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REDWOOD CITY <br />100 <br />0Zf <br />80 <br />0 <br />CL <br />T) <br />.y <br />OD 70 <br />•1 <br />Credit Spreads Widen Off Lows in 2018 <br />Yield Spread (OAS) of 1-5 Year Investment Grade Corporate Index <br />50 <br />Dec '16 <br />2017 <br />-39 <br />)asis points <br />2018Q1 <br />+22 <br />basis points <br />For the Quarter Ended June 30, 2018 <br />Market Update <br />2018Q2 <br />+2 <br />basis points <br />t <br />Mar'17 Jun '17 Sep '17 <br />Source: Bloomberg, ICE BofAML Indices, as of 6/30/2018. OAS is Option Adjusted Spread. <br />PFM Asset Management LLC <br />Dec '17 Mar '18 Jun '18 <br />rn <br />n <br />v <br />c,Q <br />CD <br />N <br />N <br />16 <br />