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••. INVESTORS EXHIBIT 2 Available fund balance as a percent of operating revenues increased from 2016 to 2020 M Available Fund Balance as%of Operating Revenues US Median 35% 30% 25% = MEMO 2016 2017 2018 2019 2020 Source:Issuer financial statements,Moody's Investors Service EXHIBIT 3 Full value of the property tax base increased from 2016 to 2020 (millions) Total Full Value $6,000 $5,500 $5,000 2016 2017 2018 2019 2020 Source:Issuer financial statements,Government data sources,Offering statements,Moody's Investors Service EXHIBIT 4 Moody's-adjusted net pension liability to operating revenues increased from 2016 to 2020 ■Debt Pensions 2.Ox 1.Ox O.Ox MEMON 2016 2017 2018 2019 2020 Source:Issuer financial statements,Government data sources,Offering statements,Moody's Investors Service Endnotes 1 The rating referenced in this report is the issuer's General Obligation(GO)rating or its highest public rating that is GO-related.A GO bond is generally backed by the full faith and credit pledge and total taxing power of the issuer.GO-related securities include general obligation limited tax,annual appropriation,lease revenue,non-ad valorem,and moral obligation debt.The referenced ratings reflect the government's underlying credit quality without regard to state guarantees,enhancement programs or bond insurance. 2 The demographic data presented,including population,population density,per capita personal income and unemployment rate are derived from the most recently available US government databases.Population,population density and per capita personal income come from the American Community Survey while the unemployment rate comes from the Bureau of Labor Statistics. The largest industry sectors are derived from the Bureau of Economic Analysis.Moody's allocated the per capita personal income data and unemployment data for all counties in the US census into quartiles.The quartiles are ordered from strongest-to-weakest from a credit perspective:the highest per capita personal income quartile is first quartile,and the lowest unemployment rate is first quartile. 3 The institutional framework score assesses a municipality's legal ability to match revenues with expenditures based on its constitutionally and legislatively conferred powers and responsibilities.See US Local Government General Obligation Debt(luly 20201 methodology report for more details. 4 For definitions of the metrics in the Key Indicators Table,US Local Government General Oblieation Methodologv and Scorecard User Guide(luly 20141. Metrics represented as N/A indicate the data were not available at the time of publication. 5 The medians come from our most recently published local government medians report,Medians-Tax base expansion bolsters revenue.but pensions 1 remain a hurdle(Mav 2020).which is available on Moodys.com.The medians presented here are based on the key metrics outlined in Moody's GO methodology and the associated scorecard. { 3 28 May 2021 Lee County,NC:Annual Comment on Lee County This document has been prepared for the use of Mitch Brigulio and is protected by law.It may not be copied,transferred or disseminated unless authorized under a contract with Moody's or otherwise authorized in writing by Moody's.