Investor Presentaiton

0.10 PIT Components: Withholding RI personal income withholding tax payments follow the state's economic conditions closely but are surprisingly volatile. 0.08 0.06 0.04 0.02 0.00 -0.02 -0.04 -0.06 -0.08 Income Tax Rate Phase Down 1994:Q3 1995:Q3 1996:Q3 1997:03 1998:Q3 1999:Q3 2000:Q3 2001:Q3 2002:Q3 2003:Q3 2004:Q3 2005:Q3 RI Coincident Index 2006:Q3 -PIT With 2007:Q3 2008:Q3 September 30, 2013 FTA Revenue Estimation and Tax Research Conference Alternative Flat Tax Rate Phase In PIT Reform Preferential Tax Treatment of Long-term CG M 2009:Q3 2010:Q3 2011:Q3 2012:Q3 9

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