AgdaPkt 2016-11-28 Closed and Joint SA PFA

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QUARTERLY MARKET SUMMARY For the Quarter Ended September 30, 2016 Fixed Income Management Economic Snapshot Source: Bloomberg Labor Market Jun 2016Sep 2015 Unemployment Rate Aug'16 4.9%4.9%5.1% Change In Non-Farm Payrolls Aug'16151,000271,000149,000 Average Hourly Earnings (YoY)Aug'16 2.4%2.6%2.4% Personal Income (YoY)Aug'16 3.1%3.1%4.0% Initial Jobless Claims (week)9/23/16254,000270,000277,000 Growth Real GDP (QoQ SAAR)2016Q2 1.4%0.8%2.6% GDP Personal Consumption (QoQ SAAR)2016Q2 4.3%1.6%2.9% Retail Sales (YoY)Aug'16 1.9%2.8%2.1% ISM Manufacturing Survey (month)Aug'16 49.4 53.2 50.0 Existing Home Sales SAAR (month)Aug'165.33 mil.5.57 mil.5.44 mil. Inflation / Prices Personal Consumption Expenditures (YoY)Aug'16 1.0%0.9%0.2% Consumer Price Index (YoY)Aug'16 1.1%1.0%0.0% Consumer Price Index Core (YoY)Aug'16 2.3%2.3%1.9% Crude Oil Futures (WTI, per barrel)Sep 30 $48.24$48.33$45.09 Gold Futures (oz.)Sep 30 $1,313$1,321 $1,116 Latest 0 50K 100K 150K 200K 250K 300K 350K 400K 4% 5% 6% 7% 8% 9/30/13 3/31/14 9/30/14 3/31/15 9/30/15 3/31/16 Unemployment Rate (left) vs. Change in Nonfarm Payrolls (right) Change In Non-Farm Payrolls Unemployment Rate -2% 0% 2% 4% 6% 6/30/13 12/31/13 6/30/14 12/31/14 6/30/15 12/31/15 6/30/16 Real GDP (QoQ) -1% 0% 1% 2% 3% 9/30/13 3/31/14 9/30/14 3/31/15 9/30/15 3/31/16 Consumer Price Index CPI (YoY)Core CPI (YoY) 2 2 1 1 1. Data as of Fourth Quarter 2015 2. Data as of First Quarter 2015 Note: YoY = year over year, QoQ = quarter over quarter, SAAR = seasonally adjusted annual rate, WTI = West Texas Intermediate crude oil © 2016 PFM Asset Management LLC 12 6. 1 . C . - P a g e 1 7