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For the Quarter Ended December 31, 2017 <br />REDWOOD CITY Market Update <br />rn <br />Interest Rate Update <br />• Two-year treasury yields moved notably higher for the year ended December 31, 2017; the increase was most pronounced during thcn <br />fourth quarter as markets responded to another rate hike by the Federal Reserve and the passage of the largest overhaul of the U.S <br />tax system in more than 30 years. <br />2.00% <br />1.90% <br />1.80% <br />1.70% <br />1.60% <br />Fed Rate Hike <br />1.50% <br />1.40% <br />1.30% <br />1.20% <br />1.10% <br />1.00% <br />Dec '16 Feb 17 <br />Source: Bloomberg, as of 12/31/17. <br />PFM Asset Management LLC <br />2 -Year Treasury Yields <br />December 31, 2016 — December 31, 2017 <br />Fed Rate Hike <br />Apr'17 Jun '17 Aug 17 Oct 17 <br />_ +40 basis <br />points QoQ <br />Dec 17 <br />M <br />