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U.S.PUBLIC FINANCE <br /> INVESTORS <br /> CREDIT OPINION Lee (County of) NC <br /> 11 May 2018 <br /> Update to credit analysis <br /> Rate this Research <br /> Summary <br /> Lee County(Aa2) benefits from a favorable location in the central portion of North Carolina <br /> (Aaa,stable)between major employment centers.Prudent management has driven sound <br /> financial operating results with revenue growth and operating surpluses for four consecutive <br /> Contacts fiscal years. <br /> Tiphany Lee-Allen +1.212.553.4772 <br /> AVP-Analyst Exhibit 1 <br /> tiphany.tee-alien@moodys.com Modest operating revenue growth trends will continue <br /> Edward(Ted) +1.212.553.6990 Largest revenue source,property taxes 60%of FY 17 revenues <br /> Damutz <br /> VP-Sr Credit Officer $72 <br /> edward.damutz@moodys.com <br /> $70 <br /> CLIENT SERVICES $68 <br /> 0 <br /> Americas 1-212-553-1653 = <br /> 'E $66 <br /> Asia Pacific 852-3551-3077 E <br /> Japan 81-3-5408-4100 c' $64 <br /> m <br /> EMEA 44-20-7772-5454 m $62 <br /> Er <br /> $60 <br /> ro <br /> m <br /> 0 $58 <br /> $56 <br /> $54 <br /> 2013 2014 2015 2016 2017 <br /> Source:Lee County,NC <br /> Credit strengths <br /> Stable financial operations <br /> Experiencing growth due to proximity to Research Triangle Park <br /> High daily in-migration <br /> Credit challenges <br /> Slightly elevated unemployment <br /> . This document has been . .for the use of Mitch Bri•ulio and is protected b. law.It may not be copied,transferred or disseminated unless prepared ess <br /> 9 P Y Y P , <br /> authorized under a contract with Moody's or otherwise authorized in writing by Moody's. , <br />