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<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 12/01/2011 <br />Delivery Date 12/01/2011 <br />Arbitrage yield 2.123253% <br />Escrow yield 0.177668% <br />Bond Par Amount 16,230,000.00 <br />True Interest Cost 2.284574% <br />Net Interest Cost 2.508II63% <br />Average Coupon 4.496133% <br />Average Life 8.D60 <br />Par amount of refunded bonds 17,040,000.00 <br />Average coupon of refunded bonds ~ 4.323134% <br />Average life of refunded bonds 8.033 <br />PV of prior debt to 12/01/2011 @ 2.123253% 20,018,164.56 <br />Net PV Savings 738,445.23 <br />Percentage savings of refunded bonds 4.333599% <br />Percentage savings of refunding bonds 4.549878% <br />