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A <br /> Oct 25,2012 10.48 am Prepared by Davenport&Company LLC(PQS) 19 Page 4 <br /> SUMMARY OF REFUNDING RESULTS <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 /> Arbitrage yield 1.792262% <br /> Escrow yield 0.293224% <br /> Bond Par Amount 13,321,000.00 <br /> True Interest Cost 1.913478% <br /> Net Interest Cost 2.068114% <br /> Average Coupon 3.565078% <br /> Average Life 7.877 <br /> Par amount of refunded bonds 13,685,000.00 <br /> Average coupon of refunded bonds 4.121614% <br /> Average life of refunded bonds 7.902 <br /> PV of prior debt to 01/16/2013 Q 1.792262% 16,173,026.27 <br /> Net PV Savings 872,415.23 <br /> Percentage savings of refunded bonds 6.374974% <br />