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For the Quarter Ended September 30, 2017REDWOOD CITYPFM Asset Management LLCPFM Asset Management LLCSource: Bloomberg, as of 8/31/17. SA is seasonally adjusted.-30%-20%-10%0%10%20%200020012002200320042005200620072008200920102011201220132014201520162017Conference Board Leading Indicators(SA, YoY)0200400600800200020012002200320042005200620072008200920102011201220132014201520162017Initial Jobless Claims(4-week average, in thousand)-200-100010020030040050020002001200220032004200520062007200820092010201120122013201420152016201710 Year – 3 Month Treasury Yield Spread(in bps)-20%-10%0%10%200020012002200320042005200620072008200920102011201220132014201520162017Industrial Production(YoY)RecessionRecessionRecessionRecessionYield Curve InvertsU.S. Recession Indicators: Low Risk in the Near-Term Market Update176.1.A. - Page 23