North Hills School District, PA

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North Hills School District, PA 1 North Hills School District (Allegheny County, Pennsylvania) General Obligation Bonds, Series A of 2016, $7,390,000 Dated: November 9, 2016 2 North Hills School

1 North Hills School District, PA 1 North Hills School District (Allegheny County, Pennsylvania) General Obligation Bonds, Series A of 2016, $7,390,000 Dated: November 9, North Hills School District (Allegheny County, Pennsylvania) General Obligation Bonds, Series B of 2016, $24,800,000 Dated: November 9, North Hills School District (Allegheny County, Pennsylvania) General Obligation Bonds, (Direct Payment Build America Bonds), Series of 2010B, $27,830,000 Dated: April 30, North Hills School District (Allegheny County, Pennsylvania) General Obligation Bonds, Series of 2008, $16,530,000 Dated: June 15, North Hills School District (Allegheny County, Pennsylvania) General Obligation Bonds, Series of 2006, $20,550,000 Dated: November 1, North Hills School District (Allegheny County, Pennsylvania) General Obligation Bonds, Series of 2005, $25,945,000 Dated: November 1, North Hills School District (Allegheny County, Pennsylvania) General Obligation Bonds, Refunding Series of 2002, $9,850,000 Dated: June 1, North Hills School District (Allegheny County, Pennsylvania) General Obligation Bonds, Series of 1997, $24,091,020 Dated: February 13, 1997 Series 2010B, 2008, 2006, 2005, 2002, 1997 Total Assessed Value and Market Value of All Taxable Real Estate for the Current Fiscal Year Year Assessed Value Market Value Ratio ,855,734, ,855,734, % ,801,315, ,801,315, % ,799,358, ,799,358, % ,795,775, ,795,775, % 2018 Certified values not yet released by County Assessors

2 Series 2010B, 2008, 2006, 2005, 2002, 1997 Taxes and Millage Rates Imposed for the Current Fiscal Year Fiscal Year Ended June 30, 2018 Ross West View Tax Rate or Amount Rate or Amount County Real estate tax rate 4.73 mills 4.73 mills Municipal Real estate tax rate Earned income tax 0.50% 0.50% Local Services Tax $47.00 $47.00 Real estate transfer 0.50% 0.50% Amusement 0 0 Business Privilege 0.50% 0.50% Mercantile Tax: Wholesale tax 0.50% 0.50% Retail 0.75% 0.75% School District Real estate tax rate 18.0 mills 18.0 mills Earned income tax 0.50% 0.50% Local Services Tax $5.00 $5.00 Real estate transfer 0.50% 0.50% Amusement 0 0 Business Privilege Mercantile Tax: Wholesale tax Retail Series 2008, 2006, 2005, 2002, 1997 School District Pension Program Annual Retirement School Year Contributions ,292,453

3 Series 2016A&B, 2008, 2006, 2005, 2002, 1997 Real Estate Tax Collection History Years Ending June 30, Assessed Valuation 2,795,775,666 2,799,358,976 2,801,315,410 2,855,734,960 2,254,055,756 Millage Current Levy 49,764,807 48,708,846 48,350,704 48,718,838 47,921,225 Current Year End Collections 47,032,146 45,878,724 45,335,257 44,921,045 45,509,337 Percent Current Collections to Current Levy 94.51% 94.19% 93.76% 92.20% 94.97% Five Year Average of Current Collections to Current Levy 93.93% Total Collections 48,679,763 Total Collections as a % of Levy 97.82% Property Valuation: Market Value Not yet released by County Assessor's Office Assessed Value Not yet released by County Assessor's Office Ratio of Assessed to Market Value Not yet released by County Assessor's Office Series 2008, 2006, 2005, 2002, 1997 Ten Largest Employers Employer Principal Business Number of Employees North Hills School District K 12 Education 766 Macy's Retail Holdings Retail 445 American Pool Management of PGH Swimming Pool Mgmt 441 Nordstrom Retail 428 Heartland Employment Services Employment Service 356 Pediatric Services of America Inc Healthcare 287 Port Authority of Allgheny County Transportation 247 Giant Eagle Market #25 Grocery 241 Ross Township Municipal Government 196 Pittsburgh Home Healthcare Inc Healthcare 186

4 Series 2016A&B, 2010B Real Estate Tax Collection Results for the Most Recent Fiscal Year, Including: (a) the real estate levy imposed (expressed both as a millage rate and an aggregate dollar amount) (b) the dollar amount of real estate taxes collected that represented current collections (expressed both as a percentage of such fiscal year s levy and as an aggregate dollar amount) (c) the amount of real estate taxes collected that represented taxes levied in prior years (expressed as an aggregate dollar amount) (d) the total amount of real estate taxes collected (expressed both as a percentage of the current year s levy and as an aggregate dollar amount) Current Total Market/Assessed Current Current Collections Total Collections Year Valuation Millage Levy Collections as a % of Levy Collections as a % of Levy ,795,775, ,764,807 47,032, % 48,679, % NA Series 2016A&B, 2010B List of the Ten (10) Largest Real Estate Taxpayers and, for Each, the Total Assessed Value of Real Estate for the Current Fiscal Year Taxpayer Principal Business Assessed Value 1 Penn Ross Joint Venture Retail 90,984,900 2 Gumberg Stanley R & Trustee Retail 53,540,100 3 LRC Nortway Mall Acquisitions LLC Retail 48,138,000 4 SPS Portfolio Holdings Retail 18,998,000 5 Deaktor Development North LP Apartment Complex 18,944,700 6 McIntyre Square Associates Retail 18,184,800 7 Nordstrom, Inc Retail 17,192,700 8 May Department Stores Retail 11,592,000 9 Sobol Bernard H & Evelyn B Sobol Apartment Complex 11,157, Cofal Partners LP Apartment Complex 10,182,400 Series 2016A&B, 2010B Pupil enrollment figures, including enrollment at the end of the most recent fiscal year, current enrollment and projected enrollment for the beginning of the next fiscal year, including a breakdown between elementary and secondary enrollment (to the extent reasonably feasible) Actual Enrollments Year K Total , ,002 4, , ,369 Projected Enrollments Year K Total ,466 1, ,415

5 Series 2008, 2006, 2005, 2002, 1997 North Hills School District Bonded Indebtedness Gross Principal Before State Reimbursement Net After State Outstanding Reimbursement Direct Debt: General Obligation Series A of ,590,000 6,590,000 Series B of ,400,000 24,400,000 Beattie School Revenue Bonds ,011,536 1,498,074 Series 2010 )BABs) 22,645,000 19,821,168 Series ,751,020 2,200,816 Total Direct Debt 58,397,556 54,510,058 Overlapping Debt: Municipal Debt: Ross Township 9,090,000 9,090,000 Borough of West View 7,958,012 7,958,012 Share of County Debt (3.37% Share) 31,189,086 31,189,086 Total Overlapping Debt 48,237,098 48,237,098 Total Direct and Overlapping Debt 106,634, ,747,156 Debt Ratios: Direct Debt to Market Value 2.09% Direct Debt to Assessed Valuation 2.09% Direct Debt Per Capita $ 1, Direct and Overlapping Debt to Market Value 3.81% Direct and Overlapping Debt to Assessed Valuation 3.81% Direct and Overlapping Debt Per Capita $ 2,815.36

6 Series 2010B The Issuer May Change the Accounting Principles Used for Preparation of Such Financial Information so Long as the Issuer Includes as Information Provided to the Public a Statement to the Effect that Different Accounting Principles are Being Used, Stating the Reason for Such Change and Providing a Method by Which to Compare the Financial Information Provided by the Differing Financial Accounting Principles NA Series 2016A&B If the Annual Financial Information contains modified operating data or financial information different from the Annual Financial Information agreed to in the continuing disclosure undertaking related to the Bonds, the Issuer is required to explain, in narrative form, the reasons for the modification and the impact of the change in the type of operating data or financial information being provided. NA

North Allegheny School District, PA

North Allegheny School District, PA 1 Washington County Industrial Development Authority (Allegheny County, Pennsylvania) School Revenue Bonds, Series of 2016 (A. W. Beattie Career Center Project), $14,765,000,