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REDWOOD CITY <br />For the Quarter Ended March 31, 2018 <br />PFM Asset Management LLC 2.9%-2% <br />-1% <br />0% <br />1% <br />2% <br />3% <br />4% <br />5% <br />6%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42013 2014 2015 2016 2017 2018 <br />U.S. Real GDP <br />QoQ, SAAR <br />U.S. gross domestic product (GDP) grew at an annualized rate of 2.9% in the fourth quarter of 2017. Despite slowing slightly <br />from more than 3% growth in both the second quarter and third quarters, the overall pace of economic activity remained solid. <br />Moderate U.S. Economic Expansion <br />Bloomberg <br />Survey of <br />Economists <br />Source: Bloomberg, as of 3/31/2018. <br />Annual Average: <br />2.7%2.7%2.6% <br />1.9%2.0% <br />Market Update <br />14 6.1.B. - Page 20