Prospective General Obligation Bond Program

Fremont Unified School District

Tony HsiehManaging Director310-322-4222tony.hsieh@keygentcorp.com

District Assessed Value

(1) Source: California Municipal Statistics, Inc. and Alameda County; Data from 1986 to 2014.

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The District has experienced two consecutive years of assessed value (“AV”) growth after experiencing three years of slight declines due to the real estate crisis

FY Total AV (1)

1986 6,115,284,047$ 1987 7,109,188,090 16.25 %1988 8,219,851,546 15.621989 8,932,877,935 8.671990 9,981,562,318 11.741991 11,142,450,046 11.631992 12,145,476,461 9.001993 13,167,711,331 8.421994 13,680,358,247 3.891995 13,905,165,715 1.641996 14,505,423,064 4.321997 15,376,156,882 6.001998 16,323,448,513 6.161999 17,996,618,613 10.252000 19,449,518,924 8.072001 21,000,791,338 7.982002 23,162,846,878 10.302003 24,300,749,803 4.912004 25,445,139,125 4.712005 26,416,593,394 3.822006 28,439,246,122 7.662007 30,493,787,141 7.222008 32,546,473,426 6.732009 34,223,744,203 5.152010 34,111,195,012 -0.332011 34,074,907,893 -0.112012 33,559,140,743 -1.512013 34,113,585,919 1.652014 35,783,810,840 4.90

Annual% Change

-

10

20

30

40

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

AV ($

Bill

ions

)

Fiscal Year

District Total AV

Annualized Growth Rates: Lowest Rolling Averages:1-year: 4.90 % 3-year: -0.65 %5-year: 0.90 5-year: 0.9010-year: 3.47 10-year: 3.4515-year: 4.69 15-year: 4.6920-year: 4.93 20-year: 4.8725-year: 5.71 25-year: 5.71

Growth Statistics

Illustrative Bond Scenario

Summary: Request voters to authorize a new tax of $60 per $100,000 of AV (Proposition 39 maximum)

◆ Election date: June 3, 2014◆ Election type: Proposition 39◆ Interest rates: 5.75% - 6.75%◆ Annual assessed value growth rates:

– 2014-15: 2.0%– Thereafter: 4.0%

◆ Compliance with Assembly Bill 182◆ Estimated repayment ratio: 2.70 to 1◆ Estimated % capital appreciation bonds: 11.9%

(1) Issuance schedule for illustrative purposes only. Actual amounts and dates will be tailored to the District’s facility needs.

$-

$20

$40

$60

$80

2015

2017

2019

2021

2023

2025

2027

2029

2031

2033

2035

2037

2039

2041

2043

2045

2047

2049

2051

Tax

Rate

(Per

$10

0,00

0 of

AV)

Fiscal Year

Estimated Tax Rates

Series A Series B Series C Series D Series E

Issue Issue Date ProceedsSeries A August 2014 130,000,000$ Series B August 2016 130,000,000 Series C August 2018 130,000,000 Series D August 2020 130,000,000 Series E August 2022 130,000,000

Total 650,000,000$

Prospective Issuance Schedule (1)

LT AV Growth:Interest Rate:

Rate Proceeds Rate Proceeds4.5% 700,000,000$ 6.25%-7.25% 600,000,000$ 4.0% 650,000,000$ 5.75%-6.75% 650,000,000$ 3.5% 600,000,000$ 5.25%-6.25% 700,000,000$

5.75% - 6.75% See below

Sensitivity AnalysisLong-Term AV Interest Rate

See below 4.0%

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Alameda County School District Bond Tax Rates (1)

Following is a chart showing the 2013-14 tax rates for all Alameda County school districts

(1) Source: Alameda County.

$30.70

$34.10

$42.70

$53.40

$59.60

$84.90

$85.10

$91.60

$92.80

$114.70

$118.80

$128.00

$137.70

$154.60

$157.60

$159.10

$178.00

$0 $50 $100 $150 $200 $250

Fremont Unified

Hayward Unified

Sunol Glen Unified

Alameda Unified

Livermore Valley Joint Unified

Emery Unified

Castro Valley Unified

Pleasanton Unified

San Lorenzo Unified

Dublin Unified

San Leandro Unified

Newark Unified

New Haven Unified

Berkeley Unified

Piedmont Unified

Albany Unified

Oakland Unified

Tax Rate per $100,000 of Assessed Value

2013-14 Alameda County K-12 Tax Rates

November 2012 California School Bond Elections

There were 106 school bond measures on the November 6, 2012 ballot◆ Most school bonds were successful

– 91 successful (86%)– 15 unsuccessful (14%)

◆ Authorization amounts ranged from $830,000 to $2.8 billion◆ The 3 measures with authorizations in excess of $500 million were all successful

– San Diego Unified ($2.8 billion)– Chaffey Joint Union High ($848 million)– Coast Community College ($698 million)

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