Investor Presentaiton

• • Background The basis for this presentation is McGranahan and Matoon, State tax revenues over the business cycle: Patterns and policy responses, Chicago Fed Letter, The Federal Reserve Bank of Chicago, June 2012, Number 299. • Revenue data contained in this presentation was compiled by the Office of Revenue Analysis from state government sources rather than the U.S. Census Bureau. The nominal revenue data was converted to real terms using the CPI-U for the Boston region as provided by Moody's Analytics. September 30, 2013 FTA Revenue Estimation and Tax Research Conference 2

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