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11 <br />Feb 3, 2012 9:56 am Prepared by BB&T Capital Markets (Finance 6A22 orange county, nc:COPS_1) Page 4 <br />SUMMARY OF REFUNDING RESUL'I5 <br />Orange County, North Carolina <br />Limited Obligation Bonds, Series 2012 <br />Rates as of February 2, 2012 <br />Preliminary and Subject to Change <br />Dated Date 03/29/2012 <br />Delivery Date 03/29/2012 <br />Arbitrage yield 2.091315% <br />Escrow yield 0.374559% <br />Bond Par Amount 43,480,000.00 <br />True Interest Cost 1.992562% <br />Net Interest Cost 2 22gq~49% <br />Average Coupon 4.571279 % <br />Average Life 6.779 <br />Par amount of refunded bonds 47,415,827.58 <br />Average coupon of refunded bonds 3.794330 % <br />Average life of refunded bonds 6.791 <br />PV of prior debt to 03/29/2012 Q 2.091315% 52,848,077.12 <br />Net PV Savings 2,517,920.54 <br />Percentage savings of refunded bonds 5.310295% <br />Percentage savings of refunding bonds 5.790986% <br />