Investor Presentaiton

ORA Modeling of Sales Tax Repeal The 2013 Zero.Zero Sales Tax report used the sales tax estimate of $904.3 million contained in the Governor's FY 2014 Recommended Budget ORA broke down the $904.3 million into sales tax paid by consumers and sales tax paid by businesses with 64.9% allocated to consumers and 35.1% to businesses The $586.5 million of consumer sales taxes was then allocated to the 75 RI PI+ consumer categories using the relevant sales tax allocation percentages The $317.8 million of business sales taxes paid was allocated to the 70 RI PI+ industries in a similar manner September 23, 2014 2014 Revenue Estimation and Tax Research Conference 12

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