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6.F. - Page 16 of 39 <br />REDWOOD CITY <br />15.0% <br />10.0% <br />5.0% <br />0.0% <br />-5.0% <br />-10.0% <br />For the Quarter Ended December 31, 2018 <br />Market Update <br />Fourth Quarter Stock Sell -Off Erases Year -to -Date Gains <br />S&P 500 Cumulative Total Return Year -to -Date <br />-15.0% <br />Jan'18 <br />NASDAQ -2.81% 1 29.73% <br />Feb'18 Mar'18 Apr'18 May'18 Jun '18 Jul'18 Aug'18 Sep'18 Oct'18 Nov'18 Dec'18 <br />Source: Bloomberg, as of 12/31/2018. <br />PFM Asset Management LLC 1414 <br />