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REDWOOD CITY <br />For the Quarter Ended March 31, 2018 <br />PFM Asset Management LLC <br />Source: Bloomberg, as of 3/31/2018. <br />After beginning 2018 as 2017 ended, calm and complacent with the S&P 500 logging 14 new record highs in January, volatility <br />roared back into financial markets in early February. <br />After months near all-time record lows, the Chicago Board Options Exchange (CBOE) Volatility Index surged to a near five-year <br />high as concerns surrounding possible trade wars, overheating of the economy given tax cuts and expansionary fiscal budget, <br />and stretched valuations took investors’ focus. <br />The Return of Market Volatility <br />2,873 <br />2,581 <br /> 2,400 <br /> 2,475 <br /> 2,550 <br /> 2,625 <br /> 2,700 <br /> 2,775 <br /> 2,850 <br /> 2,925 <br />Sep '17Oct '17Nov '17Dec '17Jan '18Feb '18Mar '18S&P 500 <br />11.1% <br />37.3% <br />5% <br />10% <br />15% <br />20% <br />25% <br />30% <br />35% <br />40%Sep '17Oct '17Nov '17Dec '17Jan '18Feb '18Mar '18Equity Market Volatility <br />(VIX Index) <br />Market Update <br />17 6.1.B. - Page 23