Investor Presentation: General Obligation Bonds Consolidated Loan of 2020

TENSIS Municipality Credits in Massachusetts Massachusetts has more AAA rated local governments than any other state S&P MA Municipality Ratings (1,2) 6 2% 1% 7% 0% ■ AAA, 32.4% ■ AA+, 36.5% 32% ■ AA, 20.5% 21% 37% ■ AA-, 6.8% A+, 1.8% A, 1.4% ■A-, 0.5% (1) There are 351 Towns and Cities in Massachusetts (2) These ratings are the opinion of S&P Global as of 2019 89% of S&P's 222 municipality ratings are AA to AAA Source: S&P Global, 2019 Distribution Of 'AAA' U.S. Municipalities Ratings As of Jan. 2, 2020 TX MA ≥ 2 = 2 5 X 8 1 g Other 0 20 20 40 60 80 100 120 140 Total=426 Copyright 2020 by Standard & Poor's Financial Services LLC. All rights reserved.

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