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QUARTERLY MARKET SUMMARY <br />For the Quarter Ended December 31, 2016 <br />Fixed Income Management <br />Economic Snapshot <br />Source: Bloomberg. <br />Labor Market Sep 2016 Dec 2015 <br />Unemployment Rate Nov'16 4.6%5.0%5.0% <br />Change In Non-Farm Payrolls Nov'16 178,000 208,000 271,000 <br />Average Hourly Earnings (YoY)Nov'16 2.5%2.7%2.6% <br />Personal Income (YoY)Nov'16 3.5%3.6%4.0% <br />Initial Jobless Claims (week)12/24/16 265,000 246,000 285,000 <br />Growth <br />Real GDP (QoQ SAAR)2016Q3 3.5%1.4%2.0% <br />GDP Personal Consumption (QoQ SAAR) 2016Q3 3.0%4.3%2.7% <br />Retail Sales (YoY)Nov'16 3.8%3.3%2.8% <br />ISM Manufacturing Survey (month)Nov'16 53.2 51.5 48.0 <br />Existing Home Sales SAAR (month)Nov'16 5.61 mil. 5.49 mil. 5.45 mil. <br />Inflation / Prices <br />Personal Consumption Expenditures (YoY) Nov'16 1.4%1.2%0.6% <br />Consumer Price Index (YoY)Nov'16 1.7%1.5%0.7% <br />Consumer Price Index Core (YoY)Nov'16 2.1%2.2%2.1% <br />Crude Oil Futures (WTI, per barrel)Dec 31 $53.72 $48.24 $37.04 <br />Gold Futures (oz.)Dec 31 $1,152 $1,313 $1,060 <br />Latest <br />0 <br />50K <br />100K <br />150K <br />200K <br />250K <br />300K <br />350K <br />400K <br />4% <br />5% <br />6% <br />7% <br />12/31/13 6/30/14 12/31/14 6/30/15 12/31/15 6/30/16 <br />Unemployment Rate (left) vs. Change in Nonfarm Payrolls (right) <br />Change In Non-Farm Payrolls Unemployment Rate <br />-2% <br />0% <br />2% <br />4% <br />6% <br />9/30/13 3/31/14 9/30/14 3/31/15 9/30/15 3/31/16 9/30/16 <br />Real GDP (QoQ) <br />-1% <br />0% <br />1% <br />2% <br />3% <br />12/31/13 6/30/14 12/31/14 6/30/15 12/31/15 6/30/16 <br />Consumer Price Index <br />CPI (YoY)Core CPI (YoY) <br />2 <br />2 <br />1 <br />1 <br />1. Data as of Second Quarter 2016 2. Data as of Third Quarter 2015 <br />Note: YoY = year over year, QoQ = quarter over quarter, SAAR = seasonally adjusted annual rate, WTI = West Texas Intermediate crude oil <br />© PFM Asset Management LLC 106.1.A. - Page 17