Investor Presentaiton

0.10 0.08 Sources of Tax Volatility: SUT Rhode Island's sales and use tax (SUT) has tended to follow the state's business cycle but generally underperformed it. 0.06 0.04 0.02 0.00 -0.02 -0.04 -0.06 -0.08 -0.10 1994:Q4 1995:Q4 1996:Q4 1997:Q4 1998:Q4 1999:Q4 2000:Q4 2001:Q4 2002:Q4 RI Coincident Index SUT 2003:Q4 2004:Q4 2005:Q4 2006:Q4 2007:Q4 2008:Q4 September 30, 2013 FTA Revenue Estimation and Tax Research Conference 2009:Q4 Sales Tax Base Expansions 2010:Q4 2011:Q4 2012:Q4 14

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