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For the Quarter Ended September 30, 2017REDWOOD CITYPFM Asset Management LLCPFM Asset Management LLCSource: Bloomberg, as of 9/30/2017.Probability of Fed Rate Hike at the December Meeting22%70%0%15%30%45%60%75%Historical Probability of December Rate HikeProbability of Fed Rate HikeMeetingProbability (25bps)12/13/2017 70%1/31/2018 68%3/21/2018 54%5/2/2018 54%6/13/2018 43%The probability of a third rate hike in 2017 at the FOMC’s December meeting increased following their September meeting.The FOMC will initiate the balance sheet normalization program described in the June 2017 Addendum to the Committee’s Policy Normalization Principles and Plans in October. Market Update186.1.A. - Page 24