Statement 2045 4,310 2046 4,525 Senior Manager Barclays 2047 4,750 Closing Date October 7, 2015 Co-Managers Citigroup; Wells Fargo Securities; Backstrom 2048 4,990 4,990 McCarley Berry & Co., LLS $104,565 $24,455 * Preliminary, subject to change. 4
The Project j � Bond proceeds will fund part of a multi-phase development of a campus of biomedical facilities leased by the University for use by its School of Medicine and related clinical entities (the “Project”) � Phase I, Phase II and the first component of Phase 3 were completed on time four research buildings and one administrative building totaling nearly o 400 000 assignable square feet 400,000 assignable square feet all of the existing facilities are fully assigned, with approximately o 1,000 University researchers and employees � The Project will provide approximately 165,000 square feet of biomedical research facilities, with three clinics and associated clinical research facilities � Research at this site is expected to include new programs and the expansion of existing programs expansion of existing programs, including microbiology, global health, including microbiology global health kidney research, immunology, biomedical informatics, neurosciences, protein design, gastrointestinal and behavioral assays � In addition, the Project will include a primary care clinic, as well as a diabetes clinic and an ophthalmology clinic focused on retinal diseases 5
Project Location j UW Main Campus 3 Miles Away Downtown Seattle 1.5 Miles Away Map Scale 1 mi 1 km 6
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