Investor Presentaiton

Adjusting to the Volatility of Revenues How has Rhode Island performed on these benchmarks? 4. Manage state assets to offset volatile revenue September 30, 2013 streams In FY 2002 and FY 2003, the State used $353.8 million of MSA payments (annual and securitized) In FY 2001 through FY 2013, the State has used $95.0 million of "scooped" excess reserves from quasi-government agencies In FY 2007 and FY 2008, the State used $166.5 million of securitized MSA payments Expanded gaming at state operated facilities FTA Revenue Estimation and Tax Research Conference 19

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