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13 <br />May 30, 2014 11:31 am Prepared by DBC Finance (Finance 7.008 Orange County: GO-REF 05B,REF05B) Page 2 <br />SUMMARY OF REFUNDING RESULTS <br />Orange County, North Carolina <br />General Obligation Refunding Bonds, Series 2015 <br />Refunding of Series 2005B GO Bonds <br />Wells Fargo Indicative Forward Direct Purchase Rate as of May 30, 2014 <br />Dated Date <br />04/01/2015 <br />Delivery Date <br />04/01/2015 <br />Arbitrage yield <br />1.460000% <br />Escrow yield <br />Value of Negative Arbitrage <br />Bond Par Amount <br />15,160,000.00 <br />True Interest Cost <br />1.460000% <br />Net Interest Cost <br />1.460000% <br />Average Coupon <br />1.460000% <br />Average Life <br />2.053 <br />Par amount of refunded bonds <br />15,035,000.00 <br />Average coupon of refunded bonds <br />4.566888% <br />Average life of refunded bonds <br />2.103 <br />PV of prior debt to 04/01/2015 @ 1.460000% <br />15,997,308.31 <br />Net PV Savings <br />837,308.31 <br />Percentage savings of refunded bonds <br />5.569061% <br />Percentage savings of refunding bonds <br />5.523142% <br />