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7 <br />Sep 13, 2011 7:17 pm Prepared by Davenport & Company Page 4 <br />SUMMARY OF REFUNDING RESULTS <br />Orange County, NC <br />General Obligation Refunding Bonds, Series 2011 <br />Refunding of 2004A&B <br />All Callable Maturities <br />Rates as of 9/9/2011 <br />Dated Date <br />Delivery Date <br />Arbitrage yield <br />Escrow yield <br />12/01/2011 <br />lvol/roll <br />2.123253% <br />0.177668% <br />Bond Paz Amount <br />True interest Cost <br />Net Interest Cost <br />Average Coupon <br />Average Life <br />Paz amount of refunded bonds <br />Average coupon of refunded bonds <br />Average life of refunded bonds <br />PV of prior debt to 12/01/2011 @ 2.123253% <br />Net PV Savings <br />Percentage savings of refunded bonds <br />Percentage savings of refunding bonds <br />16,230,000.00- <br />2.284574% <br />2.5080.63%- <br />4.496133% <br />8Ab0= <br />17,040,000.00 <br />' 4.323134% <br />8.033 <br />20,018,164.56 <br />738,445.23 <br />4.333599% <br />.4.549878% <br />