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Oct 25 2012 10:48 am Prepared by Davenport&Company LLC(PQS) 17 Page 2 <br /> BOND SUMMARY STATISTICS <br /> Orange County,North Carolina <br /> Refunding of General Obligation Bonds <br /> Market Rates as of October 24,2012—Subject to Change <br /> Dated Date 01/16/2013 <br /> Delivery Date 01/16/2013 <br /> Last Maturity 04/01/2024 <br /> Arbitrage Yield 1.792262% <br /> True Interest Cost(TIC) 1.913478% <br /> Net Interest Cost(NIC) 2.068114% <br /> All-In TIC 2.107656% <br /> Average Coupon 3.565078% <br /> Average Life(years) 7.877 <br /> Duration of Issue(years) 7.043 <br /> Par Amount 13,321,000.00 <br /> Bond Proceeds 14,971,768.69 <br /> Total Interest 3,741,022.50 <br /> Net Interest 2,170,179.81 <br /> Total Debt Service 17,062,022.50 <br /> Maximum Annual Debt Service 4,154,720.00 <br /> Average Annual Debt Service 1,522,262.23 <br /> Underwriter's Fees(per$1000) <br /> Average Takedown <br /> Other Fee 6.000000 <br /> Total Underwriter's Discount 6.000000 <br /> Bid Price 111.792228 <br /> Par Average Average PV of 1 by <br /> Bond Component Value Price Coupon Life change <br /> Serial Bond 13,321,000.00 112.392 3565% 7.877 10,095.26 <br /> 13,321,000.00 7.877 10,095.26 <br /> All-In Arbitrage <br /> TIC TIC Yield <br /> Par Value 13,321,000.00 13,321,000.00 13,321,000.00 <br /> •Accrued Interest <br /> •Premium(Discount) 1,650,768.69 1,650,768.69 1,650,768.69 <br /> -Underwriter's Discount -79,926.00 -79,926.00 <br /> -Cost of Issuance Expense -200,000.00 <br /> -Other Amounts <br /> Target Value 14,891,842.69 14,691,842.69 14,971,768.69 <br /> Target Date 01/16/2013 01/16/2013 01/16/2013 <br /> Yield 1.913478% 2.107656% 1.792262% <br />