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Investor Presentaiton

Summary The government sector in PI+ did not align with the state's general revenues so ORA created a custom government sector that allocated state general revenue expenditures to PI + based on an in-house mapping of expenditures to NAICS codes • This gave ORA the flexibility to hold some expenditure items harmless (i.e., debt service) and more narrowly target others (i.e., pass through local aid) One important lesson we learned is that over a multi-year horizon, the impact of a revenue reduction on government spending diminishes as private economic activity increases and fixed employment costs are avoided September 23, 2014 2014 Revenue Estimation and Tax Research Conference 25

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