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For the Quarter Ended September 30, 2017REDWOOD CITYPFM Asset Management LLCPFM Asset Management LLCTreasury yields are substantially higher compared to a year ago. Short-term yields continue to rise in response to the Fed raising rates in their efforts to normalize policy. Longer-term yields still remain relatively low in response to lower inflation and growth expectations. Short-Term Yields Higher but Curve Flatter in Third Quarter0.0%0.5%1.0%1.5%2.0%2.5%3m6m1y2y3y5yU.S. Treasury Yield CurveSeptember 30, 2017June 30, 2017September 30, 2016Maturity 6/30/179/30/17Change3-Mo.1.01 1.05 0.046-Mo.1.13 1.19 0.061-Yr.1.23 1.29 0.062-Yr.1.38 1.49 0.113-Yr.1.55 1.62 0.075-Yr.1.89 1.94 0.0510-Yr.2.31 2.33 0.0220-Yr.2.61 2.600.0130-Yr.2.84 2.86 0.02Yield Curve HistorySource: Bloomberg, as of 9/30/17.Market Update116.1.A. - Page 17