Investor Presentation: General Obligation Bonds Consolidated Loan of 2020

7 The Commonwealth Primarily Leverages Its GO Program TENSIS Program Revenue Pledged Description Outstanding Par Ratings* (9/30/2020) Largest and most active debt Aa1 General Obligation (GO) Bonds Full Faith & Credit program. Funds the Commonwealth's AA $24.1 billion AA+ Capital Investment Plan NR Commonwealth Transportation Fund (CTF) Bonds Primarily Motor Fuels (e.g., 24¢ Gas Tax) Registry Fees Funds the Rail Enhancement Program and Accelerated Bridge Program Aa1 $2.9 billion AA+ NR AAA Federal Highway Grant Anticipation Notes (GANs) Special Obligation Bonds (Convention Center) Federal Highway Reimbursements, also backed by CTF, subject to a prior lien for Senior Obligations Hotel occupancy tax receipts, vehicle rental surcharge fees and a portion of sales tax receipts Funds a portion of the Accelerated Bridge Program and prior transportation projects Aa2 AAA $662 million NR NR A1 Used to finance Boston's convention center A $504.3 million NR NR Source: The Commonwealth Information Statement dated October 28, 2020 * Moody's, S&P, Fitch, Kroll

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