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May 30, 2014 11:31 am Prepared by DBC Finance <br />BOND SUMMARY STATISTICS <br />Orange County, North Carolina <br />16 <br />(Finance 7.008 Orange County: GO-REF 05B,REF05B) Page 5 <br />General Obligation Refunding Bonds, Series 2015 <br />Refunding of Series 2005B <br />GO Bonds <br />Wells Fargo Indicative Forward Direct <br />Purchase Rate as of May 30, 2014 <br />Dated Date <br />04/01/2015 <br />Delivery Date <br />04/01/2015 <br />Last Maturity <br />04/01/2019 <br />Arbitrage Yield <br />1.460000% <br />True Interest Cost (TIC) <br />1.460000% <br />Net Interest Cost (NIC) <br />1.460000% <br />All-In TIC <br />1.872668% <br />Average Coupon <br />1.460000% <br />Average Life (years) <br />2.053 <br />Duration of Issue (years) <br />2.025 <br />Par Amount <br />15,160,000.00 <br />Bond Proceeds <br />15,160,000.00 <br />Total Interest <br />454,498.00 <br />Net Interest <br />454,498.00 <br />Total Debt Service <br />15,614,498.00 <br />Maximum Annual Debt Service <br />5,286,336.00 <br />Average Annual Debt Service <br />3,903,624.50 <br />Underwriter's Fees (per $1000) <br />Cost of Issuance Expense <br />Average Takedown <br />- 125,000.00 <br />Other Fee <br />Other Amounts <br />Total Underwriter's Discount <br />Bid Price 100.000000 <br />Par <br />Average <br />Average <br />Bond Component <br />Value <br />Price Coupon <br />Life <br />Bond <br />15,160,000.00 <br />100.000 1.460% <br />2.053 <br />15,160,000.00 <br />2.053 <br />All-In <br />Arbitrage <br />TIC <br />TIC <br />Yield <br />Par Value <br />15,160,000.00 <br />15,160,000.00 <br />15,160,000.00 <br />• Accrued Interest <br />+Premium (Discount) <br />Underwriter's Discount <br />Cost of Issuance Expense <br />- 125,000.00 <br />Other Amounts <br />Target Value <br />15,160,000.00 <br />15,035,000.00 <br />15,160,000.00 <br />Target Date <br />04/01/2015 <br />04/01/2015 <br />04/01/2015 <br />Yield <br />1.460000% <br />1.872668% <br />1.460000% <br />