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5 <br />Sep 13, 2011 7:17 pm Prepared by Davenport & Company Page 2 <br />BOND SUMMARY STATISTICS <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 12/01/2011 <br />Delivery Date 12/01/2011 <br />Last Maturity 02/01/2023 <br />Arbitrage Yield 2.123253% <br />True Interest Cost (TIC) 2.284574% <br />Net Interest Cost (NIC) 2.508063% <br />All-In TIC 2.498054% <br />Average Coupon 4.496133% <br />Average Life (yeazs) 8.-060 <br />Duration of Issue (years) 6.982 <br />Par Amount 16,230,000:00 <br />Bond Proceeds 18,911,843.75 <br />Total Interest 5,881,616.67 <br />Net Interest 3,280,922.92- <br />Total Debt Service 22,111-,616.67 <br />Maximum Annual Debt Service 3,493,950:00 <br />Average Annual Debt Service 1,980,144.78 <br />Underwriter's Fees (per $1000) <br />Average Takedown <br />Other Fee 5.000000 <br />Total Underwriter's Discount 5.000000 <br />Bid Price 116.023991 <br /> Par Average Average <br />Bond Component Value Price Coupon Life <br />2011 Serials 16,230,000.00 116.524 4.496% 8.060 <br /> 16,230,000.00 8.060 <br /> All-In Arbitrage <br /> TIC TIC Yield <br />Par Value 16,230,000.00 16,230,000.00- 16,230,000.00 <br />+ Accrued Interest <br />+ Premium (Discount) 2,681,843.75 2,681,843.75 2,681,843.75 <br />- Underwriter's Discount -81,150.00 -81,150.00 <br />- Cost of Issuance Expense -275,000.00 <br />- Other Amounts <br />Target Value 18,830,693.75 18,555,693.75 18,911,843.75 <br />Tazget Date 12/01/2011 12/01/2011 12/01/2011 <br />Yield 2.284574% 2.498054% 2.123253% <br />