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6.B. - Page 17 of 39 <br />REDWOOD CITY <br />8% <br />6% <br />4% <br />2% <br />0% <br />For the Quarter Ended September 30, 2019 <br />Market Update <br />Tariffs Take a Toll on Global Trade Volume, Especially U.S. Agriculture <br />Global Trade Volume YoY U.S. Agricultural Exports to China <br />$30 Chinese imports of <br />U.S. agriculture <br />dropped 53% in 2018; <br />$25 they've fallen an <br />additional 20% in the <br />first half of 2019 <br />-2% <br />Jan -14 Jan -15 Jan -16 Jan -17 Jan -18 Jan -19 <br />Source: CPB (left); Wall Street Journal & USDA Foreign Agricultural Services (right) <br />3% <br />$20 <br />$10 <br />$5 <br />$0 <br />2010 <br />2012 2014 2016 <br />2018 <br />1% <br />PFM Asset Management LLC 6a <br />