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REDWOOD CITY2.1%-2%0%2%4%6%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4201220132014201520162017U.S. Real GDPQoQ, SAAR1.3%2.5%1.9%2.0%Source: Bloomberg, as of 03/31/17. SAAR is seasonally adjusted annualized rate. 2017 PFM Asset Management LLCFor the Quarter Ended March 31, 2017 Market UpdateModerate but Stable GrowthGross domestic product (GDP) grew 2.1% in the fourth quarter of 2016 (final estimate), ending the year with an average 2.0%rate of growth.A Bloomberg survey of economists project that GDP will increase at a rate of 2.3% for 2017.Bloomberg Survey of Economists2.7%126.1.A. - Page 23