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REDWOOD CITY <br />1-5 Year Corporate Spreads <br />What We're Watching... <br />90 <br />Corporatesweaken on global <br />85 traaetens7ons, turopean <br />to 80 uncartAintvand-wjaak,rdemand <br />75 <br />to 70 <br />65 <br />m 60 <br />55 <br />50 <br />Jun '17 Aug '17 Oct '17 Dec '17 Feb '18 Apr'18 Jun'l8 <br />2Q GDP Expectations <br />Goldman Sachs 3.7% <br />Barclays 3.5% <br />New York Fed 2.8% <br />Atlanta Fed 4.1% <br />Source: Bloomberg, ICE BofAML Indices, as of 6/30/18. <br />PFM Asset Management LLC <br />3.5% <br />3.0 70 <br />2.5% <br />'0 2.0% <br />N <br />1.0% <br />0.5 <br />0.0% <br />Jun '16 <br />For the Quarter Ended June 30, 2018 <br />Market Update <br />rn <br />n <br />v <br />cn <br />CD <br />Flattening Yield Curve (10-Yrvs. 2 -Yr) rQ <br />� Spread 2 -Year 10 -Year <br />Dec '16 Jun '17 Dec '17 Jun '18 <br />Economic Indicators Are Strong <br />U.S. GDP <br />Global Growth <br />Consumer Confidence <br />Home Prices <br />Unemployment Rate <br />Job Openings <br />Corporate Profits <br />Inflation <br />18 <br />