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MOODY'S INVESTORS SERVICE U.S.PUBLIC FINANCE Diversifying local economy with strong rate of daytime in-migration Lee County will continue to experience modest growth in its diverse tax base given its location,just south of the Research Triangle Park and relative proximity to Fort Bragg.Over the past five years the tax base has seen average annual growth of 1.7%,reflecting new residential development and the growth of the county's manufacturing sector which represented 31 %of total employment in Q3 2017. Exhibit 3 Modest full growth trends will continue Full value has averaged almost 2%growth annually over past 5 years $5,300 $5,200 - $5,100 c , 0 $5,000 a� $4,900 u- $4,800 $4,700 $4,600 2013 2014 2015 2016 2017 Source: Several large manufacturing companies have established a presence in the county including Pfizer Inc(Al stable),Coty,Inc.(Bal stable) cosmetics,Caterpillar Inc. (A3 stable),Pilgrim's Pride Corporation(Ba3 stable)poultry processing and Moen Inc. (a subsidiary of Fortune Brands Home&Security,Inc. (Baa3 stable)plumbing fixtures.Favorably,employers have set up partnerships with Central Carolina Community College to train the work force. The county enjoys a high daily in-migration as its population grows 5.2%more than its regular residential population Employment has steadily increased,while unemployment rates have generally been slightly above the state level,with the current rate at 4.9%.The southern edge of the county is an approximately 30 minute commute to Fort Bragg,a U.S.major Army installation,with approximately 57,000 military personnel,11,000 civilian employees and 23,000 family members making it one of the largest military complexes in the world.The county's per capita and median family income levels approximate national levels and are higher than the state. Sound financial operations Lee County will likely maintain a relatively healthy financial position given proactive planning and prudent fiscal policies.For example, in fiscal 2016 the county implemented a long-term financial plan which included a 7.5 cent increase largely to fund upcoming capital needs,school operating costs and the establishment of a capital reserve. 3 11 May 2018 Lee(County of)NC:Update to credit analysis 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.