2016 General Obligation Bond Refinancing Results Presented By: Timothy Carty Managing Director Piper Jaffray November 15, 2016

The District Sold Its Bonds During a Historically Low Interest Rate Environment AAA-Rated Bond Interest Rate Index District Sold Its Recent General Obligation Refinancing Bonds on September 27, 2016 1

The District Received “Aa2/AA-” Credit Ratings From Moody’s and Standard & Poor’s The Rating Process District’s Team Decides to Obtain Credit Ratings from Moody’s and Standard & Poor’s District’s Team Submits Sets of Legal and Financial Documents to Both Rating Agencies District’s Team Hosts Conference Calls with Analysts from Both Rating Agencies District is Assigned “Aa2/AA-” Ratings from Moody’s and Standard & Poor’s Highlights from the Moody’s Report Highlights from the Standard & Poor’s Report Very Large Assessed Valuation and Sound Growth Rates Stable Financial Position Strength of the Voter-Approved Debt Very Strong Median Household Effective Buying Income Stable Average Daily Attendance District Management’s Use of Outside Revenues, Frequent Budget Updates and Implementation of a Long-Term Capital Plan 2

Overview of Refinancing Outcome Similar to Refinancing a Home Mortgage (High Interest Rates  Low Interest Rates) Average Interest Rate: 6.04% on Old Bonds vs. 2.59% on New Bonds Did NOT Increase Length of Old Bonds (No Extension of Bond Term) Amount of Old Bonds That Were Refinanced: $101,735,000 Savings Locked-In for Local Taxpayers (Net of Costs): $25,984,314 (19.5% NPV) An Average of $13.55 Per Year Savings for a Typical Homeowner in the District (Based on $373,000 Median Assessed Value of Single Family Homes) No Capital Appreciation Bonds 3

What Does the Refinancing Mean for a Homeowner in the District? 4

Total Transaction Costs of New Refinancing Bond Issue Comparison of Transaction Costs on Refinancing Bond Issue VS. Taxpayer Savings $699,438 Total Transaction Costs of New Refinancing Bond Issue VS. $25,984,314 Taxpayer Savings Savings are 37.1 Times Greater Than the Costs 5

Review of Past Refinancings Of Corona-Norco Unified School District’s Outstanding General Obligation Bonds Prior Bonds Refinanced Taxpayer Savings % Savings April 5, 2005 Refinancing of Election of 1998 Series A And Series C Bonds $12,700,000 $540,829 (For Taxpayer Savings) 3.03% July 8, 2015 Election of 2006 Series A And 2005 Refinancing Bonds $51,835,000 $5,237,386 7.97% October 26, 2016 Election of 2006 Series B, Series C and Series D Bonds $101,735,000 $25,984,314 19.52% Total $166,270,000 $31,762,529 6