Investor Presentaiton

PIT Components: Refunds Rhode Island personal income tax refunds have shown consistent and large volatility but appear to be less volatile recently. 0.80 0.60 0.40 0.20 0.00 -0.20 -0.40 -0.60 Income Tax Rate Phase Down Alternative Flat Tax Rate Phase In PIT Reform Preferential Tax Treatment of Long-term CG 2009:Q3 2010:Q3 2011:Q3 2012:Q3 1994:Q3 1995:Q3 1996:Q3 1997:Q3 1998:Q3 1999:Q3 2000:Q3 2001:Q3 2002:Q3 2003:Q3 2004:Q3 RI Coincident Index September 30, 2013 FTA Revenue Estimation and Tax Research Conference 2005:Q3 2006:Q3 PIT Ref 2007:03 2008:Q3 8

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