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Investor Presentaiton

The rise and fall of state revenues Nationally, states' tax revenues are 9 percent below peak levels. (First Q2011 compared to second Q2008, adjusted for inflation) CA OR WA AK NV MT ND ME WY NE WI MI NY MA CT RI PA NJ OH UT IN DE Co VA KS MO MD TN NC OK AR AZ NM SC MS AL GA TX LA Source: Pew Center on the States, 2011 HI 50% FL Drop in revenue 25% Increase in revenue 5% THE PEW CENTER ON THE STATES 2

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