Warren County School District, Pennsylvania
General Obligation Bonds, Refunding Series A of 2019

(1) Moody's Investors Service has assigned an A2 rating to the Bonds.

(2) In accordance with the "Municipal Bond Insurance and Credit Rating" section of the Invitation to Bid for the Bonds, bidders only have the option to bid for the Bonds without insurance, or with insurance from one of the following insurers at the respective premiums:

     Insurer   Premium
     -------   -------
     AGM       $30,000
     BAM       $23,900
     MAC       $30,000

The cost of insurance and rating will be paid by the issuer.

*Preliminary, subject to change

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