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May 30, 2014 11:31 am Prepared by DBC Finance <br />14 <br />(Finance 7.008 Orange County: GO- RFF05B,RFF05B) Page 3 <br />SAVINGS <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 />Present Value <br />Prior Refunding to 04/01/2015 <br />Date Debt Service Debt Service Savings @ 1.4600000% <br />04/01/2016 <br />5,500,900.00 <br />5,286,336.00 <br />214,564.00 <br />213,262.41 <br />04/01/2017 <br />5,249,950.00 <br />5,032,387.00 <br />217,563.00 <br />212,468.02 <br />04/01/2018 <br />4,839,000.00 <br />4,621,066.00 <br />217,934.00 <br />209,127.14 <br />04/01/2019 <br />889,200.00 <br />674,709.00 <br />214,491.00 <br />202,450.74 <br />16,479,050.00 15,614,498.00 864,552.00 837,308.31 <br />Savings Summary <br />PV of savings from cash flow <br />Net PV Savings <br />837,308.31 <br />837,308.31 <br />