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58 <br /> Apr 13,2020 1:17 pm Prepared by DBC Finance (Finance 8.500 Orange County, NC:2020) Page 8 <br /> DISCLAIMER <br /> Orange County, NC <br /> Limited Obligation Bond,Series 2020 <br /> Final Numbers <br /> Capital One <br /> The U.S.Securities and Exchange Commission(the'SEC')has clarified that a broker,dealer or municipal securities dealer engaging in <br /> municipal advisory activities outside the scope of underwriting a particular issuance of municipal securities should be subject to municipal <br /> advisor registration.Davenport&Company LLC('Davenport')has registered as a municipal advisor with the SEC.As a registered municipal <br /> advisor Davenport may provide advice to a municipal entity or obligated person.An obligated person is an entity other than a municipal entity, <br /> such as a not for profit corporation,that has commenced an application or negotiation with an entity to issue municipal securities on its behalf <br /> and for which it will provide support. If and when an issuer engages Davenport to provide financial advisory or consultant services with respect <br /> to the issuance of municipal securities, Davenport is obligated to evidence such a financial advisory relationship with a written agreement. <br /> When acting as a registered municipal advisor Davenport is a fiduciary required by federal law to act in the best interest of a municipal entity <br /> without regard to its own financial or other interests. Davenport is not a fiduciary when it acts as a registered investment advisor,when <br /> advising an obligated person,or when acting as an underwriter,though it is required to deal fairly with such persons, <br /> This material was prepared by public finance,or other non-research personnel of Davenport. This material was not produced by a research <br /> analyst,although it may refer to a Davenport research analyst or research report. 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