Investor Presentation: General Obligation Bonds Consolidated Loan of 2020

18 GDP in $ Millions 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000,000 500,000 0 California Texas Sources: U.S. Bureau of Economic Analysis; and Moody's Investor's Services Q1 2020 State Gross Domestic Product (GDP) New York Florida Illinois Pennsylvania Ohio New Jersey Georgia Washington Massachusetts Carolina North Carolina Virginia Michigan Maryland Colorado Minnesota Tennessee Indiana Arizona Wisconsin Missouri Connecticut Louisiana South Carolina Alabama Alabama Kentucky Oklahoma • • In 2019, MA GDP rose 2.5%, slightly outpacing US GDP growth MA ranks 11th in state GDP (Q1 2020) and 15th in state population (2.3%) Iowa Utah ova da Nevada Kansas Arkansas Nebraska Mississippi New Mexico ☐ Hawaii New Hampshire Idaho West Virginia Delaware Maine Maine Rhode Island North Dakota South Dakota Alaska Montana Wyoming Vermont MASSACH TENSIS

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