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PFM Asset Management LLCREDWOOD CITYFor the Quarter Ended June 30, 2017Market UpdateGross domestic product increased at an annualized rate of 2.6% in the second quarter of 2017.All four major components contributed positively to economic growth, with personal consumption bouncing back and adding 1.9% to the top line. Gross private investments, net exports, and government consumption were more modest, contributing 0.7% in total to second quarter GDP.Economic GrowthSource: Bloomberg, as of 7/28/17. SAAR is seasonally adjusted annualized rate. Orange dashes denotes four-quarter averages.1.2%2.6%-2%-1%0%1%2%3%4%5%6%Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q22013201420152016201720U.S. Real GDPQoQ, SAARBloomberg Survey of Economists3.3%1.2%2.1%2.7%1.1%156.1.C. - Page 27