Investor Presentation: General Obligation Bonds Consolidated Loan of 2020

17 0 10,000 50,000 Personal Income per Capita in $s 20,000 30,000 Connecticut Massachusetts New York New Jersey California Maryland Maryland Washington New Hampshire Source: U.S. Bureau of Economic Analysis 40,000 Wyoming 60,000 70,000 80,000 90,000 Personal Income per Capita by State (2019) Alaska * Colorado Virginia Minnesota Illinois Pennsylvania North Dakota Hawaii * Vermont Vermont Rhode Island Nebraska Delaware South Dakota Dakota Wisconsin Kansas Kansas Oregon Iowa Towa Texas Texas Florida Maine Nevada Ohio Michigan ichigan Missouri Montana Tennessee Indiana • capita income: 131.7% of US average - second-highest rate among Strong wage growth supports the Commonwealth's consistently high per 10-years (vs US rate of 1.2%) The Massachusetts economy is supported by well-trained labor pool, with strong wage growth increasing on average 1.7% annually over past states Utah Georgia Louisiana Oklahoma North Carolina Arizona Idaho South Carolina Arkansas Kentucky New Mexico Ala ba ma West Virginia Mississippi MASSACH TENSIS

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