Investor Presentation: General Obligation Bonds Consolidated Loan of 2020

TENSIS 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% Source: Moody's, May 10, 2018 Nevada New York Kentucky Kansas Hawaii Illinois Texas *State NTSD debt data as of fiscal 2017 as reported by Moody's; Local Government debt data as of fiscal 2016 as reported by US Census; GDP data as of 2016 Source: State NTSD data from Moody's Investors Service; Local Government debt data from US Census; GDP from US Bureau of Economic Analysis Massachusetts' total state and local government debt burden more in line with peers State NTSD + local government debt as a % of GDP South Carolina Florida Washington California Connecticut Pennsylvania LG Debt % GDP NTSD % GDP • These figures reflect borrowing for school construction and mass transit that other states account for at the local level. When factoring in debt issued by local governments, Massachusetts' leverage is more moderate. State and local debt represents 11.8% of Massachusetts' GDP, ranking the Commonwealth 23rd and approximating the sector median of 11.2% Moody's: Combined State and Local Government Debt Burden in Line With Peers Oregon Colorado Minnesota Arizona New Jersey Louisiana Alabama Tennessee New Mexico Massachusetts Nebraska Mississippi 21 21

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