Investor Presentaiton

Sources of Tax Volatility: PIT Rhode Island's personal income tax (PIT) has been consistently volatile over the time horizon. 0.20 0.10 0.00 -0.10 -0.20 -0.30 Income Tax Rate Phase Down 1994:Q3 1995:Q3 1996:Q3 1997:Q3 1998:Q3 1999:Q3 2000:Q3 2001:Q3 2002:Q3 2003:Q3 2004:Q3 RI Coincident Index 2005:Q3 2006:Q3 2007:Q3 PIT Net Alternative Flat Tax Rate Phase In PIT Reform Preferential Tax Treatment of Long-term CG 2008:Q3 2009:Q3 2010:Q3 September 30, 2013 FTA Revenue Estimation and Tax Research Conference 2011:Q3 2012:Q3 5

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