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... INVESTORS
<br /> U.S.PUBLIC FINANCE
<br /> » Wealth indices below national averages
<br /> Rating outlook
<br /> Outlooks are typically not assigned to issuers with this limited amount of debt.
<br /> Factors that could lead to an upgrade
<br /> » Increased reserves
<br /> » Broad expansion and diversification of local economy
<br /> Factors that could lead to a downgrade
<br /> » Failure to appropriate debt service payment
<br /> » Increased unemployment and tax base erosion
<br /> » Depleted financial reserves
<br /> Key indicators
<br /> Exhibit 2
<br /> Lee(Cotrity of)NC 2013 2014 2015 2016 2017
<br /> Economy/Tax Base
<br /> Total Full Val Lie($000) $4,829272 $5,131,932 $5,042,549 $5,084,832 $5,182,396
<br /> Population
<br /> 58,735 59,096 59,418 59,540 59,616
<br /> Ful I Val Lie Pbr Capita $82,221 $86,841 $84,866 $85,402 $86'930
<br /> Median Family Income(%of US Median) 85.99/o 86.1% 83.3% 84.4% 84.4%
<br /> Rnances
<br /> Operating Fbvenue($000) $60,202 $62,760 $63,203 $68,119 $69,374
<br /> Fund Balance($000) $14,294 $16,092 $16,521 $17,731 $19,616
<br /> Cash dance($000) $11,185 $12,550 $12,945 $14,412 $15,812
<br /> Find Balance,as a%of Favenues 23.70/0 25.6% 26.1% 26.0% 28.3%
<br /> Cash Balanceasa%of Fl venues 18.6% 20.0% 20.50/. 2120/. 22.8%
<br /> Debt/Ransions
<br /> Net Direct Debt($000) $68,260 $62,855 $57,440 $58,073 $70,465
<br /> 3-Year Average of Moody's ANPL($000) $17,552 $20,674 $20,192 $19,524 $25,304
<br /> Net Direct Debt/Operating Revenues(x) 1.1x 1.Ox 0.9x 0.9x 1.0x
<br /> Net Direct Debt/Full Value(%) 1.4% o 0 0 '
<br /> 1.2% 1. /0 1 1.1/0 1.4/o
<br /> Moodys-adjusted Net Fbnsion liability(3-yr average)to Revenues(x) 0.3x 0.3x 0.3x 0.3x 0.4x
<br /> Moody's-adjusted Net Pension Liability(3-yr average)to Full Value(%) 0.4% 0.4% 0.4% o
<br /> 0.4% 0.5/o
<br /> Source.Moody's Investors Service,UCCensus,Lee County,NC
<br /> Profile
<br /> Located in the geographic center of North Carolina,25 miles from Pinehurst and 46 miles southeast of Raleigh(Aaa stable)and
<br /> Durham(Aaa stable),Lee County benefits from proximity to RTP and a growing advance manufacturing sector.
<br /> Detailed credit considerations
<br /> This publication does not announce a credit rating action.For any credit ratings referenced in this publication,piease see the ratings tab on the issuer/entity page on
<br /> www.moodys.com for the most updated credit rating action information and rating history.
<br /> 2 11 May 2018
<br /> Lee(County of)NC:Update to credit analysis
<br /> 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
<br /> authorized under a Contract with Moody's or otherwise authorized in writing by Moody's.
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